Home' Trinidad and Tobago Guardian : December 22nd 2015 Contents B3
First Citizens Bank Limited
(A Subsidiary of First Citizens Holdings Limited)
Unconsolidated Financial Statements
30 September 2015
The Financial Institutions Act, 2008 (The Act), requires that management prepare and acknowledge
responsibility for preparation of the financial statements annually, establish and maintain an adequate internal
control structure and procedures for financial reporting, safeguarding the assets of the company as well as
ensuring compliance with the Act.
It is management's responsibility to apply the appropriate accounting policies and make accounting estimates
that are reasonable. Management is responsible for ensuring that the statements presented are a fair and
true presentation of the state of affairs of the company which includes ensuring that the information from
which the statements are derived are designed and properly monitored in a manner which would allow
accurate information to be provided. In addition, management is responsible for ensuring that the information
presented is free from material misstatement whether due to fraud or error.
Management accepts responsibility for the annual financial statements as well as the responsibility for the
maintenance of the accounting records and internal controls which form the basis of the financial statements.
The financial statements of First Citizens Bank Limited are prepared in accordance with International Financial
Reporting Standards and the appropriate accounting policies have been established and applied in a manner
which gives a true and fair view of the Company's financial affairs and operating results.
In addition, it is noteworthy to mention that nothing has come to the attention of management to indicate
that the Company will not remain a going concern for the next twelve months from the date of this statement.
Group Chief Executive Officer
30 November 2015
Cash and due from other banks
Statutory deposits with Central Bank
- Loans and receivables less allowances
Loans to customers
Investment in joint ventures
Investment in associate
Investment in subsidiaries
Due from parent company
Due from subsidiaries
Property, plant and equipment
Defined benefit asset
Other funding instruments
Due to other banks
Creditors and accrued expenses
Debt securities in issue
Due to subsidiaries
Defined benefit liability
Deferred income tax liability
Notes due to related companies
Capital and reserves attributable
to the bank's equity holders
Total shareholders' equity
Total equity and liabilities
The accompanying notes form an integral part of these unconsolidated financial statements.
On 30 November 2015, the Board of Directors of First Citizens Bank Limited authorised these unconsolidated
financial statements for issue.
(Expressed in Trinidad and Tobago dollars)
To the shareholders of
First Citizens Bank Limited
Report on the parent company financial statements
We have audited the accompanying parent company financial statements of First Citizens Bank Limited, which
comprise the statement of financial position as at 30 September 2015 and the statements of comprehensive
income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of
significant accounting policies and other explanatory information.
Management's responsibility for the parent company financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with International Financial Reporting Standards, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
In our opinion, the parent financial statements present fairly, in all material respects the financial position of
First Citizens Bank Limited parent company as of 30 September 2015, and its financial performance and its
cash flows for the year then ended in accordance with International Financial Reporting Standards.
7 December 2015
Port of Spain
Trinidad, West Indies
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