Home' Trinidad and Tobago Guardian : December 31st 2013 Contents B29
Consolidated Financial Statements for the year ended September 2013
First Citizens Holdings Limited and its Subsidiaries
STATEMENT OF MANAGEMENT RESPONSIBILITY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(expressed in Trinidad and Tobago dollars)
Cash and due from other banks
Statutory deposits with Central Bank
- Held to maturity
- Fair value through profit or loss
- Loans and receivables less allowances
Loans to customers
Other loans and receivables
Investment in joint ventures
Investment in associate
Property, plant and equipment
Retirement benefit asset
Other funding instruments
Due to other banks
Creditors and accrued expenses
Deferred income tax liability
CAPITAL AND RESERVES ATTRIBUTABLE
TO THE PARENT COMPANY'S
TOTAL EQUITY ATTRIBUTABLE
TO OWNERS OF THE PARENT
TOTAL SHAREHOLDERS EQUITY
TOTAL EQUITY AND LIABILITIES
The accompanying notes form an integral part of these consolidated financial statements.
On 18 December 2013, the Board of Directors of First Citizens Holdings Limited authorised these consolidated
financial statements for issue.
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 the First Citizens Holdings Limited and its Subsidiaries (the Group) 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 Group's financial affairs and
In addition, it is noteworthy to mention that nothing has come to the attention of management to indicate
that the Group will not remain a going concern for the next twelve months from the date of this statement.
Group Chief Executive Officer
Group Chief Financial Officer
19 December 2013
19 December 2013
To the shareholders of
First Citizens Bank Limited
Report on the Financial Statements
We have audited the accompanying consolidated financial statements of First Citizens Holdings Limited and
its subsidiaries, which comprise the consolidated statement of financial position as of 30 September 2013, the
consolidated income statement, and the consolidated statements of other 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 Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements
in accordance with International Financial Reporting Standards, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these consolidated 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
consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated 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 consolidated 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 consolidated 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 accompanying consolidated financial statements present fairly, in all material respects the
financial position of First Citizens Holdings Limited and its subsidiaries as of 30 September 2013, and their
financial performance and its cash flows for the year then ended in accordance with International Financial
19 December 2013
Port of Spain
Trinidad, West Indies
INDEPENDENT AUDITOR'S REPORT
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