Home' Trinidad and Tobago Guardian : August 20th 2014 Contents A72
Guardian www.guardian.co.tt Wednesday, August 20, 2014
GOVERNMENT HUMAN RESOURCE SERVICES COMPANY LIMITED
ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2013
For the period under review, the Government Human Resource Services Company Limited
(GHRS) experienced a dynamic year of growth.
GHRS was involved in various aspects of the recruitment of 641 contract positions for a number of
Ministries and Public Sector entities. When compared to the previous year, this was an increase of
46% in recruitment and selection services provided to clients. This represented strong growth in the
company's flagship service as we continued to provide high quality talent acquisition services.
Our e-Recruitment database grew by 19% when compared to the previous year; yet again an
indication that the Company has gained increased recognition among job seekers, as a key
recruiter for contract employment in the Public Sector. This phenomenon is also reinforced by the
number of online visitors to our web based Career Portal, which stood at 39,098.
Revenue for fiscal 2012 - 2013 was $6,071,569. Of note is the fact that revenue earned from our
premier recruitment and selection service increased by 42%.
As part of GHRS strategic objectives, practising good corporate social responsibility is vital.To this
end GHRS participated in several career fairs where attendees were offered guidance and support
in key areas such as resume writing, tips on interviewing and dressing for the world of work.
The drive to build internal capacity, expand market share and diversification of service offerings
contributed to the establishment of a solid platform for growth and development. In this regard, the
future looks promising for GHRS.
Chairman (October 2013 - Present)
Government Human Resource Services Company Limited
Independent Auditors' Report
Government Human Resources Services Company Limited
Report on the Financial Statements
The accompanying summary financial statements, which comprise the summary financial position
as at September 30, 2013, the summary statements of comprehensive income and retained
earnings and changes in cash flows for the year then ended, are derived from the audited financial
statements of Government Human Resources Services Company Limited (the Company) for the
year ended September 30, 2013. We expressed an unqualified audit opinion oil those financial
statements in our report dated March 25, 2014. Those financial statements, and the summary
financial statements,do not reflect the effects of events that occurred subsequent to the date of our
report on those financial statements.
The summary financial statements do not contain all the disclosures required by the International
Financial Reporting Standard for Small and Medium-sized Entities applied in the preparation of
the audited financial statements of the Company. Reading' the summary financial statements,
therefore, is not a substitute for reading the audited financial statements of the Company.
Management's Responsibility for the Summary Financial Statements
Management is responsible for the preparation of a summary of the audited financial statements in
accordance with the disclosed basis of preparation.
Our responsibility is to express an opinion on the summary financial statements based on our
procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810,
"Engagements to Report on Summary Financial Statements."
In our opinion, the summary financial statements derived from the audited financial statements of
the Company for the year ended September 30, 2013 are consistent, in all material respects, with
those financial statements, in accordance with the disclosed basis of preparation.
March 25, 2014
Trinidad a nd Tobago
STATEMENT OF FINANCIAL POSITION
Property, plant and equipment
Cash on hand and at bank
$ 26,718,870 18,461,584
Shareholder's Equity and Liabilities
Deferred Government subvention
Total Shareholders' Equity And Liabilities
$ 26,718,870 18,461,584
On behalf of the Board
STATEMENT OF COMPREHENSIVE INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 2013
Cost of Sales
Profit From Operations
Government subventions utilised
Amortisation of capital grant
Gain (loss) on translation of foreign exchange
Gain on disposal of property, plant and equipment
Total other (expenses)/income
Profit for the year before provision for taxation
Provision for taxation
Profit for the year being the total
comprehensive income for the year
Retained earnings at the beginning of the year
Retained earnings at the end of the year
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