West Indian Tobacco : Indies Stockbrokers Limited Audited Financial Statements for the year ended 31 October 2023

West Indies Stockbrokers Limited

Financial Statements

October 31, 2023

West Indies Stockbrokers Limited

Contents	Page
Statement of Management's Responsibilities	1
Independent Auditor's Report	2
Statement of Financial Position	4
Statement of Income and Other Comprehensive Income	5 - 6
Statement of Changes in Equity	7
Statement of Cash Flows	8
Notes to the financial statements	9 - 75

Independent auditor's report

To the shareholder of West Indies Stockbrokers Limited

Our opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of West Indies Stockbrokers Limited (the Company) as at 31 October 2023, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

What we have audited

The Company's financial statements comprise:

• the statement of financial position as at 31 October 2023;
• the statement of income and other comprehensive income for the year then ended;
• the statement of changes in equity for the year then ended;
• the statement of cash flows for the year then ended; and
• the notes to the financial statements, which include significant accounting policies and other explanatory information.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code.

Responsibilities of management for the financial statements

Management is responsible for the preparation and fair presentation of the 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.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Management is responsible for overseeing the Company's financial reporting process.

PricewaterhouseCoopers, PO Box 550, 11-13 Victoria Avenue, Port of Spain, 100902, Trinidad, West Indies T: [phone], F: [phone], www.pwc.com/tt

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit 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 Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Port of Spain,

Trinidad, West Indies

24 January 2024

(3)

West Indies Stockbrokers Limited

Statement of Income

Expressed in Trinidad and Tobago dollars
		Year ended October 31
		2023	2022
	Notes	($'000)	($'000)
Continuing operations
Interest income	13	2,228	995
Net interest income		2,228	995
Non-interest income	14	13,845	12,034
Total revenue		16,073	13,029
Non-interest expenses	15	(8,207)	(9,832)
Total non-interest expenses		(8,207)	(9,832)
Net income before taxation from continuing operations		7,866	3,197
Taxation expense	17	(2,294)	(703)
Net income after taxation from continuing operations		5,572	2,494

The notes on pages 9 to 75 form an integral part of these Financial Statements.

6

West Indies Stockbrokers Limited

Statement of Other Comprehensive Income

Expressed in Trinidad and Tobago dollars

	Notes
Net income
Other comprehensive income , net of taxes:
Items that may be reclassified subsequently to profit or loss:
Net unrealized losses on securities at fair value	12.1
through other comprehensive income
Tax impact	12.1

Items that will not be reclassified subsequently to profit or loss:
Re-measurement of post-retirement benefit obligations
Net unrealized gains on equity securities	12.1
at fair value through other comprehensive income
Tax impact	12.1

Other comprehensive income for the year, net of taxes

Total comprehensive income for the year

The notes on pages 9 to 75 form an integral part of these Financial Statements.

Year ended October 31

20232022

($'000)($'000)

5,5722,494

192	(252)
(57)	75
135	(177)
135	(177)
67	53
(276)	1,104
83	(330)
(126)	827
9	650
5,581	3,144

7

West Indies Stockbrokers Limited

Statement of Changes in Equity

Expressed in Trinidad and Tobago dollars

				Other
	Stated			components	Retained earnings	Attributable
Notes	capital		Reserves	of equity		to parent
	($'000)		($'000)	($'000)		company
	(Note 11)		(Note 12)		($'000)	($'000)
Balance at October 31, 2022	8,000		5,653	-	25,661	39,314
Net income after taxation	-		-	-	5,572	5,572
Other comprehensive income			(58)		67	9
Total comprehensive income		-	(58)	-	5,639	5,581
Balance at October 31, 2023	8,000		5,595	-	31,300	44,895
Balance at October 31, 2021	8,000		5,056	-	23,114	36,170
Net income after taxation	-		-	-	2,494	2,494
Other comprehensive income	-		597	-	53	650
Total comprehensive income	-		597	-	2,547	3,144
Balance at October 31, 2022	8,000		5,653		25,661	39,314

The notes on pages 9 to 75 form an integral part of these Financial Statements.

8