Issuu on Google+


SEEiNG THE LIGHT

Annual Report 2012

WHat is film but light made visible? it is our imagination projected, our dreams enacted, ourselves reflected in ourselves. Contents Our Mission From the Chair CEO’s Address Main Objectives of the TTFC Our Board The Year in Review Statement of Management Responsibilities Independent Auditors’ Report Statement of Financial Position Statement of Income and Retained Earnings Notes to the Financial Statements

2 3 5 9 10 12 23 26 27 28 30


SEEiNG THE LIGHT Annual Report 2012

Government of the Republic of Trinidad and Tobago

Our Mission: To establish Trinidad and Tobago as the premier Caribbean film location and production centre within the international film and television marketplace. The Trinidad & Tobago Film Company Limited (TTFC) is a national agency established in 2006 by the Ministry of Trade and Industry of the Republic of Trinidad and Tobago to facilitate the development of the film industry in Trinidad and Tobago. The TTFC provides logistical support and core services such as location scouting, research and acts as a liaison with industry partners, the community, production houses and government agencies. This support and service is provided from the initial contact to the close of production.

2


3

SEEiNG THE LIGHT Annual Report 2012

From the ChairMan Dr. Christopher Laird Dear Honourable Minister, I am pleased to present the Annual report for 2011-2012 of the Trinidad & Tobago Film Company (TTFC). This year has been a landmark year for the Film Company. The increase in incentives has enabled the TTFC to attract expenditure in the Trinidad & Tobago economy by foreign productions far in excess of the Company’s own annual budget, the local films it has assisted have won more festival awards locally and internationally than ever before. One locally produced film, Doubles with Slight Pepper won a Genie award, the most prestigious Canadian film award for best short film for 2011 and is now on its way to becoming a feature film. The TTFC’s Production Assistance and Script Development Programme, its bursary programme and its Secondary Schools Short Film Programme has trained hundreds of young people in film production and assisted in the production of short dramas and documentaries which have gained widespread attention internationally while at the same time providing solid grounding in the craft, thus ensuring a continued rise in production values. Contributing to the upgrading of local production values and experience has been the TTFC’s internship programme which has

exposed local filmmakers to over 222 hours of work as interns on foreign productions. This year also saw the completion of two feature films in which the TTFC has invested. One, Rose, Lioness of the Jungle, was shown during the Cannes film festival and was bought by PBS in the US for showing. The film continues to attract attention internationally and has been invited to the Pan African Film Festival. The other feature, Between Friends, is in the last steps of Post Production and should be released this month. Three new initiatives were launched this year by the TTFC. The Literature Adaptation Programme selected an adaptation of C.L.R. James’ pioneering novel, Minty Alley, for development. The Trinidad & Tobago film brand in inextricably linked with the development of the Caribbean film brand which has established itself over the past few years, mainly through the efforts of Caribbean Tales Worldwide Distribution. In recognition of this the TTFC has initiated a Caribbean Co-production project and set aside finance in order to produce a feature film in collaboration with another Caribbean filmmaker. This initiative has already started to bear fruit. The TTFC has begun to put in


SEEiNG THE LIGHT Annual Report 2012

4

Doubles with Slight Pepper won the Best Canadian Short Film 2011, and is the recipient of production assistance funds from TTFC.

place steps to make language versioning facilities available locally so that Trinidad & Tobago and Caribbean films can access wider markets in South and Central America and the French and Dutch Caribbean. The Trinidad and Tobago Film Company is on the threshold of exciting times for the hundreds of filmmakers it has incubated over the last six years and I wish to express my appreciation for the highly efficient and dedicated work of our Chief Executive Officer, Ms. Carla Foderingham and her team and also the lively and committed Board which I have had the privilege to Chair over the past year. The TTFC could not have achieved so much in one year without the support of your Ministry in increasing incentives and encouraging the Company in its programmes. Sincerely

Christopher Laird Chairman

The Trinidad and Tobago Film Company is on the threshold of exciting times for the hundreds of filmmakers it has incubated over the last six years.


5

SEEiNG THE LIGHT Annual Report 2012

Fiscal 2011-2012 was a significant year for the film industry of Trinidad and Tobago. Local films were screened across the country and internationally, T&T films were awarded, new programmes introduced and incentives offered to encourage more public-private sector partnerships—all necessary requirements for the growth and development of Trinidad and Tobago’s film and television industry. The content development arm of the Company continued to provide critical financial and business support to local screenwriters and producers. To ensure greater success from the content programme, the TTFC introduced the services of a consulting producer in addition to the services already provided by a monitoring committee. This move was designed to ensure that the mentorship component within the content programmes was sustained and that the TTFC-supported films benefited from sound technical and business advice. This investment in the development of the film product paid off with more productions achieving higher standards and winning awards. Films produced within the Production Assistance and Script Development Programme (PASD) and the Feature Film Programme achieved success in the domestic and international markets. The most notable being the success enjoyed from the PASDfunded Doubles with Slight Pepper, the film was awarded a Genie award for the Best Live Action Short drama in Canada. Mas Man, the documentary on Peter Minshall, continued to achieve success in festivals, winning a total of ten awards to date. Pothound, a PASD short,

CEO’s Address was nominated as a finalist within the 2012 VIMEO awards. A total of eight films were completed in 2012 and a May–July 2012 PASD call for productions registered 29 applications, with eight projects selected by a Jury in September 2012. The Company’s vision in the area of content development is the delivery of improved scripts and productions capable of establishing a Trinidad and Tobago / Caribbean presence within the global film marketplace. A search for T&T and other story editors based in the diaspora was engaged in with the intention of lifting the level of T&T screenplays and so ensure greater success and the monetising of T&T films in the global market. A new call aimed at the adaptation of a Caribbean literary work for the screen was introduced in 2012 and a screen-play from the acclaimed novel Minty Alley is now in progress. The introduction of the Literature Adaptation Programme is in keeping with the Company’s mandate to support the development of content that is culturally relevant and likely to enjoy success in terms of audience appeal and financial return. The aim is to secure co-production funding for this production by 2014.

Carla Foderingham


SEEiNG THE LIGHT Annual Report 2012

6

In 2012, T&T films screened in various markets and on a variety of platforms. A one year broadcasting contract signed with NBPC for the PBS, USA channel by the producers of the equity-financed film Rose, Lioness of the Jungle delivered the film to US television screens from February 2012. This documentary film was adjudged the most viewed film across the Afro Pop/PBS networks and distributed in the US educational market by Women Make Movies and by Arte Distributions to the rest of the world.

Where the Sun Sets won the best short award at the Trinidad and Tobago Film Festival 2012 T&T film content was screened at the Aruba Film Festival, at the International Filmmaker Film Festival, UK, with three T&T films, Classical Steel, The Amerindians and 70: Remembering a Revolution selected for screening in 22 regional countries within the Travelling Caribbean Film Showcase. The documentary film The Amerindians, screened at the University of Toronto, while alliances with the Ministry of Foreign Affairs through the Trinidad and Tobago Embassies and High Commissions in the diaspora cities of New York, Toronto and London resulted in screenings of T&T content to diaspora nationals in the months of July and August 2012. A collaboration with the T&T High Commission in London offered UK nationals the opportunity to view a wide selection of T&T films through a series of London screenings in commemoration of the 50th Anniversary of Trinidad and Tobago’s independence at the Tricycle Theatre in August 2012. Closer to home, in Port of Spain, TTFC’s annual support to the Trinidad and Tobago Film Festival, now in its seventh year, paid dividends with the Festival registering a 40% increase in audience participation. The T&T Film Festival screened over two hundred films, with almost

half of the films on offer originating from Trinidad and Tobago. TTFC-supported films took home awards for Best Short and Best Actor (Where the Sun Sets); Best Actress (No Soca, No Life) and Best Locally Produced Feature Film (An Inward Hunger: The Life and Work of Dr. Eric Williams). Special mention went to Tickle Me Rich and Buck, two T&T short films made by graduates of the BA Film Programme, University of the West Indies (UWI), St. Augustine campus, a film programme supported by the TTFC’s annual bursary awards. The Animae Caribe Animation Festival registered similar success with the celebration of the Festival’s tenth Anniversary in October-November 2011. Local audiences in Port of Spain and surrounding communities benefitted from a four-way “partnership” between producers, patrons, the Little Carib Theatre and the TTFC, which resulted

TTFC’s annual support to the Trinidad and Tobago Film Festival paid dividends with the Festival registering a 40% increase in audience participation.


7

SEEiNG THE LIGHT Annual Report 2012

in almost monthly staging of “Filme Caribe” screenings at the Little Carib Theatre, Woodbrook. In Scarborough and throughout T&T, local films were screened in diverse communities through the “Film Nights” programme, made possible with a partnership brokered between the TTFC and the T&T Film Festival. T&T documentaries, 70: Remembering a Revolution, Siege, Sans Souci and Rose, Lioness of the Jungle, content not readily available via local television networks or cinema screens, played to appreciative audiences in Diego Martin, Siparia, Lowlands, Couva, Laventille, Toco and other communities These public-private partnerships with producers, communities, local authorities and designated agencies succeeded in instilling greater appreciation and confidence in T&T’s creativity, talent and in the potential of the T&T film industry to deliver high quality film content. Data collated from audience polls show a demand for local films and local content that is distinctly different from the local news/current affairs type content and the foreign films on offer across local and regional television and cinema networks. The responsibility for developing a national film industry that is innovative, authentic and sustainable requires an investment in training. In fiscal 2012, local producers facilitated educational outreach programmes, career fairs and film workshops within schools and communities. Forty-three trainers and assistants successfully introduced filmmaking basics to over 500 students within T&T schools within the eighth Secondary Schools Short Film Festival. Thirty-five student films were produced and a total of 16 awards granted for technical and creative excellence. Roxborough Secondary School was awarded Best Overall Film for the work Dis Ah We Own? This is a first for Tobago, whose first entry into the Secondary School Short Film Festival was in 2010. An additional 40 persons in five community groups received training in all aspects of film production within the inaugural Community Short Film Festival, a joint project between the TTFC and the Division of Culture of the Ministry of the Arts and Multiculturalism.

Screenwriting, acting, the business of film and distribution in the digital era were some of the themes explored in training workshops designed to raise the competitiveness bar within the Trinidad and Tobago film industry. The database of young and emerging talent willing to intern on productions expanded in 2012, while support to tertiary level students within the BA Film programme and the University of Trinidad and Tobago (UTT) Animation programme was maintained. The expansion of the knowledge base of the industry places T&T on a preferred footing within the region and internationally, as there are only a limited number of countries that invest in the native creative talent providing funding for film and television productions as well as promoting the country’s location film sector. Both industry platforms reinforce and support the other.

Chinee Girl and The Coolboys showcase the ethnic diversity of Trinidad and Tobago Thirty-eight regional and international productions selected Trinidad and Tobago as their preferred location for filming in 2012. Several of the productions were attracted to Trinidad and Tobago by the competitive 35% production expenditure rebate on offer. Home Again headline talent Tatyana Ali, CCH Pounder and global entertainer Nicky Minaj were among persons that filmed on location in T&T. Over 1,200 T&T nationals were employed as crew and talent on the foreign productions; 1,000 extras worked alongside seventy talented T&T actors in Home Again; more than 100


SEEiNG THE LIGHT Annual Report 2012 nationals were employed on Caribbean’s Next Top Model; 400 hotel and guest house room nights were utilised by the film industry in 2012 and TT$12.3 million spent by the 38 regional and international productions on a range of T&T goods and services. The multiplier effect of the location filming registered in expenditure by crews on a range of auxiliary goods and services including equipment rental, transportation, catering, accommodation and others. The practice of promoting T&T as a preferred film location in film publications such as Variety, Kemps and Screen International was maintained in 2012. For the first time since 2008, T&T was represented at the June 2012 Locations Trade Fair in Los Angeles. The international Locations Fair had been reorganised in 2012 at a new venue. The TTFC website www. trinidadandtobagofilm.com maintained an online presence, providing information on filming in T&T. These investments in the promotion of Trinidad and Tobago as a premier film location will succeed in the long-term once the national crew and talent base competitiveness index improves and the pool of trained film professionals increases. T&T has to become a competitive and affordable location similar to other countries in the region such as Puerto Rico and the Dominican Republic. It is the cost of doing business and the availability of skilled crews and talent that ultimately determine the selection of a location. Few producers and studios will select a “foreign” location to do business, if the production is required to move and accommodate the talent, crew and cast across borders. The on-going training of Trinidad and Tobago film and television crews is therefore pivotal to the sustainability and profitability of the T&T film and television industry. The TTFC mandate to develop the T&T film industry is multidimensional and requires a robust administrative platform, a sound regulatory regime, and an enabling environment capable of delivering on the industry’s requirements. Networks with a range of business partners including the front line agencies of Immigration, Customs and Excise, National Security (Police), sponsors, film stakeholders and financial institutions are the platform by which Government’s diversification programme is being realised, as new economic activity centres outside of T&T’s oil and gas industry are being created. These partnerships were the key to T&T’s film industry success in 2012. There is still work to be done to improve the fiscal incentives for T&T’s film industry. The 2006 Cabinet-approved 150% tax deduction for local companies sponsoring film productions was

8

operationalised in 2012 with the implementation of a National Registry of Artists and Cultural Workers and the certification of projects. Film projects can now secure funding from local companies who will in turn benefit from a 150% tax deduction. The 2007 Cabinet-approved incentive allowing the duty-free entry of DVDs mastered in T&T but replicated in external markets is not yet fully operationalised by Customs and Excise. Incentives for local television stations and cinemas to encourage investment in the production and screening of local film content as well as a fund to produce feature length films are needed. The temporary importation of freighted film equipment into T&T without the requirement of a Customs and Excise bond must be addressed through the immediate implementation of the ATA Carnet. Bonds are onerous and equipment will not be transported across borders other than by freight, moreso when the production is a feature film.

Inward Hunger, a historical documentary about Dr. Eric Williams Fiscal 2011-2012 saw the creation of several new and successful initiatives. Success was enjoyed by content produced by established producers as well as emerging film-makers, as Trinidad and Tobago’s economy benefited from on-island film activity and the country’s profile as a film-making location within the international market gained ground. I would like to congratulate our film and television stakeholders, partners, the audiences both within and outside of T&T, the TTFC Board and staff for the successes enjoyed in 2012. Trinidad and Tobago film and television content is surely finding its way to new markets and building upon the training, monitoring and guidance provided by the TTFC, and in so doing the economic, social and cultural wealth of Trinidad and Tobago is being refined and a film and television industry developed. I look forward to 2013 and to implementing the Trinidad and Tobago Film Industry Strategic Plan, 2012-2016 created with stakeholder support by the TTFC in 2012.

Carla Foderingham Chief Executive Officer


9

SEEiNG THE LIGHT Annual Report 2012

SEEiNG THE LIGHT

Annual Report 2012

Crossing borders of the accepted, expanding our consciousness, testing our resilience: that is what film should do. Main Objectives of the TTFC: Generating revenue and employment within the sector by functioning as a one-stop shop that facilitates film and television productions. Assisting local producers in accessing funding for the production and distribution of their products. The Company is responsible for providing access to channels for distribution of the film products and international funding. Responsibility for the overall marketing and promotion of the Trinidad and Tobago film industry within the international market place.

Scene from The Cutlass


SEEiNG THE LIGHT Annual Report 2012 Dr. Christopher Laird Chairman Managing Director, Banyan Limited

our Board

Mr Courtenay B. Williams Deputy Chairman Senior Partner, Pollonais, Blanc, de la Bastide & Jacelon, Attorneys at law and Notaries Public

Mr. Barry Bidaisee General Manager, The Cascadia Hotel and Conference Centre

Ms. Jassodra Ali Sales Representative, Guardian Life of the Caribbean Limited

10


11

SEEiNG THE LIGHT Annual Report 2012

Mr. Michael Cherrie Lecturer, BFA Performing Arts Programme, Academy for the Performing Arts, University of Trinidad and Tobago

Mr. Al Ramsawak Retired Secondary School Teacher / Freelance writer with the Trinidad and Tobago Guardian Newspaper

Mr. Robert Ramesar Coordinator, Film Programme, University of the West Indies, St. Augustine

Ms. Sonya Moze Multiple award-winning Actor, Director and Drama / Theatre Teacher

Mr. Richard Sukdeo Housing Supervisor, Sugar Industry Welfare Committee, Ministry of Housing, Land and Marine Affairs

Ms. Carla Foderingham Chief Executive Officer


SEEiNG THE LIGHT Annual Report 2012

12

The Year in Review The Background The Trinidad and Tobago Film Company (TTFC) was established in 2005 as a successor to what was then known as the Film Industry Team. Over the past 7 years TTFC has developed its distinct, recognizable and internationally known brand. This unique branding was forged out of extensive stakeholder consultations at every step of the way. TTFC’s Board and Management have worked together to develop two strategic plans covering 2005 to 2011, and 2012 to 2016. Of necessity the first plan focused on the seeding of a more vibrant film production sector in Trinidad and Tobago through the stimulation of domestic film production by both local and foreign entities. The current strategic plan focusses on strengthening the distribution capacities and positioning T&T as a serious contributor to the international film network. Common threads in both strategic plans are the sustainable growth of the Trinidad and Tobago audio-visual industry and the sustainable promotion of Trinidad and Tobago as a competitive filming location for overseas producers. Ultimately, the TTFC serves as the conduit for the much-needed economic diversification of Trinidad and Tobago in a highly specialized, international industry. TTFC’s contribution to the country’s foreign exchange earning capacity and the development of local expertise occurs in the three broad areas; the expansion of content development for local film, the training of nationals in all areas related to the Film industry and through enhanced marketing and distribution raising the awareness of local content.

“The TTFC has helped organise an entire industry - and more than that, it has created the conditions whereby a stronger, more vibrant one could emerge.  By working with video veterans who saw the potential we had to tell our own stories and by seeking the input of stakeholders who understood the importance of a society seeing its own face on the screen, the TTFC has created a functional framework within which filmmakers can actually make films: original, independent, thought-provoking local content that reflects the best and worst of who we are and which people pay to see.  As a result, Trinidad and Tobago is richer not only culturally, but economically as well.”

Content Development of Local Film The development of a sustainable audio/ visual and film industry which is nationally and internationally competitive is the premier mandate of the TTFC. Local content development and the fostering of an appreciation for local content among the public has been an important part in the fulfilment of this mandate. a) Co-Production Agreements The Trinidad and Tobago Film Company actively engaged the Dominican Republic, Guadeloupe and the Bahamas to negotiate a co-production agreement. Co-production agreements have the potential to increase the number of film projects coming into the country and will facilitate technology transfers and training for locals operating in the film industry. Additionally coproductions inevitably allow access to the related markets for distribution of the finished production. Without the intimate involvement of host countries, entry into their markets might be limited or closed.

Janine Mendes-Franco

member of the TTFC’s Monitoring Committee of the Production Assistance and Script Development Programme


13

SEEiNG THE LIGHT Annual Report 2012 Lead  Terri Ann Lyons won “Best Actress” at the 2012 Trinidad and Tobago Film Festival for her performance in No Soca, No Life

A co-production agreement is one signed by two countries to facilitate the joint production of a number of film and or television projects. The countries may cover the number of productions to be jointly undertaken; the financial participation of the parties involved; the respective creative, artistic and technical contributions and the rules governing the agreement. In July 2012 TTFC finalised the criteria for the first agreement and interest has been expressed by Guadeloupe and the Bahamas. The Bahamian film-maker Maria Gowan has a project entitled “Epiphany” which may be suitable for the coproduction agreement while the Bahamas Film Commission has endorsed both the co-production agreement and the project. b) Production Assistance and Script Development Programme (PASD) The PASD aims to increase the production and export capacity of local content by providing financial support through grants and technical assistance to nationals to produce films. During the past 24 months, two calls were made and TTFC received a total of 169 applications of which 49 were awarded. During the past 24 months, 13 PASDassisted projects (productions and scripts) have been completed, with two productions receiving international acclaim and awards. Doubles with Slight Pepper has been the most critically successful film ever made by a Trinidadian filmmaker. In March


SEEiNG THE LIGHT Annual Report 2012

Scene from A Story About Wendy

14

2012, Doubles with Slight Pepper won in the Best Live Action Short Drama category of the 32nd annual Genie Awards, a Jury Prize for best Canadian Short at the Toronto International Film Festival, and was chosen as one of the top ten Canadian films of 2011. Doubles with Slight Pepper was also screened at the Cannes Film Market during the Cannes Festival in May 2012. The film Pothound has copped four awards in the areas of cinematography, animation, nontraditional ad and public service at the Annual Addy Awards held in March 2012. The Addy Awards is the world’s largest advertising competition with over fifty thousand entries annually. A total of 14 completed PASD Productions were screened at the Trinidad and Tobago Film Festival 2011 and 2012 at which the following awards were received: Classical Steel by John Barry Special Mention for Best Short Film; Chinee Girl by Natalie Wei - People’s Choice for Best Short Film; Positive and Pregnant by Candice Lela-Rolingson - Special Awareness Award and Inward Hunger: The Story of Eric Williams by Mariel Brown – Best Locally Produced Feature Film.


15

SEEiNG THE LIGHT Annual Report 2012

Since 2008, The FFP has funded 2 feature films and provided equity towards 6 shorts.

c) Feature Film Programme (FFP) The Feature Film Programme, which started in 2008, has so far funded two films, which are currently in varying stages of production. At present, the FFP has been suspended for new applicants, however, the projects already in the programme are being continued to finalisation. In February 2012, the first FFP project, Rose, Lioness of the Jungle by Jean Michel Gibert which chronicles the life of local singer Calypso Rose, was aired on US public television network PBS. This is the first time in the history of the Trinidad and Tobago film industry that a local film was screened on PBS which has an audience of 150 million household in the US. The film premiered in Trinidad and Tobago and has since been shown internationally at fourteen festivals, with an extensive screening schedule in 2012 in North America and Europe. The second feature film supported through the FFP, titled Between Friends by Omari Jackson is a film that focuses on the lives of various characters from two generations of contemporary  middle class Trinbagonian families. Between Friends was screened and won an award for Best Cinematography at the International Filmmaker Festival 2011 in the U.K. The content development programme for thirty-minute short film productions, in operation since 2009, provided equity awards to six shorts. Ryan Latchmansingh’s Where the Sun Sets won the Best Local Short 2012 at the Trinidad and Tobago Film Festival. Additionally, it was a finalist in the 2012 BAFTA Los Angeles Student Film Awards which attracts entrants from some of the best film schools in the world. No Soca No Life provided the best actress in a local film winner Terri Lyons. Impressively, the screening of this film was sold out and another screening had to be scheduled. d) T&T Literature Adaptation Programme The T&T Literature Adaptation Programme has been designed to foster the linkages of published books about Trinidad and Tobago with the local or international film industry. In September 2011, the programme attracted 18 applications from T&T nationals to convert literary works pertaining to Trinidad and Tobago from script to screen. The first phase of adjudication was conducted in January 2012, which resulted in the shortlisting of five applicants who were required to provide evidence of their writing styles for the second phase of adjudication. In September 2012, Irma Rambaran was awarded the grant to adapt the book Minty Alley by CLR James to a screenplay.

“The seventh edition of the ttff was extremely successful with a 40% increase in attendence and well attended workshops and presentations. Of the almost 200 films we showed over 50% were from Trinidad and Tobago including a number that had been recipients of the TTFC’s PASD fund. And from the very beginning the TTFC has supported us, recognising that Film Festivals are integral to the development of a local and regional film industry.”

Bruce Paddington

member of the TTFC’s Monitoring Committee of the Production Assistance and Script Development Programme


SEEiNG THE LIGHT Annual Report 2012

16

Honourable Minister Lincoln Douglas, Minister of the Arts and Multiculturalism with Camille Selvon Abrahams, Creative Director, Animae Caribe Animation Festival and attendees at the 2012 Animae Caribe Awards Ceremony.

Training & Competitiveness Part of the TTFC’s mandate is the advocacy for new opportunities for employment, investment entrepreneurship and skills training. The training of skilled professionals in all aspects of the industry is the first step towards sustainable competitiveness in a more diversified national economy. a) Internship/Apprenticeship Programme The Internship/Apprenticeship Programme is designed to provide on-the-job training for T&T nationals assigned to local and international productions filming on location in Trinidad and Tobago. The TTFC has developed a database of 125 interested persons, to whom a stipend is paid for interning on film productions. Interns are mandated to sign a contract with the Trinidad and Tobago Film Company and document their on-the-job training experience in a report to be delivered at the end of the internship. In 2012, six interns were placed on three productions, inclusive of the Canadian feature film production Home Again by Hungry Eyes Film and Television Inc. The areas to which they were exposed were sound, make-up, set production assistant and production assistant. They completed a total of 222 hours of work. b) Training Workshops This project facilitates funding of short training courses and the hosting of various audio-visual stakeholder workshops. In 2012, the TTFC facilitated the following five workshops, which attracted more than one hundred participants: • • • • •

UWI BA Film “Business Plan Writing for Film” “Screenwriting” with Anthony Hall “The Business of Film and TV Production” with Lorraine Toussaint “A conversation with Lorraine Toussaint” “Distribution” with Cameron Bailey, Co-Director of the Toronto International Film Festival and Gian Wilson, Manager of Content Acquisition for TV & Film in Amazon’s Video on Demand

The TTFC has a database of 125 persons who are interested in doing internships on film sets.


17

SEEiNG THE LIGHT Annual Report 2012

.c) University Bursaries This initiative, aimed at increasing the pool of trained professionals in the audiovisual industry, disburses financial support to the top achievers within the BA Film Programme, UWI, St Augustine and the Animation/Digital Media Studies at the UTT. The TTFC awarded a total of 29 bursaries to students of the BA Film Programme and the Animation/Digital Media Studies Programme. Marketing/ Distribution and Appreciation for Local Content/Facilitation

Consul Generals and other foreign representatives of T&T to promote the country as a location for filming. •

“Culture and Tourism partnerships” with officials from the Federal Ministry of Tourism, Culture and National Orientation of the Federal Republic of Nigeria hosted by the Ministry of the Arts and Multiculturalism on February 19, 2012.

Assessment Committee of the National Registry – Monthly.

Trinidad and Tobago Chamber of Commerce to discuss investment opportunities – May 23, 2012.

Travelling Caribbean Film Showcase – participation on Jury panel for the 2013 Festival in Aruba - 17-24th June 2012.

Cliff Seedansingh and Visual Arts are the two suppliers currently engaged in subtitling work for assigned films.

“Encounter of Filmmakers from Africa, the Caribbean and their Diasporas” in the Dominican Republic from July 13–19, 2012. The objective was to deepen the relationships between the film communities with the Caribbean and the continent of Africa.

c) Film Facilitations

a) Business Partnerships The creation of strategic alliances and business partnerships is essential to the sustainable growth and development of the audio-visual/film industry of Trinidad and Tobago. In fiscal 2012, some of the more influential partnership meetings attended were: •

Ministry of Trade, Industry and Investment – Discussions with the Minister of Trade and Industry on December 7 and 20, 2011, to appraise the Honourable Minister Stephen Cadiz of information and investment opportunities in the audio visual sector to benefit the Prime Minister’s visit to India. Ministry of Foreign Affairs & Communications – Discussion of partnership initiatives on December 21, 2011, with the Embassies,

Camille Selvon Abrahams CEO Full Circle Animation Studio Creative Director Animae Caribe Animation Festival

greater penetration into Spanish and French territories. This proposal was validated by members of the public and private sectors at a Validation Workshop (Aid for Trade Strategy) hosted by the Ministry of Trade, Industry and Investment on March 15, 2012. A clause has been inserted into the TTFC’s legal contract for the Production Assistance and Script Development awardees to include subtitling as a mandatory requirement of all TTFC sponsored films. The TTFC issued an RFP for subtitling services and proposals have been received and accepted from two providers who are in the process of subtitling two films for the Havana and the Burkina Faso film festivals.

“Developing a national diversification strategy for Trinidad and Tobago” hosted by the Ministry of Planning and Sustainable Development on July 20, 2012.

b) Dubbing Subtitling Support The TTFC submitted a proposal to the IADB for financial support to facilitate language translation and dubbing services for films produced in T&T that will allow for

Post-production estimates by 38 international film crews facilitated by the TTFC resulted in an estimated TT$12.3 million having been injected into the local economy in fiscal 2012 (response rate: 52%, the actual figure would as such be much higher). This represents money spent on local services by the crews from Canada, Mexico, Scotland, U.K, New Zealand and USA during their period of on-location filming in Trinidad and Tobago. In excess of 1,200 persons and 250 suppliers were employed. These crews were supported by industry partners including the Trinidad and Tobago Police Service, the Trinidad and Tobago Fire Service, and the Airports Authority to name just a few.

“The consistent support of Animae Caribe Animation and Digital Media Festival by the TTFC has been critical to its success.  The TTFC assisted in creating interest from our diaspora and afforded the participation of international industry guests ranging from Pixar, DC Comics, Cartoon Network and many more.  We were also able to engage professionals from EA Games to our shores.  Most importantly, we continue to create a platform for local content as we encourage artists, filmakers and animators to create animations and games for this dynamic platform. We are confident that the contribution of TTFC is critical to the success of this sector”.


SEEiNG THE LIGHT Annual Report 2012

18

One Good Deed received a Production Assistance Grant from the Trinidad and Tobago Film Company Ltd.

d) Film Incentives / 35% Cash Rebate The most important incentive for film makers to choose a location is a financial one. For Trinidad and Tobago to be competitive and to attract incoming film crews to its shores, the maximum production expenditure rebate was increased from 30% to 35%. The TTFC is now offering a tiered system of a 12.5% to 35% cash rebate on an initial spend of US$100,000 up to a maximum of US$2 million for regional and international productions. Nationals who produce locally can get a 35% cash rebate on their production expenditure above TT$100,000, up to a maximum of TT$12,600,000. At the time of writing, the application for a cash rebate by Hungry Eyes Film and Television Inc. for the production of Home Again, filmed in Trinidad and Tobago from January and February 2012, is in its final stages of audit. e) International Advertising and PR Advertising in international film and trade publications and online portals is critical in order to enhance Trinidad and Tobago’s profile as a film-producing country offering key incentives (such as our recently upgraded 35% Cash Rebate) and lower costs of production in T&T.

For Trinidad and Tobago to be competitive and to attract incoming film crews to its shores, the maximum production expenditure rebate was increased from 30% to 35%.


19

SEEiNG THE LIGHT Annual Report 2012

In 2012, the TTFC was listed in the following international directories: Creative Handbook, The Essential Guide to US and International Production Incentives, Screen India, Location Guide. Among trade publications TTFC is listed in; Variety, Filmmaker Magazine, Location Magazine, P3 Updates and Variety. The key reason for listing in these publications is to promote the advantages of filming on location in Trinidad and Tobago, provide information on suppliers, crew, production costs, casting and other film services. Location access and website details were also disseminated to the various print and online platforms such as the TTFC’s website (www.trinidadandtobagofilm. com) and its Facebook site.

Scene from Knockabout, TTFC grant supported production

f) International Tradeshows With the advent of the upgrade to T&T’s cash rebate to film makers to 35%, the TTFC took T&T ‘to market’ by attending the Association of Film Commissioners (AFCI) Locations Tradeshow and the American Film Market from June 15–16, 2012. The TTFC booth attracted significant numbers of persons, to date five of them have written to the TTFC to maintain communication. This tradeshow is a premier platform at which leading locations promote their destinations and services. The AFCI is a very active international network of film commissioners which offers strategic alliances and builds cross-border knowledge. g) Marketing and Distribution The TTFC has invested grant and equity funding in a number of short and feature films through its Production Assistance and Script Development Programme (PASD), Short Call and Feature Film programmes. As an ‘Executive Producer’, the TTFC sees the need to undertake the market research and development in order to create the business partnerships to ensure the return on the Company’s equity investment. The TTFC continued work in updating and maintaining its Local Content Directory, which

Chairman Christopher Laird presenting the award for the  Best Locally Produced Feature Film of the Trinidad and Tobago Film Festival 2012 to Mariel Brown for Inward Hunger - The Story of Eric Williams.


SEEiNG THE LIGHT Annual Report 2012

20

Visual from Krik Krak Anansi. is available on our website. We also signed an MOU with Little Carib Theatre to co-host monthly screenings of local films. There were a total of five screenings which were attended by 250 persons. h) Local Media Campaign In fiscal 2012, the TTFC produced and was referenced in 102 local media releases. Its media communication is designed to raise public awareness of the benefits of developing the national audio visual/film industry as well as to highlight the opportunities that exist within the local industry for local practitioners for employment and training. i) Animae Caribe The TTFC provides sponsorship targeting training, outreach and the award for the best Trinidad and Tobago Animation at the Festival. Animae Caribe is the sole Animation and new Media Film Festival held within the Caribbean region and marked its 10th tenth year in operation in the 2012 fiscal year. The participation in this festival increased by 40% with 2,500 attendees and the local content was also increased, highlighting 18 animated shorts from Trinidad and Tobago. A new initiative involving the Ministry of National Security included a preschoolers’ cinema, which was attended by over 300 pre-school children. It should be noted that in excess of 12 workshops in 3D, 2D, experimental, music scoring for film and animation, pitching ideas, special effects, character animation, were held.

Animation in T&T is recognised as a niche of the film industry with the potential to generate significant wealth and employment. There has been an increase in the output and quality of local animations produced by nationals and support for the animation sector is boosted by the establishment of the Digital Media/Animation Degree Programme at the University of Trinidad and Tobago. j) Outreach TTFC continues to work with schools for the screening of local films as well as to advocate for careers in the film industry. In the first quarter of fiscal 2012, an invitation was extended to all schools and key children’s institutions to be part of the TTFC’s Outreach programme. Several primary and secondary schools as well as COSTAATT benefited from this initiative. Arising out of our continued Outreach, the TTFC was invited to present a workshop to students at a UWI BA Film workshop titled “Business Plan Writing for Film”. Conservatively estimated, this activity has touched the lives of more than 700 students.


21

SEEiNG THE LIGHT Annual Report 2012

k) T&T Diaspora Film Festival This project staged three film festivals within the Trinidad & Tobago diaspora markets of Toronto, New York and London. The festival was organised in collaboration with the T&T associations in each of the respective locations. The TTFC in partnership with the T&T High Commission, UK, commemorated T&T’s 50th Anniversary of Independence with the screening of over 60 films at the Tricycle Theatre, London, in July and August 2012. l) T&T Film Festival The seventh edition of the Trinidad and Tobago Film Festival ran from September 19 to October 2, 2012. There was a 40% increase in attendance and a greater variety of films on offer. 200 films (feature length and short, dramatic, documentary and experimental) were screened at various locations throughout Trinidad and Tobago. Ten of the 100 films screened which were from Trinidad and Tobago were products of the Trinidad and Tobago Film Company’s grant and equity funding programmes.

Students of Holy Name Convent receiving their prize for Best Overall Film at the 2011 Secondary Schools Short Film Festival.

m) Secondary School Short Film Festival

n) T&T Community Film Festival

This annual festival is open to secondary school students throughout Trinidad and Tobago. Students are invited to participate, attend training workshops and submit a five-minute short film.

The project comprises a Short Film Festival which is open to registered community groups in Trinidad and Tobago. Community groups are invited to participate, attend training workshops in film production and submit a five-minute short film, featuring the community members. A jury reviewed the entries and prizes were awarded. The winning films were screened to the public at the TTFC’s Film Nights community events and TTFC’s Outreach School Programme.

A new benchmark was set in 2012 with over 500 T&T secondary school students trained in acting, screenwriting, lighting and production techniques at 16 venues across Trinidad and Tobago. This represents a 109.1% increase from 2011. Additionally, 16 trainers and 29 training assistants were trained in acting for screen at a “Train the Trainer” workshop. A jury awarded 16 awards from a submission of 35 films and the winning films were screened at the annual Trinidad and Tobago Film Festival. The TTFC partnered with Overtime TT.com for voting for the People’s Choice Award, and the winner was announced at the Animae Caribe Animation and New Media Festival in November 2012.

TTFC in partnership with the Division of Culture of the Ministry of the Arts and Multiculturalism is managing this project with five communities throughout Trinidad and Tobago: • • • • •

SEPOS Cultural Workshop in south-east Port of Spain, Prizgar Lands Kelly Village Cultural Performers in Laventille, Bombassa in Barataria, San Fernando School of Arts “Constructive Termites” in San Fernando, and Caratal Youth Kreations Liaisons in Gasparillo.

More than 500 Secondary School Students trained in acting, screenwriting and production techniques


SEEiNG THE LIGHT Annual Report 2012

22

The TTFC provides expert Guidance in terms of all technical Aspects that are connected with production a film in T&T. o) Travelling Caribbean Film Showcase The Travelling Caribbean Film Showcase is the only regional platform for the screening and distribution of regionally-produced content to a wide number of Caribbean people.

This desired future state in 2016 is defined as

A special charity screening of a Haitian film within the 2011 Showcase was held on December 6, 2011, at the Little Carib Theatre to raise funds for Haiti earthquake relief. In 2012 the fourth edition of the Showcase was launched on July 12 at the Little Carib Theatre, Woodbrook. The 2012 Showcase screened 32 films, which included three films from Trinidad and Tobago. These films were screened in the months of July and August to target audiences of vacation camps, orphanages and members of the public. An average of 600 persons attended the Showcase in 18 venues across Trinidad, with audiences from as young as 4 years to adults 65 years and over. 95% of the participants expressed interest in seeing more local films screened in their communities.

p) Community Screenings The project facilitates the screening of local and diaspora films within urban and rural communities of Trinidad and Tobago. The objective is to showcase content produced by nationals and the Trinidad and Tobago Film Company (TTFC) to attract public buy-in for the national audio-visual industry. A MOU with the T&T Film Festival (TTFF) signed on 18th January 2012 empowered the TTFF to plan, coordinate and execute “T&T Film Nights”. A total of 445 persons attended film screenings held at Servol El Socorro Regional Life Centre, the National Library, Port of Spain, the Youth Training Centre, Orange Grove and North Eastern Community Centre, Sangre Grande. Summary In June 2012, the Trinidad & Tobago Film Company Limited launched its second strategic plan for 2012–2016. This document, which is set in the context of the Government of the Republic of Trinidad and Tobago’s fifth pillar of sustainable development (“building a diversified knowledge-intensive economy”), outlines a future state of the Trinidad and Tobago film industry by 2016, taking cognizance of the global economic stagnation.

Sustainable growth of the film industry as an economic and cultural force in T&T and internationally Improved image and visibility at national, regional and international levels for T&T as a film location.

Since its inception in 2006, the Trinidad and Tobago Film Company has developed significant knowledge of all aspects of “Film” and “Television”—two terms that connect the industry throughout the world and serve as keys to open many a door. The film industry is unlike any other section of the entertainment industry, and the TTFC speaks the highly specialised lingo of filmmakers and has an in-depth understanding of their specific needs. In film, time is money. Many of the initiatives undertaken in fiscal 2012 have been highly successful because of their on-spot targeting, such as the realization that filmmakers look for financial incentives rather than just location-specific advantages when making location decisions. In the film industry, time is definitely money, and the TTFC has garnered a reputation of answering requests from abroad quickly and pertinently, both as regards knowledge of Trinidad and Tobago and of what questions the film maker would need to get clarified. Film is also excessively technical. Again, the TTFC provides expert guidance in terms of all technical aspects that are connected with producing a film here—expertise that has been honed over the past years and is on par with any film commissioning agency in the world. The extensive research that went into the TTFC’s strategic plan 2012–2016 forms the basis for its decision-making and allotment of funds over the next four years. Emphasis will be placed increasingly on distribution and the fostering of an appreciation of local content, as well as on training and skills enhancement. All of these will make the film industry in Trinidad and Tobago more competitive, more sustainable, better known internationally and a notable contributor to the building of a “diversified, knowledge-intensive economy”.


23

SEEiNG THE LIGHT Annual Report 2012

Statement of management’s responsibilities It is the responsibility of management to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of the operating results of the Company for the year. It is also management’s responsibility to ensure that the Company keeps proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company. They are also responsible for safeguarding the assets of the Company. Management is responsible for the preparation and fair presentation of these financial statements in accordance with the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs). This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. Management accepts responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with the IFRS for SMEs. Management are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Company and of its operating results. Management further accepts responsibility for the maintenance of accounting records which may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control. Nothing has come to the attention of Management to indicate that the Company will not remain a going concern for at least the next twelve months from the date of this statement.

__________________________ _____________________________ Director Director November 22, 2012 November 22, 2012


SEEiNG THE LIGHT Annual Report 2012 24 Expertise • Enthusiasm • Entrepreneurship: Fulfilling the mandate to grow film in Trinidad and Tobago

PASD Awardees 2011-2012 Back Row: L – R: Revelino Guevara, JeanClaude Cournand, Truman Samerson, Zak Ove (Guest), Omar Lewis, TTFC’s Chairman, Christopher Laird Front Row: L – R: TTFC’s CEO, Carla Foderingham, Georgia Popplewell ( Representing Karen Martinez), Errol Sitahal, Annabelle Alcazar, Joanne Johnson

T & T students at Festival Régional et International du Cinéma de Guadeloupe (FEMI) 2012

Business of Film Workshop 17 August 2012


25

SEEiNG THE LIGHT Annual Report 2012

Community Short Film Festival 2012: Community Groups SEPOS Cultural Workshop (South-East Port of Spain) and Bonbassa Productions (Barataria)

SEEiNG THE LIGHT

Annual Report 2012

PASD Jury, CEO and staff of the TTFC discuss applications for production assistance. L-R Carla Foderingham, CEO TTFC, Amba Chevannes, Jamaican screen writer, Dr. Christopher Meir, University of the West Indies lecturer, Denise Geyette, facilitation manager, Damon D’Olivieira, Canadian actor and producer.

Travelling Caribbean Film Showcase screening of 2012 films

Gian Franco Wilson, Manager of Content Acquisition for Television and Film in Amazon’s Transactional Video on Demand Business and Dr. Christopher Laird at the workshop held on Content Development and Distribution in January 2012.


SEEiNG THE LIGHT Annual Report 2012 Independent Auditors’ Report To the Shareholders of the Trinidad and Tobago Film Company Limited Report on the financial statements We have audited the accompanying financial statements of Trinidad and Tobago Film Company Limited, which comprises the statement of financial position as of September 30, 2012, and the statement of income and retained earnings and statement of cash flows for the year then ended, and 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 financial statements in accordance with International Financial Reporting Standards for Small and Medium-Sized Entities (IFRS for SMEs) 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. Auditor’s responsibility 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 perform the audit to obtain reasonable assurance about 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 judgement, including the assessment of the risks of material misstatements 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 of 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 audit opinion. Opinion In our opinion the financial statements present fairly, in all material respects, the financial position of the company as of September 30, 2012, and financial performance and cash flows for the year then ended in accordance with the IFRS for SMEs.

Deloitte & Touche Port of Spain Trinidad November 22, 2012

26


27

SEEiNG THE LIGHT Annual Report 2012

Statement of financial position ASSETS Non-current assets Office furniture and equipment Current assets Due from related party Trade, other receivables and prepayments Cash at bank and on hand

as at September 30, 2012 2011

Notes 4

$281,842

377,319

5(b) 6 7

28,571 3,501,840 2,719,345

1,488,750 1,565,563

6,249,756 Total current assets

3,054,313

Total assets

6,531,598

3,431,632

8

10

10

9

6,246,478

2,957,607

10

285,110

474,015

LIABILITIES AND EQUITY Capital and reserves Share capital Non-current liabilities Deferred grants Current liabilities Trade and other payables

Total current liabilities 285,110 Total liabilities and equity

$6,531,598

474,015 3,431,632

The notes on pages 28 to 34 form an integral part of these financial statements. On November 22, 2012, the Board of Directors of Trinidad and Tobago Film Company Limited authorised these financial statements for issue.

__________________________ _____________________________ Director Director


SEEiNG THE LIGHT Annual Report 2012 Statement of income and retained earnings

Year ended September 30, 2012 2011

Notes

Income from government grants Other income

$8,236,129 9,570,186 213,964 203,112

Total income 8,450,093 9,773,298 Administrative, operating and general expenses Operating 11 1,510,185 1,915,326 11 2,932,696 3,853,258 Marketing and promotions General and administrative 11 3,967,515 3,986,281 Finance cost 4,721 4,118 Total expenses Net income for the year before taxes Taxation expense 12 Net income for the year Retained earnings at beginning of the year Retained earnings at end of the year The notes on pages 28 to 34 form an integral part of these financial statements.

8,415,117 9,758,983 34,976 14,315 (34,976) (14,315) - - $-

-

28


29

SEEiNG THE LIGHT Annual Report 2012

Statement of income and retained earnings (continued)

Year ended September 30, 2012 2011

Notes

Cash flows from operating activities: Net income for the year $- Adjustments to reconcile net income to net cash generated from operating activities: Grants received from the government 11,500,000 8,012,468 Grants utilized during the year on expenditure (8,211,129) (9,570,186) 102,135 117,528 Depreciation Changes in: Increase in trade, other receivables and prepayments (Decrease)/increase in trade and other payables

(1,995,661) (206,389)

(1,373,479) 203,071

Cash generated from/(used in) operations Taxes paid

1,188,956 (28,516)

(2,610,598) (24,432)

Net cash generated from/(used) operating activities

1,160,440

(2,635,030)

Cash flows from investing activities: Purchase of office furniture and equipment

(6,658)

(107,856)

Net cash used in investing activities

(6,658)

(107,856)

Net increase/(decrease) in cash and cash equivalents

1,153,782

(2,742,886)

Cash and cash equivalents - beginning of year

1,565,563

4,308,449

$2,719,345

1,565,563

Cash and cash equivalents - end of year

3,391,006 (1,440,190)

The notes on pages 28 to 34 form an integral part of these financial statements.


SEEiNG THE LIGHT Annual Report 2012 Notes to the Financial Statements 1.

Incorporation and principal activity

Trinidad and Tobago Film Company Limited (“the Company”) was incorporated in the Republic of Trinidad and Tobago on May 4, 2005 to facilitate the development of the film industry in Trinidad and Tobago.

The Company provides logistical support and core services such as location scouting, research and acts as a liaison with industry partners, the community, production houses and Government agencies.

Trinidad and Tobago Film Company Limited’s registered address is Suite 15 Bretton Hall, 16 Victoria Avenue, Port of Spain.

2.

Summary of significant accounting policies

These financial statements are prepared in accordance with the IFRS for SMEs issued by the International Accounting Standards Board. The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

The financial statements of Trinidad and Tobago Film Company Limited have been prepared in accordance with IFRS for SMEs. They have been prepared under the historical cost convention.

The preparation of financial statements in conformity with the IFRS for SMEs requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. Areas involving a higher degree of judgment of complexity, or areas where assumptions and estimations are significant to the financial statements are disclosed in note 3.

a) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less at the time of purchase, which are subject to an insignificant risk of changes in value.

b) Office furniture and equipment Office furniture and equipment is recorded at cost less accumulated depreciation at rates which are expected to apportion the cost of the assets on a systematic basis over their estimated useful lives. Office furniture and equipment are depreciated on the reducing balance basis over the estimated useful lives of the assets as follows: Office furniture and equipment Computers

25% per annum 33 1/2% per annum

Repairs and renovations are normally expensed as they are incurred. Expenses are reported as assets only if the amounts involved are substantial and one or more of the following conditions is satisfied: the original useful life is prolonged, the production capacity is increased, the quality of the products is enhanced materially or production costs are reduced considerably.

30


SEEiNG THE LIGHT Annual Report 2012

31

Notes to the Financial Statements (continued) 2.

Summary of significant accounting policies (Continued)

The gain or loss arising on the disposal or retirement of an item of office furniture and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in statement of income and retained earnings.

The carrying amount of office furniture and equipment is reviewed whenever events or changes in circumstances indicate that impairment may have occurred.

c) Deferred grants Grants received in relation to the operating and administrative costs of the Company are deferred in the statement of financial position and recognised in the statement of income and retained earnings in the period in which the relevant costs have been incurred. d) Foreign currency transactions

Items included in the financial statements of the Company are measured using the currency that best reflects the economic substance of the underlying events and the circumstances relevant to the Company (‘’the functional currency”). These financial statements are presented in Trinidad and Tobago dollars. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and retained earnings.

e) Taxation Income tax expense represents the sum of the tax currently payable in relation to business and green fund levies. The tax currently payable is based on the Company’s receipts for the year.

f) Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

g) Comparatives When necessary, comparative figures are adjusted to conform with changes in presentation in the current year.


SEEiNG THE LIGHT Annual Report 2012

32

Notes to the Financial Statements (continued) 3.

Critical judgments and the use of estimates

The preparation of financial statements in conformity with IFRS for SMEs requires management to make critical judgments and use estimates and assumptions that affect the amounts reported in the financial statements and related notes to the financial statements. Actual results may differ from the estimates and assumptions used. Key sources of uncertainty, which requires the use of estimates, include:

Useful lives and residual values of property, plant and equipment

The estimates of useful lives as translated into depreciation rates are detailed in the property, plant and equipment policy above. These rates and the residual lives of the assets are reviewed annually taking cognizance of the forecasted commercial and economic realities.

Contingent liabilities

Management applies its judgement to the facts and advice it receives from its attorneys, advocates and other advisors in assessing if an obligation is probable, more likely than not, or remote. Such judgement is used to determine if the obligation is recognised as a liability or disclosed as a contingent liability.

4.

Office furniture and equipment

Office furniture

Office equipment

Computers

Total

$ 698,771

245,590

297,956

1,242,317

Additions 6,658 -

-

6,658

Cost At October 1, 2011 At September 30, 2012

705,429

245,590

297,956

1,248,975

At October 1, 2011 (499,139)

(158,601)

(207,258)

(864,998)

Depreciation Depreciation charge

(50,185)

(21,747)

(30,203)

(102,135)

At September 30, 2012

(549,324)

(180,348)

(237,461)

(967,133)

Carrying amount

At October 1, 2011

$ 199,632

86,989

90,698

377,319

At September 30, 2012

$ 156,105

65,242

60,495

281,842

The company had no capital commitments at year end (2011 $nil).


33

SEEiNG THE LIGHT Annual Report 2012

Notes to the Financial Statements (continued) 5.

Related party transactions The following represents transactions with related parties: 2012 a)

Key management remuneration include salary to CEO and all the directors’ fees

$ 799,000

2011 841,850

b) The Company has provided a member of its key management personnel with a secured, interest free loan totalling $50,000 which is to be repaid by September 30, 2013. The amount outstanding at year end is $28,571 (2011: nil). The loan was fully serviced during the period. 6.

Trade, other receivables and prepayments 2012

2011

Grant receivable from the Ministry of Trade, Industry and Investment $ 3,356,733 1,320,500 Other receivables 84,883 151,074 Prepayments 60,224 17,176 Trade and other receivables and prepayments 7.

$ 3,501,840

1,488,750

Cash and cash equivalents For the purposes of the statement of cash flows, the cash and cash equivalents comprise of the following: 2012

8.

Cash at bank and on hand

$ 2,719,345

1,565,563

Cash and cash equivalents

$ 2,719,345

1,565,563

Share capital 2012 10 issued shares of no par value

9.

2011

$ 10

2011 10

Deferred grants 2012 Balance at October 1 $ 2,957,607 Grants received 11,500,000 Amounts released to the income statement - Current expenditure (8,211,129)

$ 6,246,478

2011 4,515,325 8,012,468 (9,570,186) 2,957,607


SEEiNG THE LIGHT Annual Report 2012 Notes to the Financial Statements (continued) 10. Trade and other payables 2012 Trade payables and accruals $ Taxation

2011

278,650 6,460

468,139 5,876

$ 285,110

474,015

11. Administrative, operating and general expenses 2012

2011

Operating expenses Co-production Agreements $ 3,493 Feature Film Programme 75,000 838,049 Internship Programme 13,350 12,850 Literature Adaptations 70,614 14,785 Production Assistance and Script Development 849,584 844,710 Research - 531 Training 64,221 105,801 Short Drama Programme 197,723 UTT Bursaries 67,200 35,600 UWI Bursaries 1,000 63,000 Strategic Plan Development 168,000 $ 1,510,185 Marketing and promotion expenses Advertising and Design $ 563,371 Animae Caribe 197,552 Business Partnership Meetings 152,132 54,624 Diaspora Film Festival Film Facilitations 38,549 Film Familiarization Tours 42,980 Film Incentives - Film Nights 53,317 Films for Resale - Marketing Fees 109,748 Media Campaign 175,438 Outreach Programme - Production Guide 42,905 Promotional Items 117,670 Secondary Schools’ Short Film Festival 779,842 Trinidad and Tobago Film Festival 360,725 Trinidad and Tobago TV Film Festival -

1,915,326 40,888 295,000 155,492 79,902 10,618 6,879 1,877,557 55,172 330 105,175 47,682 1,033 44,400 59,554 610,277 250,000 155,535

34


35

SEEiNG THE LIGHT Annual Report 2012

Notes to the Financial Statements (continued) 11. Administrative, operating and general expenses (continued) Trinidad and Tobago Best Village Film Festival Trade Shows Travelling Caribbean Film Showcase TTFC Magazine Website Costs

1,600 179,285 62,125 - 833

43,512 9,236 5,016

$ 2,932,696 General and administrative expenses Audit Fees $ 46,000 Copier Rental 52,371 Consultancy Fees 240,000 Depreciation 102,135 Directors’ Fees 445,200 Dues and Subscriptions 8,093 Insurance 42,280 IT Consultant’s Fees 1,571 Legal And Professional 108,403 Office Expenses 54,869 Office Rental 439,102 Provision for Doubtful Debts - Recruitment 41,326 Repairs and Maintenance 48,185 Salaries and Employee Benefits 2,038,456 Staff Training - Strategic Plan Development Cost - Telecommunications 86,921 Vehicle Rental and Other Expenses 212,603

3,853,258

$ 3,967,515

3,986,281

46,000 51,583 117,528 487,850 7,929 40,152 63,560 44,118 168,179 439,102 1,380 12,541 8,615 2,229,240 36,152 72,000 69,992 90,360

12. Taxation expense 2012

2011

Business levy Green fund levy

$ 23,317 11,659

9,479 4,836

$ 34,976

14,315

Business and Green Fund levy are calculated as 0.2% and 0.1% of total receipts for the year respectively.


SEEiNG THE LIGHT Annual Report 2012 Notes to the Financial Statements (continued) 13. Operating lease arrangements Leasing arrangements Operating leases relate to leases of offices and other equipment with lease terms of between 6 months and 5 years. The company does not have an option to purchase the leased offices at the expiry of the lease periods.

2012 No later than 1 year $ Later than 1 year and no later than five years

2011

583,709 289,213

583,709 289,213

$ 872,922

872,922

14. Events after the reporting date No significant events occurred after the reporting date affecting the financial performance, position or changes therein for the reporting period presented in these annual financial statements.

36


The Trinidad & Tobago Film Company Limited Suite 015, Bretton Hall 16 Victoria Avenue, Port of Spain, Trinidad Telephone: (868) 625-FILM (3456) Fax: (868) 624-2683 Website: http://www.trinidadandtobagofilm.com E-Mail: info@trinidadandtobagofilm.com


TTTFC Annual Report 2012