NOTICE NO. 1
COMPANIES ACT, CAP. 308
Novacap Technologies International III SRL
NOTICE IS HEREBY GIVEN that the sole member of NOVACAP TECHNOLOGIES INTERNATIONAL III
SRL has by Special Resolution authorised and directed that the Society be dissolved and liquidated voluntarily in accordance with the provisions of Section 367 of the Companies Act.
Dated this 24th day of June 2024.
TREVOR P. NAGAI
Manager.
NOTICE NO. 2
THE COMPANIES ACT, CAP. 308
(Section 339)
NOTICE OF REVIVAL OF REGISTRATION TRINIDAD & TOBAGO INSURANCE LIMITED
Company No. 442
In accordance with section 339 (3) of the Companies Act, Cap. 308 Notice is hereby given that the registration of the above-mentioned external company has been revived by the Registrar of Companies with effect from June 18, 2024.
Dated the 25th day of June, 2024.
MUHAMMED MUSA IBRAHIM
Director.
GOVERNMENT NOTICE
The Defence Act Cap. 159
DIRECTIONS
TO: Chief of Staff of the Barbados Defence Force
GREETINGS
WHEREAS it is provided by section 9(2) of the Defence Act that, inter alia, the Chief of Staff of the Barbados Defence Force is, subject to the directions of the President, responsible for the operational use of the Barbados Defence Force:
AND WHEREAS it is necessary for the President to give the Chief of Staff of the Barbados Defence Force directions, with respect to the operational use of the Barbados Defence Force in Barbados, for the purposes of maintaining and securing public order and public safety:
NOW THEREFORE I, The Most Honourable Dame Sandra Prunella Mason, Freedom of Barbados, Dame Grand Cross of the Most Distinguished Order of Saint Michael and Saint George, Dame of Saint Andrew, Senior Counsel, Doctor of Laws, President of Barbados, in exercise of the powers conferred on me by section 9(2) of the Defence Act, Cap. 159 and all other powers me enabling, do hereby give you directions for the operational use of the Barbados Defence Force, in Barbados, for the purposes of maintaining and securing public order and public safety in support of the civil authority, for the period 1st July, 2024 to 30th June, 2025.
Given this 14th day of June, 2024.
SANDRA MASON
President.
NOTICE NO. 3
LAND ACQUISITION ACT, CAP. 228
(Notice under Section 3)
NOTICE IS HEREBY GIVEN that it appears to the Minister responsible for Lands that the parcel of land described in the Schedule hereto and situate at Benthams in the parish of Saint Lucy in this Island is likely to be needed for a purpose which in the opinion of the Minister is a public purpose, namely housing development.
SCHEDULE
ALL THAT land the property of Fairfield Investments Limited situate at Benthams in the parish of Saint Lucy containing by estimation 23,900 square metres Abutting and Bounding to the north on a Public Road (Highway 1C) to the west on lands now or late of Esther Wilkinson, Vibert Carter, Floyd Maison, Lindsay and Angela Bovell, Charles Bovell, Christopher Burnett, and Iretha Leacock to the south on other lands of Fairfield Investments Limited on lands now or late of Julian Clarke and to the east on lands of the Barbados Diocesan Trustees or however else the same may abut and bound.
Dated this 18th day of June Two Thousand and twenty-four.
SUZETTE A. EDEY-BABB
Permanent Secretary (Ag.)
Ministry of Housing, Lands and Maintenance.
NOTICE NO. 4
LAND ACQUISITION ACT, CAP. 228
(Notice under Section 3)
NOTICE IS HEREBY GIVEN that it appears to the Minister responsible for Lands that the parcel of land described in the Schedule hereto and situate at Colleton Plantation, Colleton in the parish of Saint John in this Island is likely to be needed for a purpose which in the opinion of the Minister is a public purpose, namely housing development.
SCHEDULE
ALL TH AT land the property of Armag Investments Limited situate at Colleton Plantation, Colleton in the parish of Saint John containing by estimation 155,145.3 square metres (15.515 hectares) Abutting and Bounding to the north on lands now or formerly of Lilian McCollin (deceased) on lands now or formerly of Lilian M. Moore on lands now or formerly of Carlston Forde on lands now or formerly of Egerton Codrington on lands now or formerly of Iris Simpson on lands now or formerly of Audrey Watson on lands now or formerly of Sylvia Headley on lands now or formerly of Marguerite Humphrey-Rock on lands now or formerly of Clifford Thompson on lands now or formerly of Fedrick Barrow to the west on a public road (Highway G) to the south on lands now or formerly of the Barbados Government on lands now or formerly of Leo C. Smith on lands now or formerly of Vanessa Glasgow on lands now or formerly of Erskine L. Niles on lands now or formerly of Sylvester A. Parris on lands now or formerly of Verona White on lands now or formerly of Kerry- Ann Walters on lands now or formerly of Rudolph A. Haynes on lands now or formerly of Mabel G. Brewster on lands now or formerly of Cleo M. Greenidge on lands now or formerly of Phyllis J. Jackman on lands now or formerly of Earle F. Beckles on lands now or formerly of Gwendolyn G. Padmore and to the east on lands of the Barbados Government on lands now or formerly of Watson A. Dottin on lands now or formerly of Alphaeus
- Peters or however else the same may abut and bound.
Dated this 18th day of June Two Thousand and twenty-four.
SUZETTE A. EDEY-BABB
Permanent Secretary (Ag.)
Ministry of Housing, Lands and Maintenance.
Guardian Life of The Caribbean Limited
Abridged Non-Consolidated Financial Statements
For the Year ended 31st December, 2023
Expressed in Trinidad and Tobago Dollars
INDEPENDENT AUDITOR’S REPORT ON THE ABRIDGED NON-CONSOLIDATED FINANCIAL STATEMENTS
To the shareholder of Guardian Life of the Caribbean Limited
Our opinion
In our opinion, the accompanying abridged non-consolidated financial statements of Guardian Life of the Caribbean Limited (the Company) are consistent, in all material respects, with the audited non-consolidated financial statements, on the basis described in note 2.
The abridged non-consolidated financial statements
The Company’s abridged financial statements derived from the audited non-consolidated financial statements for the year ended 31 December 2023 comprise:
Auditor’s responsibility
Our responsibility is to express an opinion on whether the abridged non-consolidated financial statements are consistent, in all material respects, with the audited non-consolidated financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing 810 (Revised), ‘Engagements to Report on Summary Financial Statements’.
Port of Spain Trinidad, West Indies 28 June 2024
ABRIDGED NON-CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Restated Restated 31 December 31 December 1 January
2023 2022 2022
$’000 $’000 $’000
Assets
Property, plant
and equipment 181,839 194,474 192,920
Right-of-use assets 8,065 13,689 13,033
| the abridged non-consolidated statement of financial position | Investment properties | 283,939 | 277,493 | 273,481 |
| as at 31 December 2023; | Investment in subsidiaries | 139,570 | 139,570 | 139,570 |
| year then ended; Investment securities of mutual fund unit holders 106,072 97,444 103,607 the abridged non-consolidated statement of comprehensive Loans and receivables 229,351 217,311 158,420 income for the year then ended; Pension plan asset 4,948 6,615 5,384 the abridged non-consolidated statement of changes in Deferred tax assets 17,883 22,614 28,713 equity for the year then ended; Insurance contract assets 71,684 86,163 13,271 |
the abridged non-consolidated statement of income for the
Investment securities 10,521,260 9,622,232 9,582,085
- the abridged non-consolidated statement of cash flows for the year then ended; and
- the related notes to the abridged non-consolidated abridged financial statements.
The abridged non-consolidated financial statements do not contain all the disclosures required by IFRS Accounting Standards. Reading the abridged non-consolidated financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited non-consolidated financial statements and the auditor’s
Reinsurance contract assets 114,582 48,955 –
Taxation recoverable 37,883 37,379 37,170
Cash and cash equivalents 674,990 1,012,669 1,223,612 Cash and cash equivalents
of mutual fund unit holders 43,009 285,490 465,121
Total assets 12,435,075 12,062,098 12,236,387
Equity and liabilities
Share capital 100,465 100,465 100,465
Reserves 18,416 55,486 42,808
Retained earnings 1,422,947 1,450,617 1,602,854
| report thereon. The audited non-consolidated financial statements, and the abridged non-consolidated financial statements, do not reflect the effects of events that occurred subsequent to the date of our report on the audited non-consolidated financial statements. | Total equity Liabilities Insurance contract liabilities | 1,541,828 9,491,536 | 1,606,568 8,974,353 | 1,746,127 8,968,639 |
| Reinsurance contract liabilities | 818 | 8,712 | 36,717 | |
| Lease liabilities | 11,850 | 19,534 | 19,567 | |
| The audited non-consolidated financial statements and our | Investment contract liabilities | 1,025,417 | 1,073,848 | 1,064,391 |
report thereon
We expressed an unmodified audit opinion on the audited financial statements in our report dated 28 June 2024.
Pension plan liabilities 11,311 23,352 24,844 Post-retirement medical
benefit obligations 33,024 34,545 34,643
Deferred tax liabilities 25,482 22,945 37,111
| Management responsibility for the abridged non-consolidated financial statements Total liabilities 10,893,247 10,455,530 10,490,260 Management is responsible for the preparation of the abridged non- Total equity and liabilities 12,435,075 12,062,098 12,236,387 |
Provision for taxation 156,093 150,831 194,597 Other liabilities 137,716 147,410 109,751
consolidated financial statements on the basis described in note 2.
The accompanying notes form an integral part of these abridged non- consolidated financial statements.
On 19 June 2024, the Board of Directors of Guardian Life of the Caribbean Limited authorised these abridged non-consolidated financial statements for issue.
Director: Director:
1
Guardian Life of The Caribbean Limited
Abridged Non-Consolidated Financial Statements
For the Year ended 31st December, 2023
Expressed in Trinidad and Tobago Dollars
ABRIDGED NON-CONSOLIDATED STATEMENT OF INCOME
Restated
2023 2022
$’000 $’000
Insurance revenue 1,378,577 1,240,827
Insurance service expenses (1,403,384) (1,097,857)
Net income/(expenses) from
reinsurance contracts held 142,210 (13,110)
Insurance service result 117,403 129,860
Investing activities
Investment income from financial assets
measured at amortised cost 179,930 165,592 Investment income from financial assets
measured at fair value
through profit or loss 313,713 253,825 Net realised losses on financial assets (4,992) (23,764) Net fair value gains/(losses) 170,296 (387,553)
Fee income 1,785 3,149
Other income 34,081 1,892 Net impairment (losses)/gains
on financial assets (6,669) 13,750 Investment contract benefits (26,041) (25,776)
ABRIDGED NON-CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Restated
2023 2022
$’000 $’000
Profit for the year 112,262 86,469
Other comprehensive income/(loss) Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating
foreign operations (21,013) 8,437 Finance expenses from insurance
contracts issued (12,063) (836)
Net other comprehensive (loss)/income that may be reclassified subsequently
to profit or loss (33,076) 7,601
Items that will not be reclassified subsequently to profit or loss:
(Losses)/gains on property revaluation (3,994) 5,077
Remeasurement of pension plans 6,787 (837)
Remeasurement of post-retirement
medical benefit obligations 3,711 2,277 Taxation relating to components of other
Net income from investing activities 662,103 1,115
Finance (expenses)/income from
| Finance expenses from reinsurance contracts held (2,549) (725) to profit or loss 5,474 6,371 Other comprehensive (loss)/income Net insurance finance for the period, net of tax (27,602) 13,972 (expenses)/income (477,760) 83,348 Total comprehensive income for the Net income from all activities 301,746 214,323 period, net of tax 84,660 100,441 Operating expenses Finance charges (152,379) (167,292) (1,135) (1,681) The accompanying notes form an integral part of these abridged non- consolidated financial statements. Profit before taxation 148,232 45,350 Taxation (35,970) 41,119 Profit for the year 112,262 86,469 |
insurance contracts issued (475,211) 84,073
comprehensive income
Net other comprehensive income that will not be reclassified subsequently
(1,030)
(146)
The accompanying notes form an integral part of these abridged non- consolidated financial statements.
ABRIDGED NON-CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Balance at 1 January 2023 – as restated | Share capital $’000 100,465 | Reserves $’000 55,486 | Retained earnings $’000 1,450,617 | Total equity $’000 1,606,568 |
| Total comprehensive (loss)/income | – | (37,070) | 121,730 | 84,660 |
| Dividends | – | – | (149,400) | (149,400) |
| Balance at 31 December 2023 | 100,465 | 18,416 | 1,422,947 | 1,541,828 |
| Balance at 1 January 2022 – as previously stated | 100,465 | 47,807 | 2,155,111 | 2,303,383 |
| Restatement under IFRS 17 | – | (4,999) | (552,257) | (557,256) |
| Balance at 1 January 2022 – as restated | 100,465 | 42,808 | 1,602,854 | 1,746,127 |
| Total comprehensive income | – | 12,678 | 87,763 | 100,441 |
| Dividends | – | – | (240,000) | (240,000) |
| Balance at 31 December 2022 – as restated | 100,465 | 55,486 | 1,450,617 | 1,606,568 |
The accompanying notes form an integral part of these abridged non-consolidated financial statements.
2
Guardian Life of The Caribbean Limited
Abridged Non-Consolidated Financial Statements
For the Year ended 31st December, 2023
Expressed in Trinidad and Tobago Dollars
ABRIDGED NON-CONSOLIDATED STATEMENT OF CASH FLOWS
Restated
2023 2022
$’000 $’000
Cash flows from operating activities
Profit before taxation 148,232 45,350 Adjustment for specific items included
on the accruals basis:
– Finance charges 1,135 1,681
– Investment income (503,485) (439,761)
Adjustment for non-cash items (132,065) 472,392
Interest received 424,182 389,987
Dividends received 78,616 51,678
Operating profit before changes in
operating assets/liabilities 16,615 521,327 Change in insurance contract
assets/liabilities 519,599 (81,285)
Change in reinsurance contract
assets/liabilities (73,521) (63,689)
Net (decrease)/increase in
investment contracts (48,431) 9,457
Purchase of investment securities (4,811,189) (3,021,583)
Proceeds from sale of
investment securities 4,049,358 2,544,267 Purchase of/additions to
investment properties (61) (442) Net decrease in loans and receivables 4,169 5,771 Net increase in other operating
assets/liabilities (51,892) (30,683)
Cash used in operating activities (395,353) (116,860) Interest paid (1,184) (1,665)
Net taxation paid (24,982) (10,954)
Net cash used in operating activities (421,519) (129,479)
Cash flows from investing activities
Purchase of property, plant and equipment (5,123) (12,136) Proceeds on sale of property,
plant and equipment 102 39
Net cash used in investing activities (5,021) (12,097)
Cash flows from financing activities
Payment of principal portion of
lease liabilities (5,605) (5,559)
Dividends paid to equity holders
of the company (149,400) (240,000)
Net cash used in financing activities (155,005) (245,559)
Net decrease in cash and
cash equivalents (581,545) (387,135)
The accompanying notes form an integral part of these abridged non- consolidated financial statements.
NOTES TO THE ABRIDGED NON-CONSOLIDATED FINANCIAL STATEMENTS
- Incorporation and principal activities of the Company
Guardian Life of the Caribbean Limited (‘the Company’) was incorporated in Trinidad and Tobago on 30 December 1980 and operates under the provisions of the Insurance Act of 2018 which came into effect on January 1st 2021. Prior to the commencement of the new legislation, the Company operated under the provisions of the Insurance Act of 1980. The Company is engaged in the underwriting of all classes of long-term insurance business and personal accident business, as defined in the Insurance Act 1980 of Trinidad and Tobago, and associated investment activities. The Company is wholly owned by Guardian Insurance Limited, which is a subsidiary of Guardian Holdings Limited (“GHL”). Both companies are incorporated in the Republic of Trinidad and Tobago.
The address of the registered office is 1 Guardian Drive, Westmoorings S.E., Trinidad and Tobago.
GHL is 61.77% owned by NCB Global Holdings Limited (‘NCBGH’ and the ‘Parent’), a limited liability holding company, which was incorporated in Trinidad and Tobago in December 2017. NCBGH is 100% owned by NCB Financial Group Limited (‘NCBFG’). NCBFG was incorporated in Jamaica in April 2016 and is the financial holding company for the NCB Group. NCBFG is 49.58% (2022: 52.72%) owned by AIC (Barbados) Limited and the ultimate parent company is Portland Holdings Inc., incorporated in Canada. Portland Holdings Inc. is controlled by Hon. Michael A. Lee-Chin, O.J., a director of the Company.
The NCB Financial Group provides a diversified range of financial services through its subsidiaries and associates.
- Basis of Preparation
The abridged non-consolidated financial statements are prepared in accordance with the Guideline on the Publication of Abridged Financial Statements issued by the Central Bank of Trinidad and Tobago.
The abridged non-consolidated financial statements are derived from the Company’s non-consolidated audited financial statements which are prepared in accordance with IFRS Accounting Standards (previously referred to as International Financial Reporting Standards).
The abridged non-consolidated statement of financial position as at 31 December 2023 and abridged non-consolidated statements of income, comprehensive income, changes in equity and cash flows for the year then ended were exactly re-produced from the Company’s audited non-consolidated financial statements. However, the disclosures within the abridged non-consolidated financial statements were limited to disclosures that were deemed material and necessary to present a true and fair view of the Company’s performance through a succinct lens.
The abridged non-consolidated financial statements have been prepared in accordance with the accounting policies set out in the respective notes of the audited non-consolidated financial statements consistently applied from period to period. All new and amended accounting standards and interpretations that are mandatory for the periods disclosed and which are relevant to the Company have been adopted.
3
Guardian Life of The Caribbean Limited
Abridged Non-Consolidated Financial Statements
For the Year ended 31st December, 2023
Expressed in Trinidad and Tobago Dollars
NOTES TO THE ABRIDGED NON-CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
2. Basis of Preparation (continued)
Effective 1 January 2023, the Company retrospectively adopted IFRS 17 ‘Insurance Contracts’, in accordance with the transition provisions laid out by the standard. As stated in the IASB’s Project Summary, IFRS 17 is the first comprehensive IFRS to establish the accounting for insurance contracts. IFRS 4 was always meant to be an interim standard, as it did not require insurers to account for insurance contracts in any one specific way and its disclosure requirements were relatively limited. The introduction of IFRS 17 was therefore meant to significantly increase the transparency and consistency of the measurement and reporting of insurance balances and transactions across the industry and reporting territories. In achieving this, the standard’s impact was not limited to changes in financial reporting, but also triggered the reconfiguration of other business areas such as product design, budgeting and forecasting, and the collection and storage of data. The fundamental shift in how the finance, actuarial, and information technology teams collaborate cannot be overstated.
IFRS 17 has introduced many new concepts, the three most significant of which are arguably level of aggregation, measurement models, and the contractual service margin (“CSM”). The level of aggregation requirements define how entities can aggregate insurance contracts for measurement and disclosure purposes. This has significant implications for revealing the profitability or onerosity of groups of contracts, with consequential impact to the income statement. The 3 main measurement models allowed by IFRS 17 are the general measurement model (“GMM”), the variable fee approach (“VFA”), and the premium allocation approach (“PAA”). Each model has different implications for the level of data granularity required, data tracking, and degree of financial disclosure. Finally, the CSM may have the most significant and widespread impact of all, targetting insurers’ pattern of profitability recognition. While a substantial degree of judgement is still involved, the clear impact of this concept is that the profitability of certain insurance contracts that may have been front-loaded under IFRS 4 is now far more evenly distributed over the lives of those contracts. This has resulted in profits previously recognised under IFRS 4 being clawed back into the insurance liability via the CSM. While any reduced profitability for new insurance contracts may be offset by the re-recognition of profitability for old contracts previously clawed back, the impact on net equity is significant.
Beyond the introduction of new concepts and their impacts, there is the dramatic increase in disclosure requirements under IFRS 17. There is now a high degree of transparency in how the insurance contract liability changes from year to year, visible by line of business. These disclosures are expected to provide new insights into the health and structure of insurers’ business.
The 2022 abridged non-consolidated financial statements were therefore the last to be reported under the existing IFRS 4 regime. The new standard materially changes the recognition and measurement of insurance contracts and the corresponding presentation and disclosure in the abridged non-consolidated financial statements.
- Basis of Preparation (continued)
retrospective application practicable and, hence, the only available option for short-term contracts issued by the Company.
Accordingly, the Company has: identified, recognised and measured each group of insurance contracts as if IFRS 17 had always applied (except that a retrospective impairment test has not been performed); derecognised any existing balances that would not exist if IFRS 17 had always applied; and recognised any resulting net difference in equity.
Fair Value Approach
After making reasonable efforts to gather necessary historical information, the Company has determined that, for certain groups of contracts, such information was not available or was not available in a form that would enable it to be used without undue cost and effort. It was therefore impracticable to apply the full retrospective approach, and the fair value approach was used for these groups. The Company applied significant judgement in determining the transition amounts under this approach.
Judgements in applying the fair value approach
The Company applied the fair value approach to insurance contracts that were originated on 31 December 2021 and prior. Applying the fair value approach, the Company determined the CSM to be the difference between the fair value of a group of insurance contracts, measured in accordance with IFRS 13, ‘Fair Value Measurement’ (IFRS 13), and its FCF at the transition date. The Company did not apply the deposit floor when measuring insurance contracts when using the fair value approach on transition.
The fair value of an insurance liability is the price that a market participant would be willing to pay to assume the obligation and the remaining risks of the in-force contracts as at the transition date. Where available, recent market transactions were used to estimate the fair value of groups of contracts. In the absence of recent market transactions for similar contracts, a present value technique was used to value groups of contracts.
Restatement under IFRS 17
The initial application of IFRS 17 resulted in a reduction of total equity of $557 million as at 1 January 2022. The opening IFRS 17 statement of financial position and related adjustments are presented below.
IFRS
17 Initial As previously application
reported adjustments Restated 31-Dec-21 1-Jan-22 1-Jan-22
$’000 $’000 $’000
Assets
Loans and receivables 362,230 (203,810) 158,420
Deferred tax assets 28,691 22 28,713 Insurance
contract assets – 13,271 13,271 Deferred
acquisition costs 5,346 (5,346) –
Full Retrospective Approach
Other assets 12,014,824
21,159 12,035,983
| The Company has determined that reasonable and supportable information was available for all contracts in force from 1 January Equity and liabilities 2022. In addition, for insurance contracts originated by the Share capital 100,465 – 100,465 Company that are eligible for the PAA, the Company has concluded Reserves 47,807 (4,999) 42,808 that only current and prospective information was required to Retained earnings 2,155,111 (552,257) 1,602,854 |
Total assets 12,411,091 (174,704) 12,236,387
reflect circumstances at the transition date, which made the full
Total equity 2,303,383 (557,256) 1,746,127
4
Guardian Life of The Caribbean Limited
Abridged Non-Consolidated Financial Statements
For the Year ended 31st December, 2023
Expressed in Trinidad and Tobago Dollars
NOTES TO THE ABRIDGED NON-CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
- Basis of Preparation (continued)
Restatement under IFRS 17 (continued)
IFRS
17 Initial As previously application
reported adjustments Restated 31-Dec-21 1-Jan-22 1-Jan-22
$’000 $’000 $’000
Insurance
contract liabilities 8,531,640 436,999 8,968,639 Reinsurance
contract liabilities – 36,717 36,717 Investment
contract liabilities 1,064,391 – 1,064,391 Other liabilities 511,677 (91,164) 420,513
Total liabilities 10,107,708 382,552 10,490,260
Total equity
and liabilities 12,411,091 (174,704) 12,236,387 The initial application adjustments arise principally from:
- The introduction of the CSM.
- The measurement of the risk adjustment, which is similar to the margins for adverse deviation previously estimated under IFRS 4, but with some differences in measurement under IFRS 17.
- Changes in the determination of discount rates under IFRS 17.
- Other measurement changes, such as the manner in which contracts are aggregated for measurement purposes and how contract boundaries are defined.
- Presentation changes, resulting in several assets and liabilities being reclassified from other areas of the abridged non- consolidated financial statements, and now included within insurance contract liabilities or reinsurance contract assets.
- Contingent liabilities (continued)
of this obligation will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the Company.
Property Taxes
Legislation for Trinidad and Tobago is enacted however not yet enforced. Rates for the calculation of the tax are available, however, the information on values ascribed or the approach to such is still unknown. As a result of these factors, the Company is unable to reliably estimate the liability.
- Related party disclosures
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The ultimate parent of the Company is Portland Holdings Inc.
A number of transactions are entered into with related parties in the normal course of business.
2023 2022
$’000 $’000
Due from parent and affiliated companies
Guardian Insurance Limited 25,494 –
Affiliated companies 32,571 43,130 58,065 43,130
Due to parent and affiliated companies
Guardian Holdings Limited – 240
Affiliated companies 492 1,507 492 1,747
The following transactions were carried out with related parties:
- Interest income from:
| These abridged non-consolidated financial statements are prepared solely for statutory purposes and do not reflect the consolidation of the accounts of subsidiary companies. (b) Dividend income from: – Other related parties 1,100 2,606 The abridged non-consolidated financial statements have been (c) Financial assets of: prepared on a going concern basis. – Key associates 215,374 210,209 – Parent company 92,762 119,076 The Company’s audited non-consolidated financial statements – Other related parties are available for any user on the Company’s website or can be accessed at the Company’s office during normal business hours. (d) Key management 61,516 55,732 personnel compensation: 3. Functional and Presentation Currency – Salaries and other short-term employee benefits 10,243 7,092 Items included in the Company’s abridged non-consolidated – Post-employment benefits 257 500 financial statements are measured using the currency of the – Other long-term benefits 1,178 701 primary economic environment in which the entity operates (the ‘functional’ currency). The abridged non-consolidated financial Loans to key management statements are presented in Trinidad and Tobago dollars, rounded of the Company: to the nearest thousand, which is the Company’s functional and Balance at beginning of year 27,742 28,313 presentation currency. Loans advanced during the year 2,753 6,936 Loan repayments received (7,613) (7,507) 4. Contingent liabilities Interest charged 1,141 912 Interest received (1,141) (912) |
– Key associates 20,260 10,200
Legal proceedings
The Company is a defendant in various legal actions. In the opinion of the Directors, after taking appropriate legal advice, the outcome of such actions will not give rise to any significant loss.
Taxation
There is a possible obligation that may arise for the interest and penalties relating to the tax on future distributions. The existence
5
Balance at end of year 22,882 27,742
- Subsequent Events
There are no events or transactions that have occurred that will require adjustments to disclosures in the abridged non- consolidated financial statements.
NOTICE NO. 5 BARBADOS
IN THE MATTER of the Land (Title Deeds Restoration) Act, Chapter 229C of the Laws of Barbados (as amended)
AND IN THE MATTER of an Application to restore title deeds to land situate at Green Hill in the parish of Saint Michael in this Island containing by admeasurement
284.4 square metres
APPLICATION NO. of 2024
NOTICE OF APPLICATION TO RESTORE TITLE DEEDS DESTROYED OR DAMAGED BY DISASTER OR OTHERWISE LOST OR STOLEN
(Section 4)
TAKE NOTICE that an Application has been made to the Registrar of Titles by CARL WINSTON BLACKMAN of No. 2 Johnson’s Land, Green Hill in the parish of Saint Michael in this Island for the Restoration of Title Deeds to land situate at Green Hill in the parish of Saint Michael in this Island (more particularly described in the Schedule hereto) on the grounds that the Original Title Deeds to the said land have been extensively damaged and effectively destroyed since the death of the owner JAMES BAIRD on the 22nd day of November 2002.
ALSO TAKE NOTICE that unless notification is received at the Land Registry at Manor Lodge Complex, Green Hill in the parish of Saint Michael in this Island within six (6) weeks from the date of this Notice that the Original Title Deeds have not been so destroyed lost or stolen or otherwise or are being lawfully held by some other person the Registrar of Titles shall immediately proceed to determine the said Application according to law.
Dated the 1st day of July 2024.
VERLA DE PEIZA
Attorney-at-Law for the Applicant
SCHEDULE DESCRIPTION OF PROPERTY
ALL THAT certain piece or parcel of land situate at Green Hill in the parish of Saint Michael in this Island as shown on a plan certified on the 22nd day of June 2022 by O’Brian St. E. Worrell, Land Surveyor containing by admeasurement 284.4 square metres ABUTTING AND BOUNDING towards the East on lands of Caribbean Consultants Ltd. towards the South on lands of Philip Gibbs and towards the West on a road known as Highway 2 or howsoever else the same may abut and bound together with the dwellinghouse thereon.
APPLICATION NO. of 2024 – Cont’d
TITLE DEEDS TO BE RESTORED
Indenture dated the 30th day of August 1956 made Between Owen StClair Smith, Esq (Vendor) of the One Part And James Baird (Purchaser) of the Other Part (recorded in the Barbados Land Registry on the 6th day of October 1956 as Deed No. 3900)
NOTICE NO. 6
The Change of Name Act, Cap. 212A
Applications of the below-mentioned persons for a Change of Name under the Change of Name Act, Cap. 212A have been made to the Registrar of the Supreme Court:
Name Address Proposed Name
| PATRICIA MARVA | #368 2nd Avenue West, | MARVA PATRICIA |
| PAUL | Husbands Gardens, | PAUL |
| St. James. |
| SHERRI ANN | Greenidge Road, | NEISHA ANTISHIA |
| BLENMAN | Foul Bay, | CONNELL |
| St. Philip. |
Dated this 27th day of June 2024.
A. KING
for Registrar of the Supreme Court.
NOTICE NO. 7 BARBADOS
IN THE SUPREME COURT OF JUDICATURE
High Court
In the Estate of
JOHN DARLINGTON WILLIAMS
also known as JOHN WILLIAMS
Deceased
PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Administration namely:-
LETTERS OF ADMINISTRATION DE BONIS
NON to the Estate of JOHN DARLINGTON WILLIAMS also known as JOHN WILLIAMS, deceased, late of Whitehall in the parish of Saint Michael in this Island who died at Whitehall in the parish of Saint Michael in this Island on the 6th day of February 1947 by JULIETTA ELAINE GITTENS nee WILLIAMS, who is the granddaughter of the deceased.
An application shall be submitted to the Supreme Court fourteen (14) days from the date of Notice in the Official Gazette and from the date of the Second Notice of advertisement.
Dated the 1st day of July 2024.
PATRICIA M. WHITE
Attorney-at-Law.
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| Contents Appointments: Mr. Trevor Campbell to the Board of Directors of the Central Bank of Barbados………………………….. 1 Persons to the Board of the Barbados Medicinal Cannabis Licensing Authority……………………….. 3 Duty Leave: The Hon. Mr. Justice Leslie Haynes, S.C., Chief Justice………………………………………………….. 1 Lost Policy Notices for Meredith Sargeant, George Broomes, dec’d., Joyce Yarde, dec’d., Martyn King and Ivan Springer, dec’d. ………………………………………….1, 3, 4 Retirements from the Public Service………………………….. 2 Vacation Leave: The Hon. Madam Justice Cicely Chase, Judge of the High Court…………………………… 1 The Hon. Mr. Justice Randall Worrell, Judge of the High Court………………………. 1 | Vacation Leave The Hon. Madam Justice Cicely Chase, Judge of the High Court, has been granted five (5) days’ vacation leave from 8th to 12th July, 2024. The Hon. Mr. Justice Randall Worrell, Judge of the High Court, has been granted eleven (11) days’ vacation leave from 24th June to 4th July, 2024. Appointment to the Board of Directors of the Central Bank of Barbados In accordance with Section 21(1) of the Central Bank of Barbados Act, 2020, the Hon. Ryan R. Straughn, M.P., Minister responsible for Finance, has re-appointed Mr. Trevor Campbell to serve on the Board of Directors of the Central Bank of Barbados for a period of six (6) years with effect from July 1, 2024. | |
| NOTICE NO. 1 Government Notices Duty Leave The Hon. Mr. Justice Leslie Haynes, S.C., Chief Justice, has been granted six (6) days’ duty leave from 18th to 23rd June, 2024 to attend the Regional Heads of Judiciaries Conference, to be held in Jamaica from 19th to 22nd June, 2024. | ||
| NOTICE NO. 2 SAGICOR LIFE INC. MEREDITH SARGEANT of Lot #11 Welches South, Jackson, St. Thomas having made sworn deposition that Policy No. B322388 issued by British American Insurance Company and assumed by Sagicor Life Inc., on his life has been lost and having made application to the Directors to grant a duplicate of the same, notice is hereby given that unless objection is raised within one month of the date hereof, the duplicate policy asked for will be issued. Dated the 4th day of June, 2024. By Order, ANDREW C. GREAVES Corporate Secretary. |
GOVERNMENT NOTICE
Retirements from the Public Service
The following persons will retire/have retired from the Public Service with effect from the dates indicated:-
Name/Post Ministry/Department Effective Date
Ms. Kerin M. L. Clarke Health and Wellness 2024-10-01
Personnel Officer
Mrs. Shermay I. Greaves Health and Wellness 2025-01-01
Accountant
| Ms. Myrlene E. Small Postal Officer | Post Office Home Affairs and Information | 2024-09-10 |
| Mr. Glenville G. Herbert Foreman Operator | Soil Conservation Unit Agriculture, Food and Nutritional Security | 2024-09-01 |
| Mr. Calvert C. Callender Gatekeeper | Psychiatric Hospital Health and Wellness | 2024-08-01 |
| Ms. Marilyn Y. Mayers General Worker | Psychiatric Hospital Health and Wellness | 2024-03-15 |
| Ms. Cheryl A. Hector General Worker | Health Centres and Polyclinics Health and Wellness | 2023-07-22 |
| DECEASED | ||
| Name/Post | Ministry/Department | Died |
| Roselyn M. Dixon Telephone Operator | Police Office of the Attorney General | 2023-05-21 |
| Victor D. C. Moaze Welder | Agriculture, Food and Nutritional Security | 2024-01-07 |
Philip A. Tudor Transport and Works 2023-10-31
Deputy Chief Technical Officer
(M.P. PQ 629; PP 708; PW 414; PT 597; PU 327; 2721/M; PF 1054; PZ 1014; PZ 799; PJ 112)
July 1, 2024
OFFICIAL GAZETTE 3
GOVERNMENT NOTICE
Medicinal Cannabis Industry Act, 2019-44 Appointments
In exercise of the powers conferred on him by Paragraph 1(3) (a) of the First Schedule to the Medicinal Cannabis Industry Act, 2019-44, the Minister of Agriculture, Food and Nutritional Security appointed the following persons to the Board of the Barbados Cannabis Licensing Authority effective October 6, 2023 through October 5, 2026, as follows:
Mr. Anthony Bryan – Chairman
Ms. Shirley Garnes – Deputy Chairman
Dr. Alana Griffith – Director
Ms. Avril Hinkson Trotman – Director
Dr. Adrian Waterman – Director
Rev. Dr. Gerald Seale – Director
Ms. Stacy Medford – Director
Dr. Arthur Phillips – Director
Mr. Taahir Bulbulia – Director
NOTICE NO. 7
SAGICOR LIFE INC.
NORMA SPRINGER of Heywoods Estate, St. Peter being the Administratrix of the Estate of IVAN SPRINGER (Deceased) and having made sworn deposition that Policy No. M3258854 issued by Manufacturer’s Life Insurance Company Limited and assumed by Sagicor Life Inc., on the life of IVAN SPRINGER (Deceased) has been lost and having made application to the Directors to grant a duplicate of the same, notice is hereby given that unless objection is raised within one month of the date hereof, the duplicate policy asked for will be issued.
Dated the 5th day of June, 2024.
By Order, ANDREW C. GREAVES
Corporate Secretary.
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