We have audited the consolidated statement of financial position of Deltec Bank & Trust Limited and its subsidiaries (the Bank) as of December 31, 2021.
In our opinion, the accompanying consolidated statement of financial position presents fairly, in all material respects, the consolidated financial position of the Bank as of December 31, 2021, in accordance with International Financial Reporting Standards (IFRSs).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Statement of Financial Position section of our report. We are independent of the Bank in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The consolidated statement of financial position does not comprise a complete set of consolidated financial statements in accordance with IFRSs. Information on consolidated profit or loss and other comprehensive income, consolidated changes in equity, consolidated cash flows, and a summary of significant accounting policies and other explanatory information are necessary to obtain a complete understanding of the consolidated financial position, consolidated financial performance and consolidated cash flow of the Bank. Our opinion is not modified in respect of this matter.
Responsibilities of Management and Those Charged with Governance for the Consolidated Statement of Financial Position
Management is responsible for the preparation and fair presentation of the consolidated statement of financial position in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of a consolidated statement of financial position that is free from material misstatement, whether due to fraud or error.
In preparing the consolidated statement of financial position, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Bank’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Consolidated Statement of Financial Position
Our objectives are to obtain reasonable assurance about whether the consolidated statement of financial position as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this consolidated statement of financial position.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated statement of financial position, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated statement of financial position or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Bank to cease to continue as a going concern.
Evaluate the overall presentation, structure, and content of the consolidated statement of financial position, and whether the consolidated statement of financial position represents the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Bank to express an opinion on the consolidated statement of financial position. We are responsible for the direction, supervision, and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
June 30, 2022
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2021
(Expressed in thousands of United States dollars)
|Cash and cash equivalents||1,185,836||1,077,758|
|Time deposits and treasuries||160,198||200|
|Due from brokers||12,429||12,674|
|Due from related parties||1,523||1,432|
|Due from clients, net||3,908||8,066|
|Loans receivable, net||52,002||56,463|
|Other assets, net||4,277||7,068|
|Property, premises and equipment, net||26,123||22,597|
|LIABILITIES AND EQUITY|
|Due to clients||1,205,254||810,961|
|Due to brokers||99,276||274,884|
|Due to related parties||16,666||5,469|
|Accounts payable and accrued liabilities||6,042||2,470|
|105,000 shares (2020: 105,000 shares)|
|Issued and fully paid:|
|101,104 shares (2020: 101,260 shares)|
|at par value of $100 each||10,110||10,126|
|TOTAL LIABILITIES AND EQUITY||$1,446,296||$1,186,258|
These consolidated financial statements were approved by the Board of Directors on June 30, 2022 and are signed on its behalf by:
Interested parties can obtain a full set of the consolidated financial statements at Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P. O. Box N-3229, Nassau N.P., The Bahamas.
Deltec Bank & Trust is a financial services institution serving the unique needs of global private, corporate and institutional clientele. It is the flagship company of Deltec International Group, a diversified independent financial services group, providing a range of private banking and fiduciary expertise.
Thank you for your interest in the Deltec Initiatives Foundation. You can contact us using the form below.
Before sending a message to us, kindly note that we do not accept requests for funding. Thank you for your understanding.