Directors Report ... The Directors of the Copyright Music Organisation of Trinidad and Tobago are pleased to submit their Annual Report and Accounts in respect of the year ended December 31, 2000.

Principal Activity

The principal activity of the Organisation is the licensing, collection, and distribution of royalties and license fees for the rights vested in it by its members and affiliated collecting societies.

Business Review

The statement of Revenue and Expenditure for 2000 is set out in the Accounts on page 3. Total Income from all sources amounted to $5,488,456, an increase of more than 4% over 1999. Realized Income from Performing Rights totaled $5,437,507, an increase of 5.5% from the $5,156,065 that was collected in 1999. Income from Recording Rights amounted to $50,949, which was substantially lower than the $108,747 collected the previous year despite improvements in the department's organization and a more timely invoicing procedure. Administration Expenses as a percentage of Revenue increased from 26.7% in 1999 to 34% in 2000. Explanations for these variances are contained in the Notes to the Accounts.

The net surplus from Performing and Recording Rights available for distribution in 2000 amounted to $3,585,209, representing a decrease of 5.5% from 1999. Distribution to foreign right owners, calculated at 70% of the net surplus, amounted to $2,509,646. Distribution to local right owners amounted to $1,075,563, the remainder 30% of the net surplus.

Notwithstanding the reversals outlined above, the overall performance of the Organisation and its year-end financial position are satisfactory. The Directors are hopeful that COTT will return to a more favourable level of financial performance in 2001.

Accounts

Transfer to Reserves

Transfers to the Reserve Fund are listed on page 4 of the Accounts.

 

Fixed Assets

The movement in Fixed Assets during the year is shown in Note 6 to the Accounts and set out on page 7 of the Accounts.

Directors

The Directors during the year 2000 were as follows:

Writers

Ann Marie Chadee

Christophe Grant - Secretary

Seadly Joseph

Colin Lucas

Winston Peters - Vice-President

Paul Trotman

 

Publishers

Earl Crosby - E & E Publishing

Kenny Phillips - KMP Music Publishing

 

PRS

Richard de Lima,

Allison Demas - President

 

External

Sonja Dumas,

Terence O'Neil Lewis

Auditors

A resolution to re-appoint Messrs Pannell Kerr Foster as Auditors for the financial year ending December 31, 2001 will be proposed at the Annual Meeting in 2001.

By Order of the Board
Christopher Grant
Secretary