TARRC's Annual Report for 2010 - Tun Abdul Razak Research Centre PDF
Preview TARRC's Annual Report for 2010 - Tun Abdul Razak Research Centre
ANNUAL REPORT 2010 CONTENTS 2 TheBoard 4 SeniorStaff 6 Chairman’sForeword 8 Directors’Report 10 2010-ReviewoftheYear: 13 Marketingandpromotionalactivities 14 Sustainablematerialsfortyresandotherproducts 16 Biotechnologyadvances 18 Engineeringdesignandsmartsystems 20 TechnicalsupportfortheMalaysianrubberindustry 21 RubberConsultants 24 AnnualFinancialStatements 24 IndependentAuditors’Report 28 NotestotheFinancialStatements 40 StaffLectures& Publications TunAbdulRazakResearchCentre AresearchandpromotioncentreoftheMalaysianRubberBoard Companyregistrationnumber:336256 TARRC,Brickendonbury,Hertford,SG138NL,UnitedKingdom T:+44(0)1992584966 F:+44(0)1992554837 E:[email protected] www.tarrc.co.uk Frontcover: In2010,TARRCwelcomedHisMajestytheYangdi-PertuanAgongAl-WathiquBillahTuankuMizanZainalAbidin IbniAl-MarhumSultanMahmudAl-MuktafiBillahShah,theKingofMalaysia(top),theDeputyMinisterof PlantationIndustriesandCommodities,YBDato’HamzahZainudin(bottom)and MRBChairmanYBDatukWira HjAhmadHjHamzahandDirectorGeneralYBhgDatukDrSalmiahAhmad(centre). DatukDrSalmiahAhmad appointed9thFebruary2010 DrKamarudinAb-Malek DrStuartCook appointed24thMarch2010 appointed1stJuly2009 TARRC Board Members 2010 DrWanAb.Rahaman DrArthurRogerWilliams binWanYaacob appointed1stJanuary2005 appointed16thApril2010 MrLeeKimMeow appointed11thMarch2010 2 www.tarrc.co.uk asat31stDecember2010 Chairman DatukDrSalmiahAhmadDPSM,EMBA,PhD DirectorGeneralofMalaysianRubberBoard,ex-officio(Appointed9thFebruary2010) Vice-Chairman DrKamarudinAb-MalekFASc,SMP,FIMM,ARSM,PhD LondonRepresentative,MalaysianRubberBoard,ex-officio(Appointed24thMarch2010) OtherMembers DrArthurRogerWilliamsDSc,PhD,MSc,FIMMM AppointedbytheMinisterofPlantationIndustries&Commodities,Malaysia(Appointed1stJanuary2005) DrStuartCookPhD DirectorofResearch,ex-officio(Appointed1stJuly2009) DrWanAbdulRahamanbinWanYaacobJMN,FASc,PhD AppointedbytheMinisterofPlantationIndustries&Commodities,Malaysia(Appointed16thApril2010) MrLeeKimMeow AppointedbytheMinisterofPlantationIndustries&Commodities,Malaysia(Appointed11thMarch2010) CompanySecretary Solicitors DrEliasbinAwangPhD StephensonHarwood AccountsSupervisor Auditors ZailaBakarCAT WagsLLPt/aWagstaffs CharteredAccountantsandStatutoryAuditors RegisteredOfficeandLaboratories TunAbdulRazakResearchCentre, Bankers Brickendonbury,Hertford,SG138NL CIMBBankBerhad UnitedKingdom BarclaysBankPLC www.tarrc.co.uk 3 asat31stDecember2010 Company Secretary EliasAwangPhD Administration MalcolmHarris AssistantCompanySecretary ZailaBakarCAT AccountsSupervisor DavidNewtonBSc ITManager PrasajDeSilvaBSc ITAdministrator Quality Manager/ Safety Officer FrankWinfieldBSc PrincipalScientist Site Services StuartBallardBEng,CEng SiteManager SomeTARRCstaffatthe MalaysianCarnival2010 heldatBrickendonbury 4 www.tarrc.co.uk Director of Research StuartCookPhD Industry Support & Materials & Biotechnology Division Engineering Design Division DivisionHead AndyChapmanPhD DivisionHead SeniorPrincipalScientist HamidAhmadiMSc PrincipalScientist Advanced Materials & Product Evaluation Product Development Unit & Testing Unit UnitHead PaulBrown MA UnitHead PrincipalScientist CharlesForgeMSc SeniorScientist PrincipalScientist JayminiPatelBSc,CEng HigherScientists Engineering Design Unit AnnaKepas-SuwaraPhD DavidLoweMSci UnitHead PamelaMartinPhD AlanMuhrPhD,CPhys,CEng,MIMMM GrahamSpiller BSc PrincipalScientist SeniorScientists JuliaGoughPhD Materials Characterisation Unit IanStephensFIMechIE UnitHead HigherScientists JohnKingstonPhD,GradIMMM SueStephensBSc PrincipalScientist JudithPickenMSci PrincipalScientist Scientist RobinDaviesPhD RobertPickenMA SeniorScientists PaulGugan BSc MarkPerkinsPhD (DeputyUnitHead) Industrial Support Unit HigherScientists UnitHead Colin HullBSc MarinaFernando PhD,DIC,MIChemE SusannaPulliainenMSc PrincipalScientist PhilipSwinyardBSc,CChem,MRSC SeniorScientist Scientists GrahamBennett MPRI JolantaBonfanteMSc GemmaffitchMSc LeightonJamesBSc Biotechnology Unit UnitHead Market Intelligence & Promotion Unit MariaKolesnikova-AllenPhD PrincipalScientist UnitHead KristinaLawson MSc,MBA,MCLIP SeniorScientists PrincipalScientist AlessandraDiColaPhD SeniorScientist EwanMollisonMSc GailReader BSc HigherScientist HigherScientists Chloë ThompsonPhD DavidCawthra BA SarahMahyudin BA NorainTylerBA Rubber Consultants StuartCookPhD HeadofConsultancy www.tarrc.co.uk 5 Datuk Dr Salmiah Ahmad TheMalaysianRubberBoard(MRB)isthecustodianofthe materialsandproduction,increasingcompetition,labourand rubberindustryinMalaysiaandTARRCplaysavitalrolein relatedissues.Thefutureoftherubberindustry,however,still ensuringthesustainabilityoftheindustryforfuturegenerations. holdspromiseduetoincreasingdemandandcustomers’ TheMRBiscommittedtoaddressingthepressingneedsfacedby strongerpreferenceforsustainableproducts.TARRC,asthe theindustryinthesechallengingtimesandourvisionasaglobal gatewayofMalaysianproductstoEurope,willplayapivotal centreofexcellenceforrubberremains. roleinseveralofourkeynewstrategiesincludingfocusedR&D, effectiveandefficienttransferoftechnologiesandpromoting Settingthesehighstandardswithintheorganisationwill theimageoftheorganisationandindustryasawholetothe enableustomaintaintheviabilityandenhancethe Europeancommunity. competitivenessandproductivityoftheindustry.Inthis contextin2010,afteraseriesofdiscussionsandtakinginto Sustainabilityisattheheartofnearlyeveryorganisation’sand considerationthechangingscenarioanddevelopments,new company’svisionforthefutureandwehavegreatadvantages strategieshavebeenformulatedthatoutlinetheprioritisation, overmostmanufacturingindustriesasourmaincommodity, implementationandexpectedoutcomesfortheMRBand naturalrubber,isarenewableresource.Iamverypleasedtosee TARRCoverthecomingdecade. theincreasinginterestfromglobalcompaniesinEkoprena™, Malaysia’s‘green’material,particularlyforuseintyres.This Wehaveidentifiedseveralkeyfocusareaswhichincludethe interesthasbeenachievedbytheeffortsofresearchersand upstreamanddownstreamsector.TARRCwillassistinthe technologistsattheMRBandTARRCtopromotethematerial’s developmentofadvanced,highvalue-addedmaterialsand uniquecharacteristics.TheyhavealsocontinuedthevitalR&D products,aswellasincreasingitsincometoassistinMRB’sgoal programmetodevelopandoptimiseEkoprena™processingand tobecomeaself-fundedresearchassociation.Iampleasedto Ekoprena™-basedcompounds.TARRCalreadyisknownasoneof seethatTARRC’seffortstoprojectbothorganisationsascentres theworld’sleadingindependenttyreR&Dandtestingcentres ofexcellencecontinueandtheexpertiseofthestaffis andourstrategytodevelopourexpertiseandindustrialsupport recognisedthroughouttheworld. ingreentyretechnologieswillallowMalaysiatoincreasethe consumptionofsustainablerawmaterialsforthemanufacturing Naturalrubberremainsamajorindustrysectorinthe oftyresandespeciallygreentyres. MalaysianeconomycontributingmorethanRM33billionin revenuein2010,accountingforaboutfivepercentof Anotherachievementduring2010forTARRChasbeenthefirst Malaysia’stotalexportearnings.Thedownstreamsector commercialapplicationofourseismicrubberbearingtechnology contributesthemosttothecountry’sexportearningsbutisnot inMalaysiaforthe2ndPenangBridge.TheexpertiseofTARRC withoutitsshareofchallengesincludingrisingcostsofraw andMRBengineerswascrucialinthesuccessfuldesignofthe 6 www.tarrc.co.uk bearingsforthistechnology,whichnotonlywillprotectthebridge 34%morethan2009andgivingMalaysiaa7.6%shareoftotal fromearthquakesbutalsoprovideasignificantcostsavingtothe imports,higherthananypreviousyear.Mostproductcategories, construction.Iamdelightedthatthe1400bearingsrequiredfor excepttyres,showedstronggrowth,particularlyrubber-metal theconstructionarebeingproducedbyaMalaysianmanufacturer bondedproducts. towhichwecontinuetoprovidetechnicalassistanceandadvice. IampleasedtoseethatTARRChasbeenabletoconfirmthat TARRC’sworktoimprovequality,productivityandefficiency,byits Europeancustomers,introducedtotheMalaysianrubber advancementprogrammesinfactoriesincollaborationwithMRB industry,allhaveincreasedbusinesswithMalaysiancompanies colleagues,willcontinuetoplayanimportantroleinpushingthe comparedwithpreviousyears.Thetotalexportbusinessiswell industrytoincreasetheirmarketshareintherubberproducts overRM20million. sector.Innovativedesignandthetransferofadvanced manufacturingtechnologiestotheindustrywillexpandMalaysia’s TheencouragingresponsefrompotentialcustomersatNorth productbaseandincreasetheproductionofhighvalue-added America’slargestautomotiveaftermarketexhibitionheldtowards goods.Inadifficultmarket,withchallengestoface,achieving theendof2010,resultedinnumerousrequestsforbusiness practicalimprovementsinfactorieswillenhancetheviabilityof partnersinallproductsectors.Iamcertainthatimprovements ourindustrysothatitcancontinuetobeasignificantcontributor withintheindustrywillensurethatthisinterestcanbeturnedinto toGDP. significantbusinessofthekindwehaveseeninEuropeoverthe lastfewyears. Thebackbonetoalltheseactivitiesisthesolidbaseoftechnical andR&Dexpertisethatisfoundamongtheexperiencedstaffat TARRC’sconsultancyunit,RubberConsultants,isnowverymuch TARRC,asdemonstratedinTARRC’sexpandingbiotechnology backontrackaftertheeconomicdownturninlate2008and team.Iampleasedtoacknowledgetheexceptionalachievement throughout2009withanincreaseof15percentinincome duringtheyearwiththecompletionofahigh-qualitydraft generatedcomparedto2009.Ihopethisencouragingrecovery sequenceoftherubbertree(Heveabrasiliensis)genomeandits willspurTARRCtocontinuetobuildandexpanditsclientbasein initialannotation.Ianticipatethatthisprojectwillenablesomeof comingyears,becomingatrulyglobaltestingcentreofexcellence, themanylimitationsthatfacerubbergrowersandmanufacturers inlinewithMRB’sstrategytobecomeaself-fundedorganisation. tobegintobeaddressed,toopendoorstofurthercrop improvementandtoleadtotheproductionofhighervalue InaverypromisingyearforR&Dandpromotionachievements, productsfromtherubbertree.Iamalsoencouragedbythe TARRCwasalsohonouredtowelcomeHisMajestytheYangdi- biotechnologyteam’sapplicationoftheirskillstodevelopa PertuanAgongandHerMajestytheRajaPermaisuriAgong,the prototypetestkitforthedetectionofallergenicproteinsinlatex KingandQueenofMalaysia,ontheoccasionoftheMerdeka products.Whenfullydeveloped,thetestkitwillallowthe Carnival.TheChairmanofMRBandIwereverypleasedtobeable Malaysianlatexindustrytoconductqualitytestwithin30minutes toparticipateinthevisit,wheretheopportunitywastakenby andthishelpstomaintainhighqualitystandardsinahighly TARRC’smanagementtopresentanoverviewofTARRC’sR&D competitiveglobalmarket. programmeandfuturegoalstoHisRoyalHighnessandVIPparty. Thebriefingwasenthusiasticallyreceivedbyall.Iamcertainthat TARRC’smarketingandpromotionteamworkscloselywiththe thefollowingyearswillseeTARRC’sworkflourishunderMRB’s technicalstaffsothattogether,theyareabletomatchpotential newstrategy,andallstaffwillpulltogethertosupportMRB’s customerstoMalaysianmanufacturersanddevelopbusiness effortsinpursuitofitsvisiontobeacentreofexcellencefor partnerships.FiguresforMalaysia’stradeofrubberproducts rubber.OursuccesswillguaranteetheMalaysianrubberindustry’s withtheEUin2010areoptimistic,showingtheEUimporting futurecontributiontothenationalandglobalrubberindustry. rubberproductsfromMalaysiaworthmorethan€700million, DatukDrSalmiahAhmad Chairman TunAbdulRazakResearchCentre www.tarrc.co.uk 7 TheBoardofDirectorsispleasedtosubmititsseventy-thirdAnnualReportandtheAuditedAccountsofthe ResearchCentrefortheyearended31stDecember2010 TheBoard Dato’DrKamarulBaharainBasirretiredasaMemberandChairman Alltheseactivitiesinvolvethepublishinganddistributionof oftheTARRCBoardon6thFebruary2010afterfouryearsinoffice. associatedscientific,technicalandpromotionalliterature. Hissuccessor,YBhgDatukDrSalmiahAhmadwasappointedDirector Participationininternationalmeetings,seminarsandexhibitionsare GeneraloftheMalaysianRubberBoard(MRB)bytheMinisterof alsoimportantactivitiestoencouragetheexpansionofmarketsfor PlantationIndustriesandCommodities,Malaysia,on9thFebruary Malaysianrubberproductsandmaterials. 2010andbecameaMemberandChairmanoftheTARRCBoard(ex- officio).MrSallehSubari,asLondonRepresentativeoftheMRB,was Cleartargetsaresetforincomegenerationandinkeepingwiththis amemberandVice-Chairman(ex-officio),untilhisretirementon23rd policy,theBoardchargedtheDirectorandStafftocontinueto March2010afterfiveyearsservice.DrKamarudinAb-Malekwas enhanceincomethroughexploitationofTARRC’sscientificresources appointedasLondonRepresentativeoftheMRBandaMemberand andexpertiseandcommercialisationofitsR&Dfindingstoincrease Vice-Chairman(ex-officio)oftheBoardon24thMarch2010.DrStuart itsdegreeofself-financing.TheBoardwaspleasedthatin2010 CookwasappointedasDirectorofResearchon1stJuly2009and TARRCwasinvolvedintwoEU-fundedcontracts.TheBoardwasalso remainsaMemberoftheBoard(ex-officio). pleasedthatturnoverfromRubberConsultantsin2010,compared with2009,wasupbyjustover15percent. TheBoardwaspleasedtorecorditsgratitudeandappreciationfor Dato’DrKamarulandMrSallehSubari’sservicesrenderedtothe TARRCplaysaneverincreasinglyimportantroleasMalaysia ResearchCentre. industrialises.AlthoughtechnicalsupportforMalaysianrawrubber continues,theCentre’smuchmoreimportantroleistoassist DrArthurRogerWilliamswasappointedtotheBoardbytheMinister Malaysianrubberproductmanufacturersbyfactoryvisits,transferof ofPlantationIndustriesandCommoditieson1stJanuary2005and technology,enhancingtheirproductdevelopmentcapabilitiesand wasreappointedon1stJanuary2010. compoundingandprocessingknow-how.TARRCanswered34 technicalenquiriesinsupportoftheMalaysianrubberindustry,sixof DrWanAbdulRahamanandMrLeeKimMeowwereappointedto thesecomingfromMalaysiancompaniesseekingadviceand theBoardbytheMinisterofPlantationIndustriesandCommodities assistanceoncompounding,productmanufactureandspecifications. on16thApriland11thMarch2010respectively. Atotalof18factoryvisitstoMalaysiancompaniestookplaceduring theyearaspartofMRB’sindustrialsupportprojects:‘TQS–Total TheBoardmetfourtimesduring2010totransactbusiness.The quality-thekeytosuccess’(A5)and‘Advancedjust-in-time MembersoftheBoardasat31stDecember2010arelistedonpage3. manufacturing’(A6).32businessmeetingstookplacewithMalaysian companiesand82referralsofrequestsforquotationsforrubber GeneralMeeting productswereputforwardtotheappropriateMalaysian Theseventy-thirdAnnualGeneralMeetingofTARRCwasheldon17th manufacturers. September2010. TARRChasalsocontinuedtoworkcloselywithotherMalaysian LegalStatus organisations,particularlytheMalaysianRubberExportPromotion TheTunAbdulRazakResearchCentre(TARRC)isanorganisationand Council,theMalaysianExternalTradeDevelopmentCorporationand researchcentreoftheMalaysianRubberBoard(MRB).Incorporated theMalaysianIndustrialDevelopmentAuthority,topromotethe inEnglandsince1938,TARRCisaCompanyLimitedbyGuaranteeand Malaysian-manufacturedrubberproductsandtherubberindustryas nothavingasharecapital,theword‘Limited’beingomittedby awhole. LicenceoftheDepartmentofTradeandIndustry.TARRC,byreasonof thedefinitioninSection1(1)oftheCompaniesAct1980andthe TheBoardwaspleasedwiththeprogressofthemarketing,technical bringingintoforceofPart1ofthatAct,becameaPrivateCompany supportandR&DprojectsrunbyTARRCtoassisttheMalaysian on22ndDecember1980. industry.Detailsofworkperformedandsignificantachievements overtheyeararereviewedin‘2010-Reviewoftheyear’onpages PrincipalActivities 10to23. ThecoreactivitiesofTARRCareidentifiedas: FutureProspects - specialisedR&Dfocusingparticularlyonrubberinengineering TheextensiverenovationworkstoTARRC’slaboratoriescontinued applications; during2010.Moreworkisplannedfor2011andbeyond. - developmentofsustainableadvancedmaterialsandproducts; Researchersinthestate-ofthe-artbiotechnologyfacilitycompleted - biotechnologyactivities; thefirsthighqualitydraftsequenceoftherubbertreegenomeand - transferoftechnologytotheMalaysianrubberproducts inthefuture,thisworkisexpectedtoaddresssomeofthemany industry; limitationsthatfacerubbergrowersandmanufacturers.The - commercialisationofR&Doutcomes; expansionofthebiotechnologyunitwillensurethatresourcesare - promotionofMalaysianmanufacturedrubber-basedmaterials availableforcontractstobetakenontogenerateincomeforTARRC andproducts; throughtheconsultancy. - FDIopportunitiesintheMalaysianrubberindustry; - trainingforpersonnelbothfromtheMRBandtheindustryin ThecontinuedinterestworldwideinEkoprena™,a‘green’material Malaysia; developedbytheMRBandmanufacturedbytheepoxidationof - consultancyservicestogenerateincome. naturalrubberlatex,willencourageTARRC’stechnologiststostep 8 www.tarrc.co.uk uptheirworktooptimiseformulationsfordifferentapplications. monitoringthelevelsofdebtfinanceandtherelatedcosts.The Withtheanticipatedincreaseincommercialproductionlevelsin companydoesnotusederivativefinancialinstrumentstomanage 2012,TARRC’seffortstopromotethebenefitsofEkoprena™asa interestratecostsandassuch,nohedgeaccountingisapplied. highperformancegreenalternativetosyntheticrubbers, concentratingmainlyontyres,willbegivenhighpriorityin2011. Giventhesizeofthecompany,thedirectorshavenotdelegatedthe responsibilityofmonitoringfinancialriskmanagementtoa TARRChasalwaysenjoyedworldwiderecognitionasanexpertinthe subcommitteeoftheBoard.Thepoliciessetbytheboardof fieldofrubberinengineering.ThesuccessofTARRC’sengineersin directorsareimplementedbythecompany’sfinancedepartment. collaborationwithMRBcolleaguesindesigningtheseismicrubber Thedepartmenthasapolicyandproceduresmanualthatsetsout bearingtechnologyforthesecondPenangbridgeinMalaysiahas thespecificguidelinestomanageinterestraterisk,creditriskand resultedinacontractbeingawardedtoaMalaysianmanufacturerto foreignexchangeriskandcircumstanceswhereitwouldbe supplyapproximately1400bearings.ThroughtheConsultancy, appropriatetousefinancialinstrumentstomanagethese. TARRCwillcontinuetoassistthishighprofileprojectwithadviceon formulation,curingprocedure,testingandinstallationofthe Directors’responsibilities bearings. Thedirectorsareresponsibleforpreparingthefinancialstatements inaccordancewithapplicablelawandregulations. TechnologytransferhasalwaysbeenanessentialfunctionforTARRC andvisitstoMalaysianfactoriesunderprojectsA5andA6toraise Companylawrequiresthedirectorstopreparefinancialstatements themanufacturingcapabilitiesoftheMalaysianindustrywill foreachfinancialyear.Underthatlawthedirectorshaveelectedto continuein2011.Morecomprehensivetrainingactivitieswillalsobe preparethefinancialstatementsinaccordancewithUnitedKingdom undertakenincomingyears.Forexample,in2011,twoengineers GenerallyAcceptedAccountingPractice(UnitedKingdomAccounting fromaMalaysianautomotivecomponentmanufacturerwillspenda Standardsandapplicablelaw).Thefinancialstatementsarerequired one-yeartrainingperiodatTARRC,focussingonthedesignand bylawtogiveatrueandfairviewofthestateoftheaffairsofthe manufactureofautomotiveelastomericcomponentsusingadvanced companyandoftheincomeorexpenditureofthecompanyforthat designmethodologies,anareainwhichTARRCengineersexcel. year.Inpreparingthesefinancialstatementsthedirectorsare requiredto: PromotionandmarketingactivitieswillcontinueinEuropeandthe USA,whilstbusinessopportunitieswillbeexploredinnewcountries, - selectsuitableaccountingpoliciesandapplythem includingFinland,TurkeyandSpain,andnewmarketsectorssuchas consistently; oilandgasandbiotechnology. - makejudgementsandestimatesthatarereasonable andprudent; InlinewiththeMalaysianRubberBoard’sstrategydocument2010- - preparethefinancialstatementsonthegoingconcern 2020,TARRCwillcontinuetoapplyitsscientificR&Dactivitiesto basisunlessitisinappropriatetopresumethatthe addressthechallengesfacedbytheMalaysianindustryandto companywillcontinueinbusiness. developcommerciallyrelevantapplicationsandvalue-added products. Thedirectorsareresponsibleforkeepingadequateaccounting recordsthataresufficienttoshowandexplainthecompany’s SeniorStaffasat31stDecember2010 transactionsanddisclosewithreasonableaccuracyatanytimethe Duringtheyear,fourappointmentsweremadeandtwosenior financialpositionofthecompanyandtoenablethemtoensurethat officersresigned.Thetotalseniorstaffstrengthon31stDecember thefinancialstatementscomplywiththeCompaniesAct2006.They 2010was44. arealsoresponsibleforsafeguardingtheassetsofthecompanyand hencefortakingreasonablestepsforthepreventionanddetection SupportingStaffasat31stDecember2010 offraudandotherirregularities. Duringtheyear,fiveappointmentsweremade,tworetiredand threemembersresigned.Thetotalnumberofsupportingstaffon Insofarasthedirectorsareaware: 31stDecember2010was45.TheBoardrecordsitsthankstoall employeesfortheirworkin2010. - thereisnorelevantauditinformation(informationneededby thecompany’sauditorsinconnectionwithpreparingtheir StaffLectures&Publications report)ofwhichthecompany’sauditorsareunaware,and During201018stafflecturesweregivenand15scientificand - thedirectorshavetakenallthestepsthattheyoughttohave technologicalpaperswerepublished.Alistofthesecanbefoundon takentomakethemselvesawareofanyrelevantaudit pages40to42. informationandtoestablishthatthecompany’sauditorsare awareofthatinformation. Finance TheIncomeandExpenditureAccountandtheBalanceSheetasat Auditors 31stDecember2010,togetherwithExplanatoryNotesandthe WagsLLPt/aWagstaffsaredeemedtobereappointedin Auditor’sReport,arepresentedonpages24to39.Intheopinionof accordancewithSection487(2)oftheCompaniesAct2006. theBoard,thecurrentmarketvalueofTARRC'sfreeholdproperties isinexcessofthenetbookvalueshownintheBalanceSheet. ThisreportwasapprovedbytheBoardon20thJune Financialriskmanagementobjectivesandpolicies 2011andsignedonitsbehalfby Thecompany'soperationsexposeittoavarietyoffinancialrisks thatincludethechangesindebtmarketprices,creditrisk,liquidity risk,interestrateriskandforeignexchangeraterisk.Thecompany DrEliasBinAwang hasinplaceariskmanagementprogrammethatseekstolimitthe adverseeffectsonthefinancialperformanceofthecompanyby CompanySecretary www.tarrc.co.uk 9
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