Pan Trinbago established in 1971, previously known as The Trinidad Steelbandmen Association founded in 1949; was formalized by Act of Parliament No. 5 of 1986 and set out as its primary objectives to:
a) Promote the development of the steelband movement;
b) Promote the steelpan as an indigenous cultural art form; and
c) Advance and protect the welfare and interest of member steelbands.
Pan Trinbago had pursued these objectives through alliances with the Government of Trinidad and Tobago (GOTT) and indirectly with corporate Trinidad and Tobago, through their sponsorship of steelbands as far back as 1963, predominantly at the Panorama competition.
EVOLUTION OF STRATEGY
The relationship with the GOTT included the provision of annual administrative assistance (i.e. subventions and occupancy costs); and advances for prizes, infrastructure and administrative costs associated with the annual Panorama competition at carnival.
However, the nature of the relationships was amended by Cabinet Note of August 1999, whereby relative to Carnival, Pan Trinbago assumed the responsibility for all Panorama competitions and the direct activities necessary to execute same. The GOTT, through the National Carnival Commission (NCC) assumed the role of facilitator and the monitoring of subventions.
Pan Trinbago consequently broadened its strategy and developed direct business partnerships with corporate Trinidad and Tobago to execute projects, not only during the carnival period, but all year, such as: Pan is Beautiful; Pan in the 21st Century/Pan Down Memory Lane; Champs In Steel; Pan Jazz; Pan in the Countryside; the operation of its drum manufacturing plant through its subsidiary - Trinidad and Tobago Pan Instruments Limited; and the manufacture and maintenance of steelpans in 118 schools in the Multi-cultural Music Programme.
Recently, statements have been made in the press on Pan Trinbago’s financial viability, which has significantly impacted on the organization’s corporate branding and its release of funds from the NCC. In this regard, Pan Trinbago has reserved its right to pursue the appropriate legal action to protect its brand and membership.
Diagram 1 below sets out the structure of Pan Trinbago’s accumulative liability of approximately Thirty-One Million Dollars ($31 Million) as at its financial year end of June 30th 2016.
PAN TRINBAGO’S ACCUMULATIVE LIABILITY
AS AT JUNE 30TH, 2016
Fifty-nine percent (59%) of Pan-Trinbago’s accumulative debt is based on Events to develop the sector, where often the cash inflow is mis-matched to expenses.
Approximately 72% of the funding to meet the short-fall from Events; or 60% of the debt is due from the GOTT and remained outstanding at the end of the 2016 financial year. Pan Trinbago prudently anticipated delays in funding from the GOTT; and negotiated appropriate financing lines with its Bankers and deferred other trade payables to 2017 and 2018; as it continues to execute its mandate. It is anticipated on receipt of these funds and the re-structured debt, Pan Trinbago year-end accumulated liabilities will decline by 55%.
The Auditor’s Statement supports this view in, “Note 2: Going Concern – Notwithstanding these facts, the financial statements have been prepared on the going concern basis. This basis has been deemed appropriate in view of the Organisation’s ability to continue its operation using internally generated cash flow and funding from the Ministry of Community Development, Culture and the Arts.”
Pan Trinbago formalized its global initiative to organize and structure the international steelpan community into a dynamic commercial industry by the establishment of the International Associations of Steelbands, assented to by national and regional associations in the United Kingdom, United States of America, Canada and the St. Vincent and the Grenadines in September 2016 and incorporated in November 2016. Thus completing the platform for commencing the commercialization of the international steelpan industry.
Pan Trinbago expresses its gratitude to its membership; its regional and executive leadership, who have affirmed their confidence in its Central Executive over the last two (2) weeks; its Bankers; Corporate Trinidad and Tobago, who sponsor its members; and its stakeholder partners who have maintained their confidence in its leadership over the years and specifically over the last few weeks.