TARRC's Annual Report for 2010 - Tun Abdul Razak Research Centre

44 Pages·2011·6.87 MB·English

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:[phone] F:[phone] 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