JPS & Partners 2017 Annual Report

Statement of Changes in Equity
For the year ended 31st December 2017
Summery
(Expressed in Jamaican Dollars unless otherwise indicated)
Members' Non-
Permanent Share Institutional Institutional
Capital Capital Capital Total
$ $ $ $
Balance at 31st December 2015 70,481,233 154,944,543 600,286,003 825,711,779
Minimum Business Tax - (60,000) - (60,000)
Pension Income - 6,772,000 - 6,772,000
Scholarship Fund - (261,746) - (261,746)
Youth Programme - (816,870) - (816,870)
60th Anniversary Celebration - (1,666,641) - (1,666,641)
Care-a-Bit Reserve - 894,401 - 894,401
Building Reserves - 9,000,000 - 9,000,000
Software Reserve - 1,000,000 - 1,000,000
Organizational Alignment - 2,629,067 - 2,629,067
Redemption Reserve - (335,811) - (335,811)
General Reserve - 497,992 - 497,992
Undistributed Surplus - 6,893 - 6,893
Transfer to Permanent Share Redemption
(657,251)
Reserve
- (657,251) -
Appropriations of Net Surplus for 2015
Dividends - Issue of Permanent Shares - (9,006,120) - (9,006,120)
Youth Programme Reserve - (1,000,000) - (1,000,000)
Care-a-bit Reserve - (1,000,000) - (1,000,000)
Scholarship Fund - (1,600,000) - (1,600,000)
Organizational Alignment - (2,629,067) - (2,629,067)
Software Reserve - (1,000,000) - (1,000,000)
General Reserve - (500,000) - (500,000)
Building Reserves - (9,000,000) - (9,000,000)
60th Anniversary Celebration - (3,500,000) - (3,500,000)
Net Income after Honoraria - 27,859,829 - 27,859,829
Transfer of 20% of Net Income for the year
before honoraria
- (6,121,966) 6,121,966 -
Amount Subscribed 592,552 - - 592,552
Arising from Business Combination
Member's Permanent Shares 3,071,000 - - 3,071,000
Merger Reserves - - 66,364,422 66,364,422
Balance at 31st December 2016 74,144,785 164,449,253 672,772,391 911,366,429
The accompanying notes form an integral part of the financial statements.
Pushing you Beyond All Limits!
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JPS & Partners Co-operative Credit Union