JPS & Partners 2017 Annual Report

Statement of Changes in Equity
For the year ended 31st December 2017
Summery Continued
(Expressed in Jamaican Dollars unless otherwise indicated)
Members' Non-
Permanent Share Institutional Institutional
Capital Capital Capital Total
$ $ $ $
Balance at 31st December 2016 74,144,785 164,449,253 672,772,391 911,366,429
Minimum Business Tax - (60,000) - (60,000)
Pension Income - (5,150,000) - (5,150,000)
Scholarship Fund - (1,737,903) - (1,737,903)
60th Anniversary Celebration - (6,408) - (6,408)
Care-a-bit Reserve - 695,000 - 695,000
Building Reserves - 3,613,009 - 3,613,009
Software Reserve - 750,000 - 750,000
Organisational Alignment - 8,000,000 - 8,000,000
Redemption Reserves - - - -
Undistributed Surplus - - - -
Appropriations of Net Surplus for 2016
Dividends on Permanent Shares - (7,362,354) - (7,362,354)
Youth Programme Reserve - (750,000) - (750,000)
Care-a-bit Reserve - (750,000) - (750,000)
Scholarship Fund - (1,200,000) - (1,200,000)
Organisational Alignment - (8,000,000) - (8,000,000)
Software Reserve - (750,000) - (750,000)
Building Reserves - (3,613,009) - (3,613,009)
Net Income after Honoraria - 39,898,370 - 39,898,370
Transfer from Redemption Reserve - (1,012,446) - (1,012,446)
Provision over-provided - (4) - (4)
Transfer of 20% of Net Income for the year
- (8,392,174) 8,392,174 -
Amount Subscribed during year 590,501 - - 590,501
Balance at 31st December 2017 74,735,286 178,621,334 681,164,565 934,521,185
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