JPS & Partners 2017 Annual Report
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Statement of Changes in Equity<br />
For the year ended 31st December <strong>2017</strong><br />
Non-Institutional Capital<br />
(Expressed in Jamaican Dollars unless otherwise indicated)<br />
Other Retirement Undistributed<br />
Capital Non-Qualifying Benefit Net<br />
Reserves Reserves Reserves Income Total<br />
$ $ $ $ $<br />
Balance at 31st December 2015 brought forward<br />
17,191,827 57,507,773 40,722,000 39,522,943 154,944,543<br />
Net Income after Honoraria - - - 27,859,829 27,859,829<br />
Other Comprehensive Income<br />
Minimum Business Tax - - - (60,000) (60,000)<br />
Pension Income - - 6,772,000 - 6,772,000<br />
Total Comprehensive Income for the Year after Honoraria<br />
- - 6,772,000 27,799,829 34,571,829<br />
Transactions with Owners<br />
Scholarship Fund - (1,861,746) - - (1,861,746)<br />
Youth Programme Reserve - (1,816,870) - - (1,816,870)<br />
60th Anniversary Celebration (5,166,641)<br />
Care-a-bit Reserve - (105,599) - - (105,599)<br />
Redemption Reserves - (335,811) - - (335,811)<br />
General Reserve - (2,008) - - (2,008)<br />
Undistributed Surplus - - - 6,893 6,893<br />
Transfer to Permanent Share Redemption Reserve - - - (657,251) (657,251)<br />
Appropriations of Net Surplus for 2015<br />
Dividends on Permanent Shares - - - (9,006,120) (9,006,120)<br />
Youth Programme Reserve - 1,000,000 - (1,000,000) -<br />
Care-a-bit Reserve - 1,000,000 - (1,000,000) -<br />
Scholarship Fund - 1,600,000 - (1,600,000) -<br />
Organizational Alignment - 2,629,067 - (2,629,067) -<br />
Software Reserve - 1,000,000 - (1,000,000) -<br />
General Reserve - 500,000 - (500,000) -<br />
Building Reserves - 9,000,000 - (9,000,000) -<br />
60th Anniversary Celebration - 3,500,000 - (3,500,000) -<br />
Transfer of 20 % of Net Income for the Year before Honoraria<br />
- - - (6,121,966) (6,121,966)<br />
Total Transactions with Owners - 10,940,392 - (36,007,511) (25,067,119)<br />
Balance at 31st December 2016 17,191,827 68,448,165 47,494,000 31,315,261 164,449,253<br />
(i)<br />
(ii)<br />
Capital Reserves represent unrealised gain on revaluation of the Co-operative's building.<br />
Capital Development Reserves are being set aside for the future acquisition of Computer Equipment and Software.<br />
Pushing you Beyond All Limits!<br />
53<br />
<strong>JPS</strong> & <strong>Partners</strong> Co-operative Credit Union
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