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 Continued<br />
(Expressed in Jamaican Dollars unless otherwise indicated)<br />
Capital Other Retirement Undistributed<br />
Revaluation Non-Qualifying Benefit Net<br />
Reserves Reserves Reserves Income Total<br />
$ $ $ $ $<br />
Balance at 31st December 2016 17,191,827 68,448,165 47,494,000 31,315,261 164,449,253<br />
Net Income after Honoraria - 39,898,370 39,898,370<br />
Other Comprehensive Income<br />
Minimum Business Tax - - - (60,000) (60,000)<br />
Pension Income - - (5,150,000) - (5,150,000)<br />
Total Comprehensive Income for the Year after Honoraria<br />
- - (5,150,000) 39,838,370 34,688,370<br />
Transactions with Owners<br />
Scholarship Fund - (2,937,903) - - (2,937,903)<br />
Youth Programme Reserve - (750,000) - - (750,000)<br />
60th Anniversary Celebration - (6,408) - - (6,408)<br />
Care-a-bit Reserve - (55,000) - - (55,000)<br />
Appropriations of Net Surplus for 2016<br />
Dividends on Permanent Shares - - - (7,362,354) (7,362,354)<br />
Youth Programme Reserve - 750,000 - (750,000) -<br />
Care-a-bit Reserve - 750,000 - (750,000) -<br />
Scholarship Fund - 1,200,000 - (1,200,000) -<br />
Organisational Alignment - 8,000,000 - (8,000,000) -<br />
Software Reserve - 750,000 - (750,000) -<br />
Building Reserves - 3,613,009 - (3,613,009) -<br />
Transfer from Redemption Reserve - - - (1,012,446) (1,012,446)<br />
Provision over-provided (154) - - 150 (4)<br />
Transfer of 20 % of Net Income for the Year before Honoraria<br />
- - - (8,392,174) (8,392,174)<br />
Total Transactions with Owners (154) 11,313,698 - (31,829,833) (20,516,289)<br />
Balance at 31st December <strong>2017</strong> 17,191,673 79,761,863 42,344,000 39,323,798 178,621,334<br />
Pushing you Beyond All Limits!<br />
54<br />
<strong>JPS</strong> & <strong>Partners</strong> Co-operative Credit Union