JPS & Partners 2017 Annual Report
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Notes to the Financial Statements<br />
For the year ended 31st December <strong>2017</strong><br />
(Expressed in Jamaican Dollars unless otherwise indicated)<br />
4. Financial Instruments & Financial Instruments Risk Management (cont'd):<br />
(e) Capital Management:<br />
In determining the Credit Union's capital base (Institutional Capital), the Institutional Capital of the acquired Credit<br />
Unions, (see below), which merged with <strong>JPS</strong> & <strong>Partners</strong> Co-operative Credit Union Limited was included. As at<br />
the dates of transfer of engagements/amalgamations, the relevant Credit Unions had Institutional Capital as stated<br />
below which comprised the following balances:<br />
Kirkvine Co-operative Credit Union<br />
Limited<br />
Ewarton Co-operative Credit Union<br />
Limited<br />
Collector General Co-operative Credit<br />
Union Limited<br />
Merger Date<br />
Statutory<br />
Reserve<br />
Retained<br />
Earnings<br />
Reserve<br />
General<br />
Reserve<br />
$ $ $<br />
1st Aug 2013 60,752,660 34,745,029 -<br />
1st Sept 2013 109,323,595 - -<br />
1st Oct 2016 43,481,088 10,000,000 -<br />
Pushing you Beyond All Limits!<br />
80<br />
<strong>JPS</strong> & <strong>Partners</strong> Co-operative Credit Union
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