JPS & Partners - Financial Statements 31st December2018 (4.4.19)

JPS & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2018
SUMMARY
(Expressed in Jamaican Dollars unless otherwise indicated)
Members'
Non-
Permanent Share Institutional Institutional
Capital Capital Capital Total
$ $ $ $
Page 4
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
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 before honoraria
- (8,392,174) 8,392,174 -
Amount Subscribed during year 590,501 - - 590,501
Balance at 31st December 2017 as previously reported 74,735,286 178,621,334 681,164,565 934,521,185
Adjustment for reduction in transfer of Net Income for the year
before honoraria from 20% to 10%
- 4,196,087 (4,196,087) -
Impact on transition to IFRS 9 (ECL on loans)
- (30,131,122) - -
Impact on transition to IFRS 9 (ECL on investments) -
(6,700,000) - -
Balance at 31st December 2017 as restated 74,735,286 145,986,299 676,968,478 934,521,185
The accompanying notes form an integral part of the financial statements.