JPS & Partners - Financial Statements 31st December2018 (4.4.19)
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>JPS</strong> & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED<br />
STATEMENT OF CHANGES IN EQUITY<br />
FOR THE YEAR ENDED 31ST DECEMBER 2018<br />
INSTITUTIONAL CAPITAL<br />
(Expressed in Jamaican Dollars unless otherwise indicated)<br />
Page 8<br />
Business Statutory<br />
Combination & Legal Revenue<br />
Reserve Reserves Reserves Total<br />
$ $ $ $<br />
Balance at <strong>31st</strong> December 2016 297,610,477 330,931,707 44,230,207 672,772,391<br />
Transfer of 20 % of Net Income for the Year before Honoraria - 8,392,174 - 8,392,174<br />
Balance at <strong>31st</strong> December 2017 as previously reported 297,610,477 339,323,881 44,230,207 681,164,565<br />
Adjustment for reduction in transfer of Net Income for the year before<br />
honoraria from 20% to 10%<br />
- (4,196,087) - (4,196,087) *<br />
Balance at <strong>31st</strong> December 2017 as restated 297,610,477 335,127,794 44,230,207 676,968,478<br />
-<br />
Transfer of 20 % of Net Income for the Year before Honoraria - 14,323,925 - 14,323,925<br />
Balance at <strong>31st</strong> December 2018 297,610,477 349,451,719 44,230,207 691,292,403<br />
* Restatement<br />
This item have been restated to effect a 10% transfer of Net Income for the year before honoraria instead of 20% as approved by the Registrar of Co-<br />
Operatives and Friendly Societies.<br />
The accompanying notes form an integral part of the financial statements.
Change language