JPSCU AR 2018 finan web

STATEMENT OF CHANGES IN EQUITY
For the year ended 31st December 2018
NON-INSTITUTIONAL CAPITAL
(Expressed in Jamaican Dollars unless otherwise indicated)
Balance at 31st December 2016 brought forward
Other Retirement Undistributed
Capital Non-Qualifying Benefit Net
Reserves Reserves Reserves Income Total
$ $ $ $ $
17,191,827 68,448,165 47,494,000 31,315,261 164,449,253
Net Income after Honoraria - - - 39,898,370 39,898,370
Other Comprehensive Income
Minimum Business Tax - - - (60,000) (60,000)
Pension Income - - (5,150,000) - (5,150,000)
Total Comprehensive Income for the Year after Honoraria
- - (5,150,000) 39,838,370 34,688,370
Scholarship Fund - (2,937,903) - - (2,937,903)
Youth Programme Reserve - (750,000) - - (750,000)
60th Anniversary Celebration - (6,408) - - (6,408)
Care-a-bit Reserve - (55,000) - - (55,000)
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) -
Transfer from Redemption Reserve
Provision over-provided
Transfer of 20 % of Net Income for the Year before Honoraria
- - - (1,012,446) (1,012,446)
(154) - - 150 (4)
- - - (8,392,174) (8,392,174)
Total Transactions with Owners ( 154) 11,313,698 - ( 31,829,833) (20,516,289)
Balance at 31st December 2017 as previously reported 17,191,673 79,761,863 42,344,000 39,323,798 178,621,334
Adjustment for reduction in transfer of Net Income for the year
before honoraria from 20% to 10%
Impact on transition to IFRS 9 (ECL on loans)
Impact on transition to IFRS 9 (ECL on investments) -
-
- - - 4,196,087 4,196,087
(30,131,122)
(6,700,000) - - - - (30,131,122)
(6,700,000)
Balance at 31st December 2017 as restated 17,191,673 42,930,741 42,344,000 43,519,885 145,986,299
* Restatement
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-Operatives and
Friendly Societies.
(i)
(ii)
Capital Reserves represent unrealised gain on revaluation of the Co-operative's building.
Capital Development Reserves are being set aside for the future acquisition of Computer Equipment and Software.
JPS & Partners Co-operative Credit Union 12