JPSCU AR 2018 finan web

STATEMENT OF CASH FLOWS
For the year ended 31st December 2018
(Expressed in Jamaican Dollars unless otherwise indicated)
2018 2017
$ $
Cash flows from Operating Activities:
TOTAL COMPREHENSIVE INCOME 80,007,627 34,688,370
Non- cash items included in income
Depreciation - Property, Plant and Equipment & Investment Property 21,018,734 21,529,908
Retirement Benefit Asset (8,448,000) 5,150,000
Loss on Disposal of Property, Plant & Equipment 2,212 1,499,117
Provision for Loan Impairment (28,551,231) (549,788)
Minimum Business Tax 60,000 60,000
Interest Income (415,240,933) (414,576,245)
Interest Expense 79,311,915 102,425,225
(241,317,615) (249,773,413)
Decrease/(Increase) in Operating Assets
Other Assets 5,119,102 7,702,213
Increase/(Decrease) in Operating Liabilities
Accruals 4,345,829 2,652,461
External Credit (1,024,706) 2,406,004
Payables (8,648,086) 800,170
Cash Used in Operations
(241,525,476) (236,212,565)
Interest Received 421,808,036 423,847,522
Interest Paid (86,699,120) (103,480,745)
Minimum Business Tax Paid (60,000) (60,000)
Net Cash Provided by Operating Activities 93,523,440 84,094,212
Cash Flows from Investing Activities:
Loans to Members (25,682,997) (211,731,686)
Financial Investments (87,457,470) 261,713,265
Additions to Property, Plant and Equipment (8,631,042) (11,935,228)
Proceeds on Disposal of Property, Plant and Equipment (2,212) 1,297
Net Cash (Used in)/Provided by Investing Activities
(121,773,721) 38,047,648
Cash Flows from Financing Activities:
Savings Deposits (23,038,931) 46,145,105
Members' Voluntary Shares 15,387,690 41,213,047
Subscription to Permanent Shares 278,656 590,501
Dividend Paid - (7,362,354)
Scholarship Reserve (2,437,500) (2,937,903)
Youth Programme (200,000) (750,000)
60th Anniversary Celebration - (6,408)
Care-A-Bit Reserve (30,000) (55,000)
General Reserve (14,491,398) -
Redemption Reserve - (1,012,446)
Net Cash (Used in)/Provided by Financing Activities (24,531,483) 75,824,542
Increase in Liquid Assets (52,781,764) 197,966,402
Liquid Assets at Beginning of Year 1,029,638,965 831,672,563
Liquid Assets at End of Year 976,857,201 1,029,638,965
Liquid Assets - Earning 945,902,522 880,077,909
Liquid Assets - Non-Earning 30,954,679 149,561,056
976,857,201 1,029,638,965
The accompanying notes form an integral part of the financial statements.
15 Annual Report 2018