JPSCU AR 2018 finan web

NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31st December 2018
(Expressed in Jamaican Dollars unless otherwise indicated)
16. External Credits (cont'd):
c) JPS Education Loan
This facility was entered into with the Jamaica Public Service Company Limited, for their employees
who are members of the Credit Union , to assist with back to school expenses for their children.
d) Private Power Operations Loan
The Jamaica Private Power Company Limited provided an initial $2,000,000 for this revolving loan
facility for its staff members for a maximum loan amount of $200,000 per member repayable over 24
months. Selection of persons eligible for this loan is done by the management of the company and sent
to the Credit Union for evaluation and processing.
e) Jamaica Energy Partners Loan Scheme
The Jamaica Energy Partners provided an initial $1,500,000 for this loan facility for its staff members.
The maximum amount of loan available per member is $150,000 repayable over 24 months. Selection
of persons eligible for this loan is done by the management of the company and sent to the Credit
Union for evaluation and processing.
17. Payables:
2018 2017
$ $
Withholding Tax 7,154,888 22,318,430
Statutory Contributions 3,159,875 1,725,818
Cuets ATM Settlement 2,591,084 (4,816,625)
Other 15,397,606 17,723,916
28,303,453 36,951,539
Interest Payable 6,377,036 13,764,241
34,680,489 50,715,780
18. Deferred Income
2018 2017
$ $
Injection for IFRS 9 Implementation 4,827,814 -
Current year cost for implementation of IFRS 9:
Depreciation charge for upgrade of computer software - -
4,827,814 -
This represents an injection by JCCUL to offset the cost of IFRS 9 implementation
19. Members' Permanent Share Capital:
2018 2017
$ $
Balance at Beginning of Year 74,735,286 74,144,785
Amount Subscribed in current year 278,656 590,501
75,013,942 74,735,286
Each member must hold a minimum of One Thousand Dollars ($1,000) in Permanent Shares and One
Thousand Dollars ($1,000) Voluntary Shares.
53 Annual Report 2018