JPSCU AR 2018 finan web

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NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st December 2018 (Expressed in Jamaican Dollars unless otherwise indicated) 20. Non-Institutional Capital: 2018 2017 $ $ Capital/Revaluation Reserves (Unrealised) 17,191,673 17,191,673 Other Non-Qualifying Reserves (Note 22) 65,294,757 79,761,863 Retirement Benefit Reserves (Note 13) 50,792,000 42,344,000 Undistributed Net Income (Page 7) 65,690,439 43,519,885 * 198,968,869 182,817,421 * 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. 21. Institutional Capital: 2018 2017 $ $ Revenue Reserve 44,230,207 44,230,207 Business Combination Reserve 297,610,477 297,610,477 Statutory & Legal Reserves (Note 23) 349,451,719 335,127,794 * 691,292,403 676,968,478 The Revenue Reserves are being set aside, in addition to Statutory and Legal Reserves as set out in Article XIV Rule 66, in order to strengthen the Capital base of the Credit Union. These reserves are not available for distribution. Institutional Capital forms a part of the permanent capital of the Credit Union and is not available for distribution. Statutory and Legal Reserves: The statutory and legal reserves are reserves which are maintained in accordance with the provisions of the Co-operative Societies Act which requires that a minimum of 20% of the net income before honoraria be carried to a reserve fund. A Registered Society may apply to the Registrar to allow the required percentage to be reduced but not below 10%. Business Combination Reserve: The business combination reserve is a reserve arising on the merger of two or more co-operatives and is not available for distribution. It is being retained to maintain the capital base of the Credit Union. Retained Earnings Reserves: These reserves represent the appropriations by members at the Annual General Meetings to be set aside for strengthening the capital base of the Credit Union. * 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. JPS & Partners Co-operative Credit Union 54
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st December 2018 (Expressed in Jamaican Dollars unless otherwise indicated) 22. Appropriations: 2018 2017 $ $ Scholarship Fund 1,105,927 1,200,000 IFRS 9 Provision 36,831,122 - Youth Programming - 750,000 Software Reserve - 750,000 Redemption Reserve 5,000,000 - Care-A-Bit Reserve - 750,000 Building Reserve - 3,613,009 Organisational Alignment - 8,000,000 Permanent Shares - 7,362,354 42,937,049 22,425,363 23. Other Non-qualifying Reserves: 2018 2017 $ $ a) General Reserve 11,866,364 26,357,762 b) Scholarship Fund (61,208) 1,270,365 c) Youth Programme Reserve 2,203,500 2,403,500 d) Care-A-Bit Reserve 3,281,209 3,311,209 e) Software Reserve 14,150,365 16,850,000 f) Redemption Reserve 4,285,500 - f) 60th Anniversary Celebration 3,326,951 3,326,951 g) Building Reserve 15,613,009 15,613,009 h) Organisational Alignment 10,629,067 10,629,067 65,294,757 79,761,863 a) General Reserve This Reserve is used for any general assistance as the Credit Union approves. b) Scholarship Fund This Fund was established to assist members children who qualified for assistance for education after successfully completing the GSAT examinations. The Albert Morris Scholarship is also facilitated from this reserve to a member or member's child who has been accepted to attend a recognised local university to pursue a course in business or computer studies and covers tuition for three years. The scholarship is also available to eligible persons selected to pursue an undergraduate degree in engineering at The University of Technology, Jamaica (UTECH). c) Youth Programme Reserve This Reserve is used to provide assistance for the advancement of the Credit Union's youth through the staging of various events. d) Care-A-Bit Reserve This is used to assist members who suffer major illnesses or are affected by natural e) Software Reserve This reserve is to be used for any major purchases or upgrade of software. f) Redemption Reserve This reserve is to be used for the purchase or sale of shares to or from members. 55 Annual Report 2018
Page 1:
Financial Statements as at December
Page 4 and 5: REPORT OF THE INDEPENDENT AUDITORS
Page 6 and 7: g REPORT OF THE INDEPENDENT AUDITOR
Page 8 and 9: STATEMENT OF FINANCIAL POSITION as
Page 10 and 11: STATEMENT OF CHANGES IN EQUITY For
Page 16 and 17: NOTES TO THE FINANCIAL STATEMENTS F
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