JPSCU AR 2018 finan web

NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31st December 2018
(Expressed in Jamaican Dollars unless otherwise indicated)
23. Other Non-qualifying Reserves - Cont'd:
f) 60th Anniversary Celebration
This amount was set aside from the surplus for the commemoration of the sixtieth (60) anniversary of the
Credit Union.
g) Building Reserve
This reserve is intended to be used for the construction of a new office building at Lady Musgrave Road, in
Kingston.
h) Organisational Alignment
This reserve will be used in organisational re-alignment, for staff cost.
24. Statutory & Legal Reserves:
2018 2017
$ $
Balance at Beginning of Year 335,127,794 330,931,707
Entrance Fees - -
20% of Net Income before honoraria 14,323,925 4,196,087 *
Balance at End of Year 349,451,719 335,127,794
* 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.
25. Other Financial Costs:
2018 2017
$ $
Life Savings & Loan Protection Insurance 13,471,066 13,789,566
Bond Insurance 2,236,401 1,940,680
Others (1,652,293) 1,577,140
14,055,174 17,307,386
26. Non-Interest Income - Other:
2018 2017
$ $
Miscellaneous 4,242,925 9,013,200
Other Fees & Charges 9,071,138 9,174,276
Gain/(Loss) on Foreign Exchange 1,069,573 (2,021,121)
CUETS Income 28,652 41,530
FIP Income 2,532,711 -
Under-accrued Income from Prior Year - 573,712
16,944,999 16,781,597
27. Operating Expenses:
i. Personnel Expenses:
2018 2017
$ $
Employee Salaries & Allowances 100,762,357 105,385,304
Employee Benefits 21,460,095 19,479,398
Education & Training 2,212,454 1,797,689
Gratuity 831,043 620,741
Lunch Subsidy 6,337,550 6,352,200
Staff Travel & Related Expenses 3,666,201 5,487,850
Retirement Benefit Expenses 4,768,499 5,292,371
140,038,199 144,415,553
JPS & Partners Co-operative Credit Union 56