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) 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
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st December 2018 (Expressed in Jamaican Dollars unless otherwise indicated) 27. Operating Expenses (cont'd): i. Personnel Expenses: The number of persons employed at 31st December 2018 was twenty-nine (29) full-time and seventeen (17) part-time (2017 - twenty-nine (29) full-time and seventeen (17) part-time). ii. Administrative Expenses: 2018 2017 $ $ Depreciation & Amortisation 21,018,733 21,591,314 Auditors Remuneration 4,200,456 3,750,067 Electricity 5,484,303 5,556,513 Repairs & Maintenance 6,869,026 7,367,413 Telecommunications 5,760,973 6,542,448 Printing, Stationery & Supplies 5,085,571 9,637,463 Insurance Premiums 4,608,677 4,481,102 Easy Access Expense 408,591 386,869 Professional & Consulting Fees 2,042,376 2,816,463 Postage 592,351 997,785 Security 13,274,331 10,869,096 Subscriptions 101,323 256,572 Computer Expenses 21,557,898 22,620,361 Rental Expense 1,686,593 1,537,662 Loss on Disposal of Fixed Asset 2,212 1,499,117 Other Administrative Expenses 4,199,992 4,732,526 Penalty and Interest - 416 Internal Audit Expense 4,591,945 4,263,224 Members' Refreshment 3,683,542 6,641,975 105,168,893 115,548,386 iii. Marketing & Promotion Expenses: 2018 2017 $ $ Publicity & Promotion 8,400,540 2,440,626 Public Relations 439,426 724,050 8,839,966 3,164,676 iv. Representation & Affiliation Expenses: 2018 2017 $ $ League & Other Dues 13,992,954 14,130,214 Seminars & Meetings 7,248,194 8,479,708 Annual General Meeting 6,044,422 6,564,075 27,285,570 29,173,997 Total Operating Expenses 281,332,628 292,302,612 57 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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