JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 49 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 12 3. Summary of significant accounting policies (cont’d) New and revised standards that are effective during the current year Amendments to IAS 1, Presentation of financial statements, on classification of liabilities, (effective for annual periods beginning on or after 1 January 2024). Amendments to IAS 1, ‘Presentation of financial statements’, clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (for example, the receipt of a waiver or a breach of covenant). The amendment also clarifies what IAS 1 means when it refers to the ‘settlement’ of a liability. The Bank is currently assessing the impact of this amendment. Amendment to IAS 16- Leases on sales and leaseback (effective for annual periods beginning on or after 1 January 2024). These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. The Bank is currently assessing the impact of this amendment. Amendments to IAS 7 and IFRS 7, Supplier Finance Arrangement, (effective for annual periods beginning on or after 1 January 2024). The amendments require an entity to provide information about the impact of supplier finance arrangements on liabilities and cash flows, including: Terms and Conditions 1. As at the beginning and end of the reporting period: The carrying amounts of supplier finance arrangement financial liabilities and the line items in which those liabilities are presented. The carrying amounts of financial liabilities and the line items, for which the finance providers have already settled the corresponding trade payables. The range of payment due dates for financial liabilities owed to the finance providers and for comparable trade payables that are not part of those arrangements. 2. The type and effect of non-cash changes in the carrying amounts of supplier finance arrangement financial liabilities, which prevent the carrying amounts of the financial liabilities from being comparable. The Agency is currently assessing the impact of this amendment.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 50 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 13 3. Summary of significant accounting policies (cont’d) New and revised standards that are effective during the current year (cont’d) IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information, (effective for annual reporting periods beginning on or after January 1, 2024) (with earlier application permitted as long as IFRS S2 Climate-related Disclosures is also applied). IFRS S1 requires an entity to disclose information about its sustainability-related risks and opportunities that are useful to users of general-purpose financial reports in making decisions relating to providing resources to the entity. The standard also requires entities to disclose information about all sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, its access to finance or cost of capital over the short, medium, or long term (collectively referred to as ‘sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s prospects’). IFRS S1 prescribes how an entity prepares and reports its sustainability-related financial disclosures and sets out general requirements for the content and presentation of those disclosures so that the information disclosed is useful to users in making decisions relating to providing resources to the entity. The Agency is assessing the impact of the standard. IFRS S2 — Climate-related Disclosures (effective for annual periods beginning on or after January 2024). (with earlier application permitted as long as IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is also applied). IFRS S2 requires entities to disclose information about its climate-related risks and opportunities that is useful to users of general-purpose financial reports in making decisions relating to providing resources to the entity. The standard also requires entities to disclose information about climate-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, its access to finance or cost of capital over the short, medium or long term (collectively referred to as ‘climate-related risks and opportunities that could reasonably be expected to affect the entity’s prospects’). IFRS S2 applies to climate-related physical risks; climate-related transition risks; and climate-related opportunities available to an entity. The Agency is assessing the impact of the standard. b Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Depreciation is calculated on the straight-line basis by reference to cost or valuation at rates estimated to write off the relevant cost of assets over their expected useful lives. The annual rates of depreciation currently in use are as follows: Furniture, Fixtures and Equipment 10% per annum Computer Equipment 20% per annum Leasehold Improvement 2.5% per annum
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 51 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 14 3. Summary of significant accounting policies (cont’d) b Property, plant and equipment (cont’d) Property, plant and equipment are periodically reviewed for impairment. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Depreciation is calculated on the straight-line basis by reference to cost or valuation at rates estimated to write off the relevant cost of assets over their expected useful lives. The annual rates of depreciation currently in use are as follows: Furniture, Fixtures and Equipment 10% per annum Computer Equipment 20% per annum Leasehold Improvement 2.5% per annum Property, plant and equipment are periodically reviewed for impairment. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. c Trade and other receivables Trade and other receivables are carried at original invoice amount less estimates made for bad and doubtful debts receivable based on a review of all outstanding amounts at the year end. Bad debts are written off when identified. d Cash and cash equivalents Cash and cash equivalents are carried in the statement of financial position at cost. For the purpose of the statement of cash flows, cash and cash equivalents comprise cash on hand, cash on deposits and current account balances held at banks. e Investments The Agency measures its investments at its fair value, plus or minus transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset, such as fees and commissions. (Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss) From 1st January 2020, the Agency applied IFRS 9 and classified its financial assets as either Fair Value through profit or loss (FVTPL); Fair Value through other comprehensive income (FVOCI) or Amortised Cost. Classification and subsequent measurement of debt instruments depend on the co-operative’s business model for managing the asset; and the cash flow characteristics of the asset.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 52 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 15 3. Summary of significant accounting policies (cont’d) e Investments (cont’d) Based on these factors, the cooperative classifies its debt instruments into one of the following three measurement categories: • Amortised cost: Assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest ('SPPI’) and that are not designated at FVTPL, are measured at amortised cost. The carrying amount of these assets is adjusted by any expected credit loss allowance recognised and measured as described at (vi). Interest income from these financial assets is included in' Interest in similar income' using the effective interest method. • Fair value through other comprehensive income (FVOCI): Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets' cash flows represent solely payments of principal and interest, and that are not designated at FVTPL are measured at fair value through other comprehensive income (FVOCI). • Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently y measured at fair value through profit or loss and is not part of hedging relationship is recognised in profit or loss and presented in the profit or loss statement within. 'Net trading income' in the period in which it arises, unless it arises from debt instruments that were designated at fair value or which are not held for trading, in which case they are presented separately in 'Net investment income'. Interest income from these financial assets is included in 'Interest income' using the effective interest method. Business Model: the business model reflects how the Agency manages the assets in order to generate cash flows. That is, whether the credit union's objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these is applicable (e.g., financial assets are held for trading purposes), then the financial assets are classified as part of 'other' business model and measured at FVTPL. f Provisions Provisions are recognized when the Agency has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Agency expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 53 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 16 3. Summary of significant accounting policies (cont’d) g Capital Management The Co-operative's objectives when managing capital are to safeguard its ability to maintain the capital base of the Co-operative to provide adequate returns for shareholders and benefits for other stakeholders and to maintain a strong capital structure. The Agency 's capital comprises: 2023 2022 $ $ Issued capital 60,008,531 60,008,531 Statutory reserve 20,800,578 17,616,558 Revenue reserve 2,043,127 2,043,127 Unappropriated surplus 21,461,152 19,762,721 Total 104,313,388 99,430,940 There were no changes during the year to the Agency 's approach to capital management and under section 35(l)(a) of the Regulations to the Insurance Act, the Agency as an agent, is required at all times to maintain an equity capitalization of the greater of $5 million or an amount equal to the maximum deductible amount of the Agency 's errors and omissions and fidelity insurance policies. The equity capitalization is the amount of the Agency 's paid up capital and unimpaired surplus. h Revenue Revenue is recognized in the Statement of Profit or Loss and Other Comprehensive Income when the significant risks and rewards of ownership have been transferred to the agency, receipt of the consideration is probable and the associated costs can be estimated reliably. Commissions are calculated on premiums as they fall due for renewal and are recognized when earned. i Employee Benefits (i) Pension Plan The Agency participates in a multi-employer defined benefit pension scheme. The pension scheme is generally funded by payments from employees and the Agency, taking into account the recommendation of independent qualified actuaries. A defined benefit plan is a pension plan that defines an amount of pension benefit to be provided, usually as a function of one or more factors such as age, years of service or compensation. The asset or liability in respect of defined benefit pension plan is the difference between the present value of the defined benefit obligation at the reporting date and the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by the estimated future cash outflows using interest rates of Government securities which have terms to maturity approximating the terms of the related liability. (i) Pension Plan (cont’d) Actuarial gains and losses arising from experience adjustments, changes in actuarial assumptions and amendments to pension plans are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in income.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 54 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 17 3. Summary of significant accounting policies (cont’d) i Employee Benefits(cont’d) Net interest expense/(income) is recognized in the statement of comprehensive income, and is calculated by applying the discount rate used to measure the defined benefit obligation (asset), at the beginning of the annual reporting period, to the balance of the net defined benefit obligation (asset). The calculation also takes into consideration the effects of contributions and benefit payments during the year. Gains or losses arising from the changes to the plan benefits or plan curtailment are recognized immediately in the statement of comprehensive income. Settlement of the defined benefit plan is recognized in the year in which the settlement occurs. ii) Accrued Vacation Leave The Agency 's vacation leave policy allows a maximum of forty (40) days unused vacation Leave to be carried forward for managerial and thirty (30) for non-managerial staff. The charge for all outstanding leave is recognized in the statement of comprehensive income in the period to which it relates. j Impairment The carrying amounts of the Agency’s property, plant and equipment are reviewed at the end of the reporting period to determine whether there is any indication of impairment. If any such indication exists, the assets' recoverable amounts are estimated at that date. An impairment loss is recognized whenever the carrying amount of an asset or group of assets (cash-generating unit) exceeds its recoverable amount. Impairment losses are recognized in the Statement of Comprehensive Income. k Fair value of financial instruments Amounts reflected in the accounts for trade and other receivables, cash and cash equivalents, and trade and other payables approximate to their fair values. l Comparative information Where necessary, comparative figures have been reclassified to conform with changes in presentation in the current year. m Financial instruments Recognition and derecognition Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 55 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 18 3. Summary of significant accounting policies (cont’d) m Financial instruments (cont’d) Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: • amortised cost • fair value through profit or loss (FVTPL) • fair value through other comprehensive income (FVOCI) In the periods presented the company does not have any financial assets categorised as FVOCI. The classification is determined by both: • the entity’s business model for managing the financial asset • the contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses. Subsequent measurement of financial assets Financial assets at amortised cost Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): • they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows • the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The company’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments. Financial assets at fair value through profit or loss (FVTPL) Financial assets that are held within a different business model other than ‘hold to collect’ or ‘hold to collect and sell’ are categorised at fair value through profit and loss. Further, irrespective of business model, financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. The category also contains equity investments. The company accounts for these equity investments at FVTPL and did not make the irrevocable election to account for these equity investments at fair value through other comprehensive income (FVOCI). Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 56 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 19 3. Summary of significant accounting policies (cont’d) m Financial instruments (cont’d) Financial assets at fair value through other comprehensive income (FVOCI) The Company accounts for financial assets at FVOCI if the assets meet both of the following conditions: • they are held under a business model whose objective is achieved by both collecting the contractual cash flows and selling the financial assets and • the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Any gains or losses are recognised in other comprehensive income (OCI). Impairment of financial assets IFRS 9’s impairment requirements use more forward-looking information to recognise expected credit losses – the ‘expected credit loss (ECL) model’. This replaces IAS 39’s ‘incurred loss model’. Instruments within the scope of the new requirements included loans and other debt type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss. Recognition of credit losses is no longer dependent on the company first identifying a credit loss event. Instead, the company considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: • financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Stage 1’) and • financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Stage 2’). • ‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date. ‘12-month expected credit losses’ are recognised for the first category while ‘lifetime expected credit losses’ are recognised for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 57 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 20 3. Summary of significant accounting policies (cont’d) m Financial instruments (cont’d) Trade and other receivables and contract assets The company makes use of a simplified approach in accounting for impairment of trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the company uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The company assess impairment of trade receivables on a collective basis as they possess shared credit risk characteristics, they have been grouped based on the days past due. Classification and measurement of financial liabilities The company’s financial liabilities include borrowings, trade and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs, unless the company designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The credit union makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Impairment losses on loans and receivables The Agency reviews its loans and receivables to assess impairment on a periodic basis. In determining whether an impairment loss should be recorded in the income and expenditure statement, the Agency makes judgments as to whether there is any observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of loans before the decrease can be identified with an individual loan in that portfolio. The evidence may include observable data indicating that there has been adverse payment status of borrowers in a group, or national or local conditions that correlate with defaults on assets in the group. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 58 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 21 3. Summary of significant accounting policies (cont’d) n Critical accounting estimates and judgments in accounting policies Pension and post-retirement benefits The cost of these benefits and the net present value of the pension and the other post-retirement liabilities depend on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net periodic cost (income) for pension and post-retirement benefits include the expected long-term rate of return on the relevant plan assets and discount rate. Any changes in these assumptions will impact the net periodic cost (income) recorded for pension and post-retirement benefits and may affect planned funding of the pension plans. The expected return on plan assets assumption is determined on a uniform basis, considering long term historical returns, asset allocation and future estimates of long term investment returns. The actuaries determine the appropriate discount rate at the end of each year, which represents the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension and post-retirement benefit obligations. The following methods and assumptions have been used: i Financial investments classified as fair value through profit or loss are measured at fair value by reference to quoted market prices when available. If quoted market prices are not available, then fair values are estimated on the basis of pricing models or other recognised valuation techniques. Unquoted equities are measured at historical cost less impairment, as their face values cannot be reliably determined. ii The fair value of liquid assets and other assets maturing within one year is assumed to approximate their carrying amount. This assumption is applied to liquid assets, with the exception of available for sale securities, and the short term elements of all other financial assets and financial liabilities; The following methods and assumptions have been used: i Financial investments classified as fair value through profit or loss are measured at fair value by reference to quoted market prices when available. If quoted market prices are not available, then fair values are estimated on the basis of pricing models or other recognised valuation techniques. Unquoted equities are measured at historical cost less impairment, as their face values cannot be reliably determined. ii The fair value of liquid assets and other assets maturing within one year is assumed to approximate their carrying amount. This assumption is applied to liquid assets, with the exception of available for sale securities, and the short term elements of all other financial assets and financial liabilities; iii The fair value of demand deposits with no specific maturity is assumed to be the amount payable on demand at the date of the statement of financial position; iv The fair value of variable rate financial instruments is assumed to approximate their carrying amounts and;
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 59 ___ Jamaica Co-operative Insurance Agency Limited Notes to the financial statements December 31, 2023 22 3. Summary of significant accounting policies (cont’d) n Critical accounting estimates and judgments in accounting policies (cont’d) v The fair value of fixed rate loans is estimated by comparing market interest rates when the loans were granted with current market rates offered on similar loans. For match-funded loans the fair value is assumed to be equal to their carrying value, as gains and losses offset each other. Changes in the credit quality of loans within the portfolio are not taken into account in determining gross fair values, as the impact of credit risk is recognised separately by deducting the amount of the provisions for credit losses from both book and fair values. The fair value of financial investments classified as originated debt is determined by reference to current market prices for similar investments.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 60 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 23 4. Property, plant and equipment The carrying amounts for property and equipment for the years included in these financial statements as at September 30, 2023 can be analysed as follows: Furniture Lease Fixtures & Computer Improvement Equipment Equipment Total $ $ $ $ Gross carrying amount Balance at January 1, 2023 3,889,213 7,808,099 22,013,745 33,711,037 Additions - 1,270,793 427,370 1,698,163 Balance at December 31, 2023 3,889,213 9,078,892 22,441,115 35,409,220 Depreciation Balance at January 1, 2023 (1,254,195) (3,989,841) (18,769,561) (24,013,597) Depreciation (63,450) (825,237) (1,859,461) (2,748,148) Balance at December 31, 2023 (1,317,645) (4,815,078) (20,629,022) 26,761,745 Carrying amount at December 31, 2023 2,571,568 4,263,814 1,812,093 8,647,475
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 61 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 24 4. Property, plant and equipment (cont’d) Furniture Lease Fixtures & Computer Improvement Equipment Equipment Total $ $ $ $ Gross carrying amount Balance at January 1, 2022 3,889,213 6,694,418 20,858,249 31,441,880 Additions - 1,113,681 1,155,496 2,269,177 Balance at December 31, 2022 3,889,213 7,808,099 22,013,745 33,711,057 Depreciation Balance at January 1, 2022 (839,195) (3,507,341) (17,049,561) (21,396,097) Depreciation (415,000) (482,500) (1,720,000) (2,617,500) Balance at December 31, 2022 (1,254,195) (3,989,841) (18,769,561) (24,013,597) Carrying amount at December 31, 2022 2,635,018 3,818,258 3,244,184 9,697,460
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 62 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 25 5. Investments 2023 2022 $ $ Fair value through profit and loss (i) Shares held in National Union of Co-operative Societies Limited (unquoted) 25,000 25,000 (ii) Ordinary Shares held in Mid Island packaging & Processing Company Limited - 10,588 (iii) Preference Shares held in Mid-Island Packaging & Processing Company Limited (MIPPCO) - 2,000,000 25,000 2,035,588 (iv) Sagicor Investments - 3,515,721 25,000 5,551,309 (i) Shares held in the NUCS, represents unquoted shares in a related party which is also a member of the Agency. (ii) This represents 10,588 Ordinary shares purchased in Mid Island Packaging in August 2014, for which $10,588 was paid. Mid Island Packaging ceased operating and the decision was take that these shares should written off during the year. (iii) 1,000,000 Preference shares of purchased Mid Island Packaging & Processing Company Limited in July 2015, for which $2,000,000 was paid, were written off during the year. 6. Retirement benefit asset The Agency participates in a multi-employer pension scheme. The pension scheme is a defined benefit plan and is funded. The assets of the funded plan are held independently of the Agency’s assets in a separate trustee administered fund. Independent actuaries value these schemes annually using the projected unit credit method. The latest actuarial valuation was carried out as at September 30, 2022. The amount recognized in the statement of financial position are determined as follows: 2023 2022 $ $ Present value of funded obligation 67,402,000 48,736,000 Fair value of plan assets at end of the period (72,740,000) (74,634,000) Overfunded obligation (5,338,000) (25,898,000) Effect of asset ceiling - 24,169,000 Net asset recognised in the statement of financial position (5,338,000) (1,729,000) The amount recognised in the statement of comprehensive income is as follows: 2023 2022 $ $ Employers current service cost 351,000 1,447,000 Interest cost on obligation 5,773,000 5,261,000 Interest income on planned assets (9,248,000) (5,997,000) Administrative expense 421,000 498,000 Net pension expense 439,000 1,209,000 Components of OCI (Remeasurements) Actuarial (gain) on obligation (20,349,000) (23,730,000) Actuarial loss on plan assets (3,729,000) 5,864,000 Change in effect of asset ceiling 27,312,000 24,170,000 Components of demand benefits cost recorded in OCI 3,234,000 6,304,000
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 63 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 26 6. Retirement benefit asset (cont’d) Movements in the amounts recognized in the statement of financial position are as follows: 2023 2022 $ $ Assets at beginning of year 1,729,000 (8,082,000) Pension expense (438,000) 1,208,000 Remeasurement 3,234,000 6,303,000 Contributions paid 813,000 (1,158,000) Net asset at year end recognised 5,338,000 1,729,000 Distribution of asset by type of security 2023 Market value of assets 2022 Market value of assets $ $ Type of security J$ Debentures 26,397,000 24,556,000 Investment properties 16,634,000 16,561,000 Quoted equities 14,891,000 16,578,000 US$ Debentures 4,051,000 5,351,000 Repurchase agreements 3,689,000 7,040,000 US$ Certificates of Deposit 2,229,000 - Unit trusts 4,524,000 4,065,000 Real Estates Investment Trusts 806,000 922,000 Net current assets (481,000) (441,000) Total 72,740,000 74,632,000 The principal actuarial assumptions used in valuing the plan were as follows: 2023 2022 $ $ Discount rate 11% 13.00% Future salary increases 8% 7.50% Pension increases 6% 5.50% Price inflation 6% 5.50% The five-year trend for the fair value of plan assets, the defined benefit obligations, the surplus in the pension plan, and experience adjustments for plan assets and liabilities were as follows: 2023 2022 2020 2019 2018 $’000 $’000 $’000 $’000 $’000 Fair value plan of assets 72,740,000 74,632,000 74,916,000 72,115,000 68,961,000 Defined benefits obligation (67,402,000) (48,736,000) (66,834,000) (62,887,000) (59,359,000) Surplus 5,338,000 25,896,000 8,082,000 9,228,000 9,602,000 Experience adjustment - Fair value plan assets (3,729,000) 5,884,000 (2,794,000) (819,000) 1,863,000 Defined benefit obligation 3,166,000 206,000 (3,535,000) (92,000) 1,710,000
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 64 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 27 7. Trade and other receivables 2023 2022 $ $ Premium receivable 72,295,054 67,282,345 Interest 1,871,077 1,528,539 Staff loans 8,374,827 13,558,855 Total 82,540,958 82,369,739 8. Cash and cash equivalents Interest rate 2023 2022 % $ $ (a) Cash on deposits JMD 2 - 10 66,641,242 64,696,665 USD 0.0 - 2.05 6,316,345 5,860,576 Deposit in CUFMC #2 72,957,587 70,557,241 (b) Short term investments Cornerstone Bond 20,000,000 20,000,000 Sagicor Unit Trusts 35,085,223 30,050,689 Seprod Investments (Cumax) 18,800,000 20,000,000 73,885,223 70,050,689 (c) Current accounts Client 0.5 - 0.40 29,685,755 5,348,046 Administrative 0.5 - 60 4,222,713 (919,042) 33,908,468 4,429,004 Petty cash 10,000 10,000 Total 180,761,278 145,046,934 (a) This represents short term deposits invested in Credit Union Fund Management Company (CUFMC) and Jamaican Cooperative Credit Union League (JCCUL) and consists of amounts held in both Jamaican and USD currencies. 9. Issued capital 2023 2022 $ $ Balance at beginning of the year 60,008,531 60,008,531 Balance at end of year 60,008,531 60,008,531 10. Statutory reserve 2023 2022 $ $ Balance at beginning of the year 17,616,558 17,616,558 Provision - current year 1,888,176 - - prior year 1,295,844 - Balance at end of year 20,800,578 17,616,558 Statutory Reserves are maintained in accordance with the provisions of the Co-operative Societies Act which requires that a minimum of 20% of Net Surplus be carried to a Reserve Fund.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 65 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 28 11. Revenue reserve 2023 2022 $ $ Balance at beginning of year 2,043,127 2,043,127 Balance at end of year 2,043,127 2,043,127 12. Indemnity reserve 2023 2022 $ $ Balance at beginning of the year 650,000 650,000 Balance at end of year 650,000 650,000 This represents a provision to cover any loss which may result from claims made under the Professional Indemnity Insurance Policy. 13. Retirement benefit reserve 2023 2022 $ $ Balance at beginning of year 1,729,000 8,082,000 Pension expense adjustment 3,609,000 (6,353,000) Balance at end of year 5,338,000 1,729,000 14. Trade and other payables 2023 2022 $ $ Premium 121,934,854 100,619,495 GCT 5,252,089 3,856,303 Other 6,048,560 7,691,532 Premiums paid in advance 34,748,360 30,915,722 Total 167,983,863 143,083,052 Other Payables includes for vacation leave provision of $3,080,000 and Dividend Payable of $2,700,000. 15. Other income 2023 2022 $ $ Service charge 46,093,204 51,047,226 46,093,204 51,047,226
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 66 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 29 16. Operating expenses 2023 2022 $ $ Administrative Rent 1,110,600 1,018,050 Telephone 4,544,346 4,988,768 Professional fees 297,701 364,176 Payroll fees 39,000 17,000 Auditing fees 715,000 750,000 Data processing 10,710 - Insurance 6,475,789 5,392,699 Printing & Stationery 2,280,296 2,534,603 Dues & subscriptions 45,607 157,574 Software maintenance 7,530,000 6,970,000 Office & general 3,490,953 4,706,572 Total administrative expenses 26,540,002 26,899,442 Operating & general Emoluments 44,692,648 43,867,869 Staff welfare 9,040,972 9,619,946 Statutory contributions 4,290,225 4,195,283 Travel and entertainment 3,361,872 3,536,786 Repairs and maintenance 2,633,918 1,730,090 Security 251,767 245,365 Postage and delivery 4,265,340 3,159,412 Depreciation 2,748,148 2,617,500 Promotion and advertising 4,205,580 4,507,332 75,490,470 73,479,583 Financial and other Bank charges and interest 2,861,058 2,219,144 Loss on foreign exchange 744,232 - 3,605,290 2,219,142 17. Risk management policies a Market risk Financial Instruments: A financial instrument is a contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise. For the purpose of the financial statements, financial assets have been determined to include cash and cash equivalents, trade and other receivables and investments. Financial liabilities have been determined to include trade and other payables. The Co-operative has exposure to market risk, credit risk and liquidity risk from its use of financial instruments.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 67 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 30 17. Risk management policies (cont’d) a Market Risk (cont’d) Financial Instruments: The Board of Directors has overall responsibility for the establishment and oversight of the Cooperative's risk management framework. The Co-operative's risk management policies are established to identify and analyse the risks faced by the Co-operative, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. The Board of Directors through its executive officers is responsible for monitoring compliance with the Co-operative's risk management policies and procedures, and for reviewing the adequacy of the risk management framework in relation to the risks faced by the Co-operative. The Co-operative is exposed to market risks, which is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risks mainly arise from changes in foreign currency exchange rates, interest rates and commodity or equity prices. The Co-operative manages market risk by controlling its exposure to the risks as well as optimising the return on risk. There has been no change to the Co operative's exposure to market risks or the manner in which it measures and manages the risk. i Interest Rate Risk Interest rate risk arises when the value of a financial instrument fluctuates during a specified period due to changes in market interest rates. Financial Assets The Co-operative is exposed to interest rate risk in respect of its cash on deposit and current accounts. The Co-operative manages the risk by maintaining net earning assets and procuring the most advantageous interest rates. The Co-operative's interest-bearing assets are its local current accounts and cash on deposit. These accounts bear interest at varying rates which are fixed on a short-term basis. Financial Liability The Co-operative has no interest-bearing liability and therefore has no direct exposure to interest rate risk in this regard. At the end of year, the Co-operative's exposure to interest-rate risk is aa follows: Interest Rate % $ 2023 7 - 11.5 132,679,898 2022 6 - 11.5 148,863,265 (ii) The yields are based on contractual interest rates. (iii) Yields are based on the book value, net of allowance for credit losses and contractual interest rates.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 68 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 31 17. Risk management policies (cont’d) a Market risk (cont’d) Effects on results of operations: If the interest rate increases by 0.25% (2022 – 1%) according to changes in money market conditions, then this would be the effect of the amounts shown on the basis that all other variables remain constant. Rate % $ 2023 0.25 93,799 2022 1.00 1,567,606 If the interest rate decrease by 0.25% (2022 – 0.5%) according to change in money market conditions then this would be the effect of the amounts shown on the basis that all other variables remain constant. Rate % $ 2023 0.25 (524,399) 2022 0.50 (875,153) ii Currency Risk Currency risk is the risk that the market value of, or the cash flows from financial instruments will vary because of exchange rate fluctuations. The co-operative is exposed to foreign currency risk due to fluctuations in exchange rates on transactions and balances that are denominated in currencies other than the Jamaican dollar. The co-operative manages its foreign exchange risk by ensuring that the net exposure in foreign assets and liabilities is kept to an acceptable level by monitoring foreign currency positions and by buying or selling currencies at spot rates when necessary to address short-term imbalances. At the end of the reporting period there were net liabilities of approximately US$40,505 (2022 - US$39,987) which were subject to foreign exchange rate changes as follows: 2023 2022 US$ US$ Liquid Asset - Earning Cu-Cash 40,505 39,987 40,505 39,987 The above assets shown are in United States Dollars (US$). The exchange rate applicable at date is J$155.94 to US$1 (2022 - J$146.55 to US$1). Foreign currency sensitivity The following table illustrates the sensitivity of the net result for the year end and equity with regards to the Company’s financial assets and financial liabilities and US Dollar to Jamaican (JA) Dollar exchange rate. Only movements between the Jamaican Dollar and US Dollars are considered, as these are the two major currencies of the Company. The sensitivity analysis is based on the Company’s United States Dollar financial instruments at the end of the reporting period.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 69 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 32 17. Risk management policies (cont’d) a Market risk (cont’d) (ii) Currency Risk (cont’d) Effect on results of operations: If the JA Dollar weakens by 4% (2022 – 4) against the US Dollar then this would have the effect of the amounts shown below on the basis that all other variables remain constant. Rate Weakens % $ 2023 4 (237,440) 2022 4 (234,403) If the JA Dollar strengthens against the US Dollar by 1% (2022 – 1%) this would have the following impact: Rate Strengthens % $ 2023 1 (59,360) 2022 1 (58,600) b Credit Risk Credit risk is the risk that a party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Credit risk is an important risk for the Agency 's business. Management therefore carefully manages its exposure to credit risk by ensuring that insurance purchasers pay premiums promptly. There has been no change in the Agency 's exposure to credit risks or the manner in which it measures and manages the risk. Maximum Exposure to Credit Risk 2023 2022 $ $ (i) Premiums and Commissions Receivable 72,295,054 67,282,345 Interest Receivable - 83,065 (ii) Cash and Cash Equivalents 180,016,701 145,046,934 Total 252,311,755 212,412,344 (i) Premiums and Commissions Receivable This risk is managed by continuous follow-up with policy holders, issuance of statements outlining balances outstanding and the giving of fourteen (14) days’ notice of cancellation of policies if default persists. The Agency’s credit exposure is limited, as commissions are earned only when premiums have actually been collected and it has no financial risk exposure with regard to premiums receivable. (ii) Cash and Cash Equivalents Cash and cash equivalents on which the Agency faces credit risks comprise its current and deposit accounts held with financial institutions. The Agency limits its exposure to credit risk in this regard by placing its cash and cash equivalents with counter-parties that have high credit quality. Accordingly, management does not expect any counter-party to fail to meet its obligation.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 70 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 33 17. Risk management policies (cont’d) b Credit Risk (cont’d) Impairment The main considerations for the loan impairment assessment include whether any payments of principal or interest are overdue by more than 30 days, or there are any known difficulties in the cash flows of counterparties, or there are infringements of the original terms of the contract. The Agency addresses impairment assessment individually. An impairment allowance is provided for each individual loan that is impaired with no consideration of materiality. At minimum, an impairment assessment is conducted annually. Impairment allowances on individually assessed accounts are determined by an evaluation of the incurred loss at the statement of financial position date on a case-by-case basis and are applied to all accounts with a past due date of more than 30 days. The assessment normally encompasses collateral held and the anticipated receipts for that individual account. The loan loss provisioning rules described above focus more on credit-quality mapping of the respective delinquency periods to corresponding pre-determined percentages. In contrast, impairment provisions are recognised for financial reporting purposes only for losses that have been incurred at the statement of financial position date based on objective evidence of impairment. Due to the different methodologies applied, the amount of incurred credit losses provided for in the financial statements may differ from the amount determined from the League’s loan loss provisioning rules that are used for internal operational management and the Agency’s internal provisioning method. If the interest rate decreases by 0.5% (2022 – 1%) according to change in money market conditions then this would be the effect of the amounts shown on the basis that all other variables remain constant. Rate % $ 2023 0.5 (390,000) 2022 1.0 (774,316) c Operational Risk Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the Agency’s processes, p e r s o n n el , technology and infrastructure, and from external factors other than financial risks such as those arising from legal and regulatory requirements and generally accepted standards of corporate behaviour. The Agency 's objective is to manage operational risk so as to balance the avoidance of financial losses and damage to its reputation with overall cost effectiveness and to avoid control procedures that restrict initiative and creativity.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 71 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 34 17. Risk management policies (cont’d) c Operational Risk (cont’d) The primary responsibility for the development and implementation of controls to identify operational risk is assigned to Senior Management. This responsibility is supported by overall standards for the management of operational risk in the following areas: - Requirements for the periodic assessment of operational risks faced, and the adequacy of controls and procedures to address the risks identified. - Requirements for the appropriate segregation of duties, including the independent authorisation of transactions. - Requirements for the reconciliation and monitoring of transactions. - Compliance with regulatory and other legal requirements. - Documentation of controls and procedures. - Requirements for the reporting of operational losses and proposed remedial action. - Development of contingency plans. - Training and professional development. - Ethical and business standards. - Other risk mitigation. Compliance with the Agency 's policies is supported by a programme of periodic reviews undertaken by an Internal Audit Unit and the Agency 's regulatory bodies. The results of Internal Audit and other reviews are discussed w it h the management of the business unit to which they relate, with summaries submitted to the Supervisory Committee, senior management, and the Board of Directors. Operational risk is the risk of direct or indirect loss arising from a variety of causes associated with the Agency’s processes, personnel, technology and infrastructure, and from external factors other than financial risks such as those arising from legal and regulatory requirements. The Agency’s objective is to manage operational risk so as to balance the avoidance of financial losses and damage to its reputation with overall cost effectiveness and to avoid control procedures that restrict initiative and creativity. The primary responsibility for the development and implementation of controls to identify operational risk is assigned to the Board and management. This responsibility is supported by overall Agency standards for the management of operational risk in the following areas: (i) requirements for the periodic assessment of operational risks faced, and the adequacy of controls and procedures to address the risks identified (ii) requirements for the appropriate segregation of duties, including the independent authorisation of transactions (iii) requirements for the reconciliation and monitoring of transactions (iv) compliance with regulatory and other legal requirements (v) documentation of controls and procedures (vi) requirements for the reporting of operational losses and proposed remedial action (vii) development of contingency plans (viii) training and professional development (ix) ethical and business standards (x) risk mitigation, including insurance where this is effective Compliance with Agency policies is supported by a programme of periodic reviews undertaken by Internal Audit. The results of Internal Audit reviews are discussed with the management of the business unit to which they relate, with summaries submitted to the Supervisory Committee, senior management and the Board of Directors.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 72 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 35 18. Financial instruments measured at fair value December 31, 2023 Assets Level 1 Level 2 Level 3 Total $ $ $ $ Fixed deposits and other deposits (Note c) - - 133,879,898 133,879,878 Total - - 133,879,898 133,879,898 Net fair value - - 133,879,898 133,879,898 December 31, 2022 Assets Level 1 Level 2 Level 3 Total $ $ $ $ Fixed deposits and other deposits (Note c) - - 134,201,764 134,201,764 Total - - 134,201,764 134,201,764 Net fair value - - 134,201,764 134,201,764 There has been no transfer between levels 1 and 2 in the reporting period. Measurement of fair value The methods and valuation techniques used for the purpose of measuring fair value are unchanged compared to the previous reporting period. (a) Quoted shares The fair value of quoted shares is measured by reference to quoted market prices where available. If quoted market prices are not available, then fair values are estimated on the basis of pricing models or other recognised valuation techniques. (b) Unquoted shares Unquoted equities are measured at historical cost less impairment, as their face values cannot be readily determined. (c) Fixed deposit and other deposits These are collaterised by Government of Jamaica Securities. The fair values are measured by reference to determinable payments, using inputs other than quoted prices that are observable for the securities. Level 3 fair value measurements The Agency’s measurement of financial assets and liabilities classified in Level 3 uses valuation techniques based on significant inputs that are not based on observable market data. There were no transfers in the reporting period under review.
JAMAICA CO-OPERATIVES INSURANCE AGENCY LTD | AUDITED FINANCIAL STATEMENTS 73 Jamaica Co-operative Insurance Agency Limited Financial Statements Year ended December 31, 2023 36 19. Summary of financial assets and liabilities by category The carrying amount of the Agency’s financial assets and liabilities recognised at the date of the reporting periods under review may also be categorised as follows: 2023 2022 $ $ Financial assets Fair value through profit or loss Investments 25,000 5,551,309 Financial assets Amortised cost Accounts receivables 82,540,958 82,369,739 Cash and cash equivalents 180,761,278 145,046,934 Total 263,327,236 232,967,982 Liabilities Financial liabilities measured at amortised cost Trade and other payables 167,983,863 143,083,052 Total 167,983,863 143,083,052 20. Capital management, policies and procedures The Agency 's objectives when managing capital are to safeguard its ability to maintain the capital base of the Agency to provide adequate returns for shareholders and benefits for other stakeholders and to maintain a strong capital structure. The Agency 's capital comprises: 2023 2022 $ $ Issued capital 60,008,531 60,008,531 Statutory reserve 20,800,578 17,616,558 Revenue reserve 2,043,127 2,043,127 Unappropriated surplus 21,461,152 19,762,724 Total 104,313,388 99,430,940 There were no changes during the year to the Agency 's approach to capital management and under section 35(l)(a) of the Regulations to the Insurance Act, the Agency as an agent, is required at all times to maintain an equity capitalization of the greater of $5 million or an amount equal to the maximum deductible amount of the Agency 's errors and omissions and fidelity insurance policies. The equity capitalization is the amount of the Agency 's paid up capital and unimpaired surplus.
The Board of Directors of NAJ & Health Services Co-operative Credit Union Limited Congratulates the Jamaica Co-operatives Insurance Agency on their 36th Annual General Meeting __________________________________________________ The NAJ & Health Services Co-operative Credit Union Limited …Providing financial services to all Medical Professionals and other workers in the Health Care Industry… "Helping you to realize your dreams" ___________________________________ 6 Trevennion Park Road Kingston 5 Tel: 929-0070/968-4948 Fax: 754-4694 Email: [email protected]
76 REPORT OF THE NOMINATING COMMITTEE OF JCIA To the 36th Annual General Meeting April 25, 2024 The Nominating Committee was appointed by the Board of Directors in keeping with Rule 44 (i): The members of the Committee were: 1. Chairman Lascelle Powell 2. Member Vera Lindo 3. Member Dennis Hutchinson Members Retiring at this AGM 1. Ionie Henry 2. Paulette Stephenson Taylor Members Retiring in 2025 1. Ray Howell 2. Andrea Wilson Messam Members Retiring in 2026 1. Lt Col Clifton Lumsden 2. Lt Col Michael Anglin 3. Mr. Lascelle Powell Recommendation for 2024 Nominees: 1. Ionie Henry 2. Bornette Donaldson These recommendations were taken from the 31 delegates nominated from our 14 partners.
77 PROFILES OF NOMINEES: Mr. Bornette Donaldson Mr Donaldson holds a number of degrees from UWI Mona: 1. MSc Economics 2. MBA Banking and Finance with Distinction 3. BSc Economics with honours Mr Donaldson is currently employed as the Head of Department – Financial Planning, Analysis and Treasury at the Jamaica Public Service Company Limited. He also serves as a Business Development Consultant to the Principal at UWI Mona Campus. Mr Donaldson serves as a Director on the following Boards: 1. Jamaica Co-Operative Credit Union League 2. C&WJ Co-operative Credit Union Limited 3. National Union of Co-operative Societies Ltd 4. Cumax Wealth Management Ltd . Ms. Ionie Henry Ms. Henry has been employed as the General Manager of the Fisherman’s Co-operative Union. Ms Henry is a Chartered Accountant and has a BSc Degree in Business Administration and a MBA from Florida International University (FIU) . ……………………………………… Lascelle Powell Chairman Nomination Committee
78 RESOLUTION JCIA Proposed Distribution of Surplus for 2023 The proposed distribution of Surplus for 2023 is compared to 2022 and is as follows: DESCRIPTION 2023 % 2022 % Distributable Surplus 9,440,882 100 6,479,222 100 Dividends (4.5% of capital) 2,700,000 28.60 2,700,000 41.67 Honoraria for Directors - 1,132,906 12 971,883 14.97 Social Outreach 300,000 3.18 300,000 4.63 Statutory Reserve 1,888,176 20 1,295,844 20 Surplus carried forward 3,419,487 36.22 1,213,378 18.73 Fixing of Maximum Liability. Be it resolved that the Maximum Liability of the JCIA be fixed at ten (10) times the Share Capital of the Organisation. The Share Capital is $60,008,531 and therefore the Maximum Liability is $600,085,310.
79 JAMAICA CO-OPERATIVES INSURANCE AGENCY REGISTER OF MEMBERS AND DIRECTORS ORGANIZATION BJ Staff Co-operative CCU Broadcast & Allied Co-operative CCU C &WJ Co-operative Credit Union Church of the First Born (THRIFT) COK Sodality Co-operative CCU Edu-Com Co-operative CCU Essl. & Emergency Services & Partners CCU First Heritage Co-operative CU First Regional Co-operative CU Gateway Co-operative CU Ja. Co-operative Credit Union League JPS & Partners Co-operative CU Ja. Teachers Association CCU Lascelles Employees Co-operative CU Manchester Co-operative CU NAJ Co-operative CU National Union of Co-operative Societies Palisadoes Co-operative Credit Union Portland Co-operative Credit Union Trelawny Co-operative Credit Union
80 JCIA CURRENT STAFF MEMBERS Kadeesha O’Brian Santa Cruz Shamoya Black Montego Bay Sheshona Tomlinson Mandeville Kemeisha Johnsonx Santa Cruz Annakay Powell Mandeville Stanley Black Montego Bay Carlene Jackson Accounts & Admin Rushel Gordon Accounts & Admin Omar Huntley Accounts & Admin
81 JCIA CURRENT STAFF MEMBERS Britney Lindsay Accounts & Admin Gilana Patrick Underwriting Sade Taylor Underwriting Kadeen Wright Underwriting Annette Williams Underwriting Paulette Spence Corporate Diondra Barrett Corporate Carol Martin Corporate Tasheen Nicely Corporate
82 Dawn Ebanks General Manager JCIA CURRENT STAFF MEMBERS Ameila Page Corporate Paula Dwyer Claims Shakira Edwards Corporate Akira Guthrie Claims Danique Rowe Claims Jeremy-Paul Bennett Business Development Officer