HAJ Limited Annual Report 2012-2013

Page 67

30 HOUSING AGENCY OF JAMAICA LIMITED Notes to the Financial Statements March 31, 2013 18.

Reserve fund (continued) The reserve fund may only be utilized for the purposes set out in the Articles, namely, meeting contingencies, repairing or maintaining any work connected with the business of the company, equalizing dividends and making distributions by way of special dividends or bonus. It may also be used for other purposes for which the profits of the company may lawfully be applied.

19.

Capital reserve This comprises the net surplus of the book values of assets over liabilities arising on the transfer and merger of the operations of the entities mentioned in note 1 and adjustments arising from revaluation of certain property, plant and equipment.

20.

Contributed capital This represents the value of lands contributed by the Government of Jamaica for housing developments (see note 12).

21.

Deferred credit TEF $'000 Balances at beginning of the year Funds received during the year Projects closed during the year Balances at end of the year

Balance at beginning of the year Funds received during the year Grange Pen transferred to Public Private Partnership (PPP) (see note 12) Land transferred (see note 12) Balance at end of the year as restated Jamaica Economical Housing Projects Restated balances at end of year

GOJ $'000

2013

UDC $'000

Total $'000

457,249 55,677 (144,171)

1,589,965 1,557,304 ( 146,019)

89,152 102,623 -

2,136,366 1,715,604 ( 290,190)

368,755

3,001,250

191,775

3,561,780

TEF $'000

GOJ $'000

641,902 225,347 (150,000) (260,000) 457,249

2012

UDC $'000

Total $'000

113,869 146,019

89,152

755,771 460,518

259,888

89,152

( 150,000) ( 260,000) 806,289

-

1,330,077

-

1,330,077 *

457,249

1,589,965

89,152

2,136,366 *

Deferred credit grant funding received from the Tourism Enhancement Fund (TEF), Government of Jamaica (GOJ) and Urban Development Corporation (UDC) to assist in the funding of certain ‘brownfield’ projects [see notes 9(i) (ii) and (iii) and note 10]. *Restated [see below].


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