30 HOUSING AGENCY OF JAMAICA LIMITED Notes to the Financial Statements (Continued) March 31, 2011 18.
Reserve fund Pursuant to Article 98 of the company‟s Articles of Association, the company transfers to reserve fund a percentage of profits after tax, if any, each year. The percentage to be transferred is determined at the discretion of the directors and has been set at 90% (2010: 90%). 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 review of certain property, plant and equipment.
20.
Contributed capital This represents the value of lands contributed by the Government of Jamaica for housing developments.
21.
Deferred credit TEF $'000
2011 GOJ $'000
104,993 290,593 260,000 ( 13,684)
113,869 -
218,862 290,593 260,000 ( 13,684)
641,902
113,869
755,771
TEF $'000
2010 GOJ $'000
Total $'000
Balance at beginning of the year Funds received during the year
104,993
95,035 18,834
95,035 123,827
Balance at end of the year
104,993
113,869
218,862
Balance at beginning of the year Funds received during the year Valuation reserve on Grange Pen land Lilliput phase 1 project closed during the year Balance at end of the year
Total $'000
This represents grant funding received from the Government of Jamaica (GOJ) and the Tourism Enhancement Fund (TEF) to assist in the funding of certain „Brownfield‟ projects [see notes 10 (iii) and (iv)].