Page 44 University of Technology, Jamaica Notes to the Financial Statements 31 March 2020 (expressed in Jamaican dollars unless otherwise indicated) 23. Appropriated Surplus The following has been included in Appropriated Surplus as shown below: 2020 $’000 2019 $’000 Research 119,218 119,218 Staff Compensation 36,549 36,549 155,767 155,767 These amounts represent appropriations of surplus which are held in reserve for the purposes indicated. The amounts and the designation of the allocations are made at the discretion of the Council. 24. Unexpended Grants for Specified Projects 2020 2019 $’000 $’000 At beginning of year 74,378 114,704 New advances 196,211 228,201 Interest income 494 600 Expenditure (134,967) (212,487) Balances transferred from completed projects to profit or loss - (56,640) At end of year 136,116 74,378 Payments made to employees of the University from the projects amounted to $16,930,000 (2019 -$56,358,000). 25. Endowment Funds 2020 2019 $’000 $’000 At beginning of year 10,600 14,888 New funds 890 437 Amounts utilised (931) (1,116) Transfers from closed accounts to profit and loss - (3,609) At end of year 10,559 10,600 University of Technology, Jamaica 160
RkJQdWJsaXNoZXIy NDQ5NzI=