AUoIToR GENERAL S DEPARTMENT EARLY CHILDHOOD COMMISSION FINANCIAL STATEMENTS MARCH 31, 2018 VISION STATEMENT EARLY CHILDHOOD COMMISSION Index Page Independent Auditor's Report Statement of Financial Position 1 Statement of Financial Performance 2 Statement of Cash Flows 3 Statement of Changes in Equity 4 Notes to the Financial Statements 5-17 AUDITOR GENERAL'S DEPARTM ENT 40 KNUTSFORD BOULEVARD P.O. BOX 455 ANY REPLY OR SUBSEQUENT REFERENCE KINGSTON 5 TO THIS COMMUNICATION SHOULD BE JAM ICA ADDRESSED TO THE AUDITOR GENERAL AND NOT TO ANY OFFICER BY NAME Tel. No.: 926-8309/926-5963/926-5846 AND THE FOLLOWING REFERENCE Fax Number: 968-4690 QUOTED:- Email: audqena@Uditro(E N31:, September 20, 2018 INDEPENDENT AUDITOR'S REPORT Mrs. Karlene Deslandes Executive Director Early Childhood Commission Shops 45-49 Kingston Mall 8-10 Ocean Boulevard Kingston Opinion I have audited the accompanying Financial Statements of the Early Childhood Commission, set out on pages 1 to 18, which comprise the Statement of Financial Position as at 31 March 2018, Statement of Financial Performance, Statement of Changes in Equity and Statement of Cash flows for the year ended, and a summary of significant accounting policies and other explanatory notes. In my opinion, the Financial Statements give a true and fair view of the Financial Position of tie Early Childhood Commission as at 31 March 2018, and of the Financial Performance, and its cash flows for the year then ended in accordance with International Public Sector Accounting Standards (IPSAS). Basis for Opinion The audit was conducted in accordance with International Standards of Supreme Audit Institutions (ISSAls). My responsibilities under those standards are further described in the Audito's Responsibilities for the Audit of the Financial Statements section of this report. My staff and I are independent of the Commission in accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA Code) and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. I believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for my opinion. 2. Unidentified Deposits The issue of un-identified deposits continues to We obtained a schedule of unidentifi d be a problem for the Early Childhood deposits at March 31, 2018 and agre d Commission. These deposits increased for the opening balances to the prior year certifi d financial year ending March 31, 2018, by balances. We performed analytical reviews approximately 39% ($14.5 million - 2017 to and obtained explanations for the $20.1 million - 2018). Management attributed variances; performed a random sample to the increase to an action taken by the Ministry select balances for review; perform d of Education, Youth and Information to have all subsequent payments checks to confirm Credit Cards cancelled in February 2018. No reimbursement of funds to practitioners; notice was given to the practitioners and the made enquiries of management o sums were automatically deposited to the determine steps taken to obtain Commission's bank account. information from the bank to reduce the level of unidentified deposits. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these Financial Statements in accordance with international Public Sector Accounting Standards (IPSAS). This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In preparing the financial statements, management is responsible for assessing the Commissions ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless there are plans to liquidate the Commission or to cease operations, or has no realistic alternative but to do so. Auditor's Responsibility for the audit of the Financial Statements My responsibility is to express an opinion on these Financial Statements based on my audit I conducted the audit in accordance with the auditing standards issued by the International Organization of Supreme Audit Institutions (INTOSAI). Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance abo t whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISS Is will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or taken together, they could reasonably be expected to influence the economic decisions of users taken based on these financial statement. Report on Additional Requirements of the Early Childhood Act 2005 I have obtained all the information and explanations, which, to the best of our knowledge and belief, were necessary for the purpose of the audit. In my opinion, proper accounting records have b en maintained and the Financial Statements agree therewith and give the information required in the manner so required. Auditor General Date 1 THE EARLY CHILDHOOD COMMISSION Statement of Financial Position as at March 31, 2018 Note 2018 017 $ $ Property, plant and equipment 5 46,673,006 5,025,275 Current assets Receivables and advances 6 42,566,692 59,501,144 Cash and cash equivalents 7 841,141,632 108,501,994 Total current assets 883,708,324 2 8,003,138 Current liabilities Accounts payable and accruals 8 127,106,516 1T4,258,333 JECD Project Funds 9 16,687,271 1,500,060 Total current liabilities 143,793,787 1 5,758,393 Net current assets 739,914,537 52,244,745 NET ASSETS 786,587,543 7,270,020 FINANCED BY: Retained earnings 783,889,274 0,389,135 Donated assets reserve 10 2,698,269 -6,880,885 786,587,543 7,270,020 The financial statements on pages 1 to 17 were approved by the Commission on 1.C iktr- \ 2-0. and signed on its behalf by: \\ en av - J ' Chairman -Early Childhood Commission Mrs. Trisha-Williams-Singh Executive Director Mrs. Karlene Degrasse-Deslandes The accompanying notes on pages 5 to 17 form an integral part of these financial statements 2 THE EARLY CHILDHOOD COMMISSION Statement of Financial Performance as at March 31, 2018 Note 2018 2017 REVENUE: Subvention 2,507,282,932 1,827,091, 93 Grants 958,996 4,491,904 Resources for JECD Project 37,208,452 10,726,120 Other income 486,274 2,346,0 17 11 2,545,936,654 1,844,654,534 EXPENDITURE Staff costs 12 341,711,786 316,461,932 Premises related expenses 12,984,059 12,900,069 Utilities 9,409,016 7,512,363 Goods and services, and other costs 39,310,885 30,290, 91 Subsidy expenses 1,380,003,826 1,505,519, 43 JECD Project Technical Assistance 37,208,452 10,726, 20 GCT Expenses 13,484,936 0 Depreciation 12,506,171 11,297,332 TOTAL EXPENSES 1,846,619,131 1,894,707,650 Net profit/ (loss) from operations ECC before transfers 699,317,523 (50,052,8 6) Transfer from capital reserve of amount equal to depreciation charge on donated assets 4,182,616 6,072,700 Total comprehensive profit 703,500,139 (43,980,1 6) The accompanying notes on pages 5 to 17 form an integral part of these financial statements 3 THE EARLY CHILDHOOD COMMISSION Statement of Cash Flows as at March 31, 2018 2018 2017 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Net profit from operations 703,500,139 (43,980,116) Adjustment for: Transfers from donated assets reserve (4,182,616) (6'072,700) Loss on disposal of assets 12,573 Depreciation 12,506,171 11,297,332 711,836,267 (38,755,484) Decrease/(Increase) in Current Assets: Accounts receivable and advances 16,934,452 (22,197,759) (Decrease)/Increase in Current Liabilities Accounts payable and accruals (46,714,299) (61 480,466) Early Childhood Development project funds 15,187,211 (2,674,996) Net cash (used in)/provided by operating activities 697,243,631 (125,108,705) CASH FLOWS FROM INVESTING ACTIVITIES Net Additions to property, plant and equipment (24,603,992) (12,762,845) CASH FLOWS FROM FINANCING ACTIVITIES Donated assets received Net increase in cash and cash equivalents 672,639,639 (137,871,550) Cash and cash equivalents at beginning of year 168,501,993 306,373,543 CASH AND CASH EQUIVALENTS AT END OF YEAR 841,141,632 168,501,993 The accompanying notes on pages 5 to 17 form an integral part of these financial statements 4 THE EARLY CHILDHOOD COMMISSION Statement of Changes in Equity as at March 31, 2018 Donated General Assets Reserve Reserve TOTAL Restated Balances at March 31, 2016 124,369,251 12,953,585 137,322,836 Net income (50,052,816) - (50,052,816) Donated assets reserve Donated assets amortization transfer 6,072,700 (6,072,700) - Balances at March 31, 2017 80,389,135 6,880,885 87,270,020 Restated Balances at April 1, 2017 80,389,135 6,880,885 87,270,020 Net income 699,317,523 - 699,317,523 Donated assets reserve Donated asset amortization transfer 4,182,616 (4,182,616) - Balances at March 31, 2018 783,889,274 2,698,269 786,587,543 The accompanying notes on pages 5 to 17form an integral part of these financial statements 5 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 1. The Commission The Early Childhood Commission (The Commission) is a statutory not-for-profit organization established under the Early Childhood Commission Act 2003 (The Act). The Act established a Commission to govern the administration of early childhood care, education and development in Jamaica and to make provision for connected matters. Its main functions are to: * Advise the Minister on policy matters relating to early childhood c re, education and development in Jamaica. * Assist in the preparation of plans and programmes concerning early childhood development. * Act as a coordinating agency to ensure effective streamlining of all activities relating to early childhood development. * Supervise and regulate early childhood institutions. The Commission commenced operations in October 2003. A Board of Commissioners, presently consisting of twenty members, governs the Commission. The operational arm is managed by an Executive Director. Prior to August 2004, all financial functions for the Commission were administered by the Ministry of Education. The main source of finance for the Commission is grants received from the Ministry of Education. 2. Statement of compliance, basis of preparation and significant accounti g policies a) Statement of compliance and basis of preparation The financial statements have been prepared in accordance with International Public Sector Accounting Standards (IPSAS) and their interpretation as adopted by the Commission. IPSASs are developed and issued by the International Public Sector Accounting Standards Board (IPSASB). The IPSASB is an independent board of the International Federation of Accountants (IFAC). IPSASs are based on International Financial Reporting Standards (IFRSs). 6 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 2. Statement of compliance, basis of preparation and significant accounting policies (cont'd) The preparation of the financial statements to conform to IPSAS requ res management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and contingent liabilities at the balance sheet date and the revenue and expenses during the reporting period. Actual results could differ from those estimates. The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in future periods, where applicable. The financial statements are presented in Jamaica dollars and are prepared on the historical cost basis. b) Cash and cash equivalents Cash and cash equivalents comprise cash and bank balances. c) Accounts receivable Accounts receivable are stated at amortised cost less impairment losses. d) Accounts payable Accounts payable are stated at amortised cost. e) Provisions A provision is recognized in the balance sheet when the Commission ha! a legal or constructive obligation as a result of past event, and it is probable that an outflow of economic benefits will be required to settle the obligati n. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. f) Property, plant and equipment, and intangible assets i. Owned assets Items of property, plant and equipment are stated at cost or valuation, less accumulated depreciation and impairment losses. 7 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 2. Statement of compliance, basis of preparation and significant accounting policies (cont'd) i. Owned assets cont'd Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, and any costs of dismantling and removing the items and restoring the site on which they are located. The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic bene its embodied within the part will flow to the Commission and its cost can be measure reliably. The costs of day-to-day servicing of property, plant and equipment are recognized in the statement of comprehensive income. ii. Property, plant and equipment are depreciated on the straight-line basis at annual rates estimated to write off the assets over their expected useful lives. The depreciation rates are as follows: Motor vehicles 20% Office furniture and equipment 10% & 20% Computer equipment and software 20% g) Capital grants Capital grants received in cash, and property, plant and equipment received as gifts are credited to capital reserves. Property, plant and equipment received as gifts are accounted for at cost. An amount equivalent to the depreciation charged for the financial year on such property, plant and equipment, and on those acquired out of capital grants, is transferred from capital reserve. h) Impairment The carrying amounts of the Commission's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated at each balance sheet date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the statement of comprehensive income. 8 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 2. Statement of compliance, basis of preparation and significant accounting policies (cont'd) h) Impairment cont'd i. Calculation of recoverable amounts The recoverable amount of the Commission's receivables is calculated as the present value of expected future cash flows, discounted at the original effective interest rate inherent in the asset. The recoverable amount of other assets is the greater of their net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate independ nt cash inflows, the recoverable amount is determined for the cash- generating unit to which the asset belongs. ii. Reversal of impairment An impairment loss in respect of receivables is reversed if the subsequent increase in recoverable amount can be related objectively to an ev nt occurring after the impairment loss was recognized. An impairment 19ss is reversed if there has been a change in the estimate used to determine the recoverable amount. i) Related Parties A party is related to the Commission if: i. directly or indirectly, the party: * controls, is controlled by, or is under common control with the Commission; * has an interest in the Commission that gives it significant influence over the Commission; or * has joint control over the Commission. 9 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 2. Statement of compliance, basis of preparation and significant accounting policies (cont'd) ii. The party is a member of the key management personnel of the Commission. Such personnel are persons having authority and responsibilities for planning directing and controlling the activities iii. of the Commission, whether directly or indirectly and whether through an executive or non-executive role. iv. The party is a close member of the family of any individual referred in (i) or (ii) above. v. The party is a post-employment benefit plan for the benefit of employees of the Commission, or any entity that is a related party of the Commission. The Commission has a related party relationship with the Government of Jamaica and its agencies, Commissioners, directors and key managem nt personnel. j) Grants Monetary grants are accounted for on a cash basis. Grants in kind are accounted for when the services or assets are received by the Commission k) Financial instruments A financial instrument is any 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 these financial statements, financial assets have been determined to include cash and cash equivalents, accounts receivable and advances and securities purchased under resale agreements. Similarly, financial liabilities include accounts payable. 1) Fair value disclosures Fair value amounts represent estimates of the arm's length consideration that would be currently agreed between knowledgeable, willing parties who are under no compulsion to act and is best evidenced by a quoted market pripe, if one exists. Some financial instruments lack an available trading market. These instruments are valued using present value or other valuation techniques and the fair value shown may not necessarily be 10 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 2. Statement of compliance, basis of preparation and significant accounting policies (cont'd) Indicative of the amounts realizable in an immediate settlement of the instruments m) Securities purchased under resale agreements: Securities purchased under resale agreements ("reverse repos") are short- term transactions whereby an entity buys securities and simultaneously agrees to resell the securities on a specified date and at a specified price. Title to the security is not actually transferred unless the counter-party fail to comply with the terms of the contract. Reverse repos are accounted for as short-term collateralized lending, classified as loans and receivables and measured at amortized cost. The difference between the sale and repurchase considerations is recognized on an accrual basis over the period of the transaction and is included in interest income. 3. Financial Risk Management The Commission has exposure to credit risk, liquidity risk and market risk from its use of financial instruments. This note presents information about the Commission's exposure to each of the above risk, the Commission's objectives, policies and processes for measuring and managing risk. Further quantita ive disclosures are included through these financial statements. The Board of Directors has overall responsibility for the establishment and oversight of the Commission's risk management framework. The Commission, through its training and management standards and procedures, aims to deve op a disciplined and constructive control environment in which all employees understand their roles and obligations. i. Credit risk Credit risk is the risk of financial loss to the Commission if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Commission's other receivables and cash and cash equivalents. 11 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 3. Financial Risk Management cont'd Cash and cash equivalents These are placed with substantial financial institutions for short-term periods and management believes these institutions have minimal risk of default. Exposure to credit risk The carrying amount of financial assets represents the maximum cre dit exposure. There is no off balance sheet exposure to credit risk. The maximum exposure to credit risk at the reporting date was: 2018 2017 Cash and cash equivalents 841,141,632 168,501,993 Accounts receivable and advances 42,566,692 59,501,144 883,708,324 228,003,137 i. Liquidity risk Liquidity risk is the risk that the Commission will not be able to meet its financial obligations as they fall due. The Commission's approach to managing liquidity is to ensure, as far as possible, that it always has sufficient liquid assets to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Commission's reputation. The Commission manages this risk by maintaining an adequate level of liquid funds and relies on the Government of Jamaica for financial support, if needed. 12 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 3. Financial Risk Management cont'd The following table presents the undiscounted contractual cash flows of financial liabilities, including interest payments, on the basis of their earliest possible contractual maturity, compared to carrying amounts. 2018 Carrying amount Contractual cash Due within Flows 3 months Financial Liabilities Accounts payable and accruals 143,793,787 143,793,787 143,793,787 2017 Carrying amount Contractual cash Due within Flows 3 months Financial Liabilities Accounts payable and accruals 175,758,393 175,758,393 175,758,393 i. Market risk Market risk is the risk that changes in market prices, such as foreign exchange and interest rates, will affect the Commission's income or the value of its holding of financial instruments. The objective is to manage market risk exposures within acceptable parameters while optimizing the returns. a) Foreign currency risk The Commission incurs foreign currency risk on transactions that are denominated in a currency other than the Jamaican Dollar. At year end, there was no material exposure to foreign currency risk. b) Interest rate risk Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Commission does not account for any fixed rate financial assets or liabilities at fair value. Therefore a change in interest rates at the reporting date would not affect the reported results or equity. 13 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 3. Financial Risk Management cont'd iv. Fair values The fair values of financial assets and liabilities are broadly equivalent to the carrying amount shown in the balance sheet. 4. Taxation Under Section 14 of the Early Childhood Commission Act 2003, the Commission is not subject to income tax. 5. Property, Plant and Equipment Computers, Office Furniture, Motor Equipment Fixtures & Small Vehicles & Software Equipment TOTAL Cost $ $ $ $ April 1, 2017 5,500,000 79,337,051 28,970,635 113,80 7,686 Adjustment (437,518) - - (437,518) Additions - 20,331,352 4,272,640 24,603,992 Disposals - (3,004,741) (205,273) (3,21,014) March 31, 2018 5,062,482 96,663,662 33,038,002 134,764,146 Depreciation April 1, 2017 63,065,773 15,716,638 78,782,411 Disposal - (3,004,724) (192,718) (3,197,442) Depreciation charges 843,747 9,271,778 2,390,646 12,506,171 March 31, 2018 - 69,332,827 17,914,566 88,091,140 NBV - March 31, 2017 5,500,000 16271,278 13,253,997 35,025,275 NBV - March 31, 2018 4,218,735 27,330,835 15,123,436 46,673,006 14 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 6. Accounts Receivable and Prepayments 2018 2017 Accounts receivable 30,421,166 28,097,648 Prepayments 3,800,772 3,181,006 Advances 8,344,754 28,222,490 42,566,692 59,501,144 7. Cash and Cash Equivalents This represents the balances of funds managed by The Commission breakout as below: 2018 2017 NCB#0610291769 (Subvention) 591,650,679 19,156, 60 NCB#06102968 (Donor Fund) 717,011 144,265 NCB#061037632 (UNICEF) 1,911,831 1,91 1, 31 NCB#061043098 (Conference) 2,137,716 12,568,120 NCB#061047670 (BVL) 428,984 428, 84 NCB#061057064 (Salaries) 1,274,906 15,342, 47 NCB#061054340 (National Reg.) 1,544,482 1,361, 32 NCB#061060200 (Canadian Fund) 241,026 408, 01 NCB#061082298 (Basic School) 224,547,726 125,679,793 BOJ#810088 (JECD Project) (Note 9) 16,687,271 1,500,660 841,141,632 168,501, 93 8. Accounts Payable and Accruals 2018 2017 $ $ Trade payables 5,977,270 5,819,692 Accruals 65,251,017 147,528,387 Statutory 17,492,009 11,206 GCT Liabilities 11,025,570 - Otherpayables 27,360,650 20,899,048 127,106,516 174,258,333 15 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 9. JECD Project The Early Childhood Development Project is financed by a loan from the World Bank of US$12,000,000 and is being implemented by the Commission with the assistance of other stakeholders. The Project consists of two components, namely: a) Component 1 - Sector Wide Approach will co-finance the implementation of the National Strategic Plan. Component 1 is valued at US$ 11,000,000. b) Component 2 - will consist of technical assistance and will finance consultant services procured and managed by the Commission. Component two is valued at US$970,000. The funds reflected on these financial statement relates to Component 2 and represents amounts held on the Designated Account at the Bank of Jamaica for the activities of the Project to be undertaken. At the March 31, 2018, the balance on the Special Account was $16,687,271 (US$131,660.97) 10. Donated Assets Reserve These assets were donated by the Ministry of Education, UNICEF and World Bank (IBRD Loan) for use by the Commission. 11. Revenue 2018 2017 $ $ Subvention (i) 2,507,282,932 1,827,091,693 JECD Project - World Bank (ii) 37,208,452 10,726,120 Funds Received- CHASE (iii) 958,996 4,491,004 Other Contributions (iv) 486,274 2,346,017 2,545,936,653 1,844,654,834 16 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 11. Revenue cont'd (i) The revenue grants represents budgetary draw down received from the Ministry of Education and Government of Jamaica, to cover operational expenses for the Commission and Early Childhood Institutions. (ii) This represents cash resources utilized for JECD project activities under the World Bank IBRD Loan No. 8334. (iii) CHASE funds received during the FY 2017-2018 were used to finance Curriculum Training project. (iv) Donations received from NGOs to support ECC's Certification Fair and ECI's Registration fees. 12. Staff Costs Staff costs incurred during the year is as follows: 2018 2017 Compensation of staff 244,372,527 222,096,782 Other retirement benefits 3,176,043 5,092,819 Clothing allowance 75,565 57,380 Staff welfare 499,589 656,879 Travel and subsistence 93,588,062 88,558,072 341,711,786 316,461,932 17 THE EARLY CHILDHOOD COMMISSION Notes to the financial statements For the year ended March 31, 2018 12. Staff Costs cont'd Executive Salaries Travelling 2018 2017 Salary Allowance Total Total Cs) ($) ($) Cs) Executive Director 3,912,915 1,341,624 5,254,539 5,557,914 Director of Cross Sectoral 3,236,553 1,341,624 4,578,177 4,134,155 Director of Sector Support 2,722,799 1,341,624 4,064,423 4,424,055 Director of Regulation & Monitoring 2,681,818 707,448 3,389,266 3,383,184 Director of Finance 2,431,041 707,448 3,138,489 3,079,196 Emoluments to Staff 2018 2017 Salary Earnings over $2.5M including Travelling Salary ranges: $5,250,000 and above 1 1 $4,250,000 - $5,249,999 1 1 $4,000,000 - $4,249,999 1 1 $3,750,000 - $3,999,999 0 0 $3,500,000 - $3,749,999 0 0 $3,250,000 - $3,499,999 1 5 $3,000,000 - $3,249,999 4 1 $2,750,000 - $2,999,999 1 6 $2,500,000 - $2,749,999 9 7 18 22