JMMB : 02 Jun 2022 – JMMB Group Limited- Audited Financial Statements for the year ended March 31st 2022

JMMB GROUP LIMITED

FINANCIAL STATEMENTS

MARCH 31, 2022

JMMB GROUP LIMITED

Index

31 March 2022

	Pages
Independent Auditors' Report to the Members	1-9
Financial Statements
Consolidated profit and loss account	10
Consolidated statement of profit or loss and other comprehensive income	11
Consolidated statement of financial position	12 - 13
Consolidated statement of changes in stockholders' equity	14
Consolidated statement of cash flows	15 - 16
Company statement of profit or loss account and other comprehensive income	17
Company statement of financial position	18
Company statement of changes in stockholders' equity	19
Company statement of cash flows	20
Notes to the financial statements	21 - 122

KPMG

P.O. Box 436

6 Duke Street Kingston Jamaica, W.I.

[phone] [e-mail]

INDEPENDENT AUDITORS' REPORT

To the Members of

JMMB GROUP LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the separate financial statements of JMMB Group Limited ("the Company") and the consolidated financial statements of the Company and its subsidiaries ("the Group"), set out on pages 10 to 122, which comprise the Group's and Company's statements of financial position as at 31 March 2022, the Group's and Company's profit and loss accounts, statements of profit or loss and other comprehensive income, changes in stockholders' equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and the Company as at 31 March 2021, and of the Group's and Company's financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) and the Jamaican Companies Act.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants International Code of Ethics for Professional Accountants including International Independence Standards (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

KPMG, a Jamaican partnership and a member firm of the KPMG global	R. Tarun Handa	Nigel R. Chambers	Rochelle N. Stephenson
organization of independent member firms affiliated with KPMG International	Cynthia L. Lawrence	Nyssa A. Johnson	Sandra A. Edwards
Limited, a private English company limited by guarantee.	Rajan Trehan	W. Gihan C. de Mel	Karen Ragoobirsingh
	Norman O. Rainford	Wilbert A. Spence

Page 2

INDEPENDENT AUDITORS' REPORT (CONTINUED)

To the Members of

JMMB GROUP LIMITED

Report on the Audit of the Financial Statements (continued)

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

1. Fair value of investments

Key Audit Matter	How the matter was addressed in
[see notes 16 and 32(a)]	our audit
A significant portion of the	Our procedures in this area included
Group's investment securities	the following:
measured at fair value are	• Assessing the design and
instruments for which quoted
operating effectiveness of the
prices are not available.	Group's controls over the
	determination and computation of
Valuation of these investments,	fair values.
although based on observable
market inputs, requires	• Challenging the reasonableness of
significant estimation.	yields or prices by comparison to
Management used valuation	independent pricing sources.
techniques which involve	• Assessing the reasonableness of
inputs such as market yields
significant assumptions used by
obtained from established yield
management.
curves which are impacted by
uncertainty of market factors.	• Involving our valuation specialists
	to determine or obtain yields or
Though market conditions have	prices of specific securities and
improved since the onset of	comparing these yield or prices to
the COVID-19 pandemic, there	those used by management.
has been continued volatility of
prices in various markets which	• Assessing the adequacy of the
has increased estimation risk	disclosures, including the degree
for yields and prices used in	of estimation involved in
determining fair values.	determining fair values and
	sensitivities to changes in key
	assumptions.

Page 3

INDEPENDENT AUDITORS' REPORT (CONTINUED)

To the Members of

JMMB GROUP LIMITED

Report on the Audit of the Financial Statements (continued)

Key Audit Matters (continued)

2. Measurement of expected credit losses on financial assets

Key Audit Matter	How the matter was addressed in our
[see note 31(b)]	audit
The Group recognises	Our procedures in this area included the
expected credit losses ('ECL')	following:
on financial assets, the
determination of which is	∙ Updating our understanding of the
highly subjective and requires	models used by management for the
management to make	calculation of expected credit losses,
significant judgements and	including governance over the
assumptions.	determination of key judgements and
	assumptions.
The key areas that required	∙ Testing the design and
greater management
implementation of the controls over
judgement included the
the determination of expected credit
determination of significant
losses.
increase in credit risk ('SICR'),
the determination of	∙ Testing the design and operating
probability of default, loss
effectiveness of the key controls
given default, exposures at
over the completeness and accuracy
default and the application of
of the key data inputs into the IFRS 9
forward-looking information.
impairment models.
Whilst there have been	∙ Testing the completeness and
improvements in market	accuracy of the data used in the
conditions since the onset of	models to the underlying accounting
the COVID-19 pandemic,	records on a sample basis.
there is still uncertainty	∙ Involving our financial risk modelling
regarding the outcome of the
specialists to evaluate the
pandemic. This continues to
appropriateness of the Group's
require increased judgements
impairment methodologies, including
in determining increases in
the SICR criteria used, independently
credit risk and uncertainties
assessing the assumptions for
about potential future
probability of default, loss given
economic scenarios and other
default, exposure at default and the
impact on credit losses.
incorporation of forward-looking
	information.