JPS & Partners 2016 Annual Report

Our Mission 

Our Vision 

To be our members’ 

premier financial 

partner for life. 

Our Core 

Values 

Integrity, 

Trust, Service, 

Accountability, 

Prosperity. 

Through a competent 

and committed team 

and innovative 

technology, we provide 

a wide range of 

services of the highest 

quality to meet the 

financial needs and 

aspirations of our 

internal and external 

stakeholders across 

Jamaica and the 

Diaspora; Promote 

equal opportunity; 

Foster economic 

growth and stability 

while upholding our 

core values. We care 

for our members and 

our community.

JPS & Partners... 

Securing your financial future 

Enjoy competitive returns on savings, personalized service and a 

reservoir of products and services to suit your every financial need. 

PRODUCTS AND SERVICES 

SAVINGS PRODUCTS 

• UGain Savers 

Account 

• Ordinary Shares 

• Special Deposits 

• Fixed Deposits 

• Partner Plan Savings 

• Life Long Savings 

Account 

• Treasure Chest 

Account 

LOANS PROGRAMMES 

• Motor Vehicle 

• Education 

• Mortgage 

• Home Equity 

• Air Conditioning 

• Back-to-School 

• Christmas Combo 

• Pay Day 

• Computer 

• Vacation 

• Father’s Day 

• Cash-On-Credit 

• Mother’s Day 

• Insurance Premium 

• Furniture/Appliance 

• Salary Enhancer 

SERVICES 

• Family Indemnity 

Plan (FIP) 

• Health Plan 

• Debit Card Service 

• Standing Order Facility 

• Payroll Deduction 

• Financial Counselling 

• Direct Deposit Facility 

• Online Banking 

FREE LIFE INSURANCE 

PROTECTION 

• Up to $2,000,000 

on loans 

• Up to $1,000,000 

on savings

Table of Contents 

NOTICE OF MEETING 3 

PROGRESS REPORT 4 

MINUTES - 61 TH ANNUAL GENERAL MEETING 5 

PICTORIAL HIGHLIGHTS 17 

BOARD OF DIRECTORS’ REPORT 19 

75TH ANNIVERSARY MESSAGE FROM JCCUL 28 

TREASURER’S REPORT 29 

MEET OUR TEAM 36 

OUR LOCATION REPRESENTATIVES 40 

FINANCIALS 43 

Letter from the Department of Co-operatives 44 

Auditors’ Letter 45 

Statement of Financial Position 48 

Statement of Comprehensive Income 49 

Statement of Changes in Equity 50 

Statement of Cash Flows 56 

Notes to the Financial Statements 57 

COMMITTEE REPORTS 

Supervisory Committee 103 

Credit Committee 105 

League Delegates 107 

Nominating Committee 110 

Resolutions 113 

JPS & Partners Co-operative Credit Union Ltd. 2 ANNUAL REPORT 2016

Notice of Meeting 

Notice is hereby given that the 62 nd Annual General Meeting of the JPS & Partners Co-operative 

Credit Union Limited will be held at Campion College Auditorium, 105 Hope Road, Kingston on 

Saturday, May 20, 2017, commencing at 10:00 a.m. 

AGENDA 

1. ASCERTAIN that a quorum is present 

2. APOLOGIES FOR ABSENCE 

3. APPROVAL OF THE MINUTES 

of the last Annual General Meeting and 

discussion of MATTERS arising 

4. REPORTS 

Board of Directors 

Treasurer and Auditor 

Supervisory Committee 

Credit Committee 

League Delegates 

5. DISTRIBUTION OF SURPLUS 

6. RESOLUTIONS 

Mergers 

Rule Change 

Fixing of Maximum Liability 

7. NOMINATION COMMITTEE REPORT 

8. ELECTION 




9. ANY OTHER BUSINESS 

10. ADJOURNMENT 

Earl Munroe 

Board Secretary 


Progress Report 2007-2016 

YEARS MEMBERS SHARES DEPOSITS LOANS 

EARNINGS 

ASSETS DIVIDENDS/ 

Balance Balance Balance Gross 

Income 

Expenses Net 

Income 

INTEREST 

before Honoraria 

$M $M $M $M $M $M $M % 

2007 5,274 306,012 942,897 840,83 244,667 199,886 18.61* 1,560,060 9.5 

2008 6,008 371,675 1,432,446 1,206,69 314,052 270,804 40.21* 2,165,074 7.5 

2009 6,352 427,921 1,409,339 1,236,41 390,118 331,397 58.72* 2,261.48 6.5 

2010 6,807 449,091 1,621,615 1,145,43 341,556 295,048 46.51 2,529,832* 6 

2011 6,478 469,360 1,591,627 1,194,40* 314,219* 262,009* 52.21* 2,581,571* 4 

2012 6,766 469,167 1,543,397 1,271,85 294,516 263,871 30.64 2,571,858* 3 

2013 9,851 831,109 2,005,029 1,905,403 344,860 314,390 30.47 3,703,516 3 

2014 10,249 893,720 1,901,545 1,957,320 423,447 381,629 41.82 3,675,189 3.25 

2015 11,840 947.58 1,858.46 2,071.42 432,853 391,491 41.36 3,700,351 3.4 

2016 13,796 1,208.67 1,915.26 2,445.36 440,946 410,337 30.61 4,110,374 3 

* Restated 


Minutes of the 61st AGM 

MINUTES of the 61st Annual General Meeting of the JPS & Partners Co-operative 

Credit Union Limited held on Saturday, June 4, 2016 at the Jamaica Conference 

Centre, 14-20 Port Royal Street, Kingston. Commencing at 10:32 a.m. 

Present at the Head Table were: 

Miss Natalie Sparkes - President/Chairman 

Mr. Albert Dawkins - Vice President 

Mr. Vaughn McDonald - Secretary 

Mr. Earl Munroe - Assistant Secretary 

Mr. Delroy Redway - Treasurer 

Miss Fiona Johnson - Assistant Treasurer 

Miss Gerlyn Gray - Director 

Mr. Derrick Tulloch - Director 

Mr. Dwight Hart - Director 

Ms. Kim Robinson - Director 

Ms. Alicia Burnett - Director 

Miss Joydene Jarrett - General Manager 

CALLED TO ORDER 

Having ascertained that a quorum was in place and in 

accordance with the relevant section of the Rules regarding 

a quorum of the Annual General Meeting, the President/ 

Chairman called the meeting to order. 

NOTICE OF ANNUAL GENERAL MEETING 

Upon the invitation of the President/Chairman Miss Natalie 

Sparkes, the Assistant Secretary Mr. Earl Munroe competently 

read the notice convening the Annual General Meeting. 

APOLOGIES FOR ABSENCE 

Apologies for absence were tendered for Mr. Albert Morris, 

Kayla Morris, Jodi Morris, Linda Miller and June Redway. 

ADOPTION OF THE AGENDA 

A motion was duly moved and seconded for the adoption 

of the Agenda by Michael Bravo and Nicole Taylor. 

The Credit Union pays tribute to retiring Board Members. Joining them in the photograph is the longest serving Vice-President 

and President of the Credit Union. (From L-R) Albert Dawkins, Vice-President, Vaughn McDonald, Kim Robinson, Gerlyn Gray, 

Delroy Redway (retiring board members) and former president Derrick Tulloch. 


Minutes of the 61st AGM (Continued) 

NATIONAL ANTHEM 

The National Anthem was played. 

PRAYER 

Prayer was offered by Director Gerlyn Gray, after which the 

Prayer of St. Francis of Assisi was read. 

SPECIALLY INVITED GUESTS 

Mrs. Bethune Lugg-Banton – QNET 

Mr. Robert Gordon – CRIF NM 

Mrs. Lisa Cousins and Ms. Simone Powell – Auditors, UHY 

Dawgen Chartered Accountants 

Mr. Kemar Bennett – Jamaica Co-operative Credit Union 

League (JCCUL) 

Mr. Michael Webb – Department of Co-operatives and 

Friendly Societies 

Mr. Jerome Hyatt 

WELCOME AND OPENING REMARKS 

The President on behalf of the Board of Directors extended 

welcome to everyone present at the meeting. She 

proceeded however to make special mention of two of the 

Member, Douet Stennett, perusing the pages of the Annual 

Report prior to the start of the meeting. 

founders of the Credit Union, Mr. Albert “Bertie” Morris and 

Mr. Lloyd Mordecai. She stated that without them the 

members would not have a Credit Union, as it was their 

vision that led to the formation of the Credit Union. Mention 

was also made of the specially invited guests in the 

gathering. 

The President introduced the members of the Board as well 

as the members of the various committees of the Credit 

Union. She tendered an apology for the Secretary, Mr. 

Vaughn McDonald who would be late. She explained to the 

members the reason for the change in the starting time of 

the Annual General Meeting and thanked them for adjusting 

their schedules to accommodate the earlier starting time of 

the Annual General Meeting. 

She told the gathering that from a Board’s standpoint 

regarding the persons who were elected to lead the Credit 

Union, there were some issues that could lead to extensive 

dialogue. She cautioned the members to be respectful as 

they discuss the issues and to remember that they are 

members of the same Credit Union with the common aim of 

making the organization better than it was the previous year. 

MINUTES OF LAST MEETING 

It was ascertained that the Minutes of the last meeting were 

circulated. A motion was subsequently moved by Mrs. 

Margaret Morris and seconded by Mr. Phillip Lewis. 

CORRECTIONS 

The following corrections were effected to the Minutes: 

• On page 6, third column, top of the column, first line 

should read, ‘The motion for the approval of the Minutes 

to be taken as read was moved by Mrs. Cheryl Grant and 

seconded by Mrs. Glennamoe McNabb’. 

• On page 14, the Distribution Table, under Youth 

Education it should read ‘$600,000 instead of 

$600,000,000’. The same correction should be made 

for Care-A-Bit; it should be $750,000 instead of 

$750,000,000. 

CONFIRMATION 

The Minutes were confirmed on a motion moved by 

Mr. Ronald Thomas and seconded by Mr. Anthony Creary. 



REPORTS 

Board Report 

Before going through the report the President drew the 

meeting’s attention to the new marketing employee, Andy- 

Raye Grapine, and noted the excellent work he did with the 

uploading of the information in the magazine onto the Credit 

Union’s website. She also thanked Director Burnett for 

keeping her up to date with the right terminologies. At this 

juncture welcome was extended to the Secretary Mr. Vaughn 

McDonald. A motion was moved and seconded for the 

report to be taken as read by Glaister Dunkley and Melinda 

Lloyd. 

In going through the report the President indicated that she 

would be starting with the overview of the Jamaican 

economy. She opined that since the members live and work 

in Jamaica, they should use the Jamaican economy as a 

guide. She told the meeting that Jamaica obtained a “B” 

rating from the rating house Standard and Poor, moving from 

a “B” minus. The economy she said did well. 

She noted that the country had fiscal growth of 1.1% and 

that inflation was 3.7% compared to 6.4% over the previous 

year. In the area of Treasury bill rate, she stated that the 

average yield for 30 days was 5.96% and 6.04% for 90 

days. She commended the Treasury and Marketing 

Manager Camiel Franklyn on doing a marvelous job in 

investing the funds in the market to ensure our deposit 

accounts gained some of these benefits. She also noted 

that JPS & Partners Credit Union had done well in terms of 

the interest rates offered on deposits based on the market 

rates. She made mention that the Jamaican dollar started 

out at $115.32: US$1.00 and ended the year at $120.42: 

US$1.00. The Net International Reserves stood at 

US$2.437 Billion. The unemployment rate, she said, stood 

at 13.5% compared to 13.8% in 2014. However, she noted 

that youth employment stood at 38%, which was troubling 

and posed some challenges for the country. 

The President told the members that the macroeconomic 

outlook for Jamaica in 2016 was positive and that based on 

the figures coming out for June from the study, the business 

community felt positive about the figures. Turning to the 

global economy, the President noted that the Chinese 

economy had slowed down and that the situation had 

affected members working in the bauxite industry. For those 

members working in the energy sector she stated that while 

President, Natalie Sparkes addresses the membership at the 

meeting. 

they had gotten a windfall in terms of the lowering of oil price, 

it would still be difficult to find the 9% increase to give to 

members. She made mention of Greece and their bailout 

package. She further said that Jamaica should be happy 

not to be in Greece’s position, as Jamaica could not take all 

the migrants who were turning up on Greece’s shores. She 

mentioned that Venezuela had extended the Petro Caribe 

deal to Jamaica and stated that Jamaica was in a better 

position than many countries around the world. 

In looking at the performance of the Credit Union Movement 

over the period, the President stated that the Movement’s 

Savings portfolio grew by 8.55%, the Loan portfolio by 

6.93%, Assets by 7.94% and the membership overall stood 

at 999,416, which was a growth of 1.08%. 

The JPS & Partners Co-operative Credit Union 

The Shares grew by 6.02% while deposits declined by 

2.26%; Loan portfolio grew by 5.83%; Total Assets grew by 

a mere 0.68%; Surplus declined by 1%; Institutional Capital 

moved by 1.39% and membership grew by 15.52% due 

mainly to partner membership. 

Montego Bay Office 

On the issue of an office in Montego Bay, the President told 

the members that the Movement was pushing for shared 



branching network. She stated that, that might be the 

option for the western part of the country. She told the 

members also that plans were in place to target family 

members particularly at the Ewarton Branch, as well as to 

expand the School Savers Programme to look at schools in 

St. Catherine. 

Delinquency 

The President noted that there was a reduction in terms of 

delinquency from 4.72% to 2.33% for 2015. However, she 

stated that the Credit Union had to be careful in the granting 

of loans as well as the safeguards that were put in place for 

giving those loans. She added that two loans going bad 

could wipe out the Credit Union’s surplus. Members were 

informed that several financial houses were now releasing 

credit information on their customers to various institutions, 

and as a result the Credit Union was benefiting from this 

sharing of information. 

Composition of the Board 

She noted that the term limit rules which were previously put 

in place were in effect. She said that the Board started out 

with thirteen (13) volunteers, reduced to eleven (11) and will 

revert to nine (9) based on the mandate that was given to 

the Credit Union. She subsequently introduced the members 

of the Management Team of the Credit Union and stated that 

the Credit Union had a staff complement of thirty one (31) 

permanent employees and ten (10) contract employees. 

She invited the members to view their photographs in the 

Annual Report. 

Adoption of Schools 

Speaking to the growth in the area of youth, the President 

stated that the Credit Union had adopted Central Branch All- 

Age School, St. Mary the Virgin Basic School, Merrion Basic 

School, Polly Ground Basic School and St. John Bosco 

Boys Home. She also stated that the Credit Union hosted 

a number of summer camps. The President singled out the 

handing over of a donation to the St. John Bosco Boys 

Home by herself and other Credit Union representatives. 

She highlighted the several self-sufficiency projects in 

operation by these abandoned children – pig and chicken 

rearing, baking and catering. She encouraged members to 

seek to act as mentors for these boys. 

Operational Highlights 

Based on the soon-to-be enacted Bank of Jamaica 

Regulation, the President said that the Credit Union had 

reviewed the organization’s structure and had also done a 

business plan. She noted that job descriptions (JDs) were 

reviewed and that a Human Resource (HR) consultant was 

engaged to develop among other things a structure for the 

President, Natalie Sparkes discusses a point from the Annual Report with General Manager, Joydene Jarrett and Treasurer, 

Delroy Redway. 



organization. In addition, she stated that the Credit Union 

engaged the Credit Union League’s services to develop a five 

(5) year business plan. The President told the members that 

the Credit Union was now a payee on the Bank of Nova 

Scotia, platform and that they could now utilize the service. 

Continuing the highlights, she stated that the Credit Union in 

its efforts to simplify operating processes had implemented 

both the Salary Deduction and Family indemnity Plan (FIP) 

Models. She added that a new PBX System had been 

installed at the Kirkvine Branch. The President also told the 

members that funds were committed for IT training, software 

upgrade and for the purchase of servers. 

Infrastructure Development 

The President made mention of the painting of both the 

interior and exterior of the Head Office building. She also 

mentioned that the air quality issue was remedied and that 

the last reading indicated improvements. The President told 

the members that a rehabilitation of the electrical system at 

the Head Office as well as at the Lady Musgrave Road 

property was undertaken She stated that although quotations 

for the renovation of the Ewarton Branch were received, the 

project was placed on hold until dialogue was had on the 

renewal of the current lease agreement set to expire within 

the next three (3) years time. The President commended the 

work of the Infrastructure Committee chaired by Director Earl 

Munroe. Special thanks was expressed to Mr. Munroe for 

giving his invaluable service to the Credit Union. 

Roadmap for the Future 

With the impending implementation of the Bank of Jamaica 

(BOJ) Regulations of Credit Unions, it was imperative that 

the Credit Union begin to put measures in place to meet the 

requirements. She again reiterated that the Credit Union had 

signed off on the commissioning of a five-year Business Plan 

to chart the way forward for the Credit Union. The Board 

was looking at designs for the Head Office with the intent to 

relocate to the Lady Musgrave Road property. She noted 

that it is estimated that it may cost in the region of $175M to 

construct the Head Office there. Referring to the Lady 

Musgrave Road property, she noted that the BOJ had stated 

that entities such as the Credit Union should not be holding 

real estate for investment purposes. 

The President told the meeting that information on the 

merger discussion could be found at the back of their report 

Founding member, Lloyd Mordecai prepares to review his 

annual report. 

and that a merger proposal with Collector General (CG) 

Credit Union, which was tabled the previous year, was before 

the meeting. She added that the Credit Union was looking 

at an integrated structure of training and development plan 

for all the staff and volunteers. In addition, she told the 

members that the Credit Union would be looking to improve 

the marketing of its services and that there were some 

services that members were not aware of. She advised that 

the Credit Union will be introducing fees for the processing 

of standing orders and gave the reason for the introduction. 

Conclusion 

In concluding her report, the President acknowledged God 

and noted that the Prayer of St. Francis of Assisi was used as 

a guide in what the members do at the Board Meetings. She 

thanked the management, staff and volunteers for their hard 

work to the Credit Union during the year. Special appreciation 

went out to Mr. Michael Webb from the Department of Cooperatives 

and Friendly Societies and the Auditors from UHY 

Dawgen incorporating Paul Goldson and Company. 

Concern by Mr. Winston Delahaye 

Mr. Delahaye told the meeting that he had a standing order 

in place and that payments were not being remitted to the 

recipient in a timely manner. He noted that the President 

alluded to the introduction of standing order fees and asked 



for better management of the process. The President said 

the concern was noted and promised to have the issue 

rectified. 

The report of the Board of Directors was adopted on a 

motion by Margaret Morris and seconded by Melinda Lloyd. 

Suspension of Standing Orders 

A motion was moved and seconded by Michael Bravo and 

Raphael Walker for the suspension of the Standing Orders 

to allow Mr. Robert Gordon from CRIF NM Credit Bureau to 

make a presentation. 

PRESENTATION BY MR. ROBERT GORDON 

Mr. Gordon made a brief presentation on the services offered 

by his company. 

Resumption of Standing Orders 

A motion was duly moved and seconded for the Standing 

Orders to be resumed by Derrick Tulloch and Dorothy Paisley. 

DECEASED MEMBERS 

A Minute’s silence was observed for the deceased members 

who had transitioned during the year. 

A lucky member receives his gift basket from Director, Alicia 

Burnett. 

TREASURER’S & AUDITOR’S REPORT 

The Treasurer informed the meeting that before going through 

his report he would be inviting Mrs. Lisa. Cousins from the 

auditing firm UHY Dawgen to present the Auditor’s Report. 

Auditor’s Report 

The report confirmed that they had audited the financial 

statements of the JPS & Partners Co-operative Credit Union 

Limited which comprised the statement of the Society’s 

financial position as at 31st December 2015, the statement 

of Comprehensive Income, Statement of Changes in Equity 

and Cash Flow Statement for the year then ended, together 

with a summary of significant accounting policies and other 

explanatory notes. 

The report mentioned Management’s responsibility for the 

preparation and fair representation of the statements in 

accordance with International Financial Reporting Standards 

(IFRS) and the Co-operative Societies Act. 

The report highlighted also the Auditor’s responsibility to 

express an opinion on the financial statements based on 

their audit. The Auditor’s opinion was that the financial 

statements gave a true and fair view of the state of the Credit 

Union’s affairs as at December 31, 2015 and its financial 

performance, changes in equity and cash flows for the year 

ended. 

In reporting on additional matters required by the Cooperative 

Societies Act, Mrs. Cousins indicated that in the 

Auditors’ opinion, proper accounting records had been 

maintained so far as appeared from their examination of 

those records, and the financial statements which were in 

agreement therewith, gave the information required by the 

Co-operative Societies Act. 

Treasurer’s Report 

The Treasurer invited a motion that his report be taken as 

read. The motion was duly moved and seconded by Lloyd 

Mordecai and Anthony Creary. The following errors were 

noted in the Treasurer’s Report: On page 28, under Total 

Delinquency/Gross Loans Portfolio for 2015, ‘3.22’ should 

be changed to ‘3.33’. On page 30, under Loan Delinquency 

for 2015, ‘4.89%’ should read ‘4.72%’. 

The Treasurer indicated that he would be using a powerpoint 

presentation to assist in the interest of time and that 



he would take the members’ questions at the end of the 

presentation. He noted that as the Credit Union celebrated 

its 60th Anniversary year in 2016, the members were 

reflecting on the past year which presented a number of 

challenges for the economy globally and locally. He pointed 

out that because JPS & Partners Credit Union was prudent 

and organized to the level of efficiency, the Credit Union was 

able to come through the period making a surplus. Looking 

at some of the factors affecting profitability, the Treasurer 

stated that some of the key factors were reduction in 

disposable income, acute competition in the financial sector, 

very active micro-lending sector and the in-house financing 

for consumer durables by some companies. 

The Treasurer noted that there was a high level of 

unemployment in the country during the year, coupled with 

a downturn in most of the economic activities, as well as the 

slide of the Jamaican dollar against the major trading 

currencies. He further noted that public sector wage 

restrictions continued to impact the ability to spend. High 

operating costs also impacted some of the Credit Union’s 

opportunities. 

Operation Performance 

Highlighting the operation performances, the Treasurer 

reported that at the end of 2015: 

• The Credit Union recorded a Surplus of $41.4 Million 

which reflected a decrease of 1% from the $41.8 Million 

in 2014; 20% will be transferred to Statutory Reserves, 

leaving a balance of $33.1 Million available for distribution. 

• Interest Income increased over the period by $5.9 Million 

to $396.7 Million, recording growth of 2%. 

• Non-Interest Income increased by $3.5 Million to $36.2 

Million, recording growth of 10.7%. 

• Interest Income grew to $396.7 Million, recording growth 

of 1.5%. 

• Operating Expenses increased by 6%, moving from 

$231.7 Million in 2014 to $245.7 Million in 2015. 

• The ratio of Operating Expenses to Total Income 

increased from 54.7% in 2014 to 56.7% in 2015. 

• Personnel Expenses increased by $10.8 Million or 9% 

over 2014 operating year. 

• Representation Expenses decreased by $10.2 Million. 

• Administration Expenses increased by $15.1 Million over 

the previous period. 

Board member, Derrick Tulloch reviews the figures in the 

annual report with Lisa Cousins of UHY Dawgen Chartered 

Accountants. 

PEARLS Ratio 

The Treasurer noted that the Credit Union had maintained a 

fairly good account in this area. He noted that there were 

some challenges in terms of the asset ratio but that will be 

looked at going forward. He stated that for the Members 

Shares, Voluntary Shares increased by $53.9 Million in 2015, 

moving from $893.7 Million in 2014 to $947.6 Million. He 

noted that a compulsory share savings attached to some 

loan products had contributed to this growth. He 

encouraged the members to continue their voluntary 

savings. 

Highlights of successful year in 2015 

The Treasurer told the members that the Credit Union 

recorded a Surplus of $41.4 Million in a very challenging 

environment, and that the Net Loan portfolio grew by almost 

6% while Delinquency was reduced to 2.33% and higher 

interest was paid on Voluntary Shares. The Institutional 

Capital at December 31, 2015 stood at $600.3 Million, which 

was 16.2% of the Credit Union’s Total Assets. He added 

that no addition to the Institutional Capital was 

recommended from the 2015 Surplus. 



Members cast their votes. 

Acknowledgement 

In closing his report, the Treasurer thanked God for His 

continued guidance and blessings. He expressed thanks to 

his fellow Directors, Management and Staff, for their hard 

work and dedication towards the continued success of the 

Credit Union. He expressed also his appreciation to the 

Volunteers and Auditors, UHY Dawgen, the Registrar of Cooperatives 

and Friendly Societies, the Jamaica Co-operative 

Credit Union League and the sponsoring companies for their 

support throughout the year. 

Matters Arising from the Treasurer’s Report 

Mr. Winston Delahaye, making reference to page 83, on the 

issue of disposal of investment property, questioned what 

was disposed of. The Treasurer stated that a cottage owned 

by the former Ewarton Credit Union was disposed of. He 

explained further that the property was sold in 2015 and so 

the rental income would have been reduced. 

Mr. Delahaye, referring to Land and Building at 37 Lady 

Musgrave Road, said he was not seeing the figure being 

reflected in the $95 Million. The Treasurer stated that the 

figure would not have moved because the valuation did not 

give an appreciation or increase. Mr. Delahaye queried as 

to whether the $95 Million should not be reflected as 

investment property. Ms. Prunella Vassell external auditor, 

explained that the investment property was stated in the 

financial statements at cost and that the $95 Million was just 

stating what the value was at that time. She said it would 

not be reflected in those figures. 

Referring to the Credit Union’s income, Mr. Delahaye noted 

that 43% of the income came from fees charged to the 

members. He stated that fees were non-productive activity 

and reminded the President that she had promised the 

previous year to reduce the fees charged to members. 

Instead, he said he only heard proposal to increase fees. He 

said there must be a flip side. A lengthy discussion ensued. 

Mr. Delahaye persisted and told the President that 43% for 

net fees being a part of the Credit Union’s profit after all the 

charges was not a good direction to go. The President told 

Mr. Delahaye that his point was taken. 

FIXING OF MAXIMUM LIABILITIES 

On the invitation of the President, the Treasurer, Mr. Delroy 

Redway, read the Fixing of Maximum Liability Resolution, 

which was also displayed in a power-point presentation. He 

reminded the meeting that the total liability the Credit Union 

could incur was set at a ratio of not more than sixteen (16) 

times the Society’s Capital and Reserve Fund. 

A motion was moved by Treasurer Delroy Redway and 

seconded by Sonia Smith. It was put to the vote and carried 

by the members. 



DISTRIBUTION OF SURPLUS 

The Treasurer told the members that the Net surplus for 

distribution was $33,089,411. He proposed that the surplus 

be distributed as follows: 

• Dividend on Permanent Shares at 17.5% - 

$10,110,344.00 

• Honoraria - $2,750,000.00 

• Scholarship - $1,600,000.00 

• Youth Education and Development - $1,000,000.00 

• Software Upgrade - $1,000,000.00 

• Care-A-Bit - $1,000,000.00 

• 60th Anniversary - $3,500,000.00 

• Building Reserves - $9,000,000.00 

• Organizational Alignments - $2,629,067.00 

• General Reserves - $500,000.00 

Miss Nicole Taylor enquired about the following line items: 

Building Reserves and Organizational Alignments. The 

Treasurer explained that the amounts allocated were to 

shore up the initial costs associated with the development 

of the Lady Musgrave Road property, as well as to do 

remedial work on the building at Half Way Tree Road. 

The President also explained that the Credit Union was 

looking at joint venture partnerships to develop the Lady 

Musgrave Road Property. She stated that some of the 

departments at Half Way Tree Road would be relocated to 

the proposed new office and so the $9 Million was set aside 

to assist with the development of plans for the building of 

the complex. She also mentioned that in a previous 

presentation, which might have been missed by Miss Taylor, 

it was stated that the Credit Union engaged the League to 

develop a five-year business plan. The President added that 

the Board will have to look at the organization, based on the 

business plan that was done by the League. The Board may 

have to tweak it to fit what would be needed for the 

organization to function properly. The President further 

stated that a restructuring of the organization would have to 

be looked at. 

covenant for the property. She added that there were a 

number of residential properties within the same area. 

The Treasurer invited a motion for the acceptance of the 

recommended distribution of the surplus. The motion was 

moved by Mr. Michael Bravo and seconded by 

Mr. Anthony Creary. The motion was put to a vote and 

carried by the members. 

SUPERVISORY COMMITTEE REPORT 

This report was presented by Mr. Terrence Knight. He invited 

a motion for the report to be taken as read. The motion was 

moved and seconded by Glaister Dunkley and Patrick 

Davidson. Mr. Knight stated the composition of the 

committee in terms of its members and noted that Valerie 

Bennett and Kevin Brown resigned during the year and were 

replaced by Melinda Lloyd and Corine McCalla. There were 

no corrections, no matters arising and no questions or 

concerns for the report. 

In continuing his report, Mr. Knight thanked the Internal 

Auditors, Smith and Associates, the Management and Staff 

of JPS & Partners Co-operative Credit Union and the 

members for their faith in the committee members. A motion 

for the acceptance of the report was moved and seconded 

by Nicole Taylor and Melinda Lloyd. 

Directors Gerlyn Gray and Albert Dawkins share a light 

moment with Asst. Board Secretary, Earl Munroe. 

Mr. Anthony Creary asked whether the apartment complex 

at 37 Lady Musgrave Road would be demolished. The 

Treasurer stated that there was a lot of land space which 

could be used for dual purpose based on the governance 



CREDIT COMMITTEE REPORT 

The President marshaled the Credit Committee Report. She 

asked for a motion to take the report as read. The motion 

was moved by Margaret Morris and seconded by Melinda 

Lloyd. The President announced the names of the 

committee members as Leroy Wilson, Tricia Robinson, 

Arlene Laidlaw, Everoy Mardener and Phillip Lewis. 

One matter arose from the Credit Committee Report where 

Mr. Winston Delahaye stated that when he did the 

calculation of the average motor vehicle, $104.54 Million and 

24 loans approved, the amount was $4 Million. He 

questioned whether the Credit Union lent loans for $1.5 

Million. The President provided the response. A motion for 

the acceptance of the report was moved by Winston 

Delahaye and seconded by Sonia Smith. 

THE LEAGUE DELEGATES REPORT 

Being invited by the President to do the report, Mr. Derrick 

Tulloch stated where the report could be found and invited a 

motion for the report to be taken as read. The motion was 

moved by Kim Robinson and seconded by Margaret Morris. 

Going through the highlights, he told the members that the 

League’s Annual Conference was held in Montego Bay, in 

May 2015, and that a number of presentations were done by 

local and overseas presenters. He stated that the 

Movement’s savings grew by 6.7%, loans grew by 6.05%, 

and assets grew by 7.34% and membership by 1.65%. He 

added that in the banking sector the cost of funds was much 

lower than what existed in the Credit Unions. He noted that 

at the Credit Union, interest was paid on all deposits and that 

in the commercial banks there were current accounts on 

which zero interest was paid. He therefore urged members 

to save with their Credit Union. Continuing his presentation, 

Mr. Tulloch stated that a number of awards were made at the 

Annual Conference. He told the gathering that the JTA Cooperative 

Credit Union won the award for Mega Credit 

Unions; NCB Employees Co-operative Credit Union for largesized 

Credit Unions; Postal Co-operative Credit Union for 

medium and Nestle Co-operative Credit Union for credit 

unions in the small category. 

He concluded the report by stating that the JPS & Partners 

Co-operative Credit Union continued to play a vital role in the 

national Movement and continued as a body to support the 

objectives and goals of the Credit Union Movement. He 

invited a motion for the acceptance of the report. The motion was 

moved by Lloyd Mordecai and seconded by Ronald Thomas. 

RESOLUTIONS 

The President, before inviting Secretary Vaughn McDonald, 

told the meeting that there will be a presentation in terms of 

the Resolutions. She explained that one of the resolutions 

Our youth members line up to get registered for our Children’s Village. 



was to deal with the proposed Transfer of Engagements of 

Collector General (CG) Co-operative Credit Union to JPS & 

Partners Co-operative Credit Union, as well as some of the 

benefits to be had from the proposed merger by way of a 

Transfer of Engagements. 

Mr. Vaughn McDonald read the Resolution and stated that 

the motion for the resolution was moved by him in his 

capacity as Secretary of the Board of Directors. He invited 

a motion for someone to second the motion. The motion 

was seconded by Sonia Smith. A vote was taken on the 

Resolution by Mr. Michael Webb from the Department of Cooperatives 

and Friendly Societies. There were 139 members 

present; 113 members voted for the resolution while 26 

members abstained. 

The second resolution was for Amendment to Article VIII 

Rule 33(i) of the Credit Union’s Rules. Mr. McDonald outlined 

the reasons for the amendment to the Rules and read the 

current and amended rules. He told the members that the 

motion was moved by him in his capacity as Secretary to 

the Board. He invited someone from the floor to second the 

motion. The motion was seconded by Mr. Winston 

Delahaye. The resolution was put to a vote, there were 139 

members present; 110 members voted for, none against 

and 29 abstentions. 

NOMINATING COMMITTEE REPORT 

The Chairperson for the Nominating Committee, Miss Fiona 

Johnson, being asked by the President to marshal the 

Nominating Committee Report, invited a motion for the 

report to be taken as read. The motion was moved by 

Ronald Thomas and seconded by Andrea Thomas. Miss 

Johnson stated that the Committee was appointed by the 

Board of Directors in accordance with Rule 65(1) and 

comprised of herself as the Chairperson, Carl Grant and 

Natalie Murray as members. She added that the 

Committee met and considered all retiring members from 

the Board of Directors, Supervisory and Credit Committees 

and that the nominations for vacant positions at the 61st 

Annual General Meeting were submitted. She invited Mr. 

Michael Webb from the Department of Co-operatives and 

Friendly Societies to conduct the election process. 

Mr. Michael Webb stated that he would be asking for a 

simple resolution, based on the Resolution that was 

previously passed for the Transfer of Engagements of CG 

Anthony Brown takes a trip down memory lane as he looks 

through albums with pictures of yesteryear on display in the 

Credit Union’s pop up museum. 

Credit Union to JPS & Partners Credit Union, to increase 

both the size of the Board and the Credit Committee. He 

invited a motion from the floor. The motion was moved by 

Vaughn McDonald and seconded by Margaret Morris. Mr. 

Webb told the meeting that for the election process he 

would be asking for nominations from the floor. 


Retiring from the Board of Directors were Gerlyn Gray, Delroy 

Redway, Vaughn McDonald, Natalie Sparkes and Dwight 

Hart. Nominated were David Fleming, Alicia Burnett, Deborah 

Campbell, Natalie Sparkes and Dwight Hart. There were no 

other nominations from the floor; hence David Fleming, Alicia 

Burnett, Deborah Campbell, Natalie Sparkes and Dwight Hart 

were duly elected to serve on the Board of Directors. 


Retiring from the Supervisory Committee were Melinda 

Lloyd, Glaister Dunkley, Royen Banton, Terrence Knight and 

Corine McCalla. Nominated were Melinda Lloyd, Glaister 

Dunkley, Rolstan McFarlane, Terrence Knight and Corine 

McCalla. There were no nominations from the floor and so 

therefore Melina Lloyd, Glaister Dunkley, Rolstan McFarlane, 

Terrence Knight and Corine McCalla were duly elected to 

serve on the Supervisory Committee. 




Retiring from the Credit Committee were Arlene Laidlaw, 

Everoy Mardener and Phillips Lewis. Nominated were Arlene 

Laidlaw, Everoy Mardener and Phillip Lewis. There were no 

nominations from the floor; hence Arlene Laidlaw, Everoy 

Mardener and Phillip Lewis were duly elected to serve on the 

Credit Committee. 

At the end of the election process Mr. Webb asked for a 

motion to be moved and seconded to allow the Board of 

Directors to select the Delegates and Alternate Delegates to 

the Jamaica Co-operative Credit Union League’s Annual 

General Meeting. The motion was moved by Phillip Lewis 

and seconded by Cheryl Grant. 

PRESENTATIONS 

The President noted that due to the implementation of term 

limit, the Board lost three (3) of its longstanding members. 

She went on to explain that the Credit Union had now 

implemented term limit whereby board members can only 

serve for three (3) terms, one term being two (2) years. She 

stated that the members who came off the Board had 

served as long as 16 and more years. Presentations were 

made to Directors Gerlyn Gray, Delroy Redway and Vaughn 

McDonald by Mr. Derrick Tulloch. The President told the 

members that Director Kim Robinson was demitting office 

and had volunteered one of her colleagues to replace her on 

the Board. A presentation was made to Kim Robinson by 

Mr. Albert Dawkins. 

PRIZES 

The holders of ticket numbers 0696, 0722, 0720, 0714, 

0422, 0716; cash prize – 0904 won prizes. 

VOTE OF THANKS 

The vote of thanks was done by Director Alicia Burnett. She, 

on behalf of the Board thanked the staff of JPS & Partners 

Co-operative Credit Union, the volunteers, the caterers, the 

Registrar’s Office, the Auditors, the photographer and the 

members for coming out and making the event the success 

it had been. 

TERMINATION 

The President invited a motion for the termination of the 

meeting at 2:05 p.m. The motion was moved by Cheryl 

Grant and seconded by Glaister Dunkley. 

Members getting their refreshments at the end of the meeting. 


Pictorial Highlights 

60th Anniversary Church Service 

Members of the JPS & Partners family are all smiles as they are introduced to the congregation. 

Miss Joydene Jarrett, General Manager 

reads the scripture. 

President, Natalie Sparkes shares in a moment with Rev. Astor Carlyle during the 

Credit Union’s Anniversary service at the Webster Memorial United Church. 

Former Board Member, Vaughn McDonald shares in a light 

moment with Branch Manager, Carl Grant, Marketing Officer, 

Andy-Raye Grapine and Mrs. Cheryl Grant. 

Directors Dwight Hart and Gerlyn Gray embrace after the service. 


Pictorial Highlights 

Long Service Awards 

th 

Miss Kayla Morris receives the 

citation from Director, Derrick 

Tulloch in honour of her father, 

Albert “Bertie” Morris, founding 

member of the Credit Union. 

Mr. Vernon Lawrence is all smiles as he accepts a recognition 

award for service on behalf of founding member Mr. Lloyd 

Mordecai from Joydene Jarrett, General Manager of the 

Credit Union . 

Miss Sharon Walker receiving her long service award for over 

30 years contribution to the Credit Union from General 

Manager of JCCUL, Mr. Glenworth Francis 

State Minister in the Ministry of Finance and 

Public Service, Mrs. Fayval Williams 

delivering the main address. 

These ladies were captivated by the music during the celebrations. 


Board of Directors Report 

Fellow Co-operators, 

In 2016, the Credit Union celebrated its 60th 

anniversary under the theme: “Strengthening 

Families and Building Communities”. We 

believe that this theme embodies the spirit of 

the Credit Union since our inception in 1956. 

It was a community spirit that brought our founding fathers 

together and keeps the Credit Union growing from strength 

to strength. The technologies may change but our members 

will forever remain at the heart of our operations. 

Throughout the year, we held several activities to celebrate 

our sixtieth anniversary ending with our Long Service Awards 

in November. At this event we celebrated those members of 

staff and volunteers who have contributed to the Credit Union 

ensuring its viability over the years. We were able to celebrate 

with founding members Albert “Bertie” Morris and Lloyd 

Mordecai who have been with the Credit Union since 

inception, served in various capacities and laid the foundation 

on which we continue to build today. Several of our 

employees were also awarded for their dedicated years of 

service to the credit union. Collectively four (4) of our 

employees gave over 100 years of service 

Mergers 

The year 2016 was one of growth for our Credit Union. In 

October 2016 we consummated our merger with CG Cooperative 

Credit Union. The merger was done by way of a 

Transfer of Engagement which means that we assumed the 

operations of that Credit Union. The merger saw our Board 

complement increasing from nine (9) members to eleven (11) 

as two directors from the CG Credit Union joined the Board. 

This partnership increased our membership by over 1,000, 

extended our branch operations and has strengthened our 

position among the top ten largest Credit Unions in the 

Movement. We welcome on board employees of Jamaica 

revenue centres and the relatives of these employees who 

can become members of JPS & Partners Credit Union. 

The Global Economy 

The world is one global village with the effects in one area or 

region having an impact on all others especially as it relates 

Natalie Sparkes 

President 

to areas such as trade and foreign investments. The global 

economy was thrown into a mode of uncertainty when on 

June 23rd, the United Kingdom (UK) decided to officially 

sever ties with the European Union (EU) popularly called 

“BREXIT”. There was great uncertainty as to the impact on 

Europe as it relates to economic and political alliances with 

other remaining EU member countries, Many economists 

had argued that BREXIT would have weaken Europe and the 

UK’s competitive advantage against economies such as 

India, China, Japan and the United States. 

The election of Donald Trump to the presidency of the 

United States left many pondering the effects his proposed 

changes to the United States position in the North America 

Free Trade Association (NAFTA) and the impact this will 

have on the Caribbean region. 

Overview of the Economy 

The Jamaican economy continues to exhibit positive signs of 

growth and stability in the management of the major 

macroeconomic variables being inflation, exchange rate and 

interest rate. Positive growth was recorded in the last four 

quarters ending September 2016. The World Bank 

forecasted a 2.1% growth for Jamaica compared to the 

forecasted global growth of 2.9%. Unemployment remain 

high as there was little improvement in the job market. 

Notwithstanding, investors’ confidence remained buoyed. 


Our Directors 


President 

Albert Dawkins 

Vice President 

Deborah Campbell 

Treasurer 

Fiona Johnson 

Assistant Treasurer 

Earl Munroe 

Secretary 

Alicia Burnett 

Assistant Secretary 

Derrick Tulloch 

Director 

Dwight Hart 

Director 

David Flemming 

Director 

David Gray 

Director 

Not Photographed: Richard Palmer, Director 


Board of Directors Report (Continued) 

One of the major highlights of 2016 was the fulfilment of the 

promise of income tax relief for employees who fall under 

the P.A.Y.E. tax system. This promise saw the threshold 

moving from $509,800.00 to $1,000,472.00 on July 01, 

2016 and to $1,500,000.00 on April 01, 2017. Persons 

with income above $6M saw their tax rate moving 

from 25% to 30%. 

The rate of inflation is at a historic low. The rate was 

1.7% compared to 3.72% for 2015. 

There was continued reduction in interest rates with 

Treasury Bills closing the year with average yields of 

5.64% for 30 days instruments, 5.68% for 90 days 

and 6.56% for 180 days instruments. The 

Government’s signing of the Economic Fund Facility 

(EFF) with the International Monetary Fund (IMF) 

was a contributing factor to this continued reduction. 

Expectations are that this low interest rate regime will 

continue. 

The Jamaican currency experienced a 6.1% depreciation 

against the USD in 2016 .The IMF was of the view that the 

domestic currency was overvalued. The Central Bank played 

a low keyed role in the foreign currency market and this 

resulted in the Jamaican dollar depreciating at a rapid rate in 

2016. The domestic currency closed trading in 2016 at 

J$128.44 to US$1.00 after starting the year at J$120.42 to 

US$1.00. 

Net international reserves as measured by the Bank of 

Jamaica stood at J$2,719.37M compared to J$2,437.27 M 

in 2015. This indicates a growth of J$282.1M. 

The Credit Union Movement 

The Movement continues to see a reduction in the number 

of Credit Unions due to ongoing mergers. Discussions 

continue with the Bank of Jamaica regarding the impending 

BOJ Regulation of Credit Unions. The introduction of the 

Regulation will see a very radical shift from the way Credit 

Unions now operate. The Movement continues to assist 

Credit Unions in the preparation for licensing with the hosting 

of several consultation meetings and Rap Sessions with 

Credit Union Boards of Directors and Managers. 

Performance of the League in its major operational areas is 

detailed below. 

LEAGUE’S PERFORMANCE 2016 

Performance 2016 Performance 2015 

Amount % Growth Amount % Growth 

SAVINGS $73.83B 8.42% $68.14B 8.44% 

LOANS $63.74B 7.15% $59.51B 6.89% 

ASSETS $95.67B 7.85% $88.94B 7.67% 

MEMBERSHIP 1,028,182 2.88% 999.416 1.08% 

JPS & Partners Co-operative Credit 

Union Limited... 

Financial Performance 

2016 (M) 2015 (M) Growth 

+/- % 

SHARES 1,208.67 947.58 27 

DEPOSITS 1,915.27 1,858.46 3 

LOANS 2,445.36 2,071.42 18 

TOTAL ASSETS 4,110.37 3,700.35 21 

SURPLUS 30.61 41.36 -26 

INSTITUTIONAL 672.77 600.29 12 

CAPITAL 

MEMBERSHIP 13,796 11,840 16.52% 

We experience growth in our operations. Our performance 

was a direct result of prudent management, operational 

efficiency coupled with the hard work and creativity of each 

team member. 

The increase in shares and deposits was not only as a result 

of the merger but also our members continued confidence 

in our ability to manage their several portfolios. 



Our loans portfolio experienced growth of 18%. The Board’s 

commitment to offer loans at attractive interest rates to our 

members saw the organisation embarking on a number of 

new initiatives to boost/strengthen loans growth. Interest 

rates were also reduced all in an effort to attract and retain 

business amid the fierce competition. We had loan 

promotions geared towards debt consolidation, home 

acquisition, education and motor vehicle purchase. These 

promotions were strategically aligned throughout 2016. They 

included: 

• Sign & Drive Motor Vehicle Sale 

• Consolidate All Promotion 

• Educational Promotion 

• Triple Combo Promotion 

We were able to negotiate and reduce interest rates where 

viable to retain business based on aggressive competition. 

Our surplus recorded a decline when compared to prior year. 

Interest rates declined, which also led to a reduction in 

investment income and the realization of lower margins was 

a contributory factor. Interest rate reduction on loans was 

another factor which impacted on our results. 

Partner in Delinquency Control 

In the area of delinquency 

management, 2016 was a blend of 

various challenges and successes. 

Many of our members experienced 

job losses, reduction in salary and or 

no increases. 

With prudent management of the 

loans portfolio coupled with the 

initiatives of management and staff, 

we were able to achieve a 

delinquency ratio of 2.07%. This 

ratio was within the industry 

standards of 5% and below our 

budgeted ratio of 3.5%. 

Comparison of Delinquent Loans 

2016/2015 

Year Total Loans Delinquent Loans Delinquency Ratio 

2015 $2.1B $48.6M 2.33% 

2016 $2.45B $51.1M 2.07% 

In achieving the ratio of 2.07%, external collection agencies, 

attorneys and debt consolidation to include financial 

counselling were just some of the mitigating strategies 

employed throughout the year. To further improve our 

collection strategies, one additional attorney and a collection 

agency were contracted to handle delinquent property related 

loans and unsecured loans respectively. Legal action was 

initiated against seven (7) members for property related loan 

facilities. Four (4) motor vehicles were repossessed. 

A loan interest amnesty was extended to members with 

delinquent loans in excess of twelve months and over. This 

offer enabled members to liquidate their delinquent loans and 

improve their credit ratings. 

FIVE YEAR FINANCIAL PERFORMANCE… 

2012-2016 

2016 2015 2014 2013 2012 

$M $M $M $M $M 

SHARES 1,208.67 947.58 893.72 831.11 496.16 

DEPOSITS 1,915.27 1,858.46 1,901.54 2,005.03 1,543.39 

LOANS 2,445.36 2,071.42 1,957.32 1,905.40 1,271.85 

TOTAL ASSETS 4,110.37 3,700.35 3,675.20 3,703.52 2,571.86* 

SURPLUS 30.61 41.36 41.82 30.47 30.64* 

INSTITUTIONAL 

CAPITAL 672.77 600.29 592.01 578.65 336.30 

MEMBERS 13,796 11,840 10,249 9,851 6,766 

* Restated 



Membership Matters 

Our membership growth over the past year saw us ending 

the year with a total membership of 13,796 reflecting an 

increase of 16.52% when compared to 2015. Our merger 

with the former CG Credit Union contributed to this increase. 

Our employees along with our location representatives and 

other volunteers continue to push through the many 

challenges to get others to join our family. 

2016 2015 Growth 

Membership 13,796 11,840 16.52% 

Maintaining Competitive Edge 

In 2016 we managed to maintain our competitive edge in the 

provision of attractive returns to our members. This was 

achieved through effective controlling and monitoring of our 

expenditures and maximization of our income. 

Income was achieved through returns on our loans and 

Investments portfolios. Loan income was maximized by 

close monitoring of our loan products with constant review 

of interest rates, repayment, loan security, and loan 

promotions/enhancements. 

The prudent management of our delinquency portfolio was 

also key. 

During the year, we employed a human resource manager to 

provide much needed support in this area. We welcome on 

board, Ms. Adrien Titus. 

Salary and benefits negotiation for the 2016-2018 contract 

period were completed during the year. Discussions on the 

results of a job evaluation exercise undertaken have 

commenced with the Union and Staff Representative. It is 

expected that conclusion will be achieved during the first half 

of 2017. Discussions have also commenced at the Board 

level regarding the restructuring of the organisation and the 

revised Human Resource Policy. 

Staff training and development is an area of priority. During 

the year, several of our employees benefitted from training 

and developmental courses facilitated by the League and 

other external providers. All staff sat and were successful in 

all six (6) required examinations administered in the area of 

the Proceeds of Crime (POCA) and Anti-money Laundering 

Act by the League through the CPD Online Platform. We 

continue to provide educational support to our team 

members enrolled in degree programmes at accredited 

universities. We continue to make available staff loans and 

other benefits to employees. 

Management Team: 

Joydene Jarrett (MBA) 

General Manager 

Maximization of investment income was made possible by 

investing funds in investment houses that provided the best 

returns. Throughout the year, investment rates were 

constantly negotiated to ensure that the Credit Union 

obtained the best rates which were then passed on to 

members in the form of competitive returns on their 

investments. 

A Competent and Committed Team 

The Credit Union through a competent and committed team 

continued to provide our members with a financial partner for 

life through the provision of a wide range of services to meet 

their financial needs and aspirations; maintain the financial 

success of the Credit Union; respond to the needs of the 

communities we serve and uphold the core values and the 

mission of the Credit Union. This was achieved through the 

dedicated and committed cadre of staff who serve the 

organisation. 

Maxine Nugent (MBA) 

Natalie Murray (BSc) 

Camiel Franklyn (MBA) 

Evelyn Neil (BSc) 

Adrien Titus (MBA) 

Herbert Vanriel 

(AAT-Level 3) 

Carl Grant (MBA) 

David Goodlitt (BSc) 

Chief Accountant 

Credit Manager 

Treasury & Marketing Manager 

Risk & Compliance Manager 

Human Resource Manager 

Branch Manager, Ewarton 

Branch Manager, Kirkvine 

Branch Manager, King Street 



Staff Complement 

Category 

Permanent: 

Number 

Management 9 

Other 25 

Contract/Temporary 13 

CORPORATE GOVERNANCE 

The Board recognizes that “size doesn’t matter when it 

comes to successful corporate governance” and as such 

remains committed to ensuring that the interest of all our 

stakeholders – members, employees and the community 

within which we operate are always at the fore of all decisions 

made. 

The Board of Directors 

We have been blessed with expertise in most areas of our 

operations through our capable Board of Directors who 

provide management with advice and guidance and tracks 

the achievement of strategic objectives relative to budget. 

The Board of Directors remains ultimately accountable to the 

membership for the performance of the Credit Union. During 

2016, the Board commissioned and approved a Business 

Plan to guide the management of the Credit Union for the 

next five (5) years. 

A summary of the key functions of the Board is outlined 

below: 

• Approve the strategic direction and related objectives of 

the Credit Union 

• Approve annual operational plans and budgets 

• Monitor senior management performance in the 

implementation and achievement of strategic and 

business objectives and financial performance 

• Approve major operating and capital expenditure and 

credit facilities in excess of the limits delegated to 

management. 

Management remains responsible for the day to day 

operations of the organisation. 

Board Composition 

A committed and dedicated team of eleven (11) persons 

serve as Directors on the Board of the Credit Union. As a 

Board, it is their duty to review and drive policies that will help 

the Credit Union to improve its products and services, 

strengthen relationships and generate a surplus to return to 

members in the form of interest and dividends. 

The Board is comprised of persons with diverse skills sets 

and experience which includes law, engineering, finance, 

business and human resource. Board members are 

mandated to attend the Proceeds of Crime and Anti-Money 

Laundering training facilitated by the Credit Union. 

Board Committees 

The Board continues to delegate some of its responsibilities 

to Committees. During 2016 the Board established the 

following committees: Finance and Planning with 

Delinquency as a sub-committee, Merger, Quality Assurance 

and Risk Management, Infrastructure and Development, 

Information Technology and Member Services. These 

committees perform their assigned functions on behalf of the 

Board as per their terms of reference. 

The Board has outsourced its audit functions. Internal audits 

are conducted on a monthly basis at the Half Way Tree Road 

branch and bi-monthly at the other branches. The reports 

from theses audits are submitted to the Board as well as 

members of the Supervisory and Quality Assurance and Risk 

Management Committee for deliberations and subsequent 

recommendations. It is the objective of the Quality Assurance 

and Risk Management Committee to review policies, make 

recommendations for change and thereafter table such 

policies at meetings of the Board. The Quality Assurance 

Committee met with increased regularity during the second 

half of the year, with a total of five (5) meetings for the year in 

which several policies were revised and discussed after which 

five (5) policies were submitted to the Board for their review. 

Feedback from the Board was for procedures embedded in 

the policies to be removed. Internal audit work plans and 

reports were also reviewed by the Committee. 



Attendance at Board Meetings 

Attendance at Board meetings serve as one of the indicators 

of the commitment of each Director to serve. The attendance 

of Directors at monthly board meetings is detailed below. 

Directors Position Possible Actual Excused 

Natalie Sparkes President 13 13 nil 

Albert Dawkins Vice President 13 9 3 

Deborah Campbell Treasurer 7 7 nil 

Fiona Johnson Asst. Treasurer 13 9 3 

Vaughn McDonald 5 5 nil 

Earl Munroe Asst. Secretary 13 13 nil 

Gerlyn Grey Director 5 4 1 

Delroy Redway 5 3 2 

Alicia Burnett Director 13 11 2 

Dwight Hart Director 13 10 3 

Kim Robinson Director 5 4 1 

David Fleming Director 7 1 6 

Derrick Tulloch Director 13 10 3 

Richard Palmer Director 3 2 1 

(Effective October 2016) 

David Grey Director 3 3 nil 

(Effective October 2016) 

Infrastructure and Development 

The mandate given to this committee was: 

• To plan and implement technical projects as set out and 

approved by the Board 

• To offer technical assistance to the Credit Union as it 

relates to planned and unplanned activities that will occur 

from time to time. 

• To make recommendations to the Board concerning 

rental of properties, refurbishing of apartments and office 

facilities and the upgrading and painting of structures. 

• To prepare tender documents for capital projects, the 

evaluation and selection of contractors in keeping with the 

organization’s procurement policies. 

The Development Committee in its annual plans for the 

financial year 2016 set out the following projects to be 

carried out. 

1. Implement new security system at the Ewarton 

Branch. A strategic decision was taken to defer this 

project to 2017. 

2. Painting of the building at the Kirkvine Branch. 

A strategic decision was also taken to defer this project 

to 2017 

3. Painting of the Head Office and Lady Musgrave Road 

Buildings The Painting at Lady Musgrave Road 

Apartments and Head Office were completed in the first 

quarter of 2016. Both locations now boast a fresh and 

vibrant aesthetic look. 

4. Improve the ventilation system at the Head Office. 

Throughout the period we continue to monitor the quality 

of the indoor air supply at the Head Office to ensure 

satisfactory ventilation. Periodic air quality tests were 

conducted. All issues identified and recommendations 

made from these tests were positively addressed. The 

indoor air quality is now within the international air quality 

standards in all areas. We have now implemented biannual 

air quality assessment checks to ensure that the 

appropriate air quality standard is maintained. 

5. Renovate rented office in the Office Centre Building 

– Ocean Boulevard. The merger with the CG Credit 

Union has necessitated the relocation of the office which 

was located within the office of the Tax Administration of 

Jamaica (TAJ). The Committee devoted considerable 

man hours to ensure that the rented office space was 

renovated and ready for occupancy by the beginning of 

the second quarter of 2017. 

During the year, the Board commenced joint venture 

discussions with a development company regarding the 

potential use of the Lady Musgrave Road Property. These 

discussions were discontinued. The Board however 

continues to explore this option. 

During the last quarter of 2016, a Lease Agreement was 

signed with JPS Co. for the rental of office space within their 

Baywest Office in Montego Bay St. James. Operations are 

slated to commence by June 2017. 



The Plans for 2017 are, but not limited to the following 

projects: 

1. New security system at the Ewarton Branch 

2. Painting of the building at the Kirkvine Branch 

3. To upgrade/reconfigure Ewarton Branch office 

4. Paving of the Parking Lot at Head Office 

5. Erection of a gate at the main entrance to ensure the 

protection of our stakeholders 

6. Construction of ablution facilities at the Head Office 

7. Relocation of Sewer Lines – The Credit Union has retained 

the services of an Attorney-at-Law to assist with the 

resolution of this matter. 

Technological Upgrade 

We continue to work on our mandate to upgrade our various 

technological infrastructure to ensure that we provide quick 

and efficient service to our members. During 2016, we 

completed our telephone banking implementation. This 

service will be launched in 2017. 

The merger of the former CG Credit Union with JPS & 

Partners in October, meant that we had to relocate from the 

current office. This saw the IT team embarking on a number 

of technological projects to get the new rented office located 

in the Ocean Mall Shopping Centre in Downtown Kingston 

fully functional by the first quarter of 2017. The merger of the 

Database of the former CG Credit Union with that of JPS 

credit Union also commenced and it is expected that the 

merger will be completed early in the second quarter of 2017. 

This consolidated database will enable all our members to 

aceess their financial information and conduct other business 

at this new branch. 

Work has also commenced on the rented office space in the 

Baywest Shopping Centre in Montego Bay, St. James. We 

are working to commence operations within the second 

quarter of 2017. 

To mitigate against the growing threat of Cybercrime 

activities, a number of network management/monitoring 

software were acquired and installed. A Remote 

Management software was also procured and installed. The 

installation of other technological tools such as Inventory 

Management and Help Desk Tracking commenced in 2016 

are expected to be completed in 2017. Discussions 

commenced regarding the redesign of our website. The aim 

is to make the site much more attractive and user-friendly. 

Completion is slated for 2017. 

We are now a member of three (3) Credit Bureaus operating 

in the island. This means that the Credit Union is now sharing 

and also pulling credit information on our members. We are 

now able to make even better lending decisions, provide 

financial counselling and in some cases provide the access 

to debt consolidation. This has enabled some of our 

members to improve on their credit ratings. 

Member Relations 

Partnering with our Members 

Member Appreciation Day 

The month of October is celebrated as Credit Union month 

across Jamaica. During this month we take the opportunity 

to celebrate with our members as we host Member 

Appreciation Day celebrations across all branches and 

locations of our partner companies. This year was celebrated 

under the theme: The Authentic Difference. 

Partner in Education 

Each year the Credit Union awards fifty (50) GSAT/High 

School Bursaries to our members’ children. This year 50 

members were successful beneficiaries. These students will 

receive $12,500 annually for five years once they maintain at 

least a “B” average throughout the course of their studies. 

The Credit Union as part of its Corporate Social Responsibility 

have formed an alliance with the Central Branch All Age 

School. The Credit Union seeks to develop programmes that 

will assist the school to improve its literacy and numeracy 

levels. A part of the programme is the provision of three (3) 

bursaries to assist with high school expenses for students 

from the school who were successful in their GSAT 

examinations. Other alliances are also formed with Merrion 

Basic School, Polly Ground Basic School, St Mary the Virgin 

Basic School and the St John Bosco Boys Home. Donations 

were made to these schools and institution during the year. 

We also have a School Savers programme at the Queens 

School to promote good financial habits. Each year a student 

in Grade Seven who is a part of the programme is presented 



with a bursary based on academic performance, work ethic, 

financial need and discipline. 

For our members who are about to enter University or have 

children about to enter University, we offer the Albert ‘Bertie’ 

Morris Scholarship; this is a three (3) year scholarship which 

is named in honor of one of the Credit Union’s Founding 

Fathers Mr. Albert Morris. The Albert ‘Bertie’ Morris 

Scholarship is extended to students who wish to pursue 

studies in any business related field, Management, 

Computing, Nursing, Pharmacology or Engineering at a local 

University. 

This year, as part of our 60th Anniversary celebrations we 

presented a scholarship valued at $200,000.00 to a final year 

student at a local tertiary institution that demonstrates 

financial need and excellent academic performance. Miss 

Janice Riley, who is a former bursary recipient was the 

successful recipient. 

In 2016, the Credit Union presented a total of fifty-four (54) 

High School Bursaries and two (2) tertiary level scholarships 

at a total value of over $4,000,000.00 

Social Responsibility 

Your Credit Union continues to provide free monthly health 

checks on the first working day of each month. 

The Care-A-Bit fund continues to offer assistance to our 

members who are affected by major illnesses or natural 

disasters. The fund now provides a maximum grant of 

$30,000.00 per member – an increase of $5,000.00. 

Members can benefit only once from the fund. 

We also made contributions to various charitable 

organizations and institutions. Donations were made to 

churches, service clubs and other institutions who solicited 

our assistance in one way or another. 

2017- The Future, Our Focus 

The Credit Union will be working hard to maintain our brand 

position among our current membership as well as to 

increase our awareness among the general populace. With 

the projected licencing of two new commercial banks in 2017 

and the increasing number of new unregulated entrants into 

the financial arena, we anticipate that our credit union will face 

even more aggressive competition. 

We will: 

• Work even harder at enhancing our member experience 

to ensure that our members remain with us. 

• Increase awareness of our myriad of products and services. 

• Continue to explore mergers with other Credit Unions. 

• Form more partnerships and alliances to increase our 

membership base. 

• Commit to the training and development of our employees. 

• Continue to prepare for the impending BOJ Regulation. 

• Complete the configuration of the Bay West office in 

Montego Bay. 

CONCLUSION 

On behalf of the Board of Directors, I express sincere 

gratitude to you, our valued members for your commitment, 

loyalty and dedication to your credit union over the years. 

Without you, we could not make it happen. On behalf of the 

Board I would also like to recognize and thank the following 

entities and persons: 

The Almighty God for his steadfast guidance and assurance, 

the anchor that keeps us steadfast. 

o 

o 

o 

o 

o 

Management and Staff for their commitment and 

dedication 

Board, Management and staff of JPS, JEP, REP, 

JPPC, UC Rusal, Jamaica Revenue Centres, and 

Digicel for their invaluable partnership. 

Volunteers – Committee Members and Location 

Representatives for their immeasurable effort and 

support throughout the years. 

The Credit Union League, CUFMC, CUNA Caribbean 

Co. Ltd., Jamaica Cooperative Insurance Agency 

(JCIA) and the Registrar of Co-operatives and Friendly 

Societies for their continued support. 

UHY Dawgen Chartered Accountants, external 

auditors and Smith and Associates, internal auditors. 

Co-operatively, 


President 


Fellow Co-operators: 

I greet you with a firm commitment to play my part 

as President in continuing the pursuits of the Credit 

Union Movement, confident in the knowledge that 

over the past 75 years we have created and 

maintained a co-operative financial institution of 

which we are all very proud. 

The Jamaica Co-operative Credit Union 

League, the national association of 

Credit Unions, was the off-shoot of 

three Credit Unions, and has 

since grown to become, like the 

great oak, protecting other 

trees in the forest in a storm. 

The celebration of this 

milestone is significant. 

Symbolically, it tells the story 

of the longevity of the Credit 

Union Movement, which is an 

enviable feat! 

 

 

 

The League owes its existence to 

two sets of people, the founders and 

the keepers. The founders are the pioneers, 

who though challenged in many ways, refused to 

give up and worked tirelessly to spread credit 

unionism throughout Jamaica. Among them was the 

Patriarch of Credit Unionism in Jamaica, Father John 

Peter Sullivan and the Sodality Group of Young men 

from St. Georges College, who guided by him, gave 

life to the Movement. We salute them in this the 75th 

anniversary of the League. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

mandate and earned the trust and confidence that 

over one million members have placed in credit 

unions. We thank God for the wisdom that he has 

bestowed on these volunteers, and the volunteers for 

their distinguished services to the Movement over 

these years. 

Among the keepers are you the members, who for 

generations have pooled your resources to help each 

other, characterizing the co-operative principles of 

Credit Unions. The commitment that you have 

demonstrated in your Credit Union is exemplified by 

your support of the institutions at which you have 

saved your resources, borrowed, and made future 

plans for yourself and your families. Your faithfulness 

in using the services provided by the Movement to 

improve the quality of your lives is commendable. 

Undoubtedly, we are at that point where we must 

consider the future of the Movement for the next 75 

years and beyond. What will it be? No one can 

accurately predict the future, based on current trends 

however we think the Movement as a Jamaican 

institution, is here to stay. Like a living organism, it 

will undergo some degree of metamorphosis. In the 

final analysis, we expect it to emerge as a beautiful 

butterfly, to be admired by all and cherished 

by members. It requires patience and 

perseverance, but as with the 

cocoon, it cannot be rushed, with 

 

 

time the results will be there for all 

to see. 

 

 

 

 

 

 

 

 

 

 

 

 

Let us therefore with vision and 

purpose, dedicate ourselves to 

the future development of the 

Movement, as we embark on 

the journey of another 75 years. 

We owe it to our children, and to 

their children, to bequeath unto 

them the legacy of a Movement that 

is more developed and sustainable 

than that which was bequeathed unto us 

by our pioneers, more than 75 years ago. Let 

us endeavor to leave them with a Movement from 

which they too can benefit financially and socially. 

Thank you all for your support and dedication to the 

ideals of credit unionism, as co-operatively we work 

to make Credit Unions great co-operative financial 

institutions, taking their rightful place in the financial 

services sector and in the lives of our members. 

The volunteers are the keepers of the League and the 

Movement. Their role in developing and instituting 

policies has resulted in the growth and development 

of the Movement. Without this level of governance, 

the Movement could not have accomplished its 

God bless you all. 

Winston C. Fletcher 

President

Treasurer’s Report 

ECONOMIC OVERVIEW 

I take pleasure in presenting the Treasurer’s Report for the 

year 2016 to this our 62nd Annual General Meeting. This 

past year, there were a number of issues nationally and 

globally which affected the local economy, the financial 

services industry, your credit union specifically and its 

members. 

Global trade recorded its weakest growth since 2007-2008, 

as trade volumes and investment were sluggish. A large 

number of economies worldwide implemented business 

regulatory reforms to stimulate and sustain growth. The 

Jamaican government continued on its program to stabilize 

the economy, reduce debt and promote growth, through a 

number of reform programs. As part of a comprehensive 

package, the World Bank, the Inter-American Development 

Bank (IDB) and the International Monetary Fund (IMF) 

continued to extend support through a four-year program, 

under an Extended Fund Facility. Economic reforms under 

the facility include public sector wage restrictions and a low 

interest rate regime. 

The country’s credit rating and government debt improved 

and GDP grew by 1.1% for the year and is estimated to 

continue a modest but increasing rate of growth in the 

coming year, boosted by the improvement in the US 

economy, relatively low oil prices, reforms in the local 

investment environment, the implementation of capital 

projects included in the Public Sector Investment Program 

(PSIP) and major private sector capital projects. 

The inflation rate for the calendar year 2016 was 1.7%, 

compared to 3.7% in 2015, and this was due to continued 

low international crude oil and commodities prices, stability 

in the agricultural sector and the maintenance of low interest 

rates. The value of the Jamaican dollar however continued 

to decline against its major trading currencies, moving from 

a rate of J$120.42: US$1.00 to J$ 128.44: US$1.00 or 

6.7% over the year. 

Unemployment decreased during the year, moving from 

13.5 % in 2015 to 13.2% in 2016. However, unemployment 

and underemployment continue to pose an ongoing 

challenge for members and potential members, resulting in 

reduced savings and the ability to service loans. 


Treasurer 

Strong competition continued in the financial sector as 

commercial banks and other financial institutions continue 

to aggressively target consumers with increasingly attractive 

credit options and avenues to maximize the ease with which 

their business is conducted, in order to capture a larger 

portion of the market. The micro-financing sector, while 

remaining unregulated, continued to expand. Together with 

retailers offering in-house financing for motor vehicles and 

other durables, this unprecedented competition has made 

inroads in offering alternatives to our members and 

previously under-banked consumers. 

Against the background of the need for growth and 

expansion, your credit union entered into a merger with the 

former Collector General Credit Union, effective October 01, 

2016. This move helped to grow our assets to $4.1 billion 

as at December 31, 2016 and expanded our membership 

base as a platform for long-term growth and development. 

Sustained viability in the coming years will require that we 

enhance and introduce strategies to increase market share. 

The credit union will need to implement specifically designed 

products and become more visible as we attract our 

members and potential members by leveraging new 

technology and sales initiatives islandwide. 

Despite the extremely challenging environment in which it 

operated in 2016, your Credit Union had a profitable year, 

achieving a Net Surplus of $30.61million. 


Treasurer’s Report (Continued) 

FINANCIAL PERFORMANCE 

For the financial year ended December 31, 2016, the 

Credit Union recorded surplus of $30.61M. While this was 

a 26% reduction from the previous year’s $41.36M, this 

was achieved amid the aforementioned myriad economic 

challenges. 

SURPLUS 

Interest Income 2016 ($M 

REVENUE SOURCES 

INCOME 

Interest income of $399.49M reflected a marginal increase 

of $2.8M or 0.72%, over 2015. The modest movement is 

a result of: 

Our principal source of income remains members’ loans, 

and in 2016 interest on loans accounted for 73.8% of total 

revenue, while 16.8% was derived from investment income, 

4.6% from fees, 1.6% from property rental and 3.2% from 

other sources. 

• The relatively low rates earned on investments as the 

government maintained the low interest rate regime. 

Despite this limitation, prudent management ensured 

that the best available rates were received on the 

permissible conservative investment vehicles. 

Investment income fell by $17.3M or just under 19%. 

Our Credit Union continues to maintain its investment 

portfolio in government instruments, the Jamaica Cooperative 

Credit Union League (JCCUL) and other approved 

investment houses. 

• The reduction in borrowing capacity of members and the 

competitive rates available in the market. 

EXPENSES 

Interest expense totaled $106.27M, a reduction of just 

under 12.9M or 10.86% from the previous year. Interest of 

3% was paid on voluntary shares in 2016 compared to 

3.4% paid in 2015. 

Operating expenses increased by 11.2% or $27.5M over 

2015, with the inclusion of the new branch formed by the 

merger, for the last quarter. 



Operating Expenses 

“Triple Combo” targeting mortgage, home equity and salary 

enhancer loans which was launched in October, yielded fair 

results, in light of noted challenges and members’ 

borrowing capacity being restricted by debt ratio levels. 

Our most successful promotion was the motor vehicle loan, 

which surpassed targets and remains our most robust loan 

category. 

Loan Portfolio & Total Assets ($M) 

Personnel expenses increased by $6.1M or 4.8% over 

2015. Expenses include salary and benefits awarded to 

staff under the first year of the new Collective Labour 

Agreement, along with education, training, health and 

uniform benefits. 

The chart below highlights the areas in which the Credit 

Union’s revenue was utilized. 28.4% was spent on financial 

expenses, 30.5% on personnel expenses, 24.8 % for 

administration expenses, 6.6% for representation cost, 2.7% 

f or loan loss provision, with 6.9% remaining as surplus. 

2016 Revenue Allocation 

Liquid Assets and Financial Investments stood at $1.36B at 

the end of 2016, a 1.6% reduction for the year as funds 

were channeled into new loans disbursement. 

Liquid Assets & Financial Investments ($M) 

BALANCE SHEET 

Total Assets increased by $410M to $4.1Billion at the end 

of 2016 as a result of the merger with the former CG Credit 

Union. 

Loans to members increased by $373.94M or 18% over 

2015, to aggregate $2.45B at the end of 2016. Loan 

promotions introduced throughout the year, including the 

Members’ deposits, including voluntary shares, increased 

by $317.9M or 11.3% moving from $2.8B in 2015 to $3.1B 

in 2016. The growth in this category was enhanced by the 

new membership resulting from the merger and the 

compulsory savings requirement attached to some loan 

products. 



Members' Deposits ($M) 

Loan delinquency at 31/12/2016 stood at 2.07% of the 

portfolio, a further reduction from 2.33% at the end of 2015. 

This measure remains well within the international Credit 

Union benchmark of 5%. Management will remain vigilant 

in our efforts to maintain low levels of delinquency 

throughout the coming year while increasing the rate of 

growth of the portfolio. The credit union continues to 

provide financial counselling to members and, when 

necessary, to utilize all avenues for recovering the amounts 

owed by delinquent borrowers. 

The Society continues to perform well as measured by the 

universal credit union standard PEARLS ratios. At 

December 31, 2016 Institutional Capital stands at 16.37% 

of Total Assets in comparison with the minimum standard of 

10%, an indication of the organization’s strong capital base. 

The favourable Operating Expense and Gross Margin ratios 

of 6.66% and 7.78% respectively, are evidence of the 

continued prudent management of the credit union’s 

resources. Loans/Total Assets continue to improve and 

that ratio moved from 55.98% at the end of 2015 to 

59.49% at 31/12/2016, just shy of the PEARLS standard 

of 60-80%. Total Savings deposits increased by 11.33% 

during the year and the Savings/ Total Assets ratio, 

maintained a positive position, moving up slightly to 76% 

within the standard of 70-80%. 

DIVIDEND DECLARATION 

The Board of Directors is recommending a dividend 

payment of 12% on the Permanent Shares balance of each 

member on record as at December 31, 2016. 

PEARLS RATIO ANALYSIS 

PEARLS Ratios Standard 2016 2015 2014 2013 2012 

Net Loans /Total Assets 60-80 59.49 55.98 53.25 51.45 49.23 

Savings Deposits/Total Assets 70-80 76.00 75.83 76.06 76.58 79.30 

Institutional Capital/Total Assets (C) >=10 16.37 16.22 16.11 15.62 13.02 

Total Delinquency/Gross Loans Portfolio


2016 RECOMMENDED 

DISTRIBUTION OF SURPLUS 

Net Surplus 30,609,829 

Transfer of 20% to Stat Reserve (6,121,966) 

Net Income before Distribution 24,487,863 

Distribution 

Dividend on Permanent Shares (12%) 7,362,354 

Honoraria 2,062,500 

Scholarship 1,200,000 

Youth Education & Development 750,000 

Software Upgrade 750,000 

Care-A-Bit 750,000 

Building Reserves 3,613,009 

Organisational Alignment 8,000,000 

24,487,863 

ACKNOWLEDGEMENTS 

We give thanks to God for His continued guidance and 

blessing. The Treasury thanks and commends the 

management and staff for their hard work and dedication 

towards the continued success of the Credit Union. 

Our sincere gratitude is also extended to fellow members 

of the Board, other volunteers, our auditors UHY Dawgen, 

the Registrar of Co-operative Societies, the Jamaica Cooperative 

Credit Union League Limited, our partner 

companies and to you our valued members for your 

support throughout the year. 


Treasurer 

CONCLUSION 

The year 2016 was a very challenging yet ultimately 

successful one for the Credit Union as we: 

• recorded a surplus of $30.61 million 

• completed a merger and so are poised for further growth 

and expansion 

• improved the avenues for members’ to more conveniently 

transact business with the Credit Union remotely by 

expanding our banking payment platform 

• grew our net loan portfolio by 18% while restricting 

delinquency to 2.07% 

We commit to the continued improvement of service 

delivery, the expansion of our branch network and service 

locations across the island, the development of affordable, 

relevant products for our members and the prudent 

management of the resources of the Credit Union. 



5 YEAR COMPARATIVE FINANCIAL SUMMARY 

2016 2015 2014 2013 2012 

Income Statement $M $M $M $M $M 

Interest Income 399.49 396.65 390.74 314.02 275.47 

Interest Expense 125.05 133.71 135.13 108.44 107.17 

Net Interest Income 274.44 262.94 255.61 205.58 168.30 

Increase in Prov. For Loan Loss 12.11 12.13 14.83 14.19 (4.70) 

Net Interest Income after Provision 262.32 250.81 240.78 191.38 173.00 

Non - Interest Income 41.47 36.20 32.71 30.83 19.04 

Gross Margin 303.78 287.01 273.49 222.21 192.04 

Operating Expense 273.17 245.65 231.68 191.74 161.40 

Net Surplus 30.61 41.36 41.82 30.47 30.64 

Balance Sheet $M $M $M $M 

Total Assets 4,110.37 3,700.35 3,675.19 3,703.51 2,583.43 

Members' Voluntary Shares 1,208.67 947.58 893.73 831.10 496.16 

Permanent Shares 74.14 70.48 70.12 60.03 40.63 

Loans to Members 2,445.36 2,071.42 1,957.32 1,905.40 1,271.85 

Members' Savings Deposits 1,915.27 1,858.46 1,901.55 2,005.02 1,543.39 

Financial Investments & Liquid 

Assets 1,364.51 1,387.11 1,429.78 1,467.08 1,152.47 

Institutional Capital 672.77 600.29 592.01 578.64 336.30 



INCOME & EXPENDITURE 

GROWTH/ PERCENTAGE 

2015 2016 (REDUCTION) CHANGE 

$ $ $ % 

OUR INCOME WAS EARNED 

FROM 

305,287,483 INTEREST ON MEMBERS' LOANS 325,427,191 20,139,708 6.60% 

91,364,218 INTEREST ON INVESTMENTS 74,058,545 (17,305,673) -18.94% 

36,201,293 OTHER INCOME 41,460,943 5,259,650 14.53% 

432,852,994 440,946,679 8,093,685 1.87% 

OUR COSTS TO OPERATE 

THE CREDIT UNION WERE: 

119,219,267 INTEREST ON MEMBERS' SAVINGS 106,273,278 (12,945,989) -10.86% 

14,489,142 OTHER FINANCIAL COSTS 18,774,921 4,285,779 29.58% 

25,425,836 REPRESENTATION & AFFILIATION 29,167,149 3,741,313 14.71% 

88,878,861 ADMINISTRATION 105,260,114 16,381,253 18.43% 

12,134,811 PROVISION FOR LOAN IMPAIRMENT 12,119,937 (14,874) -0.12% 

128,505,927 PERSONNEL 134,609,612 6,103,685 4.75% 

2,837,425 MARKETING & PROMOTIONS 4,131,839 1,294,414 45.62% 

391,491,269 410,336,850 18,845,581 4.81% 

41,361,725 LEAVING A BALANCE OF 30,609,829 (10,751,896) -25.99% 

FROM WHICH WE SET ASIDE 

8,272,345 20% STATUTORY RESERVE 6,121,966 (2,150,379) -25.99% 

31 UNDISTRIBUTED HONORARIUM - - 

33,089,411 NET SURPLUS REMAINING 24,487,863 (8,601,548) -25.99% 


Our Team Managers 

Joydene Jarrett 

General Manager 

Maxine Nugent 

Chief Accountant 

Camiel Franklyn-Levy 

Treasury & Marketing 

Manager 

Natalie Murray 

Credit Manager 

Evelyn Neil 

Risk and Compliance 

Manager 

Wayne Harrison 

Operations Manager 

David Goodlitt 

Branch Manager 

Ocean Boulevard Branch 

Adrien Titus 

HR Manager 

Herbert Vanriel 


Ewarton Branch 

Carl Grant 


Kirkvine Branch 


Our Team Members : Kingston 

Peter Allen 

Credit Officer 

Sharon Walker 


Fay Simpson 

Accounting Officer 

Marcia Lewis 


Dianaya Maxwell-Orr 

Accountant 

Christal Henderson 

Delinquency Officer 

Terry Ann Lewis 

Investment Officer 

Bevanny McKenzie 


Adrian Wilson 


Chanick Miller 


Andy-Raye Grapine 

Marketing Officer 

Javan Turner 

Archivist 


Our Team Members : Kingston (Continued) 

Donna Cole 

Administrative 

Assistant 

/Property Manager 

Zurie Johnson 

Marketing Officer 

Mark Campbell 

IT Administrator 

Chavez Williams 

IT Administrator 

Danielle Dyke 

Member Services 

Representative 

Kevin Embden 

Member Care 


Audrey Coward 

Member Care 


Tavia Manhertz 



Jamie Blake 



Atalia Barnett 

Receptionist 

Jennifer Thomas 

Office Attendant 


Our Team Members : Ocean Boulevard 

Shantell Mitchell 

Management Account 

Sharon Dixon 

Delinquency Officer 

Tina-Gay Douglas- 

Wee-Ellis 


Our Team Members : Kirkvine 

Maxine Brown-Carter 



Stacey-Ann Gillespie 

Filing Clerk 

Marie Young McNamee 

Management Accountant 

Janet Holness 

Accounts Relations Officer 

Kenesha Sinclair 


Beverly Allen 

Member Care Representative 

Anthony Brown 

Clerical Assistant 

Sharon Wilkinson 

Office Attendant 

Our Team Members : Ewarton 

Carol Harper 

Management Accountant 

Sonia Robinson 


Annette Singleton-Harris 

Member Care Representative 

Judine Richards 

Administrative Assistant 


Meet Our Location Representatives 

Albert Henry 

JPS Old Harbour 

Audley Richards 

JPS Mandeville 

Donna Barrett 

JPS Rockfort 

Jullite Reeves 

JPS Paradise 

Blondette Wright 

JPS Old Harbour 

Clover Green Gordon 

JPS Falmouth 

Dorothy Paisley Lee 

JPS Spanish Town 

Hortense Hall 

JPS New Kingston 

Christine Roberts 

Jamaica Private Power Co.Ltd 

Debourne Martin 

Digicel - Kingston 

Hyacinth Mullings 

JPS Spanish Town 

Marcia Braham 

JPS Black River 

Claudeth Campbell 

JPS Ruthven Road 

Delmar Eccles 

JPS White River 

Haley Clarke-Scotland 

JPS Wilmic 

Claudette Brissett 

JPS Port Maria 


Meet Our Location Representatives (Continued) 

Shaunna-Kaye Lewis 

Digicel-Kingston 

Paulette Collins 

JPS Bogue 

Rosemerrie Morgan 

JPS Systems Control and ECS 

Una Bailey 

JPS Spanish Town Road 

Mirette Briscoe Williams 

JPS May Pen 

Pernilla Green 

JPS Port Antonio 

Taundria Williams 


Valerie Bennett 

JPS Hunts Bay 

Opal Easy 

National Energy Solution 

Phillipa Whyte 

JPS East Parade 

Tricia Hay 


Natoya Mighty 

JPS, Morant Bay 

Vivienne Howell Williams 

Jamaica Energy Partners 

Denise Warren 

JPS Bogue 

Orlene Robinson 

JPS Lucea 

Ricky Purkiss 

Digicel-Montego Bay 


Meet Our Location Representatives (Continued) 

Desmond Austin 

JPS St. Ann’s Bay 

Shoneika Dalling 

JPS St. Ann’s Bay 

Not photographed: 

Sidoney Vassell 


Rosemarie Blake 

Digicel- Montego Bay 

Donna Johnson 

JPS Bay West 

Althea Thorpe 

JPS Portmore 

Melville Mullings 

JPS Savanna la Mar 

Andrea Thomas 


Carol Aitcheson 

JEP Old Harbour 

Claudette Dixon 

JPS, Bogue 


JPS & Partners 

Co-operative Credit Union Limited 

Financial Statements 

Year ended 31 st December 2016 






Statement of Financial Position 

as at 31 st December 2016 

(Expressed in Jamaican Dollars unless otherwise indicated) 


Statement of Comprehensive Income 

For the year ended 31 st December 2016 



Statement of Changes in Equity 


Summery 





Summery Continued 





Non-Instututional Capital 





Non-Instututional Capital Continued 





Non-Instututional Capital Continued 





Instututional Capital 



Statement of Cash Flows 




Notes to the Financial Statements 




Notes to the Financial Statements (Cont’d) 







































































































4. Financial Instruments & Financial Instruments Risk Management (cont'd): 

(e) Capital Management: 

In determining the Credit Union's capital base (Institutional Capital), the Institutional Capital of the acquired 

Credit Unions, (see below), which merged with JPS & Partners Co-operative Credit Union Limited was 

included. As at the dates of transfer of engagements/amalgamations, the relevant Credit Unions had 

Institutional Capital as stated below which comprised the following balances: 

Kirkvine Co-operative Credit 

Union Limited 

Ewarton Co-operative Credit 

Union Limited 

Collector General Co-operative 

Credit Union Limited 

Merger Date 

Statutory 

Reserve 

Retained 

Earnings 

Reserve 

General 

Reserve 

$ $ $ 

1st Aug 2013 60,752,660 34,745,029 - 

1st Sept 2013 109,323,595 - - 

1st Oct 2016 43,481,088 10,000,000 - 














































































Supervisory Committee Report 

Terrence Knight Glaister Dunkley Melinda Lloyd Corine McCalla Viris Jones-Reece 

ELECTION OF OFFICERS 

The following members were duly elected to 

serve on the Supervisory Committee at the 

Annual General Meeting on June 4 2016 

Terrence Knight – Ewarton 

Glaister Dunkley – Kirkvine 

Ralston McFarlane – Ewarton 

Melinda Lloyd – Kingston 

Corine McCalla – Kingston 

On Saturday, June 11 2016, the Committee in keeping with 

Rule 49, subsection (a) held a special meeting for the 

purpose of electing the officers to serve in the various 

positions on the Committee. The following persons were 

elected to serve: 

• Chairman – Mr. Terrence Knight 

• Deputy Chair – Ms. Melinda Lloyd 

• Secretary – Ms. Corine McCalla 

• Assistant Secretary – Mr. Ralston McFarlane 

• Member – Mr. Glaister Dunkley 

Following the merger with CG Co-operative Credit Union on 

October 1 2016, the following members joined the 

Supervisory Committee. 

Viris Jones-Reece – Kingston 

Annmarie Raymond – Kingston 

YEAR UNDER REVIEW 

Listed below are some of the areas reviewed during the 

period 

Kirkvine and Ewarton Branches 

• Review Delinquent Loans 

• Implementation of previous audit recommendations. 

• Proceeds of Crime Act 

- Review the deposits made with the Credit Union. 

- Test the awareness of customer service 

representatives with the Act. 

• Audit Loan Transactions with volunteers, staff and 

connected parties. 

- Verify that there is no conflict of interest or abuse. 

• Audit controls in place and potential weakness in the 

Credit Union’s debit card system. 

• Conduct surprise cash count of all funds at the branch. 

• Securities held for Loans. 

• Cheque Signatory 

• Internal Control over Accounting System and Security 

Procedure. 

• Review ATM reconciliations at Ewarton Branch. 

• Reviewed Suggestion Boxes submissions located at the 

branches. 

JPS Head Office 

• Review sample of cash/cheques disbursed. 

• Investment properties owned by the Credit Union 

• Proceeds of Crime Act 

- Note the frequency of staff training on POCA 

• Examine investments with other financial institutions. 

• Review the Credit Union asset register and determine if 

the register is properly maintained and up to date. 


Supervisory Committee Report (Continued) 

• Conducts a surprise cash count of all the funds in the 

custody of the Credit Union’s cashiers and perform 

appropriate reconciliations. 

• Review the internet banking files of selected set of 

members. 

- Verify that the documentation on each member’s file 

is fully compliant with the procedures for processing 

online banking application forms. 

• Review Delinquent Loans 

• Review Loans to members 

Ocean Boulevard 

ACKNOWLEDGEMENTS 

We would like to thank our Internal Auditors, Smith & 

Associates for their services and the management and staff 

of the JPS and Partners Credit Union for their cooperation 

during the year. We wish to express our sincere thanks to 

the membership for the confidence displayed by electing us 

to serve in this capacity. 

Terrence Knight 

Chairman 

• Securities held for Loans 

• Cheque Signatory 

• Internal Control over Accounting System and Security 

Procedure 

The committee having analyzed the performance in the 

areas mentioned above is reasonably satisfied that the 

internal controls implemented by management are 

adequate to safeguard the assets of the Credit Union and 

is in compliance with established principles and policies. 


Credit Committee Report 

Arlene Laidlaw Everoy Mardener Leroy Wilson Phillip Lewis Tricia Robinson Maxine Gardener 

The following persons were 

elected to serve at the 61st 

Annual General Meeting: 

Arlene Laidlaw 

Everoy Mardener 

Leroy Wilson 

Phillip Lewis 

Tricia Robinson 

COMPARISON SUMMARY OF LOAN APPROVALS: 

Loan Category 2015 2016 2015 2016 % % 

No. of No. of Total Value Total Value 2015 2016 

Loans Loans $ M $ M 

Motor Vehicle 24 33 104.54 160.43 47.23 58.03 

Mortgage 7 3 79.2 19.6 35.78 7.08 

Home Equity 14 17 37.6 96.42 16.99 34.89 

Total 45 53 221.34 276.45 100 100 

In keeping with Rule 43, subsection (i) the following persons 

were elected to serve in the capacities stated. 

Ms. Arlene Laidlaw - Secretary 

Mr. Everoy Mardener - Member 

Mr. Leroy Wilson - Member 

Mr. Phillip Lewis - Member 

Ms. Tricia Robinson - Chairman 

Following the merger with CG Co-operative Credit Union on 

October 01, 2016, the following members joined the 

Committee: 

Mr. Clive Segree 

Ms. Maxine Gardener 

LOANS APPROVED BY THE 

CREDIT COMMITTEE - 2016 

The Credit Committee met regularly throughout the year to 

consider all loan applications that were above $3M in keeping 

with the revised loan approval limits established August 1, 

2013. The Committee ensured that all loans submitted for 

review and subsequent approval were within the established 

lending policies and guidelines approved by the Board of Directors. 

LOAN DISBURSEMENT FOR 2016 

During 2016 a total of 13,684 loans valued at $1,776.27B was 

disbursed. This represents an increase of 485 in the number 

of loan disbursed when compared to the previous year’s total 

of 13,199. When compared to 2015 the Credit Union 

recorded a favourable increase of $169.6M in new loans. 

The Credit Union merged with CG Co-operative Credit Union 

in October 2016. During the months October to December 

2016, a total of 223 loans were disbursed valued at $64.23M. 

Thus, increasing the total disbursed loans to $1,840.50B 

The following categories of loans saw the greatest demand 

in terms of dollar values during the period: 

• Salary Enhancer - $494M 

• Loans Within Saving/Deposits - $309.94M 

• Motor Vehicle Loans - $306.62M 

• Character/ Payday Loans - $193.39M 

• Home Equity Loans - $155.3M 

A total of 53 loans amounting to $276.45M was reviewed 

and approved by the Credit Committee in 2016 when 

compared to 45 loans amounting to $221.34M in 2015. 


Credit Committee Report (Continued) 

JPS & Partners Co-operative Credit Union Ltd 

Loan Approved for the Period January to December 2016 

Category of Loans No of Total % 

Loans $M 

Motor Vehicle 122 306.62 16.66 

Salary Enhancer 976 494.92 26.90 

Within Saving/ Deposit 873 309.94 16.83 

Character / Pay Day 6,919 193.39 10.51 

Home Equity 33 155.3 8.44 

Mortgage 7 34 1.85 

Christmas 1,068 95.06 5.16 

Cash on Credit 820 53.65 2.91 

Education Assistance 287 33.95 1.84 

Mother’s/Father’s Day 1,153 54.71 2.97 

Other 1,426 44.73 2.43 

Total (excluding merger) 13,684 1,776.27 - 

Merger - CG Credit Union 223 64.23 3.50 

Consolidated Total 13,907 1,840.50 100 

ACKNOWLEDGEMENT 

The members of the Credit Committee continues to pledge 

their dedication and commitment to the role we play in 

helping to build our credit union. We are pleased to have 

served you our members in helping you meet your financial 

need over the past year. We are also grateful for the 

confidence you have placed in us. 

Thanks to the Board of Directors, Management and Staff of 

the Credit Union for their continued cooperation during 2016. 

I take this opportunity to thank all members of the Credit 

Committee for their continued dedication throughout 2016. 

Tricia Robinson 

Chairman 

TRAINING 

In keeping with the Bank of Jamaica Regulations for financial 

institutions and to ensure that members of the Credit 

Committee remain current and compliant with the Proceeds 

of Crime Act (POCA), on June 25, 2016 members of the 

Credit Committee attended and participated in the scheduled 

Anti-Money Laundering (AML)//Counter Financing of Terrorism 

(AML)/ (CFT) training seminar hosted by the Credit Union. 


League Delegates Report 

Natalie Sparkes Albert Dawkins Earl Munroe Derrick Tulloch 

League Delegates and Alternate Delegates 

are Board members who represent their 

credit unions as ambassadors to conferences 

and forums held by the Movement’s umbrella 

organization, The Jamaica Co-operative 

Credit Union League and other international 

organizations such as the Caribbean 

Confederation of Credit Unions (CCCU) and 

the World Council of Credit Unions (WOCCU). 

They communicate issues affecting their credit unions and 

discuss matters of strategic importance. But, one of their 

main responsibilities with which they are entrusted is to 

ensure that recommendations made by the Movement are 

smoothly implemented at their respective credit unions. 

During 2016, Ms. Natalie Sparkes (President) and Albert 

Dawkins (Vice President) operated in the capacity of League 

Delegates while Earl Munroe (Secretary) and Derrick Tulloch 

(Director) represented the Credit Union as Alternate 

Delegates. 

Highlights of their year as delegates and alternate delegates 

include: 

2016 Convention and 

75th Annual General Meeting 

The League’s Convention and 75th Annual General Meeting 

were held from May 26-29th at the Hilton Rosehall Resort 

and Spa in Montego Bay, St James under the theme 

“Credit Union: people Helping People” The event was a 

mixture of plenary sessions, workshops, awards 

presentation and social activities. The Annual General 

Meeting of the Jamaican Managers Association also took 

place at the convention. 

Participants gleaned valuable information from the 

presentations and workshops. 

A number of exhibitors were also in attendance. 

Plenary Sessions/Workshops 

Winston Fletcher , 2nd Vice President of the League and 

Chairman of the Credit Union Development Task Force in 

the opening plenary session updated attendees on the 

topic: “The Road Ahead: Credit Unions Sustainability. The 

Committee’s main task was to analyze the Movement’s 

performance and make appropriate recommendations. 

Six (6) workshops were held simultaneously. They were: 

• Employee Engagement and Resource Constraints: 

Can you keep Motivation and Commitment in the 

workplace in times of crisis? – Dr. Noel Cowell 

• Leadership: The Buck stops with me – Mr. Herman 

Alvaranga 

• Towards a Green Economy – Can the Jamaican 

Economy thrive in a changing Climate? – Ms. Heather 

Pinnock 

• Cybercrimes: Identification, prevention & mitigation 

– Dr. Monipha Hewling 

• How well does your Credit Union Board work for you 

– Tom Hewlett 

• Intellectual Property: An asset for the 21st Century – 

Mr. Marcus Goffe 

Respectively they imparted a wealth of information to the 

participants on how to find ways to grow in a challenging 

environment. 


League Delegates Report (Continued) 

AWARDS 

The guest speaker was Mrs. N’Dombet Assamba, former 

Jamaican High Commissioner to the United Kingdom. 

Several Credit Unions were presented with awards for 

achievements in 2015. 

• First Regional Co-operative Credit Union won the O.J. 

Thorbourne trophy for Mega Credit Union (JTA Cooperative 

Credit Union was the runner-up) 

• JDF Co-operative Credit Union copped the Renford 

Douglas trophy for large credit Unions (NCB Employees 

Co-operative Credit Union was declared the runner-up) 

• Lascelles Employees and Partners Co-operative Credit 

Union who won the Paul Thompson trophy for mediumsized 

credit unions(BJ Staff Co-operative Credit Union 

took the runner- up spot) 

• Church of the First Born Co-operative Credit Union who 

won the John Peter Sullivan Award for Small Credit 

Unions (Nestle Co-operative Credit Union emerged the 

runner-up) 

The 75th Annual General Meeting scheduled for Saturday 

May 28th was not held. The Meeting was held on August 

20, 2016. 

Highlights 

The Meeting was chaired by President Derrick Tulloch who 

did a multimedia presentation summarising the Board 

Report. All aspects of the League’s operations were 

presented and examined. Treasurer Mrs. Andrea Messam 

presented the Treasurer’s Report and fielded questions. 

Several Rule Changes were also proposed and accepted 

by the delegates. 

Congratulatory Resolutions were passed for: 

• JPS& Partners Co-operative Credit Union on our 60th 

anniversary. 

• Mr. Glenworth Francis – For receiving the Order of 

Distinction from the Jamaican Government for services 

to the Jamaica Co-operative Credit Union Movement. 

• Mrs. Yvonne Ridguard Harris for receiving the Badge of 

Honour for Meritorious Service from the Government 

of Jamaica, for service to the Jamaica Co-operative 

Credit Union Movement and Community Services. 

• Manchester Co-operative Credit Union on its 65th 

anniversary. 

SPECIAL MEETINGS 

Executive Rap Sessions 

On March 18th corporate area League Delegates and 

Managers met in the Training Room of the office of the 

Ministry of Industry, Commerce, Agriculture and Fisheries 

located at 4 St. Lucia Avenue to participate in the Kingston 

leg of the annual Executive Rap Session held by the 

League. 

LEAGUE’S PERFORMANCE 2016 

PERFORMANCE 2016 

Amount Growth 

PERFORMANCE 2015 

Amount Growth 

SAVINGS $73.83B 8.42% $68.14B 8.44% 

LOANS $63.74B 7.15% $59.51B 6.89% 

ASSETS $95.67B 7.85% $88.94B 7.67% 

MEMBERSHIP 1,028,182 2.885 999,416 1.08% 


League Delegates Report (Continued) 

PRESENTATIONS 

Progress Report from the Movement’s Development 

Task Force 

Presenter: Mr. Winston Fletcher, Taskforce Chairman 

Governance under the new regulatory system 

Presenter: Mrs. Susan Thompson, League Group Chief 

Operating Officer 

JaMobile Payment Services Ltd Update 

Presenter: Mr. Glenworth Francis, Group CEO 

Annual Credit Union Board Consultation - 

The annual Credit Union Board Consultation was held on 

November 26th at the Jamaica Conference Centre, 

Downtown Kingston. The purpose of the meeting was to: 

1. Discuss and decide on the future of the Stabilization 

Fund. 

• Discussions were centered on how the dues paid by 

Credit Unions should be allocated once Credit Unions 

are regulated by the Bank of Jamaica. Several 

recommendations were put forward by the Committee 

tasked with this responsibility. The main 

recommendations were: 

• Enact legislative changes essential to enable the 

Movement to compete. This included the acceptance 

of companies as members and the offering of joint and 

foreign exchange accounts. 

2. Discuss and if thought fit, pass the amendment to Rule 

5 (1) of the Jamaica Co-operative Credit Union Ltd. 

This Rule deals with the Application for Membership in 

the League. 

Presentations were also made on: 

The status of the Bank of Jamaica Regulations of Credit 

Union. 

Cybercrime and Cyber Security 

REFLECTIONS 

2016 is termed by many as one of the most challenging 

economic environment in which financial institutions 

operated. Nevertheless, Credit Unions view it as a 

successful year for the Movement. 

We are pleased to have served as your delegates, proud to 

be members of this great Movement, and grateful for the 

confidence you have placed in us. 


League Delegate 

• Development of a single IT platform was critical. 

• Statically pursue Mergers as this was seen as critical for 

the Movement’s growth and sustainability. 

• Engage a Consultant to look at the sharing of back office 

activities. 


Nominating Committee Report 

Dwight Hart 

Carl Grant 

The JPS & Partners Nominating Committee was appointed 

by the Board of Directors in accordance with Rule 65(1) and 

comprised the following persons: 

Dwight Hart 

Carl Grant 

Winston Watson 

Chairperson 

Member 

Member 

The Committee met and considered all retiring members 

from the Board of Directors, Supervisory and Credit 

Committees and hereby submit nominations for the 

positions which will become vacant at the 62nd Annual 

General Meeting. All nominated persons have expressed 

their willingness to serve. All persons have completed and 

submitted the required Prospective Board and Statutory 

Committee Members Questionnaire. 

The Committee wishes to thank all volunteers both returning 

and those retiring for their invaluable contribution over the 

years. 

Members of the Board of Directors 

Retiring Nominated Term in 

Office 

Derrick Tulloch Terrence Knight 2 Years 

Albert Dawkins Donovan Cunningham 2 Years 

Fiona Johnson Nickesha Eulette 2 Years 

Earl Munroe Earl Munroe 2 Years 

Based on the Term Limits for Board members, the following 

Directors – Messrs Tulloch and Dawkins, and Ms. Johnson; 

based on their years of service - in excess of three (3) 

consecutive terms, will demit office for a period of one (1) 

year to be thereafter eligible for re-election. 

We sincerely thank these Directors for their contribution to 

the growth and development of the Credit Union. 

The CG Co-operative Credit Union merged with the JPS& 

Partners Co-operative Credit Union effective October 01, 

2016. In keeping with the Memorandum of Understanding 

(MOU) signed by the merger parties, the following persons 

joined the Board of Directors during 2016 and will continue 

to serve on the Board: 

Name 

David Grey 

Richard Palmer 

The following Directors will continue to serve: 

Name 


Dwight Hart 


David Fleming 

Alicia Burnett 

Remaining Term 

1 Year 

1 Year 

1 Year 

1 Year 

1 Year 

Members of the Supervisory Committee 

The members of the Supervisory Committee all of whom 

will retire at this meeting but have indicated their willingness 

to serve for another year are: 


Office 

Melinda Lloyd Melinda Lloyd 1 Year 

Glaister Dunkley Galister Dunkley 1 Year 

Corine McCalla Corine McCalla 1 Year 

Viris Jones-Reece Viris Jones-Reece 1 Year 

Annmarie Raymond Annmarie Raymond 1Year 

Rolston McFarlane - - 

Terrence Knight - - 


Nominating Committee Report (Continued) 

Messrs Rolston McFarlane and Terrence Knight will not be 

seeking re-election. 

In keeping with the Memorandum of Understanding (MOU) 

signed by the merger parties, the membership of the 

Supervisory Committee will revert to the original 

complement of five (5) volunteers. 

We thank all members for their invaluable service to the 

Credit Union and in particular to the Supervisory Committee. 

Members of the Credit Committee 


Office 

Phillip Lewis Sheryl Brown 1 Year 

Leroy Wilson Paul Coombs 2 Years 

Tricia Robinson Deidre Codner-Campbell 2 Years 

Based on the Term Limits for Statutory Committee 

members, the following persons – Ms. Tricia Robinson and 

Mr. Leroy Wilson, based on their years of service - in excess 

of three (3) consecutive terms, will demit office for a period 

of one (1) year to be thereafter eligible for re-election. 

Mr. Phillip Lewis has advised of his inability to continue to 

serve. Consequently, Ms. Sheryl Brown has been elected 

to serve for the remaining unexpired term of one (1) Year. 

We sincerely thank these persons for their contribution to 

the growth and development of the Credit Union. 

The following persons will continue to serve: 

Name 

Arlene Laidlaw 

Evroy Mardener 

Remaining Term 

1 Year 

1 year 

In keeping with the Memorandum of Understanding (MOU) 

signed by the merger parties, the following persons joined 

the Credit Committee effective October 01, 2016 and will 

continue to serve: 

Name 

Clive Segree 

Maxine Gardener 

Profile of New Nominees 

BOARD OF DIRECTORS 

Terrence Knight 

Mr. Knight is currently employed to WINDALCO as Manager 

– Capital Projects. His professional and educational 

qualifications include Master of Business Administration 

(MBA) (Banking and Finance), Bachelor of Engineering 

(Electrical Power) and a Diploma in Electrical Engineering 

(Instrument Technology). 

He has also worked in the positions of Engineering Designs 

Coordinator, Electrical Instrument Engineer and Senior 

Projects Engineer. 

Mr. Knight also served as Chairman of the Supervisory 

Committee of the Credit Union for the past xxxxxx years 

Nickesha Eulette 

Ms. Eulette is currently employed to Digicel Jamaica Ltd. as 

Senior Finance Manager. She has been employed to Digicel 

since December 2013. Prior to that she worked at LIME 

Jamaica as Team Leader Accounting and Reporting. 

Ms. Eulette holds an MBA in General Management from the 

Mona School of Business. She is also a Certified Public 

Accountant (CPA). Ms. Eulette is a Member of the Institute 

of Chartered Accountants (ICAJ) – Jamaica and the New 

Hampshire Board of Accountancy (USA) 

Donovan Cunningham 

Mr. Cunningham has been employed to the Jamaica Public 

Service Company Limited (JPSCO) for the past 29 years 

and currently serves in the capacity of Parish Manager for 

the parishes of Manchester and Clarendon. 

His qualifications include a Diploma in Management Studies 

from Management Institute for National Development 

(MIND), an Associate Degree in Business administration 

from the University College of the Caribbean, (UCC) and he 

is currently reading for his BSC in Human Resource 

Management. 

Mr. Cunningham is a Justice of the Peace. He currently 

serves as 2nd Vice President of the Lay Magistrates 

Association of Jamaica - Manchester Chapter, Deputy 

Chairman Devon Primary School, and President - Guild of 

Students University of the Commonwealth Caribbean. He 

is a member of the Rotary Club of Mandeville. 


Nominating Committee Report (Continued) 

SUPERVISORY COMMITTEE 

Viris Reece – Jones 

Mrs. Reece-Jones has been employed to the Tax 

Administration of Jamaica (TAJ) since 1997. 

She presently holds the position of Senior Revenue Auditor. 

Her qualifications include an MSc in Accounting from the 

University of the West Indies and a Diploma in Education 

from the Mico University College. 

Mrs. Reece describes herself as a hard-worker with strong 

analytical skills. 

Annmarie Raymond 

Ms. Raymond has been employed to the Tax Administration 

Jamaica/Ministry of Finance since 2001. She presently 

holds the position of Internal Auditor. 

Her qualifications include a Diploma in Business Education 

from Excelsior Educational Centre, Diploma in Management 

Studies and Accounting from the Institute of Management 

Sciences and is AAT level 3 certified. 

Ms. Raymond is a member of the Institute of Internal 

Auditors Association – Jamaica Chapter. 

CREDIT COMMITTEE 

Sheryl Brown 

Ms. Brown has been employed to the Jamaica Public 

Service Company Ltd. since 2002. She holds the position 

of Executive Assistant – Energy Delivery. 

Her qualifications include a BSc – Professional Management 

from the Nova Southeastern University and a Diploma in 

Management Studies from the Jamaica Institute of 

Management. Ms. Brown is currently the Secretary of the 

JPS Defined Contribution Pension Plan. 

Paul Coombs 

Mr. Coombs has been employed to Urvill’s Supermarket – 

Mandeville, Manchester since January 2014. He currently 

holds the job position of Accountant. Prior to that, he was 

employed to the Petroleum Corporation of Jamaica 

between the period August 2006 – December 2012. His 

last job function was that of Senior Accounting Officer. 

His qualifications include Fellow of the Association of 

Chartered Certified Accounts (ACCA) and Association of 

Accounting Technicians (AAT). Mr. Coombs is a member 

of the Association of Chartered Certified Accountants 

(ACCA) (UK) 

Deidre Codner-Campbell 

Mrs. Codner-Campbell has been employed to the Tax 

Administration of Jamaica (TAJ) since 2007. She currently 

holds the position of Technical Specialist. Prior to that she 

worked at Jamaica Public Service Company Ltd. as Junior 

Analyst- Financial Reporting. 

Her qualifications include an MBA – International Business 

from the Mona School of Business and a Diploma in 

Financial Accounting from the Cambridge Tutorial College, 

London. Mrs. Codner-Campbell is also a Certified 

Accounting Technician (AAT). Her extra-Curricular activities 

include being a member of the Public Relations and 

Marketing and Taxation Committee with the Institute of 

Chartered Accountants of Jamaica and National Children’s 

President, Pentecostal Assemblies of the World (Jamaica 

Council). 

Dwight Hart 

Chairperson 


Resolutions 

CURRENT MAXIMUM LIABILITY 

WHEREAS Credit Unions are required to obtain the 

approval of the General Meeting for the maximum liability 

they may incur in voluntary shares, loans and deposits and 

whereas the current limit approved by the last General 

Meeting was for this Board to borrow up to an amount not 

exceeding a ratio of sixteen (16) times of the Society’s 

capital and reserve fund; 

WHEREAS the Board of Directors is satisfied that the 

present functions of the JPS and Partners Co-operative 

Credit Union can be discharged within the limit of sixteen 

(16) times previously established; 

BE IT RESOLVED THAT The Board of Directors may incur 

a liability in voluntary shares, deposits and/or loans from any 

source on such terms of payment or security provided that 

the total liability shall not exceed a ratio of sixteen (16) times 

of the Society’s capital and reserve fund. 

RESOLUTION FOR RULE AMENDMENT 

Whereas the Mandate for the year was to undertake a 

review of the existing Rule Book to assess the consistency 

of the terms with current practice and law; 

AND WHEREAS the review undertaken revealed areas of 

inconsistency between the document and current practice 

AND WHEREAS the policies and practices relating to 

governance and management of all organizations in 

general, and of financial institutions like this Credit Union in 

particular, have evolved and become more demanding both 

locally and internationally; 

AND WHEREAS the proposed changes have been 

approved by the Board of Directors and are required by Law 

to be tabled and approved by a special majority vote (75% 

of members present) of the members 

BE IT RESOLVED that the following sections of the rules 

of the JPS & Partners Co-operative Credit Union Limited be 

amended as outlined hereinafter: 

CURRENT RULE 

ARTICLE II 

MEMBERSHIP AND SPHERE OF OPERATIONS: 

4. Membership in the Society shall be limited to:- 

(a) The Jamaica Private Power Company, the Rural 

Electrification Programme, the Jamaica Energy 

Partners. UC Rusal Alumina Jamaica Ltd. Digicel 

Jamaica Ltd, West Indies Alumina Company Ltd. 

(iv) Ex-employees and Pensioners of: 

(b) Rural Electrification Programme, Jamaica 

Private Power Company Limited, The Jamaica 

Energy Partners, and the Credit Union, UC 

Rusal Alumina Jamaica Ltd., Digicel Jamaica 

Ltd., West Indies Alumina Company. 

(c) Corporate bodies with which the Credit Union 

has formed alliances. 

(v) The relatives (by birth, marriage or adoption) of 

members. Provided that person admitted to 

membership has attained the age of sixteen (16) 

years. 

TO BE AMENDED TO READ 

ARTICLE II 

MEMBERSHIP AND SPHERE OF OPERATIONS 

4. Membership in the Society shall be limited to:- 

(a) The Jamaica Private Power Company, the Rural 

Electrification Programme, the Jamaica Energy 

Partners. UC Rusal Alumina Jamaica Ltd. Digicel 

Jamaica Ltd, West Indies Alumina Company 

Ltd. 

(iv) Ex-employees and Pensioners of: 

(b) Rural Electrification Programme, Jamaica 

Private Power Company Limited, The Jamaica 

Energy Partners, and the Credit Union, UC 

Rusal Alumina Jamaica Ltd., Digicel Jamaica 

Ltd., West Indies Alumina Company. 

(c) Corporate bodies with which the Credit Union 

has formed alliances. 

(v) The relatives (by birth, marriage or adoption) of 

members. Provided that person admitted to 

membership has attained the age of sixteen (16) 

years. 

(vi) Members and persons eligible to be members of 

Credit Unions that have merged with this Credit 

Union. 


Resolutions (Continued) 

Rule Amendment 

ARTICLE XIII 

ELECTIONS 

CURRENT RULE 

65. (i.) Not less than sixty (60) days prior to each Annual 

General Meeting, the Board of Directors shall 

appoint a Nominating Committee of three (3) 

members, of which not more than one (1) may be a 

member of the existing Board of Directors. It shall 

be the duty of the Nominating Committee to 

nominate at the Annual General Meeting one (1) 

member for each vacancy for which elections are 

being held. Ballots shall be issued to members only 

on registration. 


A nominating Committee shall be appointed by the Board 

of Directors at least ninety (90) days prior to each Annual 

General Meeting (AGM) and shall consist of at least three 

(3) members, but not more than seven (7) members. 

(a) Not less than Eighty (80) days prior to the AGM the 

Nominating Committee shall meet to consider the 

following: 

(i) The vacancies that will arise at the AGM on the 

Board of Directors, the Credit Committee and the 


(ii) A preliminary list of nominations to be made to fill 

such vacancies. 

(iii) All other matters and procedures related to the filling 

of such vacancies. 

(b) Not less than seventy-five (75) days prior to the AGM 

the Nominating Committee shall notify the membership 

in writing of the vacancies for the Board, Credit, and 

Supervisory Committees and invite nominations to be 

made for each vacancy by petition on the prescribed 

form that must be signed by at least five (5) members. 

The committee may use electronic mail to notify 

members who have opted to receive notices or 

statements electronically. 

(c) The written notice shall state the closing date for 

receiving nominations by petition. In all cases, the 

period for receiving nominations by petition shall extend 

at least thirty (30) days from the date the petition 

requirements are mailed to all members. 

(d) The written notice shall indicate that there will be no 

nomination from the floor. 

(e) Upon consideration of all nominations made and 

received by petition the Nomination Committee shall 

interview and recommend at least one (1) member for 

each vacancy 

(f) The Nomination Committee shall file the nominations 

with the Secretary of the Credit Union at least forty (40) 

days before the Annual General Meeting. 

(g) Each nominee by petition must include statement of 

qualifications and biographical data with the petition. To 

be valid, nominations by petition must be accompanied 

by a signed certificate from the nominee or nominees 

stating that they are agreeable to the nomination and 

will serve if elected to Office. 

(h) The Nominating Committee shall have the authority to 

include candidates not nominated by petition among 

those to be considered by the Committee, and of its 

own accord seek suitable candidates to fill vacancies on 

the various Committees. 

(i) Members of the Nominating Committee shall not be 

eligible for nominations. 

(j) The Nominating Committee shall act in accordance with 

the Terms of Reference Policy of the Credit Union in its 

selection of each nominee 

(k) A member seeking nomination to hold office shall be 

disqualified if: 

(i) He fails to satisfy the Registrar and/or the Supervisor 

that he is a fit and proper person to perform 

corporate governance functions 

(ii) He has a dormant or inactive account for at least six 

(6) months. 

(iii) His membership within the society is not more than 

six (6) months, provided that he is an active member 

for more than 6 months in another co-operative 

society. 

(iv) His membership in any other co-operative society 

at the time of the Nominating Committee's 

deliberations has been judged delinquent. 

(l) The Secretary of the Board of Directors will no later than 

thirty (30) days prior to the AGM notify the members in 

writing or by way of electronic mail of the nominations 

recommended by the Nominating Committee. The 

notice shall also be posted in a conspicuous place in 

the Credit Union office. 


Resolutions (Continued) 

(m) A brief statement of qualifications and biographical data 

in a form approved by the Board of Directors shall be 

included for each nominee recommended by the 

Nominating Committee. 

(n) The final selections with the terms of office shall be 

presented at the AGM by the Nominating Committee. 

CURRENT RULE 

(ii.) After the nominations of the Nominating Committee 

have been placed before the members, the 

Returning Officer shall call for nominators from the 

floor. After nominations are closed, tellers shall be 

appointed by the Returning Officer, to collect ballots, 

the votes shall be taken and tallied by the tellers and 

the results announced. 


After the nominations of the Nominating Committee have 

been placed before the members, a Returning Officer shall 

be appointed by the Chairman and will preside over the 

elections. If sufficient nominations are recommended by the 

Nominating Committee to provide at least as many 

nominees as positions to be filled, the election shall not be 

conducted by ballot and the returning officer shall declare 

each nominee elected by general consent or acclamation 

at the meeting. In the event there are more nominations 

recommended by the Nominating Committee than the 

number of vacancies available there shall be voting by 

ballot. The returning officer shall be responsible for 

appointing tellers, distributing ballots, conducting and 

tallying the vote and announcing the results. 

CURRENT RULE 

(iv) Nominations shall be in the following order: 

a. members of the Board of Directors; 

b. members of the Credit Committee 

c. members of the Supervisory Committee 

Elections shall be by separate ballots following the order of 

the nominations. 


Elections shall be in the following order: 

a) Elections for members of the Board of Directors; 

b) Elections for members of the Credit Committee; 

c) Elections for members of the Supervisory Committee; 

d) Delegates and Alternate Delegates to the League or 

any affiliated organizations shall be determined by 

the Board of Directors. 



Prayer of 

St. Francis of Assisi 

National Anthem 

Eternal Father, bless our Land 

Guard us with Thy mighty hand 

Keep us free from evil powers 

Be our light through 

countless hours 

To our leaders, Great Defender, 

Grant true wisdom from above 

Justice, truth be ours forever 

Jamaica, Land we love. 

Chorus: 

Jamaica, Jamaica, Jamaica, 

Land we love. 

Teach us true respect for all 

Stir response to duty’s call 

Strengthen us, 

the weak to cherish 

Give us vision, lest we perish 

Knowledge send us, 

Heavenly Father 

Grant true wisdom from above 

Justice, truth be ours forever 

Jamaica, land we love 

Lord, make me an instrument 

of Thy peace; 

Where there is hatred, 

let me sow Love, 

Where there is injury, Pardon, 

Where there is doubt, Faith, 

Where there is despair, Hope, 

Where there is darkness, Light, 

and 

Where there is sadness, Joy. 

O Divine Master, 

grant that I may not 

So much seek, 

to be consoled 

as to console, 

To be understood 

as to understand 

To be loved, as to love, 

For it is in giving 

that we receive, 

It is in pardoning 

that we are pardoned, 

And it is in dying that we are 

born to Eternal Life.

Editorial Team: Joydene Jarrett, Camiel Franklyn-Levy, Zurie Johnson, Maxine Nugent

JPS & Partners 2016 Annual Report

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