JPS & Partners 2016 Annual Report

More documents

Recommendations

Info

Minutes of the 61st AGM (Continued) 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 JPS & Partners Co-operative Credit Union Ltd. 10 ANNUAL REPORT 2016
Minutes of the 61st AGM (Continued) 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. JPS & Partners Co-operative Credit Union Ltd. 11 ANNUAL REPORT 2016
Page 2 and 3: Our Mission Our Vision To be our me
Page 4 and 5: Table of Contents NOTICE OF MEETING
Page 6 and 7: Progress Report 2007-2016 YEARS MEM
Page 8 and 9: Minutes of the 61st AGM (Continued)
Page 20 and 21: Pictorial Highlights Long Service A
Page 22 and 23: Our Directors Natalie Sparkes Presi
Page 24 and 25: Board of Directors Report (Continue
Page 30 and 31: Fellow Co-operators: I greet you wi
Page 32 and 33: Treasurer’s Report (Continued) FI
Page 34 and 35: Treasurer’s Report (Continued) Me
Page 36 and 37: Treasurer’s Report (Continued) 5
Page 38 and 39: Our Team Managers Joydene Jarrett G
Page 40 and 41: Our Team Members : Kingston (Contin
Page 42 and 43: Meet Our Location Representatives A
Page 44 and 45: Meet Our Location Representatives (
Page 46 and 47: JPS & Partners Co-operative Credit
Page 48 and 49: JPS & Partners Co-operative Credit
Page 50 and 51: Statement of Financial Position as
Page 52 and 53: Statement of Changes in Equity For
Page 58 and 59: Statement of Cash Flows For the yea
Page 60 and 61: Notes to the Financial Statements (
Page 62 and 63:
Notes to the Financial Statements (
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Supervisory Committee Report (Conti
Page 108 and 109:
Credit Committee Report (Continued)
Page 110 and 111:
League Delegates Report (Continued)
Page 112 and 113:
Nominating Committee Report Dwight
Page 114 and 115:
Nominating Committee Report (Contin
Page 116 and 117:
Resolutions (Continued) Rule Amendm
Page 118 and 119:
JPS & Partners Co-operative Credit
Page 120:
Editorial Team: Joydene Jarrett, Ca
show all

JPS & Partners 2016 Annual Report

Create successful ePaper yourself

Delete template?

Save as template?