JPS & Partners 2016 Annual Report

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Our Directors Natalie Sparkes 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 JPS & Partners Co-operative Credit Union Ltd. 20 ANNUAL REPORT 2016
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. JPS & Partners Co-operative Credit Union Ltd. 21 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 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 (
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Notes to the Financial Statements (
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Supervisory Committee Report (Conti
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Credit Committee Report (Continued)
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League Delegates Report (Continued)
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Nominating Committee Report Dwight
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Nominating Committee Report (Contin
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Resolutions (Continued) Rule Amendm
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JPS & Partners Co-operative Credit
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Editorial Team: Joydene Jarrett, Ca
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JPS & Partners 2016 Annual Report

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