JPS & Partners 2016 Annual Report

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Board of Directors Report (Continued) 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 JPS & Partners Co-operative Credit Union Ltd. 22 ANNUAL REPORT 2016
Board of Directors Report (Continued) 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 JPS & Partners Co-operative Credit Union Ltd. 23 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 26 and 27: Board of Directors Report (Continue
Page 28 and 29: 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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