JPSCU Annual Report 2015-compressed

2015 

ANNUAL 

REPORT 

CELEBRATING 60 YEARS OF STRENGTHENING FAMILIES AND BUILDING COMMUNITIES

Our 

Vision 

To be our members’ premier 

financial partner for life. 

Our Core 

Values 

Integrity, Trust, Service, 

Accountability, Prosperity. 

Our 

Mission 

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.

MORTGAGE 

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 

CELEBRATING 60 YEARS OF SOUND FINANCIAL ADVICE

Table of Contents 

NOTICE OF MEETING 5 

PROGRESS REPORT 6 

MINUTES - 60 TH ANNUAL GENERAL MEETING 7 

PICTORIAL HIGHLIGHTS 20 

BOARD OF DIRECTORS’ REPORT 21 

TREASURER’S REPORT 30 

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 47 

Statement of Comprehensive Income 48 

Statement of Changes in Equity 49 

Statement of Cash Flows 54 

Notes to the Financial Statements 55 

COMMITTEE REPORTS 

Supervisory Committee 98 

Credit Committee 99 

League Delegates 101 

Nominating Committee 103 

Resolutions 107 

Notes 109 

Annual Report 2015 

4 Celebrating 60 years

Notice of Meeting 

Notice is hereby given that the 61 st Annual General Meeting of the JPS & 

Partners Co-operative Credit Union Limited will be held at the Jamaica 

Conference Centre, 14-20 Port Royal Street, Kingston on Saturday, 

June 4, 2016, 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 


Credit Committee 

Supervisory Committee 

9. ANY OTHER BUSINESS 

10. ADJOURNMENT 

Vaughn P. McDonald, Board Secretary 



Progress Report 2006 - 2015 

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 % 

2006 4,965 258,346 996,806 664,82 222,607 193,404 29.20 1,550,548 8 

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 

* Restated 



Minutes of the 60 th AGM 

The 60 th Annual General Meeting (AGM) of the JPS & Partners 

Co-operative Credit Union Ltd. was held on Saturday, August 8, 2015 

at the Jamaica Conference Centre. 

At 12:15 p.m. it was ascertained 

that 165 members (in excess of 

a quorum) were registered. The 

Notice convening the meeting was 

read by Mr. Vaughn McDonald, Board 

Secretary. 

The National Anthem was sung. 

Prayers was offered by Mr. Albert 

Dawkins. All said the Prayer of St. 

Francis of Assisi. 

The adoption of the Agenda was 

moved by Mr Lloyd Mordecai and 

seconded by Mr. Donald Robertson 

Apologies for absence 

Apologies were tendered on behalf of 

Director Gerlyn Gray, Noel Smith from 

Smith and Associates, Michael Webb 

from the Department of Co-operatives 

and Friendly Societies, Albert and 

Margaret Morris, Maxine Wilson, Jean 

Bennett, Egbert Depass and June 

Redway. 

Greetings and Formal 

Welcome 

The Chairman in her opening remarks 

advised all of the meeting protocol. 

Thereafter the following persons were 

given special recognition and welcome: 

Miss Kerry-Ann Ainsworth, Miss Tanya 

Brown and Ms. Stephanie Johnson 

from Jamaica Co-operative Credit 

Union League, Mr. Winston Reid from 

JTA Credit Union, Mrs. Sherie Nash- 

Seymour from Lascelles Employees 

Co-operative Credit Union, Mr. Oswald 

Parkes from CMFG Life Insurance, 

Ms. Nichola Scott and Mrs. Sonia 

Smith from the Department of 

Co-operatives and Friendly Societies, 

Ms. Kimberly Hitchens and Ms. Renee 

Jones from Fly Jamaica and 

Mr. Jonathan Brown President of the 

National Union of Co-operatives 

Society and former President of the 

Jamaica Co-operative Credit Union 

League Ltd. Mrs. Lisa Cousins, 

Ms. Prunella Vassell, and Mr. Dennis 

Goldson - External Auditors from UHY 

Dawgen, Mr. Chanick Miller from Smith 

and Associates - Internal Auditors 

and Mr. Carl Bryan - Stenographer. 

Members were asked to stand and 

acknowledge the presence of founding 

member Mr. Lloyd Mordecai. 

Memoriam: 

A minute of silence was observed for 

those who had passed on since the 

last AGM: Paul Bonner, Huntley 

Higgins, Linval Robb, Carol Bennett, 

Carlton Passley, Phoebe Gregory, 

Natalie Sparkes, President of the Credit Union, makes her presentation. 



Minutes of the 60 th AGM (Cont’d) 

Lascelles Cooper and Les Stewart. 

Condolence was extended to staff 

member Mark Campbell who had lost 

his mother. 

Introduction of Members 

of the Head Table 

Members of the Head table were 

introduced by Ms. Natalie Sparkes, 

President and Chairman, in the order 

in which they were seated: 

Mr. Anthony Dawkins, Vice President; 

Mr. Vaughn McDonald, Secretary; 

Mr. Delroy Redway, Treasurer; 

Mr. Derrick Tulloch, Director; 

Mr. Rodney Gordon, Director; 

Ms. Joydene Jarrett, General Manager; 

Mr. Dwight Hart, Director; 

Ms. Kim Robinson, Director; 

Mr. Ronald Thomas, Director; 

Ms. Althea Grey, Director; 

Ms. Fiona Johnson, Assistant Treasurer; 

and Mr. Earl Munroe, Assistant Secretary. 

Director Gerlyn Gray was unavoidably 

absent. Members of the Credit and 

Supervisory Committees were asked 

to stand and be acknowledged. 

MINUTES OF THE LAST 

ANNUAL GENERAL 

MEETING 

Corrections and Amendments: 

The Secretary invited everyone to 

share in the Minutes of the 59th AGM 

which could be found on pages 5 

through to 18. The motion for the 

Minutes to be taken as read was 

moved by Mr. Mark Ramsay and 

seconded by Mr. Raymond Harper. 

One typographical error found on page 

12 was highlighted and corrected by 

the Secretary. The motion confirming 

the Minutes was moved by Mr. Conrod 

Howard and Ms. Andrea Howell. 

Matters Arising From the 

Minutes 

Mrs. Glennamoe McNabb asked for an 

update on the property at 37 Lady 

Musgrave Road. The Chairman 

expressed that a proposal was received 

for the development of the property. 

The plan is to start with the draft design 

and come up with funding proposals 

thereafter by the next AGM. The 

Chairman also advised the meeting 

that the BOJ Regulations limits the 

property’s use to the sole purpose of 

the business of the Credit Union. 

Mrs. Glennamoe McNabb asked 

about the introduction of a loan for 

members wanting to invest in 

renewable energy as was suggested 

by Mr. Howard Bennett and also 

whether or not the website was now 

updated. The Chairman expressed 

that such a loan was not introduced 

due to the number of loan products 

but promised to give consideration. 

Confirmation was given that the 

website was updated. 

Members registering at the AGM 

The motion for the Minutes to be taken 

as read was moved by Mrs. Cheryl 

Grant and seconded by Mrs. 

Glennamoe McNabb. 

BOARD REPORT 

The Chairman initiated the report by 

giving a comparison of the Credit 

Union’s performance with that of the 

global economy. The global economy 

grew by 2.6% in 2014 from 0.1% in 

2013 with an expected 3-4% growth 

in 2015. This projected growth the 

Chairman opined, might be a challenge 

having regards to the IMF 

conditionalities. 

In looking at the Jamaican economy, 

the Chairman noted the following 

movements and improvements in the 

economy: 

• The IMF Agreement was still in effect 

and that the country continued to 

meet the conditionalities of the 

programme. 

• The Minimum Business Tax was 

introduced 

Annual Report 2015 8 Celebrating 60 years


• The country’s economy grew by 

.4% in 2014. 

• The Net International Reserve(NIR) 

closed the year at US$2.01B 

• Inflation ended at 6.4% compared 

to 9.5% in 2013. 

• Treasury Bill closed the year at 

6.3% for 30 days, 6% for 90 days 

and 7.14% for 180 days. 

THE MOVEMENT’S 

FINANCIAL PERFORMANCE 

• Membership grew by 1.66% to 

988,900. 

• Assets grew by 7.02% to $82.14B. 

• Loans grew by 7.66% to $56.52B. 

• Savings grew by 6.64% to $62.73B. 

JPS & PARTNERS 


The Chairman reported that the Credit 

Union enjoyed relative success with 

growth in most areas of operations. 

• Shares moved from $831.11M to 

$893.72M, a growth of 7.53%. 

• Deposits declined by 5.16% moving 

from $2.01B in 2013 to $1.90B. 

The Chairman credited this decline 

to the myriad of socio-economic 

issues members had to grapple 

with. 

• Loans grew by 2.72% moving from 

$1.91B to $1.95B. 

• Total Assets declined by .76% 

moving from $3.70B to $3.67B. 

• Surplus increased by 37.24% 

moving from $30.47M to $41.82M. 

• Institutional Capital increased by 

2.31% moving from $578.65M to 

$592.01M. 

• Delinquency closed the year at 

4.73%. The Movement’s standard 

is 5%. The Chairman at this point 

advised members that the Credit 

Union will be implementing the use 

of the Credit Bureau in its loan 

accessment process. 

• Membership recorded growth of 

4.04% and now stands at 10,249. 

External Auditors - Ms Lisa Cousins and Mr. Dennis Goldson studies the report. 

Also in the photograph is founding member LLoyd Mordecai. 

ATTENDANCE AT BOARD 

MEETING 

The Chairman commended the Board 

of Directors on their attendance at 

scheduled Board meetings. 

Mention was made of Director Ralston 

Facey who had resigned due to 

migration. He was replaced on the 

Board by Miss Althea Grey. The 

Chairman also reminded the 

membership that based on the merger 

agreement, the Board size which is 

currently thirteen (13) members will 

revert to its original complement of nine 

(9) members. 

HUMAN RESOURCES 

Members of the management team 

were introduced. The Chairman 

commended the team and their 

supervisees for their continued 

commitment and dedication to the 

Credit Union. Mention was also made 

of the changes in the complement 

during the year as some persons 

separated from the Credit Union for 

varying reasons. The full complement 

of staff was held at 40 being 29 

permanent and 11 contractual/ 

temporary employees spread across 

the four (4) locations. The Chairman 

also advised that a Human Resource 

Manager will be employed to help 

resolve some of the human resource 

issues currently facing the organization. 

MEMBERSHIP MATTERS 

The year concluded with a 4.04% 

growth in membership due largely in 

part to the closure of accounts 

resulting from the continued culling 

of the database. Efforts such as 

Kirkvine’s integration with the business 

community, Ewarton’s expansion to 

include relatives of members, the 

school savings programme, employees 

of our partnering companies, walk-in 

members and those sourced by the 



Marketing team all contributed to 

the growth. 

MEMBER 

APPRECIATION DAY 

October is designated as Credit Union 

month and as is customary, Member 

Appreciation days were celebrated 

across various locations over a three 

week period. The Chairman commented 

on the fellowship displayed by the 

members in attendance at all locations. 

Both staff and members had a 

good time. 

PRODUCTS 

AND SERVICES 

The myriad of products and services 

offered by the Credit Union continues 

to be accessed by our members. The 

Chairman briefly commented on the 

benefits in accessing these products 

and services - the UGain savings 

account, and the Family Indemnity 

Plan (FIP). The Chairman also pointed 

to the fact that JPS & Partners 

continues to be among the few Credit 

Unions with a low income from 

processing fees. Mention was made of 

the projected income of approximately 

$24M that could be earned on an 

annual basis if the Credit Union were to 

charge a fee for the processing of 

standing orders on behalf of our 

members. Cheque processing is also 

free of charge. 

The President also signalled that 

the Credit Union will be looking at 

fee implementation for some of the 

services for which we do not presently 

charge a fee, eg standing order 

processing. 

The service provided on loan products 

was delved into as the chairman 

posited that although the Credit Union 

had a plethora of loan products with 

varying interest rates, it still continues 

to experience a low loans growth. 

Mention was made of the high debt 

service ratio of some members which 

precluded them from accessing 

additional loans. The preservation of 

members’ deposits is key. 

CORPORATE 

SOCIAL OUTREACH 

The scholarship programme continue 

to strive as we continue to promote the 

education of our youth. Mention was 

made of the several schools that the 

Credit Union has adopted or form 

alliances with; St. John Bosco Boys 

Home, Central Branch All Age School, 

The Queens School, St. Mary the 

Virgin Basic, Merrion Basic and the 

Polly Ground Basic Schools all 

continue to benefit in the form of 

financial resources or just the sharing 

of time and talent with the students. 

Special mention was made of the level 

and quality of work done by the boys 

at St. John Bosco Boys Home. 

Also at the forefront of outreach 

activities is the annual hosting of two 

summer camps. Summer camps were 

held at the Mannings High School in 

Westmoreland and the St Andrew 

High School for Girls in Kingston. 

The Credit Union continues to provide 

free monthly health checks to members. 

Members of the Board of Directors casting their votes. 



OPERATIONAL 

HIGHLIGHTS 

The Credit Union migrated to a 

common IT platform in June 2014. 

This merger of three IT systems did not 

happen without some challenges. 

Post implementation saw the Credit 

Union experiencing several 

technological changes coupled with 

the delivery of less than acceptable 

member service. The Chairman 

communicated that valuable lessons 

were learnt. With the new IT platform, 

members are now able to do real-time 

banking, internet banking and perform 

banking transactions at any of the 

Credit Union’s branches. Other 

services such as telephone banking, 

not yet implemented are set to be 

implemented on a phased basis. 

The Chairman took the time to update 

members on the ATM glitch postmerger 

which saw some members 

being able to withdraw funds or 

conduct point of sale transactions in 

excess of their available ATM Account 

balances. Persons who refused to 

refund the money were taken before 

the Courts with judgement being 

awarded in favour of the Credit Union. 

At the end, Mr. Winston Delahaye 

enquired about the amount to be 

repaid. He was told approximately 

$755,000.00. The matter of fees 

charged on the Credit Union’s products 

and services was also discussed by 

the Chairman. 

The old structure at our Lady Musgrave Road property was demolished. Mention 

was made of the intention to relocate the Kirkvine Branch to the Mandeville area. 

However, the high cost for rental was proving to be a challenge. 

MERGER PLANS 

Members were advised that the Credit Union was in merger talks with the CG Cooperative 

Credit Union. The benefits of mergers were discussed. 

WAY FORWARD 

• Improvement in our loan product offerings 

• Strengthening of our compliance and governance structure in preparation for 

BOJ Regulations 

• Aesthetics improvement to the branches 

• Painting of the Lady Musgrave Road property and the Head Office building 

CONCLUSION 

In concluding the Chairman on behalf of the Board expressed thanks to several 

groups and organizations for their support during the year. She thanked the 

Almighty God for His guidance and protection, valued members, the Board, 

Management and Staff as well as Volunteers who serve as Location 

Representatives and on the Supervisory and Credit Committees, Management 

and Staff of our partnering companies, the League, the Department of Cooperatives 

and Friendly Societies, UHY Dawgen (External Auditors) and Smith and 

Associates (Internal Auditors). 

Melinda Lloyd and Alston Watson seem engrossed in a particular report. 

INFRASTRUCTURE 

DEVELOPMENT 

The Chairman advised that a section 

of the second floor previously rented is 

now occupied by the Credit Union. 

This is to allow for a more comfortable 

working environment. Issues pertaining 

to the air quality within the Head Office 

location were positively addressed. 



MATTERS ARISING FROM 

THE BOARD REPORT 

Mr. Leopold Angus commented that 

his wish was that the Credit Union not 

seek to compete with banks more in 

particular as it relates to revenue 

earned from fees charged. This is in 

light of the fact that the former merged 

credit unions did not charge fees on 

services provided to their members. 

Ms. Herma Baker commented that she 

was not getting her Annual Report in a 

timely manner. Ms. Andrea Thomas 

concurred with her and also enquired 

whether or not there was a notice 

period for the posting of the Nominating 

Committee Report. The Chairman 

explained the reason for the delay and 

committed to ensuring that going 

forward the reports will be ready at 

least two (2) to three (3) weeks 

in advance of the meeting date. 

Mrs. Sonia Smith from the Department 

of Co-operatives and Friendly Societies 

advised that the Nominating Committee 

Report was not a Resolution. The 

Chairman also encouraged members 

to update their membership information 

at the registration desk. 

One participant enquired the reason for 

the staff turnover at the Credit Union 

which in his opinion was high. The 

Chairman identified salary and lack of 

scope for growth and upward mobility 

as the primary reasons. She further 

went on to advise that in terms of 

salary, awards were based on 

negotiations. The Credit Union had 

employed the services of a Human 

Resource Manager to help with the 

human resource issues within the 

organization. The person did not stay 

with the organization. The Chairman 

stressed that her leaving had no 

correlation with treatment from the 

Board. The plan is to outsource some 

of these human resource activities until 

a new Manager is identified and the 

right structures put in place thereafter 

to ensure that staff are comfortable. 

Mrs. Karleen Brown wanted to know if 

there would be any changes to the 

structure of the Board to include their 

qualifications for the positions they 

hold once the BOJ Regulations are 

implemented and whether or not there 

would be a need for the holding of a 

Special General Meeting to elect 

members to the Board. The Chairman 

in her response said that the BOJ will 

be concerned primarily with the Fit and 

Proper requirements for all Board 

members and that it is the 

responsibility of the Board to ensure 

that it has the ideal governance 

structure and skills set to develop the 

organization. 

Mr. Leopold Angus reiterated the 

concern about high staff turnover and 

recommended that exit interviews be 

done by independent persons to 

ascertain what causes the discomfort 

among staff. The Chairman accepted 

Mr. Angus’ point and said exit 

interviews aren’t independent and that 

is an option to explore. 

The motion for the adoption of the 

Members voting at 60 th AGM 

Board of Directors Report was moved 

by Mr. Raymond Harper and 

seconded by Mr Albert Simpson. 

TREASURER’S REPORT 

To begin his report, the Treasurer 

invited Ms. Prunella Vassell of UHY 

Dawgen (Incorporating Paul Goldson 

and Company) to read the Auditor’s 

Report. Contained in this report was 

an outline of the Auditors’ roles and 

responsibilities, the standards and 

principles used to audit the Credit 

Union’s accounts and a statement that 

the accounts complied with the 

relevant standards and the Cooperatives 

Societies Act. 

The Treasurer then asked for a motion 

for the report which was to be found 

on pages 29 – 34 to be taken as read. 

Ms. Tricia Robinson moved the motion; 

Mr. Devon Wright seconded it. 

After expressing his pleasure in 

presenting the report with 2014 being 

the first full year of operation since the 

merger, the Treasurer began his report 

by giving a brief synopsis of the 

financial arena within which the Credit 

Union operated during 2014: 



• Devaluation of the Jamaican dollar 

against its major trade currencies. 

• Inflation rate of 6.4% compared to 

9.5% in 2013. 

• IMF public sector wage restrictions 

and low interest rate regime. 

• Unemployment though trending low 

from 15.4% to 13.8% still pose a 

challenge. 

• Intense competition in the finance 

sector. 

Profitability 

Surplus 

The Credit Union recorded a net 

surplus of $41.82M – a 37.2% 

increase or $11.35M over the previous 

year. 

Factors affecting profitability include 

high unemployment, devaluation in the 

Jamaica currency, low disposable 

income, reduced spending in the 

economy, competition, the rise of 

micro-lending sector, high utility, 

security costs and public sector wage 

restrictions. The rise of a number of 

unregulated lending institutions offering 

non-securitized loans also had a 

significant impact on profitability. 

Income 

Interest income was $390.74M, and 

reflected an increase of 24.4% or 

$76.71M. Non-interest income of 

$32.7M increased by $1.5M or 6%. 

These increases were a direct result of 

prudent management of the Credit 

Union’s financial investments and 

attractive loan products. 

Sources of Revenue 

The major portion of the Credit Union’s 

revenue (69%) came from interest on 

loans, 23% came from investment 

income, 3% from fees and 5% from 

rental and miscellaneous sources 

Expenses 

Interest expense totalled $118.22M an 

increase of $19.44M over 2013 

Operating expenses increased by 

21%, moving from $191.8M in 2013 to 

$231.7M in 2014. The ratio of the 

operating expenses to total income 

showed a reduction, moving from 

55.6% in 2013 to 54.7% in 2014. 

Personnel expenses showed an 

increase of $27.7M or 30.81% over 

2013 mainly attributed to Collective 

Labour Agreement benefits awarded 

Mr. Valen Wilson - Winner of the gate prize proudly shows his winning Airline Ticket 

courtesy of Fly Jamaica Airways. 

to staff coupled with the fact that the 

full year of operations as a merged 

entity was now reflected in the accounts. 

Representation expenses increased by 

$3.59M, as a result of League fees, the 

Annual General Meeting and other 

associated meetings. 

Administrative expenses increased by 

$8.7M or 13% over 2013 as a result 

of inflation and a full year of cost postmerger. 

BALANCE SHEET 

Institutional Capital 

The end of calendar year 2014 saw 

Institutional Capital at $592M which is 

16.1% of Total Assets. No addition to 

Institutional Capital from the 2014 

surplus was recommended. 

Members’ Share Capital increased by 

$62.6M or 7.53% moving from $831.1M 

in 2013 to $893.7M. The compulsory 

savings attached to loan products 

contributed to this growth. 

Loans to Members increased by 

$51.92M or 2.72% over 2013. The 

several loan promotions contributed to 

the growth. 

Delinquency was 4.72% up from 

3.13% which though within the 

standard of 5% will be monitored 

through continued financial counselling 

and recovery processes to ensure 

efficiency and profitability. 

Protection, Effective Financial Structure, 

Asset Quality, Rates on Return and 

Costs, Liquidity and Signs of Growth 

(PEARLS). 

In terms of the PEARLS Ratios, the 

Credit Union continues to perform well 

against these benchmarks. There is 

significant effort to bring the Loans to 

Total Assets ratio currently at 53.25% 

to the PEARLS standard of 60-80%. 



Conclusion, Questions and 

Motion 

Before closing, special acknowledgement 

was given to God, Management 

and Staff for their hard work and 

contribution, Board Members, Volunteers, 

External Auditors, Registrar of Cooperatives 

and Friendly Societies, 

Jamaica Co-op. Credit Union League 

Ltd. Sponsoring companies and 

valued members. 

The motion for the acceptance of the 

report was moved by Melinda Lloyd 

and seconded by Jennifer Goodall. 

The Treasurer then opened the floor 

for questions; Mr. Raymond Harper 

inquired on the decision to not allocate 

funds from the 2014 surplus to 

Institutional Capital. The Treasurer 

advised that it was a recommendation 

from the floor of the last Annual 

General Meeting to not consider 

growing it beyond the current amount. 

Mr. Michael Smith asked what risks the 

Credit Union was mitigating against. 

The Treasurer provided the response. 

Mrs. Karleen Brown queried whether 

or not it was solely competition from 

micro lending agencies but that the 

quality of service and turnaround time 

for products also had an impact on 

lending. The Treasurer in his response 

mentioned that along with the increased 

competition, the quality of member 

service experienced during the period 

was negatively affected by the “teething 

pains” experienced post implementation 

of the new IT Platform. Mrs. Brown 

encouraged the Board to give 

consideration to increased spending 

on additional resources to improve 

efficiency. The Treasurer noted the 

suggestion. 

expenses from 2010 was a sum of all 

entities. The Treasurer responded ‘No’ 

and affirmed that it was the 2013/2014 

accounts that were being examined 

since prior to that JPS and Partners 

was an entity on its own. 

Mr. Howard Bennett wanted to know 

how soon his suggestion regarding 

loans for renewable energy would be 

acted upon. The Treasurer pointed to 

the ongoing discussions regarding the 

use of natural gas and that his 

suggestion will be given consideration 

in terms of how the Credit Union can 

assist members to benefit from the 

opportunities of change. 

Mr. Winston Delahaye wanted to know 

the strategies used to treat with 

delinquency. The Treasurer responded 

by outlining the use of debt service 

ratios, financial counselling, use of Debt 

Collectors, engaging lawyers and the 

overall process to qualify for a loan. 

Mr. Winston Delahaye said that while 

he understood that fees are a part of 

the service process he still felt that it 

was not productive and that the Credit 

Union should consider charging fees 

based on loan category rather than on 

principal. He suggested that the Credit 

Union revisit its fee base structure. 

The Treasurer said his point was noted 

and would be looked at the next 

Strategic Retreat. 

Mr. Winston Delahaye wanted to know 

what comprised Miscellaneous Income. 

The Treasurer advised that same was 

income earned from the sale of the FIP 

product, penalty fees and other service 

charges. 

Ms. Goodall commended the Board 

on a 37% surplus growth and inquired 

on the status of challenges faced with 

the computer system. The Treasurer 

advised that though some challenges 

remain, they were not insurmountable 

and that that the Credit Union continues 

to work closely with the system 

provider to have them resolved timely. 

Ms. Goodall expressed concern about 

a rise in delinquency if the Credit Union 

were to market itself to all who pay 

electricity bills. The Treasurer said the 

concern was noted. 

Ms. Goodall also added to Mr. 

Delahaye’s point on fees. She said it 

was actually a good reason to not 

decrease fees. The Treasurer accepted 

the point. 

Mr. Herbert Vanreil - Branch Manager assists Mr. Lloyd Mordecai , founding member to 

his seat. 

Mrs. Brown also wanted to know 

whether or not the administrative 



The motion for the acceptance of the 

Treasurer’s Report was moved by 

Mr. Lloyd Mordecai and seconded 

Mrs. Haley Clarke-Scotland. 

SUPERVISORY 

COMMITTEE REPORT 

Mr. Devon Wright – Chairman of the 

Committee gave an overview/update 

on the following areas which were 

reviewed in conjunction with the 

Auditors. 

• Investments with other financial 

institutions. 

• Staff handling of suspicious 

transactions. 

• Adequacy of backup/retrieval 

system. 

• Bank Reconciliation. 

• Asset Liability Management. 

• Insurance coverage over assets. 

The Chairman noted that issues/ 

weaknesses identified were brought to 

the attention of the Board and that at 

least 80% of the issues were acted 

upon. The task given to the Committee 

to look at the current organisational 

structure was completed and that a 

proposed structure was provided to 

the Board of Directors for their review. 

The Chairman concluded that the 

controls implemented by the Board 

and Management were safe and that 

the Credit Union was secure. 

The Chairman also used the 

opportunity to thank the members of 

the Committee, Smith and Associates 

- Internal Auditors, the Board of 

Directors, Management and Staff for 

their support and cooperation. 

With no question arising, the motion for 

the acceptance of the Report was 

moved by Mr. Lloyd Mordecai and 

seconded by Ms. Melinda Lloyd. 

CREDIT COMMITTEE 

REPORT 

Mr. Leroy Wilson – Chairman directed 

members to pages 97-98 where the 

Report could be found. 

YEAR IN REVIEW 

General Manager - Joydene Jarrett presents a gift to a member. 

In making his presentation, the 

Chairman advised that the Credit Union 

disbursed in excess of 13,000 loans 

valued at $1.13B. This represented a 

reduction of $10.81M or .95% over 

2014. The Committee reviewed a total 

of thirty three (33) of these loans valued 

at approximately $156M. 

Loan products in high demand during 

the year were as follows: motor vehicle 

Loans ($209M); Salary Enhancer 

($204M); Within Shares ($168M); Pay 

Day Loans ($164M) and Home Equity 

Loans ($130M). Five (5) loans made to 

Officials and valued at approximately 

$14M were also reviewed by the 

Committee. 

In the area of training, the Committee 

members attended and participated in 

the scheduled Anti-Money Laundering/ 

Counter Financing of Terrorism (AML 

/CFT) training seminar facilitated by the 

Credit Union. 

The Chairman concluded by thanking 

the members of the Committee, Board 

of Directors, Management and Staff 

and the general membership for their 

continued guidance and support 

during the year. 

With no questions raised, the motion 

for the acceptance of the Report was 

moved by Mr Devon Wright and 

seconded by Mr. Howard Bennett. 

LEAGUE DELEGATES 

REPORT 

Director Derrick Tulloch then presented 

an overview of the League Delegates 

Report which was to be found on 

pages 99-101. The motion for the 

Report to be taken as read was moved 

and seconded by Mr. Lloyd Mordecai 

and Ms. Melinda Lloyd respectively. 

The Report presented by Director 

Tulloch gave a synopsis of the 

Movement’s financial performance and 

some of what transpired at the 

League’s Annual General Meeting and 

the Caribbean Confederation of Credit 

Unions (CCCU) conference held in the 

Bahamas. A brief overview of the 

current status of the impending BOJ 

Regulations was also given. 

No matters arose and a motion for its 



adoption was moved and seconded 

by Ms. Shawna Kay Williams and Ms. 

Jennifer Goodall respectively. 

DISTRIBUTION OF 

SURPLUS 

Treasurer Delroy Redway invited the 

members to turn to page 32 where the 

Report could be found. Members 

were advised that the dividends paid 

on their shares account is subject to 

taxation as per regulatory requirement. 

Net Surplus was $41.81M. Of this 

amount, 20% was transferred to the 

Statutory Reserve leaving an amount 

of $33.4M for distribution. The Board 

of Directors recommended a dividend 

payment of 25% to the permanent 

shares account of each member on 

record as at December 31, 2014. 

DISTRIBUTION 

Dividend on Permanent Shares (25%) $17,530,298 

Honoraria $2,500,000 

Scholarship $1,450,000 

Software Upgrade $1,000,000.00 

Youth Education and Development $600,000,000 

Care-A-Bit $750,00,000 

60 th Anniversary $3,000,000 

Building Reserves $3,000,000 

Redemption Reserves $500,000 

General Reserve $3,124,411 

QUESTIONS 

Mrs. Karleen Brown wanted to know if: the permanent shares account was the 

account from which members were not able to make withdrawals, if the interest 

payment for voluntary shares was set, what was the rate and if such payment 

would be charged against the expense account of the organisation. The Treasurer 

responded in the affirmative regarding the permanent shares, that interest for 

voluntary shares was set, proposed interest rate was not available and that same 

would be an expense to the organisation. 

The Treasurer at this juncture extended thanks to Mrs. Karleen Brown – former 

staff member for her invaluable contribution to the organisation. 

Director, Derick Tulloch presenting the League Delegates Report. 

Mrs. Karleen Brown, Member, makes a point. 



Miss Nicole Baker suggested that 

funds be made available out of surplus 

for the implementation of a Staff 

Reserve Fund. This fund would 

address issues such as medical 

emergencies or assist with the 

educational financing of staff wanting 

to pursue for example a Masters 

Degree. She was of the view that such 

a programme would help to reduce the 

level of staff turnover. She opined that 

the Credit Union needed to focus more 

on staff rather than on members only. 

The Treasurer noted the suggestions 

and said that same could be dealt with 

by members agreeing to the 

adjustment of the proposed surplus 

distribution. 

Mr. Winston Delahaye agreed with 

Miss Nicole Baker but also highlighted 

the fact that funds could not be 

allocated from surplus for such a 

reserve fund as the concern raised 

was a human resource issue. 

Mr. Charles Hendricks queried if staff 

are also members of the Credit Union. 

He also commented on the staff 

Persons getting registered for the Children’s village. 

turnover. The Treasurer responded 

that most employees are members but 

this was not compulsory. 

Mr. Leroy Wilson sought clarification on 

whether the first line item under the 

Distribution should be Dividend on 

Permanent Shares. The Treasurer 

responded in the affirmative. 

Miss C. Davis expressed her 

disappointment in not being able to 

easily access a loan at the Credit 

Union. High debt ratio, contract 

employment status, non-recognition of 

overtime payment in the loan 

evaluation process, need for a payslip 

to access Pay Day Loans coupled with 

the length of time it now takes to 

access a pay day loan based on the 

new operating system were some of 

her challenges. 

The Treasurer responded by reminding 

the members of the standards and 

regulations that govern the Credit 

Union, measures put in place for 

sound, prudent and proper loan 

management, that it was very risky to 

make projections on earnings not yet 

in hand and that 

financial counselling 

is available freely from 

any member of 

management. 

Mrs. Haley Clarke- 

Scotland said that 

she was concerned 

about the delinquency 

rate of 4.72% being 

very close to the 

standard of 5%. The 

Treasurer assured her 

that this was an area 

of operations that the 

Credit Union continues 

to give great monitoring 

attention. 

The motion for the 

acceptance of the recommendation for 

the distribution of surplus was moved 

and seconded by Mr. Winston 

Delahaye and Mrs. Cheryl Grant 

respectively. 

FIXING OF MAXIMUM 

LIABILITY 

The Treasurer moved the motion that 

the JPS & Partners Co-operative 

Credit Union be allowed a maximum 

not exceeding a ratio of sixteen (16) 

times of the Society’s Capital and 

Reserve Funds. The motion was 

seconded by Mr. Winston Delahaye. 

Resolution FOR RULE 

AMENDMENT 

The amendments to Rule number 33(i) 

and number 35(ii) were presented to 

the membership in a powerpoint 

format. 

The Rule change was accepted as 

read on a motion moved by Director 

Vaughn McDonald and seconded by 

Mr. Courtney Whyte. 

QUESTIONS ARISING FROM THE 

PROPOSED RULE CHANGES 

RULE 33(i) 

Mrs. Karleen Brown said that she was 

of the understanding that the thirteen 

(13) member Board of Directors based 

on past merger agreements would 

eventually revert to nine (9) members 

and as such, she is recommending 

that the maximum Board size be 

thirteen (13) rather than the proposed 

fifteen (15). Mrs Brown also proposed 

that the waiting period for re-election 

to the Board be two (2) years rather 

than the proposed one (1) year. This is 

to allow for the injection of “new blood’ 

into the organisation. 

The Secretary advised that the number 

was to allow for the inclusion of 

Directors as a result of mergers. 



Merger discussions now taking place 

with the CG Credit Union was given as 

one example. The Chairman also 

joined in the discussion and at the end 

advised that it was up to the 

membership to decide. 

Mrs. Sonia Smith advised that the one 

(1) year waiting period was the 

standard within the Credit Union 

Movement 

Ms. Tricia Robinson was of the view 

that the ineligibility period should 

remain at one (1) year to allow for 

continuity and that it is for a reason 

why same was the standard widely 

practiced in the Movement. 

Mrs Brown said that while she noted 

the explanation given for the Board 

size, she wanted her recommendation 

for the period of ineligibility for reelection 

to the Board of Directors be 

two (2) years rather than the proposed 

one (1) year be put to a vote. 

The amendments to the aforementioned 

proposed change to Rule 

33 (i) was moved by Mrs. Karleen Brown 

and seconded by Mrs. Glennamoe 

McNabb. The proposed amendment 

was not carried by the members 

present. 

One Hundred and seventy seven (177) 

members voted for the rule 

amendment as presented, eight (8) 

voted against and fifty (50) abstained. 

RULE 35 

The Resolution for Rule 35 (ii) which 

dealt with the terms of Desk Officers was 

moved by Director Vaughn McDonald 

and seconded by Ms. Melinda Lloyd. 

QUESTIONS ARISING 

FROM THE PROPOSED 

RULE CHANGE 

Miss Petal James recommended that 

the Rules be written in a simpler 

language so that members can better 

understand what they were voting on 

while Ms Tricia Robinson suggested 

that the Rule be amended to list the 

Desk Officers. In response, both the 

Chairman and the Secretary sought to 

explain the position of Desk Officers 

and the reasons for the amendment. 

The Secretary further advised that the 

positions were listed in the Rule Book. 

Primped, painted and pampered - the children had a ball at the AGM Kiddies Corner. 

With no further questions two hundred 

and twenty eight (228) members voted 

for the amendment, one (1) member 

voted against. There were no 

abstentions 

RESOLUTION FOR THE 

MERGER OF ONE CREDIT 

UNION WITH ANOTHER 

The Resolution was presented in a 

power point format. The motion for 

the acceptance of the Resolution was 

moved by Director Vaughn McDonald 

and seconded by Mr. Lloyd Mordecai. 

Thereafter the Secretary sought to 

give the rationale for the proposed 

Resolution. Both Mr. Winston Delahaye 

and Mr. Leopold Angus were of the 

view that the Resolution was 

unnecessary as the membership gave 

the Board the general authority to enter 

into merger discussions and thereafter 

approach the membership for their 

approval. The Resolution was subsequently 

withdrawn. 

NOMINATING 

COMMITTEE REPORT 

The report was presented by Mr. Dwight 

Hart - Chairman of the Committee. 

He expressed appreciation to all 

volunteers both retiring and those 

returning for their invaluable contribution 

over the year. 

BOARD OF DIRECTORS 

Retiring 

Nominated 

Derrick Tulloch Derrick Tulloch 

Albert Dawkins Albert Dawkins 

Earl Munroe Earl Munroe 

Kim Robinson Kim Robinson 

Fiona Johnson Fiona Johnson 

Rodney Gordon Alicia Burnett 



SUPERVISORY COMMITTEE 

Members on this Committee serve for 

one (1) year and so will be retiring en 

bloc. 

Retiring Nominated 

Patrick Davidson Glaister Dunkley 

Dalton Smith Kevin Brown 

Royen Banton Royen Banton 

Terrence Knight Terrence knight 

Valerie Bennett Valerie Bennett 

Devon Wright - 

Alicia Burnett - 

Messrs Devon Wright and Patrick 

Davidson did not seek re-election to 

the Committee. The positions of Mr 

Devon Wright and Ms. Alicia Burnett 

were not filled in keeping with the 

request for the Supervisory Committee 

to be reduced from seven (7) to five (5 


Members on this Committee serve for 

two (2) years 

Retiring 

Nominated 

Leroy Wilson Leroy Wilson 

Tricia Robinson Tricia Robinson 

William Facey Phillip Lewis 

(Resigned) 

Errol Noble - 

Cleveland Scott - 

presided over the elections. She 

advised that if there were nominations 

from the floor then voting would be 

done by secret ballot. She then called 

for nominations from the floor for the 

Board of Directors. Mr Benedict 

Wellington nominated Ms. Althea Smith- 

Grey and Mr. John Lewis seconded 

it. Mr. David Richards nominated 

Mr. Denton Brown. Mr. Norman 

Mighty seconded. 

Following the tallying of votes, the 

following persons were elected to 

serve for a period of two (2) years: 

• Derrick Tulloch 

• Earl Munroe 

• Fiona Johnson 

Supervisory and Credit 

Committees 

• Albert Dawkins 

• Kim Robinson 

• Alicia Burnett 

There were no nominations from the 

floor to the Supervisory or Credit 

Committee. All persons who were 

recommended by the Nominating 

Committee were duly elected to serve 

for the respective periods. 

The motion for permission to be 

granted to the Board of Directors to 

Members children waiting patiently in line to be served. 

elect Delegates and Alternate Delegates 

was moved by Mr. Lloyd Mordecai and 

seconded by Mrs. Glennamoe McNabb. 

While the votes were being tallied, spot 

prizes were given to persons who 

answered correctly to questions posed 

by Mr. Zurie Johnson - Marketing 

Officer. The gate prize - an airline ticket 

courtesy of Fly Jamaica was won by 

Mr. Valen Wilson. 

ANY OTHER BUSINESS 

Ms. Angela Rodney inquired if the 

Chairperson will have two votes in a 

case where there is an even number of 

persons at a Board meeting. She also 

requested a copy of the Rule Book. 

The Chairman advised that the Rule 

Book could be found on the website 

and that the Chairperson will have only 

one vote. 

The motion for the adjournment of the 

60 th Annual General Meeting was 

moved and seconded by Mr. Dalton 

Smith and Mrs. Cheryl Grant respectively. 

It was adjourned at 5:00 p.m. 

Messrs Errol Noble and Cleveland 

Scott did not seek re-election and in 

keeping with the merger Memorandum 

of Understanding their positions were 

not filled bringing the Committee size 

back to five (5). Mr. William Facey 

resigned in 2014 and was replaced by 

Mr. Philip Lewis. He will serve for one 

(1) year. 

ELECTIONS 


Mrs. Sonia Smith from the Department 

of Co-operatives and Friendly Societies 


Pictorial Highlights : 

Member Appreciation Day 

Members at Ewarton getting health 

checks at Members Appreciation 

Members conversing at the Ewarton Branch during registration 

Staff Member searches dilligently for 

member’s name. 

Member getting her blood pressure checked. 

Members shopping for food supplies at the 

Farmers Market 

Members, volunteers and Staff cut the 

Members’ Appreciation Day cake at 

Head Office. 

Members share in a light moment during 

registration. 

Members of Staff share in the cutting of 

cake with staff at Digicel, Fairview in 

Montego Bay. 

Members at JPSco, Bogue share in the 

cutting of cake with members of Staff at 

their Member Appreciation Day celebration. 



Board of Directors Report 

Building on a solid 

foundation... 

Partners for life 

Fellow Co-operators, the year 

2015 was full of many highs and 

lows for many individuals and 

organizations. Consumers have 

had to tighten their belts and 

made significant sacrifices to 

ensure that they were able to survive 

the economic conditions. Many 

businesses have had to employ 

creative strategies to ensure that they 

maintained or improved their profit 

margins. Despite the market place 

being viewed as volatile and 

unpredictable, your Credit Union 

continues to make its mark on the 

Movement posting net surplus of 

$41.36M. 

THE JAMAICAN 

ECONOMY 

Mixed results were recorded for the 

year. The outbreak of the chikungunya 

virus – Chik V and the adverse 

weather conditions had a negative 

impact on the economic environment. 

The Chik V virus saw the workforce of 

many companies being drastically 

reduced as employees grappled with 

the symptoms from the virus. This 

resulted in low productivity levels 

within the economy. The agricultural 

sector saw a drastic reduction in food 

supplies as the sector grappled with 

the drought conditions. Stringent 

water restrictions was imposed all 

across the country. Despite these 

challenges, the country was able to 

successfully pass all nine tests under 

the International Monetary Fund (IMF) 

Natalie Sparkes 

President 

Extended Fund Facility and in so 

doing saw the rating firm Standard 

and Poor moving the country from a 

”B-” rating to “B” credit rating. 

Growth in other sectors such as 

tourism also contributed positively to 

the economy. 

Economic growth for the fiscal year 

was estimated at 1.1%. Stronger 

growth is needed if the country is to 

continue to meet its targets to include 

those set by the IMF. 

Inflation ended the year at 3.7% 

despite the economy being plagued 

by drought conditions for most of the 

year compared to 6.4% for 2014. For 

2016, Economists are predicting that 

inflation will range between 5.5% to 

7% fueled by the premise that oil 

price increase will continue to be 

sluggish. 

Improvements in the country’s current 

account balances, Net Internal 

Reserves (NIR), reduced oil prices 

and inflation saw the Bank of 

Jamaica reducing interest rates 

twice during the financial year. 

Treasury Bills closed the year 

with an average yield of 5.96% for 

30 and 90 days and 6.04% for 180 

days. 

The US dollar closed the year trading 

at US$120.42 to JA$1 compared to 

US$115.32 at the start of the year. 

Overall, a depreciation of approximately 

6% compared to 8.6% in 

2014. The Bank of Jamaica reported 

a US$93.93 million increase in the 

country’s Net International Reserves 

(NIR). The reserves stood at 

US$2.437.27 billion at the end of 

2015. Economists are of the opinion 

that the continued improvements in 

the macroeconomic variables and 

increase in investors’ confidence will 

see a slowing down in the levels of 

depreciation of the currency. 

Jamaica’s unemployment rate fell to 

13.5 % compared to 13.8% in 2014. 

Youth unemployment doubles this 

figure at 38%. 

Economic analysts say that the 

macroeconomic outlook for Jamaica 

in 2016 is positive. There is no 

expectation of any major deviations in 

the more salient macroeconomic 

variables that impact the country. 

Meeting the IMF targets will continue 

to be the primary focus. Interest rates 

will continue to be low to boost 

investments. 



Meet our Directors 

Meet Our Directors 


President 

Albert Dawkins 

Vice President 

Delroy Redway 

Treasurer 

Fiona Johnson 

Assistant Treasurer 

Vaughn McDonald 

Secretary 

Earl Munroe 

Assistant Secretary 

Derrick Tulloch 

Director 

Dwight Hart 

Director 

Gerlyn Gray 

Director 

Kim Robinson 

Director 

Alicia Burnett 

Director 



Board of Directors Report (Cont’d) 

THE GLOBAL ECONOMY 

We now look to the Global economy 

to see how Jamaica did when 

compared against developed and 

emerging economies. In the US 

economy, the common view was 

that the Federal Reserves will 

recommend interest rates increase 

by the end of 2015. The world’s 

second largest economy, China had 

a sharp slowdown which would have a 

significant adverse effect on global 

growth. Greece benefitted from 

another bailout package thus rescuing 

the country from a possible exit from 

the Eurozone. 

The economic turmoil in Venezuela 

brought focus on the continuance 

of the PetroCaribe Agreement. This 

economic turmoil saw the country 

extending debt reduction on 

PetroCaribe debts in exchange for 

immediate cash payments. Jamaica 

benefitted from this offer. 

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 Movement continues to assist 

Credit Unions in the preparation for 

licensing with the hosting of several 

Consultation meetings and Rap 

Sessions with Credit Union Board of 

Directors and Managers. Performance 

of the League in its major operational 

areas is detailed below. 

LEAGUE’S 

PERFORMANCE 2015 

OUR FINANCIAL 

PERFORMANCE - 

JPS & Partners Co-operative Credit 

Union 

Each year the Credit Union works 

creatively and innovatively to operate 

at the most minimal cost possible to 

maximize on our returns and increase 

our profitability. The year 2015 was no 

different albeit the fact that we were 

significantly challenged by the appeal 

of alternative investment options, 

myriad of micro lending companies 

coupled with the deep reduction in 

interest rates and high value 

unsecured lending by traditionally 

deposit taking institutions. Several of 

our members took up the offers from 

these institutions. 

Despite these intense rivalries, our 

credit union performed creditably 

Performance 2015 Performance 2014 

Amount % Growth Amount % Growth 

SAVINGS $68.14B 8.55% $62.77B 6.70% 

LOANS $59.51B 6.93% $55.65B 6.05% 

ASSETS $88.94B 

$93.68M 

7.94% $82.39B 7.34% 

MEMBERSHIP 999,416 

$48.60M 

1.08% 988,719 1.65% 

well in 2015. Save and except 

for deposits and surplus, our 

operational result represents a 

marked improvement over 2014. 

Surplus recorded a marginal 

decrease of $.46M over the 2014 

figure of $41,82M. Total Assets 

surpassed its 2014 figure of 

$3,675.20M by a conservative 

growth of $25M. Loans recorded a 

5.83% growth. Reduction of interest 

rates on several of our products 

contributed significantly to the 

increase. 

A variety of strategies, including 

location visits, SMS text messaging, 

and cross-selling, were employed to 

keep members abreast of the 

product offerings of the Credit Union. 

Our key financial performance 

indicators are outlined below: 

2015 (M) 2014 (M) Growth 

+/- % 

SHARES $947.58 $893.72 6.02% 

DEPOSITS $1,858.46 $1,901.54 -2.26% 

LOANS $2,071.42 $1,957.32 5.83% 

TOTAL ASSETS $3,700.35 $3,675.19 .68% 

SURPLUS $41.36 $41.82 -1% 

INSTITUTIONAL 

CAPITAL $600.29 $592.01 1.39% 

MEMBERSHIP 11,840 10, 249 15.52% 


Board of Directors $93.68M Report (Cont’d) 

$48.60M 

FIVE YEAR FINANCIAL PERFORMANCE 

2011-2015 

2015 2014 2013 2012 2011 

$M $M $M $M $M 

SHARES 947.58 893.72 831.11 496.16 469.36 

DEPOSITS 1,858.46 1,901.54 2,005.03 1,543.39 1,591.63 

LOANS 2,071.42 1,957.32 1,905.40 1,271.85 1,194.40 

TOTAL ASSETS 3,700.35 3,675.20 3,703.52 2,571.86* 2,581.57 

SURPLUS 41.36 41.82 30.47 30.64* 52.21 

INSTITUTIONAL 600.29 592.01 578.65 336.30 312.59 

CAPITAL 

MEMBERS 11,840 10,249 9,851 6,766 6,478 

• Open a branch in the city of 

Montego Bay. 

• Devise methods to inform family 

members of our Ewarton Branch 

that they are able to join the Credit 

Union. 

• Expand our school savers 

programme to include schools in St. 

Catherine as well as our adopted 

schools. 

*Restated 

MEMBERSHIP 

Members: A Tower of Strength 

In terms of membership, our Credit 

Union grew by15.5% from 10,249 to 

11,840. It is imperative that we 

constantly seek to implement strategies 

that will increase our membership. 

Increase in our membership will 

lead to growth in our savings, loan 

demand and ultimately our total 

assets. During 2015, our members 

not only provided valuable feedback 

on our products and services, but 

continue to make JPS & Partners 

their primary financial partner. Also, 

as a result of the continued loyalty of 

our members, all promotional 

activities hosted during 2015 

flourished. 

Throughout 2015 the team employed 

a number of strategies to increase 

membership. The majority of our 

growth in 2015 was from our partner 

companies, family members, 

business people in the community 

and our school savers programme. 

The Credit Union will concentrate 

more on the following avenues to 

grow our membership in 2016: 

DELINQUENCY MANAGEMENT 

The year 2015 brought with it a blend of challenges and successes in the area 

of delinquency management. The current financial climate has seen many of 

our members experiencing job losses, voluntary separation, wage freeze and 

or a reduction in spending power. These factors contributed to persons at times 

having genuine challenges in servicing their loans. Notwithstanding, our risk 

management initiatives continue to be proactive in ensuring that we book quality 

loans. Through prudent and creative management of the loan portfolio, the 

Credit Union was able to achieve a delinquency rate of 2.33% as at the end of 

December 2015. 

Our activities to manage delinquency are ongoing and included but were not 

limited to constant monitoring and follow up with our members, use of collection 

agencies, repossession and liquidation of assets used as collateral, instituting 

legal actions and financial counselling. The office continues to place major 

emphasis on contacting and following up with delinquent members especially 

where debt consolidation or restructuring of the loan facility was possible. 

COMPARISON OF DELINQUENT LOANS 2014/2015 

Year Total Loans Delinquent Loans Delinquency Ratio 

2014 $1.95B $93.68M 4.72% 

2015 $2.07B $48.60M 2.33% 

MERGERS 

As Credit Unions continue to prepare for regulation by the BOJ, we see more 

and more mergers occurring within the Movement as Credit Union Boards look 

to the preservation of continued services to their membership. In 2015 our 

Credit Union entered into merger discussions with the CG Co-operative Credit 

Union. Discussions involved the transfer of the assets and liabilities of the Credit 

Union to JPS & Partners. The permission to merge will be taken to the 



membership for approval. We 

continue to actively pursue other 

merger activities all in an effort to 

strengthen our Credit Union. 

HUMAN RESOURCES 

A Competent & Committed Team 

The Credit Union’s team is dedicated 

to using our core values of integrity, 

trust, service, accountability and 

prosperity to fulfil the goal of being 

our members’ premier financial 

partner for life. Our team continues 

to work to ensure that through the 

provision of a wide range of services 

coupled with exceptional member 

services and innovative technologies, 

our members are able to meet their 

financial needs and aspirations. 

Our dedicated team continues to 

work hard to maintain the financial 

success of the Credit Union and its 

stakeholders. 

During the year team members 

benefitted from our generous facility 

for staff to pursue higher education. 

A number of our staff are enrolled in 

degree programmes at accredited 

universities. 

Our employees are our most 

valued asset and to ensure that 

this was communicated effectively, 

we revised our Mission and Vision 

statements to ensure that they 

reflect this belief. Staff were 

challenged via a competition to 

rewrite these statements. The winning 

Mission and Vision statements were 

unveiled at a red carpet affair 

attended by Directors and staff at 

the Jamaica Pegasus Hotel. 

To assist us in the area of human 

resource management, we employed 

the services of a Human Resource 

Consultant. She was tasked with the 

main responsibility of examining the 

organisation and management 

structure to determine its capability to support and undertake the daily 

business activities. The development of a training and career development 

plan was also a part of the mandate. 

In 2015 the Credit Union experienced staff changes across its locations. We 

welcomed to the Credit Union family located across all four (4) offices: 

Accounting Officer - Chanick Miller, Member Service Representatives - Tavia 

Manhertz, Danielle Dyke and Annetta Singleton-Harris and Marketing Officer - 

Andy-Raye Grapine. 

Our management team members are as follows: 

MANAGEMENT TEAM: 

Joydene Jarrett (MBA) 

Wayne Harrison (BSC) 

Maxine Nugent (MBA) 

Camiel Franklyn (MBA) 

Evelyn Neil (BSC) 

Natalie Murray (BSC) 

Herbert Vanriel (AAT – Level 3) 

Carl Grant (MBA) 

STAFF COMPLEMENT 

Category 

Permanent: 31 

Contract/Temporary: 10 

Number 

CORPORATE GOVERNANCE 

General Manager 

Operations Manager 

Chief Accountant 

Treasury & Marketing Manager 

Risk & Compliance Manager 

Credit Manager 

Branch Manager, Ewarton 

Branch Manager, Kirkvine 

A committed and dedicated team of eleven (11) persons served as directors on 

the Board of the Credit Union. They are accountable to the members for the 

overall performance and governance of the Credit Union, approval of policies, 

provision of excellent products and services to our members and the generation 

of a surplus to ensure the payment of dividends to our members. These duties 

and responsibilities are discharged through board and committee meetings and 

by way of telephone communication and email advisories. To ensure that these 

fiduciary responsibilities are performed excellently, the Board through the 

Nominating Committee ensures that Directors nominated to serve are equipped 

with the right competencies, skills and experience to effectively undertake their 

assigned responsibilities and roles. 



During the year Directors were 

required to complete a Board 

Evaluation questionnaire. This process 

was managed externally. The overall 

objective of the questionnaire was 

to gain insight on how well the 

Board performed in the opinion of its 

peers. The information was used to 

guide the Board on the areas which 

required improvement. Directors are 

also required to annually complete a 

Compliance and Code of Ethics 

Questionnaire. The Board and 

Statutory Committee members are 

also mandated to annually attend the 

Proceeds of Crime and Anti-Money 

Laundering Training facilitated by the 

Credit Union. 

The Board is responsible for the 

strategic direction of the organisation 

and annually holds a two (2) day 

strategic retreat to deliberate on past 

performance and to approve the 

goals and strategies for the new 

financial year. In preparation for Bank 

of Jamaica licencing, the Board in 

2015 commissioned a Business Plan 

to guide the operations of the Credit 

Union for the next five (5) years. 

During the year the Board established 

seven (7) committees: Finance and 

Planning with Delinquency as a Sub 

Committee, Merger, Human 

Resource, Infrastructure, Member 

Relations, Information Technology 

and Risk and Compliance. These 

Committees perform their assigned 

functions on behalf of the Board as 

per their terms of reference. 

Internal audit functions are outsourced. 

Audits are undertaken 

monthly for Head Office and bimonthly 

for the Branches. Reports 

on areas audited are submitted to the 

Board and members of the 

Supervisory and Risk and Compliance 

Committees for deliberations and 

subsequent recommendations. 

The Board of Directors also 

established an Executive Committee 

comprising of the Officers of the 

Board and the General Manager. This 

Committee meets prior to the Board 

meeting to review pertinent activities 

and issues which occurred since the 

last board meeting. 

The Board of Directors meet on a 

monthly basis to discuss the business 

of the Credit Union. Attendance at 

Board meetings serve as an indicator 

of the commitment of each Director 

to serve. In keeping with our agreement 

to eventually reduce our Board 

size to a complement of nine (9) 

Messrs Ronald Thomas and Rodney 

Gordon demitted office. We thank 

both gentlemen for their hard work 

throughout their tenure. 

ATTENDANCE AT BOARD 

OF DIRECTORS MEETINGS 

CORPORATE SOCIAL 

RESPONSIBILITY 

Sammy Savers’ Youth Camp 

The month of July belongs to our 

Youth Savers. Youth Summer Camps 

were held over the period July 10-24, 

2015. Our youth summer camp was 

introduced to the Ewarton Branch. 

Youngsters there welcomed the 

camp with opened arms and 

enthusiastic eyes. The other camps 

were held at the Mannings High 

School and the St Andrew High 

School for Girls. 

Overall, 208 youngsters took part in 

the various camp activities. The 

camp activities featured presentations 

from the National Environment and 

Planning Agency, Savings Games, Art 

and Craft and Sporting Activities. 

Participants were presented with 

certificates and souvenirs. 

Directors Position Possible Actual Excused 

Natalie Sparkes President 11 11 0 

Albert Dawkins Vice President 11 10 1 

Delroy Redway Treasurer 11 11 0 

Fiona Johnson Asst. Treasurer 11 11 0 

Vaughn McDonald Secretary 11 11 0 

Earl Munroe Asst. Secretary 11 10 1 

Derrick Tulloch Director 11 7 4 

Gerlyn Gray Director 11 6 5 

Alicia Burnett Director 5 4 1 

Dwight Hart Director 11 6 5 

Kim Robinson Director 11 6 5 

Annual Report 2015 26 Celebrating 60 years 

$93.68M 

$48.60M


Partnering for our youth 

Throughout our sixty year history, the 

Credit Union has and continues to 

invest in our youth through our school 

adoption programmes. Throughout 

2015, the Credit Union continued to 

work with Central Branch All Age 

School, The Queen’s School, Merrion 

Basic School, Polly Ground Basic 

School, St. Mary the Virgin Basic 

School and St. John Bosco Boys’ 

Home. Assistance was provided 

through donations to their various 

school activities and ranged from 

cash donations, participation in 

devotional exercises, breakfast 

feeding activities, and weekly reading 

activities at the Central Branch 

Primary school. 

In 2016, we will be looking to expand 

our schools adoption programme by 

introducing our savings programme 

in at least two high schools in 

St. Catherine and a basic school in 

Kingston. 

Investment in Education 

Each year the JPS & Partners Cooperative 

Credit Union Limited hosts 

an Awards Luncheon to present our 

youth savers and members’ children 

entering High School with a reward 

for their quality academic achievement. 

This scholarship and GSAT bursaries 

programme started in 1998. Since 

then the Society has issued over 600 

scholarships and bursaries. The 

event was held at the Knutsford Court 

Hotel in Kingston on August 20, 

2015. The Keynote Speaker was Mrs. 

Diahann Gordon Harrison, Children’s 

Advocate of Jamaica. A total of fiftyfive 

(55) High School Bursaries and 

one (1) tertiary level scholarship all 

valued at over $3.87M was presented 

to our members’ children. 

Outreach Activities 

Outreach is an integral part of our 

mandate and involves a range of 

activities. In-house, we ensure that 

our members’ welfare needs are met 

through the Care-A-Bit Fund, which 

provides a maximum of $25,000.00 

per member needing help with 

serious health related issues or 

assistance to recover from the effects 

of natural disasters. 

The Credit Union is not only 

concerned with our members’ 

financial needs but care for their 

holistic wellness as well. On the first 

work day of each month, a nurse 

comes into the Office of the Credit 

Union and performs free medical 

checks. Both programs have 

provided tremendous assistance to 

our members. 

Externally, we contributed to various 

charitable organizations, including 

the Salvation Army, the Gallimore 

McPherson Home and Food for the 

Poor. We also supported the various 

outreach activities of our members 

though the purchase of tickets 

requests made to us during the year. 

OPERATIONAL 

HIGHLIGHTS 

Human Resources 

The Board of Directors appointed a 

Human Resource Committee to look 

at the management structure of the 

human capital. The Committee since 

its inception has achieved the 

following, and have been working 

systematically to implement other 

critical business processes in 2016. 

These include but were not limited to: 

1. Reviewing the Organization 

Structure – a plan for the review 

was presented to the Board in 

December at the Annual Strategic 

retreat for consideration and 

implementation. 

2. Developed and presented a 

mechanism of an Organization 

job evaluation using surveys from 

recognized institutions, and that 

which represents jobs in the 

Credit Union environment. 

3. Review of the Human Resource 

Policies and Procedures Manual 

– this continues to be a work in 

progress. 

4. To develop and implement a salary 

scale that maintains a value for 

all jobs, and a band for which 

movements in increments can 

take place using a performance 

management plan 

Certainly, all of our accomplishments 

were achieved through the commitment 

and expertise of each and every 

member of the Human Resource 

Committee. Special thanks to Mrs. 

Sylvia Atkinstall (HR Consultant) who 

was given a mantle with very strict 

timelines, and has worked tirelessly to 

ensure the requirement and terms of 

reference were met, and to ensure 

our employees can feel comfortable 

that the Management and Board has 

their interest at heart. 

Member Relations – 

Partnering with our Members 

The month of October is annually 

recognised and celebrated as Credit 

Union month. Credit Unions in 

Jamaica celebrated a week of 

activities beginning October 11th 

under the theme “Credit Unions: 

People Helping People” Here at JPS 

& Partners we successfully hosted 

several activities at our various branch 

locations. Our members were feted 

at each location. We also actively 



participated in several fruit tree 

planting exercises at our various 

sponsor schools. 

A successful Location 

Representative Training 

One Location Representative Training 

Seminar was held during the year. 

The seminar was attended by 

Representatives located at our 

various sponsor companies, Credit 

Union staff and members of the 

Board of Directors. The occasion 

provided an opportunity for the 

sharing of information, brainstorming 

and planning. 

Information Technology 

The year 2015 was one filled with 

many successes despite the 

numerous challenges that were faced. 

The mandate of the Information 

Technology Committee was to 

enhance the business and IT operations 

of the Credit Union through the 

strategic implementation of systems 

and technologies geared toward 

increased efficiency, productivity and 

service experience. The continuation 

of implementing the remaining services 

within the organization’s core system 

platform was an ongoing effort 

throughout 2015. The implementation 

of these additional modules within the 

core system realized improved 

efficiencies in internal system processes 

across the organization and resulted in 

greater convenience for our membership. 

Four major initiatives undertaken 

during the 2015 financial year were: 

Real Time ATM module 

implemented in February 2015 

Members are now able to access 

ATM debit card balances real time 

rather than the previous 24 hour 

waiting period. 

Salary Deduction Module 

implemented in April 2015 – 

The new module was developed and 

implemented to increase efficiencies 

in salary deduction process across 

the organization. 

FIP Module implemented in 

November 2015 – 

This module was implemented to 

centralize and increase processing 

efficiency in administering the Family 

Indemnity Plan ( FIP) 

PBX (telephone) system 

implemented at the Kirkvine 

Branch in April 2015 

The implementation of an independent 

PBX (telephone) system at the 

Kirkvine Branch has resulted in 

increased call handling capacity and 

improved member service delivery at 

the branch. 

In the coming year, the IT Committee 

will continue to build on the 

achievements of 2015 to ensure that 

the organization achieves an agile, 

and robust IT infrastructure needed 

to exceed our service delivery objectives. 

We believe that implementations such 

as a new website, telephone banking, 

mobile banking and upgrades to our 

network system infrastructure will 

serve as the catalyst to expand our 

existing service channels and to 

maintain stability and reliability in our 

core IT systems. 

Infrastructure and Development 

The mandate of this Committee is to 

plan and implement technical projects 

as set out and approved by the Board 

of Directors and to provide technical 

assistance to the Credit Union as it 

relates to both planned and 

unplanned activities. The years of 

engineering experience of the 

Chairman of this Committee - Mr. Earl 

Munroe has allowed the Credit Union 

to reduce operating expenditure and 

to benefit from his vast knowledge 

and experience. 

During the year, the Committee 

provided invaluable assistance to the 

Credit Union by actively participating 

in the following: 

1. Preparation of tender documents 

for the rehabilitation of the Credit 

Union’s apartment complex 

outdoor metering electrical 

system. 

2. Rehabilitation of the electrical 

system at the Half Way Tree 

Road property. 

3. Review of quotations for the 

renovation of the Ewarton 

Branch. 

4. Preparation of tender documents 

for the painting of the Lady 

Musgrave Road and Half Way 

Tree Road properties. 

5. Dialogue with JPSCo affiliates for 

the renting of office space at their 

Bay West Montego Bay office. 

ROADMAP FOR THE 

FUTURE 

The objectives for 2016 are designed 

to ensure the continued survival, and 

ultimately, success of the Credit 

Union. The areas of focus for the long 

term objectives are: 

• Ensure that the Organisation is 

ready for BOJ licencing. 

• Implementation of our Five (5) 

Year Business Plan 

• Procure designs and commence 

discussions regarding the 

construction of the Head Office 

of the Credit Union. 



• Enter into merger discussions 

with other Credit Unions seeking 

to identify merger partners 

• Further personalise our service 

delivery channels 

• Improved Operational Efficiency 

• Integrated and structured training 

and development of all staff and 

volunteers 

• Improved marketing of our 

services 

• Introduction of fees for the 

processing of standing orders. 

CONCLUSION 

As we look back at a significant year 

in our development and prepare for 

another challenging year, we remain 

committed to providing you with the 

highest quality service and express 

sincere gratitude to you our valued 

members. On behalf of the Board of 

Directors, I want to also recognize 

and thank the following individuals 

and entities: 

• The Almighty God for his steadfast 

guidance and assurance, 

and His divine leadership of the 

Credit Union. 

• The Management and Staff for 

their commitment and dedication. 

• The Board, Management and 

staff of JPS, JEP, REP,JPPC, UC 

RUSAL 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, 

CUNA Caribbean Life Insurance 

Company, Jamaica Cooperative 

Insurance Agency (JCIA) and 

the Registrar of Co-operatives 

and Friendly Societies for their 

continued support. 

• External Auditors, UHY Dawgen 

Chartered accountants. 

• Internal Auditors, Smith and 

Associates. 

God bless you and God bless 

Jamaica. 


President 


Treasurer’s Report 

The local economy continued to be impacted by the economic 

reforms under the International Monetary Fund (IMF) Extended Fund 

Facility. These included public sector wage restrictions and a low 

interest rate regime. 

Unemployment trended only slightly downward during the year, moving 

from 13.8% in 2014 to 13.5% in 2015, and thus continued to be a 

significant challenge, manifested in reduced savings and in the inability to 

service loans. 

Delroy Redway 

Treasurer 

ECONOMIC OVERVIEW 

It is with pleasure that I present the 

Treasurer’s Report for the year 2015 

to this our 61 st Annual General 

Meeting. As we celebrate our 60 th 

anniversary in 2016, we reflect on the 

past year, which presented a number 

challenges for the economy, globally 

and locally. 

The depreciation in the value of the 

Jamaican dollar against its major 

trading currencies continued. The 

rate of exchange declined throughout 

the year from J$114.66:US$1.00 

to J$120.42:US$1.00, resulting in 

investors continuing to channel funds 

into alternative investments such as 

US dollars and unit trusts. 

Inflation rate for the calendar year 

2015 was 3.7%, a significant downward 

movement from the 6.4% in 

2014, largely as a result of continued 

low international crude oil and 

commodities prices. 

Vigorous competition continued in the financial sector. Commercial banks and 

other deposit-taking institutions continued to revise their credit requirements 

and products, and widen their savings and investment options in order to 

capture a larger portion of the market. The expansion of the micro-financing 

sector and in-house financing for motor vehicles and consumer durables, have 

underscored the need to ensure that we continually enhance and improve our 

products and service delivery. 

Despite this challenging environment, your Credit Union had a profitable year, 

achieving a Net Surplus of $41.36 million, almost equal to that of the previous year. 


For the financial year ended December 31, 2015, the Credit Union recorded a 

surplus of $41.36M, a 1% decrease from the previous year’s $41.82M. 

SURPLUS 

INCOME 

Interest income of $396.65M reflected an increase of $5.9M or 2%, over 2014. 

This marginal increase reflects: 



Treasurer’s Report (Cont’d) 

• The modest $13M increase in 

interest income from loans as the 

unprecedented competition in the 

lending sector continued unabated 

in 2015. 

• The reduction in borrowing 

capacity of members and the 

utilization of unsecured loans to 

pay down existing loans, resulting 

in a slowing down of the growth of 

the portfolio. 

• The continuation of a low interest 

rate regime by the government, 

and hence low rates earned on 

financial investments and liquid 

assets. Despite this limitation, 

prudent management ensured 

that the best available rates were 

received, while maintaining the 

required liquidity reserves. 

Our Credit Union continues to 

maintain its investment portfolio in 

government instruments, the Jamaica 

Co-operative Credit Union League 

(JCCUL) and other approved 

investment houses. 

INTEREST INCOME 2015 ($M) 

SOURCES OF REVENUE 

Interest on loans accounted for 

70.5% of total revenue, 21.1% was 

derived from investment income, 

3.9% from fees, 1.4% from rental and 

3.1% from other sources. 

REVENUE SOURCES 2015 

EXPENSES 

Interest expense totalled $119.22M, 

a marginal increase of just under $1M 

over the previous year. Interest of 3.4% 

was paid on voluntary shares in 2015 

compared to 3.25% paid in 2014. 

Operating expenses increased by 6% 

or $13.98M, moving from $231.68M 

in 2014 to $245.65M in 2015. 

OPERATING EXPENSES 

2011-2015 ($M) 

Personnel expenses increased by 

$10.78M or 9% over 2014. Expenses 

comprise the Collective Labour 

Agreement benefits awarded to staff, 

along with education and training 

benefits and a performance incentive 

award. 

The chart below highlights the areas 

in which the Credit Union’s revenue 

was utilized. 31.1% went to financial 

expenses, 29.9% for personnel 

expenses, 20.7% for administration 

expenses, 5.9% for representation, 

2.8% for loan loss provision and 

9.6% remained as surplus. 

REVENUE ALLOCATION 

BALANCE SHEET 

Total Assets for 2015 increased by 

$25M to $3.7Billion. 

Loans to members increased by 

$114.1M or 5.8% over 2014, 

surpassing the $2Billion mark to 

aggregate $2.07B at the end of 2015. 

Loan promotions introduced throughout 

the year yielded positive results 

despite noted challenges with 

competition and members’ 

borrowing capacity being 

restricted by debt ratio levels. 

LOAN PORTFOLIO & TOTAL 

ASSETS ($M) 

Liquid Assets and Financial 

Investments, which stood at $1.38B 

at the end of 2015, decreased by 

$42.67M, or 3%, from 2014. A 

reduction had been projected as we 

made allowance for the estimated 

outflows for loan disbursements. 

However, this reduction in the 

portfolio was less than projected, as 

loan disbursement fell below estimates. 



LIQUID ASSETS & FINANCIAL 

INVESTMENTS ($M) 

Fixed Assets increased by a net 

$2.3M or 2% over the previous year. 

The most significant increases were 

in the area of computer software and 

equipment. 

Members’ voluntary shares increased 

by $53.85M or 6% moving from 

$893.7M in 2014 to $947.6M in 

2015. The compulsory savings 

requirement attached to some loan 

products, contributed to the growth 

in this category. Other savings 

deposits, however, decreased by 

$43.08M or 2.3%, as economic 

constraints forced a limitation on 

members’ ability to save. 

MEMBERS' SAVINGS 

DEPOSITS ($M) 

Loan delinquency for 2015 

decreased from 4.89% at the end of 

2014 to 2.33% of the portfolio, a 

move in the right direction and well 

within the international Credit Union 

standard of 5%. We will remain 

vigilant in our efforts to maintain low 

levels of delinquency in the coming 

year while increasing the rate of 

growth of the portfolio. Management 

continues to provide financial 

counselling to members and, when 

necessary, to utilize all avenues for 

recovering the amounts owed by 

delinquent borrowers. 

PEARLS RATIO ANALYSIS 

The Credit Union continues to 

perform well against the universal 

credit union standard PEARLS ratios. 

Institutional Capital stands at 16.22% 

of Total Assets in comparison with 

the minimum standard of 10%, a 

measure of the strong capital base of 

the Society. 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. 

We continue our efforts to meet the 

targets with respect to loans and 

savings. Loans/Total Assets improved 

to 55.98%, up from 53.25% in 2014. 

However we are still behind the 

benchmark of 60-80%. Savings 

deposits decreased by $43.1M, a 

2.3% reduction, resulting in a 

reduction in the Savings/ Total Assets 

ratio from 51.74% for 2014 to 

50.22% at the end of 2015. 

PEARLS Ratios 

Standard 2015 2014 2013 2012 2011 

% % % % % % 

Net Loans /Total Assets 60-80 55.98 53.25 51.45 49.23 46.27 

Savings Deposits/Total Assets 70-80 50.22 51.74 54.14 59.74 61.65 

Members Voluntary Shares/Total Assets =10 16.22 16.11 15.62 13.02 12.11 

Total Delinquency/Gross Loans Portfolio


DIVIDEND DECLARATION 

The Board of Directors is 

recommending a dividend payment 

of 17.5% on the Permanent Shares 

balance of each member on record 

as at December 31, 2015. 

2015 RECOMMENDED 

DISTRIBUTION OF SURPLUS 

Net Surplus 41,361,725 

Prior Year honoraria 31 

Transfer of 20% 

to Stat Reserve (8,272,345) 

Net Income before 

Distribution 33,089,411 

Distribution 

Dividend on 

Permanent Shares 

(17.5%) 10,110,344 

Honoraria 2,750,000 

Scholarship 1,600,000 

Youth Education & 

Development 1,000,000 

Software Upgrade 1,000,000 

Care-A-Bit 1,000,000 

60 th Anniversary 3,500,000 

Building Reserves 9,000,000 

Organisational 

Alignment 2,629,067 

General Reserves 500,000 

33,089,411 

CONCLUSION 

The year 2015 was another successful 

one for the credit union as we: 

• recorded a surplus of $41.4 million 

• grew our net loan portfolio by 

almost 6% while reducing 

delinquency to 2.33% 

We commit to the continued 

improvement of service delivery, and 

are on schedule for the planned 

introduction of telephone and mobile 

banking in 2016, for the convenience 

of our members. We also plan to 

expand our service locations across 

the island, continue to develop 

affordable, relevant products for our 

members and prudently manage our 

resources, as we strive to remain our 

members’ “Premier Financial Partner 

for Life.” 

ACKNOWLEDGEMENTS 

We give thanks to God for His 

continued guidance and blessings. 

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 and 

Friendly Societies, the Jamaica Cooperative 

Credit Union League Limited, 

our sponsoring companies and to 

you our valued members for your 

support throughout the year. 

Delroy Redway 

Treasurer 



5 YEAR COMPARATIVE 

FINANCIAL SUMMARY 

2015 2014 2013 2012 2011 

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

Interest Income 396.65 390.74 314.02 275.47 297.09 

Interest Expense 133.71 135.13 108.44 107.17 116.61 

Net Interest Income 262.94 255.61 205.58 168.30 180.48 

Prov. for Loan Loss 12.13 14.83 14.19 (4.70) 1.54 

Net Income after Provision 250.81 240.78 191.38 173.00 178.94 

Non - Interest Income 36.20 32.71 30.83 19.04 17.13 

Gross Margin 287.01 273.49 222.21 192.04 196.07 

Operating Expense 245.65 231.68 191.74 161.40 143.86 

Surplus 41.36 41.82 30.47 30.64 52.21 

Balance Sheet $M $M $M $M $M 

Total Assets 3,700.35 3,675.19 3,703.51 2,583.43 2,581.57 

Members' Voluntary Shares 947.58 893.73 831.10 496.16 469.36 

Permanent Shares 70.48 70.12 60.03 40.63 30.87 

Loans to Members 2,071.42 1,957.32 1,905.40 1,271.85 1,194.40 

Members' Savings Deposits 1,858.46 1,901.55 2,005.02 1,543.39 1,591.62 

Financial Investments & Liquid Assets 1,387.11 1,429.78 1,467.08 1,152.47 1,239.10 

Institutional Capital 600.29 592.01 578.64 336.30 312.59 



INCOME & EXPENDITURE 

GROWTH/ PERCENTAGE 

2014 2015 (REDUCTION) CHANGE 

$ $ $ % 

OUR INCOME WAS EARNED 

FROM 

292,143,399 INTEREST ON MEMBERS' LOANS 305,287,483 13,144,084 4.50% 

98,593,145 INTEREST ON INVESTMENTS 91,364,218 (7,228,927) -7.33% 

32,710,828 OTHER INCOME 36,201,293 3,490,465 10.67% 

423,447,372 432,852,994 9,405,622 2.22% 

OUR COSTS TO OPERATE 

THE CREDIT UNION WERE: 

118,228,130 INTEREST ON MEMBERS' SAVINGS 119,219,267 991,137 0.84% 

16,898,544 OTHER FINANCIAL COSTS 14,489,142 (2,409,402) -14.26% 

35,634,837 REPRESENTATION & AFFILIATION 25,425,836 (10,209,001) -28.65% 

73,752,410 ADMINISTRATION 88,878,861 15,126,451 20.51% 

14,826,786 PROVISION FOR LOAN IMPAIRMENT 12,134,811 (2,691,975) -18.16% 

117,723,603 PERSONNEL 128,505,927 10,782,324 9.16% 

4,564,703 MARKETING & PROMOTIONS 2,837,425 (1,727,278) -37.84% 

381,629,013 391,491,269 9,862,256 2.58% 

41,818,359 LEAVING A BALANCE OF 41,361,725 (456,634) -1.09% 

FROM WHICH WE SET ASIDE 

8,363,672 20% STATUTORY RESERVE 8,272,345 (91,327) -1.09% 

22 UNDISTRIBUTED HONORARIUM 31 

33,454,709 NET SURPLUS REMAINING 33,089,411 (365,298) 1.09% 


Meet Our Team Managers 

Joydene Jarrett 

General Manager 

Natalie Murray 

Credit Manager 

Evelyn Neil 

Risk and Compliance 

Manager 

Camiel Franklyn 

Treasury & Marketing 

Manager 

Maxine Nugent 

Chief Accountant 

Wayne Harrison 

Operations Manager 

Herbert Vanriel 

Branch Manager, 

Ewarton Branch 

Carl Grant 

Branch Manager, 

Kirkvine Branch 



Meet our Team 

Kingston 

Meet the Team : Kingston 

Peter Allen 

Credit Officer 

Sharon Walker 


Donna Prince 

Securities Officer 

Marcia Lewis 


Mark Campbell 

IT Administrator 

Christal Henderson 

Delinquency Officer 

Terry Ann Lewis 

Investment Officer 

Bevanny McKenzie 


Zurie Johnson 

Marketing Officer 

Adrian Wilson 

Accounting Officer 

Donna Cole 

Administrative Assistant 

/Property Manager 

Audrey Coward 

Member Care 

Representative 


Meet the Team : Kingston (Cont’d) 

Andy-Raye Grapine 

Marketing Officer 

Tavia Manhertz 

Member Services 


Jamie Blake 



Danielle Dyke 



Chanick Miller 

Accounting Officer 

Kevin Embden 

Member Care 


Chavez Williams 

IT Assistant 

Atalia Barnett 

Receptionist 

Kenrick Plummer 

Accounts Assistant 

Elaine Cummings 

Office Attendant 

Javan Turner 

Archivist 

Jennifer Thomas 




Meet our Team : Kirkvine 

Marie Young McNamee 

Management 

Accountant 

Janet Holness 

Accounts Relations 

Officer 

Beverly Allen 

Member Care 


Kenesha Sinclair 


Anthony Brown 

Clerical Assistant 

Sharon Wilkinson 


Meet our Team : Ewarton 

Carol Harper 

Management 

Accountant 

Annette Singleton-Harris 

Member Care 


Judine Richards 

Admin/Clerical 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 (Cont’d) 

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 

Rural Electrification Programme 

Phillipa Whyte 

JPS East Parade 

Tricia Hay 


Natoya Mighty 

JPS, Morant Bay 

Claudette Dixon 

JPS, Bogue 

Denise Warren 

JPS Bogue 

Orlene Robinson 

JPS Lucea 

Ricky Purkiss 

Digicel-Montego Bay 



Meet Our Location Representatives (Cont’d) 

Desmond Austin 

JPS St.Ann’s Bay 

Shoneika Dalling 

JPS, St. Ann’s Bay 

Vivienne Howell Williams 

Jamaica Energy Partners 

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 


JPS & Partners 

Co-operative Credit Union Limited 

Financial Statements 

Year ended 31 st December 2015




Statement of Financial Position 

31 st December 2015 

(Expressed in Jamaican Dollars unless otherwise indicated) 


Statement of Comprehensive Income 

Year ended 31 st December 2015 



Statement of Changes in Equity 


SUMMARY 





SUMMARY (Cont’d) 





NON-INSTITUTIONAL CAPITAL 





NON-INSTITUTIONAL CAPITAL (Cont’d) 





INSTITUTIONAL CAPITAL 



Statement of Cash Flows 




Notes to the Financial Statements 




Notes to the Financial Statements (Cont’d) 








































































































































































Supervisory Committee Report 

Terrence Knight Melinda Lloyd Valerie Bennett Royen Banton Glaister Dunkley 

ELECTION OF OFFICERS 

The following Officers were duly elected to serve on the Supervisory Committee 

at the 60 th Annual General Meeting held on August 8, 2015. 

Terrence Knight - Ewarton 

Glaister Dunkley - Kirkvine 

Royen Banton - Ewarton 

Valerie Bennett - Kingston 

Kevin Brown - Kingston 

On Saturday, August 15 2015, 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 - Terrence Knight 

• Deputy Chair - Kevin Brown 

• Secretary - Valerie Bennett 

• Assistant Secretary - Royen Banton 

• Member - Glaister Dunkley 

Mr. Kevin Brown resigned from the Committee effective August 16, 2015 and 

was replaced by Ms. Melinda Lloyd. 

Ms. Valerie Bennet resigned from the Committee effective February 18, 2016 

and was replaced by Ms. Corine McCalla. 

YEAR UNDER REVIEW 

Listed below are some of the areas reviewed during the period 

Kirkvine and Ewarton Branches 

1. Implementation of previous audit recommendations 

2. Bank Reconciliations 

3. Loan Delinquency 

4. Fixed Asset Register 

5. Disaster Recovery and IT Backup 

6. Loans disbursed to Members 

7. Reviewed comments placed in the suggestion boxes 

JPS Head Office 

1. Review of the Emortelle 

accounting function 

2. Proceeds of Crime Act (POCA) 

3. Securities held for loans 

4. Implementation of previous audit 

recommendations 

5. Loans to Members 

6. Payroll processing and honoraria 

payment 

7. Security procedures 

8. Dormant accounts 

9. Loans to staff, volunteers and 

connected parties 

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 are in compliance with 

established principles and policies. 

ACKOWLEDGEMENT 

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 



Credit Committee Report 

Leroy Wilson Tricia Robinson Arlene Laidlaw Everoy Mardener 

It is with pleasure that the Credit 

Committee presents its report for the 

year 2015, to you, the members of 

the Credit Union. The honour has 

been ours over the past year to serve 

and to assist you in realizing your 

varied dreams and aspirations. 

MEMBERS OF THE 

COMMITTEE 

Mr. Leroy Wilson 

Ms. Tricia Robinson 

Mr. Phillip Lewis 

Ms. Arlene Laidlaw 

Mr. Everoy Mardener 

Chairman 

Secretary 

Member 

Member 

Member 

LOAN APPROVALS - 2015 

The Credit Committee met regularly 

throughout the year under review to 

consider all loan applications that 

were for $3M and above in keeping 

with the revised loan approval limits 

established on August 1, 2013. We 

ensured that all loans submitted for 

our review and subsequent approval 

were within the established lending 

policies and guidelines approved by 

the Board of Directors. 

A total of 45 loans amounting to 

$221.35M was reviewed and 

approved by the Committee in 2015. 

SUMMARY OF LOANS APPROVED: 

Loan Category No. of Total Value 

Loans $ M % 

Motor Vehicle 24 104.54 47.23 

Home Equity 14 79.20 35.78 

Mortgage 7 37.6 16.99 

Total 45 221.34 100 

LOANS TO OFFICIALS 

The Joint Committee consisting of at least two (2) members of the Board of 

Directors, at least two (2) members of the Supervisory Committee and a quorum 

of the Credit Committee met, reviewed and approved one (1) Home Equity loan 

valued at $10M in favor of an Official of the Credit Union. 

An Official is a member of the Board or the Statutory Committee (Supervisory 

and Credit). The Official was excluded from participating in the Joint Committee 

Meeting where the application was being discussed. 

LOAN DISBURSEMENTS 

During 2015 a total of 13,199 loans valued at $1,606.67M was disbursed by 

the Credit Union. This represented a marginal increase in the number of loans 

by 78 when compared to the previous year’s total of 13,121. This shows an 

increase of $479.74M when compared to corresponding period in 2014 wherein 

$1,126.93M in loans was disbursed. 

The following categories of loans saw the greatest demand in terms of loan 

values during the period: 

• Salary Enhancer - $498M 

• Loans Within Saving/Deposits - $258.87M 

• Motor Vehicle Loans - $236.97M 

• Character/ Payday loans - $181.39 

• Home Equity loans - $114.45M 



Credit Committee Report (Cont’d) 

See table below of loan disbursement based on loan categories: 

LOANS DISBURSED - JANUARY TO DECEMBER 2015 

Category No. of Total 

of Loans Loans $B % 

Motor Vehicle 106 236.97 14.75 

Salary Enhancer 1,076 498.00 31.00 

Within Saving/ Deposit 882 258.87 16.11 

Character / Pay Day 6,990 181.39 11.29 

Home Equity 56 114.45 7.12 

Mortgage 19 59.8 3.72 

Christmas 1,011 87.31 5.43 

Cash on Credit 771 46.59 2.90 

Education Assistance 298 33.33 2.08 

Mother’s/Father’s Day 1,037 42.10 2.62 

Other 953 47.86 2.98 

Total 13,199 1,606.67 100 

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 November 21, 2015 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. 

ACKNOWLEDGEMENT 

The members of the Committee continue to pledge their dedication and 

commitment to the role we play in helping to build our Credit Union movement. 

We are pleased to have served you our members in helping you to meet your 

financial needs over the past year. We are also grateful for the confidence you 

have entrusted in us. 

Thanks to the Board of Directors, Management and Staff of the JPS & Partners 

Co-Operative Credit Union Limited for their continued cooperation during 2015. 

I take this opportunity to thank all members of the Credit Committee for their 

continued dedication throughout 2015. 

Leroy Wilson 

Chairman 


League Delegates Report 

Natalie Sparkes Albert Dawkins Vaughn McDonald Derrick Tulloch 

Highlights of our year as 

delegates and alternate 

delegates include the 

League’s Convention and 

Annual General Meeting 

(AGM), and attendance at 

the Board Consultation and 

Executive Rap sessions. 

The Annual Convention and AGM 

was a four-day event (May 28-31) 

held under the theme “Local 

Service…Global Good” and 

comprised a number of helpful 

workshops, informative plenary 

sessions, special presentations, 

updates on the League’s financial 

performance, a trade show and an 

awards banquet. 

At the Board Consultation and the 

Executive Rap sessions, delegates 

met to review a number of issues 

critical to the Movement’s development. 

The issues covered were: 

Benefits of collaboration among Credit 

Unions, The Future of the Jamaican 

Credit Unions, Development of the 

Movement -73 Years, update on the 

Proposed Bank of Jamaica (Credit 

Union) Regulations, Status of the 

proposed Dissolution of the Stabilization 

Fund and the Importance of 

Savings Mobilization to the Credit 

Union Movement. QNET also made a 

presentation on Leveraging Technology 

for Quality business Solutions. 

ANNUAL CONVENTION 

AND AGM 

The official opening of the Convention 

took place on Thursday May 28th 

with a delivery from keynote speaker, 

Ms. Cynthia Campbell from the Filene 

Research Institute, Madison, Wisconsin 

USA. She spoke on the topic 

“Channel Delivery for tomorrow and 

its implications for GenY” 

A simulation exercise; “Reality Check: 

A day in the Life of our Members” in 

which participants engaged in a 

simulation of the challenges faced by 

ordinary members in their attempts to 

access financing was also held on 

that same day. 

The highlight of the convention was 

the Movement’s Strategic Planning 

Session for the period 2016-2020. It 

was a day of learning, strategic 

thinking and planning to guide the 

Jamaican Movement through to 

2020. Presidents, Treasurers and 

General Managers from 33 Credit 

Unions were in attendance at the 

planning session. 

WORKSHOPS 

Four workshops were held 

simultaneously along with the 

strategic planning session. They were: 

• The Art of War...Cyber War. 

• Enhancing Member Service and 

Competitiveness in Credit 

Unions. 

• Financial Education – 

Empowering the Next 

Generation. 

• Implementing Flexi Work Day in 

Credit Unions. 

PLENARY SESSIONS 

A number of Informative presentations 

were made by persons from the 

League. During this session a number 

of topics were discussed. These 

included an update on the Bank of 

Jamaica Regulations. The closing 

plenary session was presented by 

Mrs. Marcia Woon-Choy, an Action 

COACH who spoke on “Leadership: 

Alignment and Execution” 

ANNUAL GENERAL 

MEETING 

The Annual General Meeting was 

chaired by President Derrick Tulloch 

who did a multimedia presentation 

summarising the Board’s 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 for 

discussions at the 2015 AGM. 



League Delegates Report Cont’d 

LEAGUE’S PERFORMANCE 2015 

AWARDS 

Several Credit Unions received awards in the Credit Union of the Year awards 

competition. 

• JTA Co-operative Credit Union won the O J Thorbourne trophy for Mega 

Credit Union (Manchester Co-operative Credit Union was the runner- up). 

• NCB Employees Co-operative Credit Union copped the Renford Douglas 

trophy for large Credit Unions (JDF Co-operative Credit Union was declared 

the runner- up). 

• Postal Co-operative Credit Union won the Paul Thompson trophy for 

medium- sized Credit Unions (BJ Staff took the runner- up spot). 

• Nestle Co-operative Credit Union won the Peter John Sullivan trophy for small 

Credit Unions (D&G Employees Credit Union was declared the runner –up). 

SPECIAL MEETINGS 

Board Consultation 

Performance 2015 Performance 2014 

Amount Growth Amount Growth 

SAVINGS $68.14B 8.55% $62.77B 6.70% 

LOANS $59.51B 6.93% $55.65B 6.05% 

ASSETS $88.94B 7.94% $82.39B 7.34% 

MEMBERSHIP 999,416 1.08% 988,719 1.65% 

The annual Credit Union Board Consultation was held on November 28, 2015 

at the Jamaica Conference Centre. The League’s president – Derrick Tulloch 

gave the welcome. 

The agenda items included one entitled” The Future of the Jamaican Credit 

Union Movement” and this was a presentation made by the League’s Group 

CEO Mr. Glenworth Francis. In his presentation he outlined four (4) options for 

the future development of the Credit Union Movement; 

1. Let Credit Unions be told by the BOJ who will and who will not be licensed. 

Thereafter the League help Credit Unions through the mergers. 

2. All Credit Unions merge into one Credit Union with all as branches. 

3. Orderly consolidation of the Movement through well strategized and preplanned 

mergers. Collaboration and co-operation of back office operations 

including one technology solution over time sharing of branches and branch 

consolidation. 

4. All Credit Unions remain separate entities and strategically share back office 

and other operations/infrastructure. 

Credit Unions agreed unanimously to a programme of planned consolidation 

and mergers and the sharing of back office operations, including an information 

technology platform. 

Several other presentations were 

made throughout the day to include 

an update on the Bank of Jamaica 

(Credit Union) Regulations. 

EXECUTIVE RAP 

SESSIONS 

Several regional executive Rap 

sessions were held during the period 

March - April 2015. On March 20th 

corporate area League Delegates and 

Managers met to participate in their 

Executive Rap Session. The following 

presentations were made: 

1. Progress report on the Dissolution 

of the Stabilization Fund. 

2. Importance of Savings Mobilization 

to the Credit Union Movement. 

3. Update on the Proposed Bank of 

Jamaica (Credit Union) Regulations. 

4. Leveraging Technology for Quality 

Business Solutions. 

CONCLUSION 

In closing we express our pride in 

being associated with the Movement 

and our gratitude for all the support 

the Jamaica Co-operative Credit 

Union League has provided to us over 

the years. We look forward to working 

with the team to achieve excellence in 

service and creating a Movement that 

is always ready for change. 

Finally, we thank our members for 

affording us the opportunity to 

represent them by serving as League 

Delegates. 


For Delegates and Alternate 

Delegates 


Nominating Committee Report 

Fiona Johnson Carl Grant Natalie Murray 

The JPS & Partners Nominating 

Committee was appointed by the 

Board of Directors in accordance 

with Rule 65(1) and comprised the 

following persons: 

Fiona Johnson 

Carl Grant 

Natalie Murray 

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 61st 

Annual General Meeting. All 

nominated persons were contacted 

and 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 previous year. 

MEMBERS OF THE 


Based on the Term Limits for Board members, certified December 14, 2015, 

and in the spirit of the adoption and immediate implementation of the term limit 

of the Desk Officers, the following Directors - Directors Redway, McDonald and 

Gray; 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. Additionally the conditions of the merger 

Memorandum of Understanding (MOU) require the Board size to be amended 

to nine (9) members down from eleven (11). In order to achieve this and abide 

by Rule 34 ...”a bare majority (one half plus one) of the members constituting 

the Board of Directors shall be elected for a term of two (2) years and the others 

for a term of one (1) year,” the two Directors with the least number of years 

served are nominated for two (2) years. They are Alicia Burnett and Kim 

Robinson. Note however that Director Robinson has tendered her resignation 

effective June 4, 2016, consequently Mr David Fleming has been nominated to 

fill the vacancy. 

The following Directors will be remaining for one (1) year 

Name 

Derrick Tulloch 

Albert Dawkins 

Earl Munroe 

Fiona Johnson 

Remaining 

Term in Office 

1 Year 

1 Year 

1 Year 

1 Year 

Retiring Nominated Term in 

Office 

Gerlyn Gray David Fleming 2 Years 

Delroy Redway Alicia Burnett 2 Years 

Vaughn McDonald Deborah Campbell 2 Years 

Natalie Sparkes Natalie Sparkes 2 Years 

Dwight Hart Dwight Hart 2 Years 



Nominating Committee Report (Cont’d) 

MEMBERS OF THE SUPERVISORY COMMITTEE 


Office 

Melinda Lloyd Melinda Lloyd 1 Year 

Glaister Dunkley Glaister Dunkley 1 Year 

Royen Banton Rolstan McFarlane 1 Year 

Terrence Knight Terrence Knight 1 Year 

Corine McCalla Corine McCalla 1 Year 

Ms Valerie Bennett resigned in February 2016 and was replaced by Ms 

Corine McCalla. Mr Royen Banton has advised of his inability to continue 

serving consequently Mr Rolstan McFarlane has been elected to serve for a 

period of one (1) year. We thank them for their invaluable service to the Credit 

Union and in particular the Supervisory Committee. 

MEMBERS OF THE CREDIT COMMITTEE 


Office 

Arlene Laidlaw Arlene Laidlaw 2 Years 

Everoy Mardener Everoy Mardener 2 Years 

Phillip Lewis Phillip Lewis 2 Year 

The following persons joined the Credit Committee during 2014 and will 

continue to serve: 

Name Branch Remaining 

Term in Office 

Leroy Wilson Kingston 1 Year 

Tricia Robinson Kingston 1 Year 

PROFILES OF THE NOMINEES 



Miss Natalie Sparkes is the President of the JPS & Partners Credit Union. She 

is an accomplished Management Executive with over 16 years’ experience in 

leading and implementing improved efficiency and productivity systems to 

deliver performance driven results oriented workplace best practices. 

Ms. Sparkes is employed to JAMALCO since 2015 as the Transition 

Coordinator and Capital Manager. She was previously employed to UC Rusal 

– WINDALCO, Kirkvine Works for over eighteen (18) years. During her tenure 

there she occupied several positions including Senior Process and Technical 

Engineer, Manager - Refinery Technical, Corporate Strategic Development 

Manager and Corporate Projects Manager. 

She holds an MBA in Engineering 

Management, B.Sc. (Hons.) in 

Chemical and Process Engineering, 

Advanced Diploma in Education, 

Certificate in Project Management 

and is a certified Project Manager. 

She is licensed by the Professional 

Engineers Board of Jamaica, a 

member of Jamaica Institution of 

Engineers, American Society of 

Chemical Engineers, Canadian 

Society of Chemical Engineers and 

Project Management Chapter of 

Jamaica. 

Natalie never fails to give back to her 

community. Over the years she has 

held many positions in various 

organizations: Director on the Board 

of Southern Regional Health 

Authority, President – PTA. Mount St 

Joseph Kindergarten and Prep. 

School. In addition to JPS & Partners 

Credit Union she currently serves on 

the Board of Mount St. Joseph High 

School and the Advisory Council for 

UTECH Chemical Engineering 

Department 

She is the proud mother of one son. 

Alicia Burnett 

Ms. Burnett is an experienced 

Environment, Health and Safety 

(EHS) management professional and 

chemical engineer with over twelve 

(12) years’ experience in heavy 

industry in various positions spanning 

process engineering, process control 

and EHS management. She was 

previously employed to UC Rusal 

Alumina Jamaica Limited as well as 

Noranda Bauxite Limited, and is 

currently employed to J Wray & 

Nephew Limited as EHS Director. 

Her qualifications include an MSc in 

Chemical Engineering and a BA in 

Economics. She is an ISO Quality 

Auditor, a certified Internal Controls 



Risk Analyst and a Project 

Management trained registered 

Professional Engineer. She is also a 

member of the Jamaica Occupational 

Health and Safety Professionals 

Association, American Society of 

Safety Engineers, Jamaica Institution 

of Engineers and the American 

Institute of Chemical Engineers. 

Alicia has consistently given back to 

her community and has previously 

served as a member of the boards of 

the Belair High and Preparatory 

Schools, Vice-President of the 

Bauxite Safety Council, and member 

of the Supervisory Committee of the 

Credit Union and also that of the 

former Kirkvine Credit Union. In 

addition to being a Director on the 

Board of the JPS Credit Union and a 

member of the Risk and Compliance 

and Member Relations Committees, 

she also serves as a member of the 

Professional Engineers Registration 

Board (PERB) on which she has been 

the chairman of the Engineering 

Programmes Accreditation 

Committee. 

Deborah Campbell 

Deborah Campbell has gained 

extensive accounting and 

management experience through 

positions held at Alcan Jamaica 

Company, Jamaica National Building 

Society, and West Indies Alumina 

Company. 

Her expertise is in developing and 

implementing control mechanisms to 

ensure smooth and efficient 

management of an organization’s 

financial systems. 

She earned her Bachelor of Science 

degree in Management Studies from 

the University of the West Indies, and 

is currently pursuing her ACCA 

designation 

Deborah has served her church 

community as a volunteer for the past 

20 years as Treasurer, Group Leader 

and presently works with the Mother’s 

Union. She sees this as her way of 

giving back to the community. 

David A. Fleming 

David is currently employed to the 

Jamaica Public Service Company 

Limited (JPSCo) as a Legal Officer. He 

holds a Certificate of Legal Education 

from the Norman Manley Law School, 

a Bachelor of Laws (Hons) from the 

University of the West Indies, Cave 

Hill Campus and a Bachelor of Arts 

(Hons) from the University of the West 

Indies, Mona Campus. 

During the period 2009 – 2010 he 

held the Presidency for the Norman 

Manley Law School Students 

Association and was a representative 

at The American and Caribbean Law 

School Initiative (ACLI) held in 

Jacksonville, Florida where he 

prepared a paper on the 

“Independence of the Judiciary.” 

David is a member of the Jamaica 

Bar Association and the Lions Club of 

Downtown Kingston 

Dwight Hart 

Mr. Hart is employed to UC Rusal 

Alumina Jamaica Limited in excess of 

twenty five (25) years. 

He is currently the Maintenance and 

Rehabilitation Manager. 

Mr. Hart holds a BSc. Degree in 

Mechanical Engineering from the 

University of the West Indies (UWI) St. 

Augustine, Trinidad. 

Mr. Hart served as President of the 

former Ewarton Works Credit Union 

from 2008 up to the time of the 

merger with the JPS & Partners 

Credit Union in 2013. He was also a 

former member of the Supervisory 

and Education Committees of that 

Credit Union. He is currently a 

Director on the Board of the Credit 

Union and a member of the 

Infrastructure Committee. 

Dwight is a very active individual who 

at one time was the President of The 

Ewarton Works Sports Club. 

SUPERVISORY COMMITTEE 

Terrence Knight 

Mr. Knight is currently employed to 

UC Rusal as Manager – Capital 

Projects. His professional and 

educational qualifications includes 

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. 

Glaister Dunkley 

Mr Dunkley is employed to UC Rusal 

Alumina Jamaica Ltd for over 25 

years. He holds the position of Land 

Restoration and Tenant Administrator 

in the Agricultural Division. 

His qualifications includes a Bachelor 

of Technology in Agricultural 

Production and Food System 

Management and a Diploma in 

Agriculture. 

He is currently a serving member of 

the National Restoration Committee 

Corine McCalla 

Corine McCalla has been employed 

to Jamaica Public Service Company 

Ltd. (JPSCo.) for the last 19 years and 

has been a member of the Credit 



Union for the same period. Her 

current job function at the JPSCo is 

that of Executive Assistant to the 

Chief Financial Officer in the Finance 

Department. She has worked in 

several other departments to include 

the Technical Services Workshop and 

the New Generation Department. 

She holds a Bachelor’s Degree in 

Business Administration. 

She is the proud mother of one 

daughter. Corine considers herself a 

task oriented and a people person. 

Melinda Lloyd 

Melinda Lloyd currently works as a 

Business Analyst in the Technology 

and Innovation Department of the 

Jamaica Public Service Company Ltd 

(JPSCo.) She has a vast wealth of 

experience in Process Management, 

Project Planning and Business 

Analysis Management. She is also a 

certified Lean Six Sigma Green Belt and 

Process Management professional. 

Melinda hold a Bachelor’s Degree in 

General Management from the 

University of the West Indies, Mona. 

She serves as the President of the 

CIPS Communicators Toastmasters 

Club. She is also a former volunteer 

at the Sir John Golding Rehabilitation 

Centre and Fundraising Committee 

Member at the Youth Reaching Youth 

Organization. Melinda is passionate 

about Mentorship and is determined 

to facilitate effective changes in 

attitudes and behaviors of persons 

around her. 

One of her favourite scriptures and 

inspirational thought is found in 2nd 

Timothy 1 verse 7: “For God has not 

given us a spirit of fear, but of power 

and of love and of a sound mind.” 


Everoy Mardener 

Mr. Mardener is presently employed as 

a Planner at the UC Rusal - Windalco 

Plant. His tenure with the company 

spans over twenty five (25) years. 

Everoy has vocational educational 

training in mechanical engineering at 

Level 3. Everoy believes in volunteerism 

and has being volunteering his 

services to the Credit Union for over 

ten years. 

He is married with four (4) children. 

He lives by the Motto: “If something 

is worth doing, do it well. You can 

never tell what the outcome will be” 

Arlene Laidlaw 

Ms. Arlene June Laidlaw holds a 

Masters in Finance from the 

University of the West Indies and a 

BSc Degree in Accounts from the 

University of Technology 

Arlene has over twenty three (23) 

years experience in accounting, 

fifteen (15) of which was spent at the 

Jamaica Public Service Company Ltd 

(JPSCo). as an Accounting Assistant 

in the Payroll Department. She has 

served on the Delinquency 

Committee of the Credit Union for a 

number of years. Arlene is also a 

Board member of the National 

Association of Domino Bodies and 

has represented the country 

internationally as a domino player. 

Arlene is also certified in First Aid & 

CPR. 

Phillip Lewis 

Mr Philip Lewis is an experienced 

Human Resource Practitioner with 

extensive experience and training in 

labour and employment relations at 

both the junior and supervisory 

management level spanning over two 

decades. 

Phillip has had many years of 

experience in the Bauxite industry, 

having worked in several key areas at 

West Indies Alumina Company 

(Formerly Alcan Jamaica Company) 

since 1986. 

Phillip holds a Master of Business 

Administration (MBA) from the 

University of the West Indies (UWI) 

and a BSc (Hons.) in Labour and 

Employment Law also from the UWI. 

He is married and has two children. 

Phillip list his hobbies as serving on 

social intervention programmes and 

reading. 

Fiona Johnson 

Chairperson 


Resolutions 

RESOLUTION TO ACCEPT THE TRANSFER OF ENGAGEMENTS OF 

CG CO-OPERATIVE CREDIT UNION LIMITED TO JPS & PARTNERS 

CO-OPERATIVE CREDIT UNION LIMITED 

Whereas by Special Resolution on 

July 23, 2015, the members of CG 

Co-operative Credit Union Limited 

have agreed to transfer the whole of 

the property, other assets and to 

honour the engagements of the CG 

Co-operative Credit Union Limited to 

a Registered Society and/or its 

successors. 

Whereas the Board of Directors of 


Union Limited has assessed the 

overall operations and is of the 

opinion that it is in the best interest of 

the members to combine the business 

of both Credit Unions (merger). 

Whereas the Board of Directors of 

CG Co-operative Credit Union Limited 

and the Board of Directors of JPS & 

Partners have signed a Memorandum 

of Understanding Agreement in respect 

of the merger of Both Societies 

Be it Resolved that the members of 


Union Limited at this Annual General 

Meeting held June 04, 2016 agree by 

special majority vote to accept the 

whole of the property and other 

assets and to honor the engagements 

of the CG Co-operative Credit 

Union Limited and to issue to each 

member of the CG Co-operative 

Credit Union paid up shares equal to 

the amount standing to the credit of 

each member in the Shares Ledgers 

of the CG Co-operative Credit Union 

on the date when the transfer of 

engagement becomes effective, 

provided that: 

1. The Transfer of engagements will 

be on the terms agreed by both 

parties, and the Board of 

Directors of the JPS & Partners 

Co-operative Credit Union 

Limited is empowered to act on 

the members’ behalf and will not 

make any decisions that are 

detrimental to the members. 

2. The Transfer of Engagements will 

become effective on July 31, 

2016 or on a date to be decided 

by the Registrar of Co-operative 

Societies and Friendly Societies. 

MOVED BY:____________________________________ 

SECONDED BY ____________________________________ 

NO OF MEMBERS VOTED FOR: _________________________________________ 

DATE: _______________________________________________________________ 

NUMBER OF MEMBERS AGAINST _______________________________________ 

NUMBER OF MEMBERS ABSTAINED: ____________________________________ 

NUMBER OF MEMBERS PRESENT: ______________________________________ 



Resolutions (Cont’d) 

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:- 

ARTICLE VIII 


CURRENT RULE 

33(i) The Board of Directors shall be 

elected at the Annual General 

Meeting of the Society and shall 

consist of not less than five (5) 

members nor more than fifteen 

(15) members, all of whom shall 

be members of the Society, and 

must satisfy the Supervisory 

Authority that they are fit and 

proper persons to be Directors 

or to perform corporate management 

functions. The number of 

members comprising the Board 

of Directors shall at all times be 

an uneven number. Each 

member shall hold office for no 

more than three (3) consecutive 

terms and, thereafter shall not be 

eligible for re-election unless he 

ceases to hold office for a period 

of: 

(a) one (1) year from the date 

on which he demits office; 

or 

(b) 

the period between the date 

on which he demits office 

and the following Annual 

General Meeting. Notwithstanding 

the foregoing, 

each member shall hold 

office until his successor is 

elected and shall be eligible 

for re-election. 

AMENDED TO READ 

33(i) The Board of Directors shall be 

elected at the Annual General 

Meeting of the Society and shall 

consist of not less than five (5) 

members nor more than fifteen 

(15) members, all of whom shall 

be members of the Society, and 

must satisfy the Supervisory 

Authority that they are fit and 

proper persons to be Directors 

or to perform corporate 

management functions. The 

number of members comprising 

the Board of Directors shall at 

all times be an uneven number. 

Each member shall hold office 

for no more than three (3) 

consecutive terms and, thereafter 

shall not be eligible for 

re-election unless he ceases to 

hold office for a period of: 

(a) one (1) year from the date 

on which he demits office; 

or 

(b) 

the period between the date 

on which he demits office 

and the following Annual 

General Meeting. Notwithstanding 

the foregoing, 

each member shall hold 

office until his successor is 

elected. 


Notes 



Notes (Cont’d) 


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 

Prayer of 

St. Francis 

of Assisi 

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.

TO CONTACT US: 

65 3 ⁄4 HALF WAY TREE RD. EWARTON WORKS KIRKVINE MONEAGUE DISTRICT PORT ESQUIVEL 

KINGSTON 10 

ST. CATHERINE KIRKVINE WORKS MONEAGUE P.O. ST. ANN OLD HARBOUR P.O. 

Tel: 968-1115 

Tel: 903-5081 MANCHESTER Tel: 973-0341-4 ST. CATHERINE 

968-3700 

Email: aewcu@cwjamaica.com Tel: 961-7656 

Tel: 746-2350 

Toll Free: 1-888-991-4304 • Email: jpscreditunion@jpscu.com • Website: www.jpscu.com 

Editorial Team: Joydene Jarrett, Camiel Franklyn, Andy-Raye Grapine, Maxine Nugent

JPSCU Annual Report 2015-compressed

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