LASCELLES EMPLOYEES & PARTNERS COfiOPERATIVE CREDIT UNION

1LASCELLES EMPLOYEES & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED | 2018 ANNUAL REPORT

WE AREHERE FOR

EVERYONE...WELEAVE NO ONE

BEHIND.

2 LASCELLES EMPLOYEES & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED | 2018 ANNUAL REPORT


TABLE OF CONTENTS

NOTICE & AGENDA 4

MINUTES 5-9

BOARD OF DIRECTORS’ 10-13

TREASURER’S REPORT 14-18FINANCIALS

REPORT OF THE CREDIT COMMITTEE 87-91 REPORT OF THE SUPERVISORY COMMITTEE 92-93 REPORT OF THE NOMINATING COMMITTEE 94-95 MARKETING REPORT 96-98 DELEGATES’ REPORT 99 RISK AND COMPLIANCE REPORT 100-101 STAFF PHOTOS 102 VOLUNTEER PROFILE 103 PHOTOS 104-106

Financial Cover Page 19

Letter from The Department of Co-operatives & Friendly Societies 20

Independent Auditor’s Report 21-23

Statement of Financial Position 24

Statement of Profit or Loss and Other Comprehensive Income 25

Statement of Changes in Equity 26-27

Statement of Cash Flows 28

Notes to Financial Statements 29-86


NOTICE IS HEREBY GIVEN THAT THE 52ND ANNUAL GENERAL MEETING OF THE LASCELLES EMPLOYEES & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED WILL BE HELD ON FRIDAY, JUNE 14, 2019 AT THE KNUTSFORD COURT HOTEL, 11 RUTHVEN ROAD, KINGSTON 5, JAMAICA, COMMENCING AT 5:00 P.M. ALL MEMBERS ARE INVITED TO ATTEND. REGISTRATION BEGINS AT 4:30 P.M.

BLOSSOM McANUFF – SECRETARY

1. REFRESHMENTS

2. ASCERTAIN THAT A QUORUM IS PRESENT

3. OPENING PRAYER

4. OBITUARY

5. WELCOME AND INTRODUCTION

6. APOLOGIES FOR ABSENCE

7. AMENDMENTS AND CORRECTNESS OF THE 51ST AGM MINUTES

8. ADOPTION AND CONFIRMATION OF THE 51ST AGM MINUTES

9. MATTERS ARISING

10. REPORTS:

A. BOARD OF DIRECTORS

B. AUDITOR’S AND TREASURER’S

C. CREDIT COMMITTEE

D. SUPERVISORY COMMITTEE

11. DISTRIBUTION OF SURPLUS

12. FIXING OF LIABILITIES

13. NOMINATING COMMITTEE REPORT AND ELECTION OF OFFICERS

A. BOARD OF DIRECTORS

B. SUPERVISORY COMMITTEE

C. CREDIT COMMITTEE

14. ANY OTHER BUSINESS

15. VOTE OF THANKS

16. ADJOURNMENT

17. CLOSING PRAYER

NOTICE OF ANNUAL GENERAL MEETING

AGENDA


MINUTES

MINUTES OF THE FIFTIETH ANNUAL GENERAL MEETING OFTHE LASCELLES EMPLOYEES & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED Held at the Jamaica Conference Centre, 14-20 Port Royal Street, Kingstonon Friday, June 01, 2018 commencing at 6:05 P.M.

1. CALL TO ORDER:

A quorum having been ascertained, the Chairman and President, Mr. Ryan Muir, called the meeting to order.

2. PRAYER:

Member, Doreen Williams offered prayer, which was followed by the recital of the Prayer of St. Francis of Assisi.

A minute’s silence was observed in memory of members Newton Cole and George Morrison who made their transition during the year.

3. WELCOME:

The Chairman extended a warm welcome to all, especially the members coming from Nestles, and apologized for the late start.

4. APOLOGIES FOR ABSENCE:

Apologies were tendered on behalf of Jacqueline Daley Grant, Jacqueline Irons, Stewart Isaacs, Carlene Brisette-Clarke, Winsome Dawson, Benjamin Pringle, and Arlene Miles.

He drew the members’ attention to the Standing Order and asked that it be observed.

5. MINUTES OF THE 50th ANNUAL GENERAL MEETING:

The minutes were taken as read on a motion moved by Weeman Clarke, seconded by Wayne Clarke.

5.1 Corrections to the Minutes:

Page 7, under Resolutions, 1st paragraph, 3rd line, ‘Linstead’ should read ‘Bog Walk’ and 2nd paragraph, 2nd line, delete the 2nd ‘moved by’Page 8, under ‘Election of Officers’, under Board of Directors ‘Maurice Bolt’ should be replaced with ‘Michelle Bispott’Page 9, under ‘Credit Committee’, ‘Denise’ should read ‘Denese’The minutes were adopted on a motion moved by Henry Peckoo (Carreras) seconded by Charmaine Walker (Wray & Nephew)

5.2 Matters Arising:

Mr. Weeman Clarke congratulated the Chairman on his ascension to the Board of the Jamaica Co-operative Credit Union League.

Queried by Mr. W. Clarke as to who were the members of the Merger Committee, the Chairman stated that it included the executives from the Lascelles Employees & Partners Co-operative Credit Union and Messrs. Hutchinson, Dillon and Henry from Nestle Credit Union.

Mr. Clarke welcomed the Directors from the Nestles Credit Union to the Board of Directors of Lascelles.

6. REPORTS:

6.1 BOARD OF DIRECTORS:

The report was taken as read on a motion moved by Jody-Ann Smith (AJAS) and seconded by Mr. Aston Clarke.

The Chairman then introduced the members of the Board of Directors seated on the platform as well as the General Manager.

He extended special welcome to Miss Karen Little, Miss Zena Blake and Mr. Floyd Ebanks from the Department of Co-operatives; Mr. Zemar Bennett from Jamaica Co-operative Credit Union League; Miss Cleo Errar from the League’s Stabilization Unit; Miss Nichole Bruce from CUNA Caribbean; Janice Knight-Chung from Credit Info Jamaica; Mrs. Nyssa Johnson and Mr. Bevin Goode from KPMG; Misses Joyce James and Yvonne Bernard, stenotype writers; and Mr. Isaacs, our photographer.

He drew the meeting’s attention to the first statement in the report which reads ‘Our Founders may not be known to most of us but one thing is certain “a good foundation has been laid” which he stated was the theme of our 50th Anniversary celebrations.

He outlined the following:

• That the year under review was another successful year for the Credit Union which registered positive results.

• That in terms of our strategic direction, we modified our five-year outlook based on what was happening in the industry as well as the economy and what we vision our Credit Union to be.

• That the short term goal was to become a large Credit Union within a year’s time with assets of over $1.5 Billion.

• That the Credit Union continued to take prudent measures to ensure our readiness for our Licence


from BOJ whenever they become our official regulator and supervisor.

• That the merger brought together Nestle Credit Union with total assets of over $100M.

• That we continue our discussions within the small and medium peer grouping with the hope of encouraging others to partner with us.

• That we have upgraded the Emortelle system from 8.0 to 9.0. This upgrade would allow us to take advantage of new features including ‘cloud backup’.

• That in 2018 we would continue to improve our technology to optimize our efficiencies and effectiveness and the members’ experience by the digitization of our files, records and information gathering processes and for our members to transact business online via our website.

• That despite the economic challenges and fall in interest rate, we performed creditably in all key areas.

• That in terms of our outreach programme, we suffered from another year of poor participation of our members as it related to our two adopted charities, Children of Ward 4 of the Bustamante Children’s Hospital and residents of Block G of the Golden Age Home. He stated that they would be adjusting the dates that they normally visited these places so that we could have a better participation from our membership.

• That plans are far advanced with respect to our 50th Anniversary Celebrations which would see us having a year round celebration to include a Church Service set for Sunday, September 16, 2018. All members were invited to attend. An Awards Ceremony would be held on September 22, 2018 where a number of our volunteers and staff would be recognized for their outstanding and long and faithful service to the Credit Union over the years.

• That a number of initiatives were undertaken to include a special motor vehicle loan at a rate of 8.25% and no fees and that this would be launched next week and continues until the funds allotted are depleted.

In concluding he thanked the Almighty God for the successes enjoyed in 2017/2018.

He extended thanks to all the volunteers who stuck to the task to ensure that their responsibilities were executed in a professional and respectable manner.

He thanked the membership for their loyalty and dedication for having stood with us in 2017 and over the last 50 years of our existence.

He thanked the hardworking management team and staff who went beyond the call of duty in successfully executing several critical projects

throughout the year. He also extended thanks to the liaison officers at the various locations whoplayed a major part in this success.

He extended thanks to the sponsoring company J. Wray & Nephew Limited; Jamaica Co-operative Credit Union league and its related group of companies, the Registrar of Co-operatives and Friendly Societies; Smith & Associates our internal auditors and KPMG our external auditors that provided their unfailing support.

He thanked his fellow Directors for their support and loyalty and diligence.

Questions:

Mr. Weeman Clarke bemoaned the lack of a picture for Mr. Pringle. The Chairman apologized for the absence of a picture and again apologized for his absence at the AGM which was due to his religious commitment.

Queried by Mr. Clarke as to whether there was a Committee to deal with the Anniversary celebrations, the Chairman stated that there was a Committee headed by Assistant Secretary Blossom McAnuff.

He further queried whether the Committee included past directors and past employee to which the Chairman answered in the positive. He offered his knowledge of fourteen years should it be needed. The Chairman extended an open invitation to anyone who wished to participate in the Church Service.

There being no other questions, the Board of Directors Report was approved on a motion moved by Jinelle Johnson (Wray & Nephew) and seconded by Mr. Weeman Clarke.

7. TREASURER’S AND AUDITOR’S REPORT:

The Treasurer’s Report which was presented by Mr. Wayne Hardie, was taken as read on a motion moved by Rose Barnett Samuels and seconded by Jinelle Johnson.

He then read the letter from the Registrar of the Department of Co-operatives & Friendly Societies found on page 20 advising the Credit Union to convene their AGM having approved the Financial Statements for the year ended December 31, 2017.

7.1 He highlighted that 2017 was a challenging year for the Credit Union as interest rates continued to stumble and at the end of 2017 the Jamaican dollar was $125 to US$1.00 and to remain competitive in the marketplace the Credit Union had to reduce interest rate on loan while at the same time provide interest rate on deposits at a slightly higher rate than the market rate.

7.2 Amidst these challenges the Credit Union recorded increases in savings, loans and assets

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in 2017. Our asset base grew by 16% in 2017 and when compared to other credit unions within our peer group, we had the highest asset base for the year ended 2017.

7.3 Surplus declined by 20% to $12.7M compared to $16M in 2016. The decline in surplus was due mainly to the competitive market, increased operating expenses as we had to shore up ourselves for IFRS 9, the new Accounting Standard that would be coming on stream and high interest payments to members.

7.4 Our loan portfolio increased by $52M and membership by 280. This however was attributed to the merger with Nestle Credit Union. He stated that it is the intention of the Credit Union to come up with more products at favourable terms and reasonable rates.

7.5 Most of the PEARLS ratios, except for savings ratio, were met. He encouraged members to save more. He stated that we continue to manage these ratios in order to be compliant with the Movement as well as prepare ourselves for the pending BOJ Regulations.

7.6 Operating expenses grew by $11.28M or 16.65% compared to the growth in the prior year of $0.12M or 0.18%. The increase was attributed to the merger as well as staff cost, GCT, utilities and the change in the treatment of League and Stabilization dues.

7.7 At the end of year delinquency stood at 3.58% which was below the PEARLS standard of 5% which decreased marginally from the ratio of 4.06% at the end of 2016. He implored members who are delinquent to come into the Credit Union as all efforts would be intensified in this regard to ensure that we not only maintain but improve the ratio.

7.8 In closing, he thanked the members for maintaining their membership with the Credit Union and the confidence that they have placed in the Credit Union to provide for their financial needs.

He expressed appreciation to all those who were integral to the governance structure of our Credit Union; the management and staff, the committed Directors; the internal audit team, Smith & Associates and our external auditors, KPMG; and the members of the Credit and Supervisory Committees and other sub-committees.

Questions:

Mr. Clarke congratulated the Treasurer for the manner in which he presented the Report.

He implored the Credit Union to look at creating new financial businesses so as to create wealth for our members. The Treasurer in response stated that they were looking at other ways of expanding the earning base of the Credit Union and have

come up with several options which they have sent to the lawyer to review with a view of adopting them as they have to be cognisant of the risksinvolved.

Mr. Clarke questioned whether the figure of $5.9M under ‘Other Liabilities’ contained the FIP figure and queried what it was being utilized for. The Accountant informed him that it was the FIP refund that the Credit Union receives every quarter and that that fund was used for staff related expenses.Mr. Clarke suggested that a portion of this fund be used to host a Health Fair where the members could benefit. The Treasurer stated that that was a useful suggestion which will be taken under advisement and considering that we were celebrating our 50th Anniversary.

Mr. Ryan Kirlew asked how much of the Provision for the Loan Loss figure on Page 41 was for genuine loans in arrears versus the amount due to the change in the IFRS 9 Standard. The Treasurer outlined that the Loan Provision for this year was $18M while it was $7M the previous year and he attributed this to criteria now being used to assess loans individually depending on the credit worthiness of the individual which would impact the figure going forward.

The Treasurer’s and Auditor’s Reports were approved on a motion moved by Weeman Clarke and seconded by Henry Pecoo.

At this juncture the Chairman asked for a motion to be moved to take Items 11 and 12, Distribution of Surplus and Fixing of Maximum Liability. This was moved by Charmaine Walker and seconded by Mr. Wayne Clarke.

8. DISTRIBUTION OF SURPLUS:

The Treasurer tabled the Distribution of Surplus as presented in the leaflet circulated to all members outlining the distribution of the $12.7 Million surplus for 2017 as follows:

Scholarship Fund $3MDividend on Permanent Shares $2MProvision for Bad Debt $7MHonoraria $3M50th Anniversary Celebrations $0.8MIT Infrastructure Reserve $2MBuilding Reserve $1.5MDonations $0.5MRetained Earnings $0.3M

Total $20.1M

This was accepted on a motion moved by Oliver Dunbar and seconded by Ricardo Hall.

9. FIXING OF MAXIMUM LIABILITY:

In keeping with the rule of the Credit Union, it was proposed that the Maximum Liability be fixed at 10 times the Society’s Capital and Reserve Fund.

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This was accepted on a motion moved by Yvonne Lewis and seconded by Angella Johnson.

(Prizes drawn)

10 The Chairman invited Janice Knight-Chung, Guest Speaker, from Credit Info Jamaica to make a five minute presentation on the importance of credit rating and the impact it has on the member.

She explained to the meeting the role of the Credit Info and how it affects them and the Credit Union. She outlined the effects of members not paying their bills on time. She urged the members to pay their bills on time and in full as this would adversely affect their credit rating.

A brief question and answer session followed.

The Standing Order was resumed on a motion moved by Wesley Cameron and seconded by Jinelle Johnson

11. CREDIT COMMITTEE REPORT:

The report presented by Mr. Wayne Clarke was taken as read on a motion moved by Aston Clarke and seconded by Ricardo Hall.

The floor was opened for questions.

Questions:

Mr. Weeman Clarke asked if there was a correlation between Chart 1 on Page 66 and Table 1 on Page 67. Mr. Wayne Clarke stated that they were the same, just that one is a graphical representation of new loans issued for the year ended December 31, 2017 and the other is a historical representation over three years from December 2015 to December 2017.

Mr. Wayne Clarke pointed out that of the 54 loan waivers approved during 2017, 42 were for ‘high’ Credit Score which meant they had poor credit rating and urged members to pay attention to their credit rating.

He thanked all the Members of the Committee for their commitment, the Board, Finance Committee and the Supervisory Committee.

The Credit Committee Report was approved on a motion moved by Weeman Clarke and seconded by Veronica Knight.

12. SUPERVISORY COMMITTEE REPORT:

In the absence of Mrs. Patricia Jumpp who was unable to be present, the Vice President Mrs. Ivy Lawrence presented the report which was taken as read on a motion moved by Yvonne Lewis and seconded by Henry Pecoo.

There being no questions, the report was approved on a motion moved by Oliver Dunbar and seconded by Weeman Clarke.

13. NOMINATING COMMITTEE REPORT:

This was presented by Mr. Roger Simmonds.

The report was taken as read on a motion moved by Jinelle Johnson and seconded by Sharon Brown.

It was noted that two members of the Board had reached their term limit and in keeping with the agreement to add two members of the Board of Nestle to the Board of Lascelles, the complement of the Board would now revert to nine members inclusive of the two members from Nestle Credit Union.

In relation to the Credit Committee, two members had reached their term limit and in keeping with the agreement with Nestle to add two of their members to the Credit Committee, the Credit Committee would now revert to nine members to include the two members from Nestle.

As it related to the Supervisory Committee, one member had reached the term limit and the others have expressed a desire to no longer serve and so the complement of the Supervisory Committee would be reverted to five members.

These three motions were moved en bloc by Jinelle Johnson and seconded by Aston Clarke.

A member questioned the rationale behind reverting to the original numbers for the Board and committees when they were seeking to expand. The Chairman explained that during the merger negotiations with Nestle this was the agreement reached and since they were looking at further mergers, this would be one of the options that would be put on the table where that credit unionwould be seeking to have members placed on the Board and the other committees and because the opportunity arose, a decision was made to revertto the original numbers.

The Nominating Committee Report was unanimously accepted.

14. ELECTION OF OFFICERS:

Miss Karen Lyttle, representative from the Department of Co-operatives and Friendly Societies was invited to guide the election process.

Board of Directors:

She outlined the procedures for the election.

Retiring NominatedRyan Muir Ryan MuirBlossom McAnuff Blossom McAnuffWayne Hardie Wayne HardieNicole Graham (Completed three consecutive terms)Ivy Lawrence “

There being no nominations from the floor having asked three times, the following persons were duly

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elected to serve on the Board of Directors for the next two years.

Ryan MuirBlossom McAnuffWayne HardieRichard HutchinsonMichelle Bispott (to complete remaining year for Benjamin Pringle)

The following Directors will retain office for one year.

Roger Simmonds Maurice BoltAndrew Bell Owen Dillon

Credit Committee:

Retiring NominatedMonique Forrester (completed 3 consecutive terms)Claudette Thomas- “WarrenDev Weller Dev WellerJody-Ann Harriott- Jody-Ann Harriott-Smith SmithLaverne Williams-Reid Laverne Williams-ReidJodian Beecher Jodian Beecher

There being no nominations from the floor, the following persons were duly elected to serve for two years.

Dev WellerJody-Ann Harriott-SmithLaverne Williams-ReidJodian BeecherRicardo Hall (to complete remaining year for Marvin Riley)

Supervisory Committee:

Retiring NominatedMitchelle Blake Ann-Marie Terrelonge(replaced MarciaRobinson) Patricia Jumpp Patricia JumppKhadine Stewart Rupert RichardsRobert Grandison Robert GrandisonAndrew Gordon Andrew Gordon

There were no nominations tendered from the floor. The following persons were duly elected.

Patricia JumppAnn-Marie TerrelongeRobert GrandisonAndrew GordonRupert Richards

Delegates to the League

Nominated were:President} DelegatesTreasurer}

On a motion moved by Wayne Clarke and seconded by Ricardo Hall the meeting authorised

the Board to nominate the Alternate Delegates.

15. Any other Business:

Mr. Weeman Clarke questioned why only some staff members were on the website and not all. The Chairman stated that the redesigned website would accommodate all staff members as the current one could not allow for all the staff members.

Mr. Weeman Clarke stated that he was an employee of another Credit Union that was celebrating its 50th Anniversary that would be putting on a walkathon and invited Lascelles Credit Union to participate in this activity.

(Prizes and Give-away)

16. Vote of Thanks:

Director McAnuff was asked to move the vote of thanks.

She thanked the Lord for having guided the meeting.

She expressed thanks to the Conference Centre and David White, caterer; the printers for producing the books on time; the stenographers, Joyce James and Yvonne Bernard; and our various sponsors who provided the beautiful gifts.

She expressed thanks to the volunteers who did a wonderful job and stated that without them the Credit Union would not be as vibrant as it is.

The closing prayer was said by Mrs. Sherie Nash-Seymour (General Manager).

17. Termination:

The meeting was terminated at 8:50 p.m.

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BOARD OF DIRECTORS’ REPORTFOR THE CALENDAR YEAR ENDED DECEMBER 2018

On behalf of the Board of Directors and fellow members, it is my pleasure to announce that the Financial Year 2018 (FY 2018) has been another successful year for our credit union, Lascelles Employees and Partners Co-operative Credit Union (LEPCCU). We rode the high and low tides of the economy, reducing interest rates and the sliding dollar to generate a surplus yet again. We were also able to execute plans for our 50 th Anniversary celebrations within budget as well. God has been good to us for yet another year and we give thanks for the positive results!

Strategic Direction

We continued to examine and analyze the environment for opportunities to add value to our members’ investment. We are in the second year of our five-year strategic outlook and so far, we have implemented our feedback process to hear from our membership and to address as best as possible their needs. Our aim at all times is to satisfy our beloved members as they are the main reason we exist.

Bank of Jamaica (BOJ) Regulations & Our Readiness:

We still await the revised drafts of the proposed Credit Union Special Provisions Act (2018) and

the proposed Co-operatives Society Act (2018) which are two critical pieces of legislation required for us to be governed and regulated by the Bank of Jamaica (BOJ), to be presented to Parliament for debate and approval. We understand that the new submission date will be June 2019.

Our Institutional Capital for FY 2018 has been maintained at the similar level of 13% as last FY 2017 far above the existing minimum requirement of 8%. This we believe will enhance our readiness for licensing by the BOJ when they become our official regulator and supervisor.

Mergers:

The merger with Nestle Jamaica Co-operative Credit Union is no longer considered new after more than a year since its execution. The integration has been seamless; the Bybrook location continues to satisfy the members needs through the provision of their financial services via the Emortelle software system which gives an online banking presence and formal transaction processing while the overall growth and success of LEPCCU continues as we seek to reach that medium-term strategic target of $1.5B in Total Assets.



BOARD OF DIRECTORS’ REPORT

Small & Medium (S&M) Size Peer Grouping:

We withdrew from the initial grouping of three (3) Medium Sized Credit Unions (Lascelles, PWD and NCB) that were seeking to form the Network Model in a 3-way merger because of the complexities involved and the limited time available before the pending regulations were to be passed. We have instead embarked upon discussions which are 2-way in nature and therefore much simpler to execute and which would be favourable to us in adding value to our members’ investment as per our mandate. At the end of 2018, the discussions were still in the exploratory stages.

IFRS 9

The implementation of IFRS 9 standard through our Emortelle version 9 software system was still being fine-tuned at year end to ensure that it would be compliant, and we are a bit behind on our expectations. However, this did not affect our year end audit greatly, as we were able to do manual calculations to satisfy audit requirements and complied with our deadlines for submission of audited accounts to our regulators.

Our Information and Communication Technology (ICT) Platform:

Our digitization project commenced in earnest late last year and will last for the next three years in the first phase. The Loan Application Processing is the first to be streamlined and managed by the system in a structured workflow with tracking and approval at different stages as a means of improving and increasing the effectiveness and efficiency of that process.

Other processes set for digitization includes the Membership Application, Investment

Application among others, and through the Credit Union Movement outlined improvement projects our Payroll and Salary Deduction Processes.

Our website ( www.lascellescreditunion.com ) is also scheduled for improvement works as well to give a new look and feel to the membership and even a friendlier interface.

Performance Highlights

The Key Performance Indicators for LEPCCU were positive and indicated stability, growth andimprovements year on year:

Our strategies and positive efforts bore fruits yet again. The hardworking team overcame the many challenges faced along with very competitive and depressed interest rates in the financial environment to record commendable results for 2018.

Our Loans portfolio, though suffering from IFRS 9 provisioning, grew by almost $5M when compared to FY 2017.

We continued the strategy of attractive interest rates for investments and savings which resulted in growth of $21M in Members Shares (voluntary) and growth of over $25M in Members’ Deposits when compared to FY 2017. These increases allowed us to remain very liquid throughout the financial year.

Institutional Capital remained stable at 13%, above the standard of 8%, with a marginal increase of $2M.

Our Operating Expenses grew by over $10M over last financial year driven by normal employee emolument increases, as well as our digitization project wherein we employed an IT Officer to


Cluster F at the Golden Age Home to October and November respectively, as both initiatives were affected by low membership participation during the Christmas season when they were originally held. The new dates, however, did not make a difference as we still suffered from a lack of support from the membership. We will continue to encourage our members to give of their time for these outreach efforts which we have adopted.

Directors’ Meeting Attendance

At the last AGM, a number of volunteers were elected to the Board of Directors of the credit union. As elected officials, the responsibility of governing the credit union has been bestowed on us. As such, our attendance at meetings are always critical in enabling good governance.

The meeting attendance records of our Board Members for the year 2018 are shown in the table below:

Obituaries

During the year, some of our beloved members made their transition. The Board of Directors of LEPCCU extends sincere condolences to their families, well-wishers and friends. May their souls rest in peace:

1. Gregory Smith - JWN (ex-employee)


lead this effort separate from our IT contractors who managed our network and helpdesk issues.

On a whole, Total Assets grew organically by $41M from our operations compared to FY 2017. We had double digit surplus again this year of over $11M.

Our net active membership grew by over 255 members compared to that ending 2017, but this wasbelow our target of 600 new members.

Outreach Programs

The Credit Union Week activities were well received by members in 2018. On Tuesday, October 16, 2018 the members enjoyed “No Fees” Day . This was followed on Wednesday, October 17, 2018 by a Health Day where the members benefited from an array of free services such as Blood Sugar and Blood Pressure Checks and Body Mass Test. Thursday, as usual was celebrated as Member’s Appreciation Day with Free Spa Services, refreshments galore, games and music. The week culminated on Friday, October 19, 2018 in a Credit Union Village that allowed invited companies to showcase their products and sell at discounted rates to the members.

We revised the dates for our visits to Ward 4 at the Bustamante Hospital for Children and


with us in 2018 and over the last 50 years of our existence.

A heartfelt thank you to our committed and hardworking team of Management and staff who went beyond the call of duty to successfully execute several critical projects throughout the year, even in the face of being short staffed due to migrations. To all our liaison officers or contact personnel at the various company locations who played their part as well, we say a big thank you!

Our sponsoring companies and supporting entities, including J. Wray and Nephew Ltd. (a Gruppo Campari Company) have always supported us over the years and facilitated our interaction with their employees we offer a big thank you. Other notable entities, such as the Jamaica Co-operative Credit Union League (JCCUL) and its related group of companies, the Registrar of Co-operatives and Friendly Societies, our Internal Auditors – CSS (Centralized Strategic Services of the League), Cuna Caribbean Insurance Jamaica Ltd. and KPMG our External Auditors have always provided their unfailing support and we appreciate them.

I most graciously acknowledge and thank my beloved fellow Directors for their overwhelming support, loyalty and diligence over the preceding years and 2018 in particular. I thank the membership once again for electing this leadership group to execute their mandate and to safeguard their assets and interests, a privilege we greatly appreciate.

…………………………………………….Ryan MuirPresident


2. Donald Hayden – Carreras (ex-employee)

3. Gauntlett Campbell - AJAS (Pensioner)

4. Damian Martin - Carreras

5. Noel Harris - AJAS

6. Natalie Facey – Carreras & (JWN ex-employee)

7. Kevin Blake – Carreras (ex-employee)

50th Anniversary Celebrations

Our credit union’s 50 th Anniversary Celebrations (the official date which marked 50 years of existence was September 19, 2018) were executed last year with tremendous success.

We had a Church Service at the Portmore New Testament Church of God on Sunday, September 16, 2018, of which more than 100 members attended. An Awards Ceremony was held on Saturday, September 22, 2018, at the Knutsford Court Hotel to recognize a number of our Volunteers and Staff who have given long and faithful service to the credit union over the years. We catered for over 200 members including the staff and the volunteers at this event. It was well received by all in attendance.

Appreciation

It is appropriate that I take this opportunity on behalf of the Board of Directors, to thank Almighty God for the successes we enjoyed in 2018 and which we continue to enjoy. Psalms 23:1 reminds us that “The Lord is Our Shepherd; we shall not want”.

We graciously take the opportunity to thank all our committed volunteers who purposefully ensured that their responsibilities were executed in a professional and respectable manner. We thank also the statutory committees (Credit & Supervisory) and all the other Board Sub-Committees, which are too numerous to mention.

Fifty years of success as a Credit Union was not easily achieved, hence we sincerely thank all who have contributed to this success on behalf of the Board of Directors. The Lord has blessed our credit union beyond measure and we want to express our sincere gratitude to our loyal and dedicated members who have transacted


TREASURER’S REPORT

TREASURER’S REPORTFOR THE CALENDAR YEAR ENDED DECEMBER 2018

OVERVIEW

In 2018 the competitive environment and changing financial landscape proved to be demanding and challenging for us, the credit union managed to rise above the challenges to have a good year. The Jamaican dollar continued to depreciate against the US dollar from the beginning of the year to close the year at $127.72 to US$1.00 compared to $124.76 to US$1.00 in January 2018. The devaluation is as a result of rising prices in the international market. The inflation rate for December 2018 was -1.03%, bringing the 2018 rate to 2.44%. This is a 2.76% reduction compared to the 5.2% recorded in 2017.

The Net International Reserves (NIR) reduced from US$3,208.29M in 2017 to US$3,005.41M in 2018. The 2018 NIR indicates that the country has 32.80 reserves in weeks of goods imports or 19.47 reserves in weeks of goods & services imports.

The passing of the long-awaited regulations was anticipated for 2018, which did not materialize. As a result, mergers continue to be formed within the Movement. The year 2018 ended with a total of 26 credit unions, compared to 28 at the end of 2017. LEPCCU continues to position itself to ensure compliance to meet the required licensing under the pending BOJ regulations. Even without being regulated by BOJ we continue to ensure that all BOJ requirements are adhered to.

2018 was a milestone year for the credit union. We celebrated 50 years on September 19. We had number of successful activities to mark the occasion during the year.

In 2018 we embarked on the following:

• We had a logo competition which was

open to all our members. We had several entries and awards were given to 1st to 3rd place winners. The winning logo can be seen on our 2017 AGM Booklet.

• The introduction of a new loan product

“Double Yu Hand”. The members could borrow double the amount that they have in their Partner Savings. This offered an alternative to our members taking their Partner Savings in December and opting to take a loan instead.

• We offered a very attractive savings

product “FD Gold” for 1 year. This allowed our member to invest over $500K at a rate of 7.5% or invest over $1M at 8%. The Offer is a special offer done during our 50 th Anniversary Celebrations encouraging our members to save.

• For our 50 th Anniversary which was

celebrated under our theme “A Good Foundation Has Been Laid”. We had a Supplement in the Sunday Gleaner; we were hosted at Portmore New Testament Church of God for our Church Service and closed our celebrations with an Awards Banquet. The Awards Banquet which recognized members and staff of over 10 years was a success.

Despite the challenges being faced by our Credit Union we managed to show growth in some key areas year on year and a positive trend over the last 5 years. Our asset base grew by 37% over the last five years and 4% compared to last year. Our surplus declined by 13.85% to $11M, when compared to $12.7M for 2017. This decline in surplus is mainly due to the competitive market and high provisioning under IFRS 9. The implementation of the IFRS 9 Financial Instrument standard became effective in January 2018. This resulted in $21M being taken from surplus for Expected Credit



Loss for receivables and Investments. The IFRS 9 Financial Instrument standard now requires provision to be done for loans and investments as they are booked or realized. This means the credit union will need to exercise more caution when granting loans. The IFRS 9 standard affects all financial institutions, therefore it will not however prevent us from doing business.

When compared to other credit unions within our peer group, we are at the top of the table with highest asset base, savings and membership for the year ended 2018.

Financial Performance

Table 1 below highlights the financial performance of the Credit Union during the year under review. Our Financial Statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and our local Co-operatives Societies Act.

Income

The financial performance for 2018

resulted in a surplus of approximately $11M, compared to $12.7M in 2017, and a decline of $300K or 13.85%. The surplus was impacted by increased provisioning for loan loss, with the implementation of IFRS 9. Loan interest income increased by $14.5M or 13.94%, compared to prior year loan interest income of $104M, while interest expense grew by only $500K or 1.79%. Our total net income to average asset increased in 2018 compared to 2017, moving from 1.14% to 2.4%.

Expenses

The operating expenses for the credit union grew by $10.5M or 13.38% compared to the growth to prior year operating expenses of $79M. The increase in the growth was attributed to increase in interest expense, staff cost, GCT, and insurance expense (LS & LP). We have also implemented internal cost saving mechanism within the office as part of our effort to contain expenses. The credit union was able to maintain a ratio of 8% for operating expenses to average assets as stipulated by the standard.

Balance Sheet

The Credit Union continues to grow in all areas as indicated in Table 2 in the five-year summary of performance outlined on the following page.



We increased members’ savings and deposits by 7.53% or $25.18M, compared to prior year of $334.28M, as a result of our special interest rate offerings. Our liquid assets increased by $49.9M or 23.84% compared to prior year, we were able to maintain a ratio above the standard closing at 22%. The loans portfolio grew marginally by under 1% compared to 2017 of $829.7M to close 2018 at $834.54M. We had several loan promotions during the year which was well supported which allowed us to achieve this closing figure. The portfolio was affected by loans being repaid faster than how they were granted. We maintained our over $1B in total assets and saw a growth of 3.8% or $41.8M over prior year.

Ratio Analysis

The management of these ratios continues to play an important role in what we can offer to our members and the competitive advantage we have in the market place. We implemented measures to ensure that income grew faster than expenses. We will continue to work with the Jamaica Credit Union League to achieve economies of scale through shared services, the key factor was the assistance provided by the Credit Union League for the implementation of IFRS 9.

We continue to execute our strategic objective with a view of ensuring that our

ratios are met and surpassed.

The table 3 on the following page shows a five-year analysis of our performance measured by the League’s PEARL ratios.

Liquidity ratio:

Liquid assets, as a percentage (%) of savings and deposits, is 22%, which is within the standard rate of 20-30% and reflects a reduction of 2% over 2017, as seen in Table 3 below. While we benefited from the growth in liquidity and increase in interest income our loans portfolio only showed marginal growth.

Savings & Loans ratio:

We continue to struggle to meet the savings deposits to total assets ratio. We closed 2018 at 69% which is 1% below the standard of 70-80% and 2% above 2017 of 67%. Our loans to total assets ratio was achieved at 73%, which is a 2% reduction compared to 2017.

Delinquency

At the end of December 31, 2018, the delinquency rate against our total loans portfolio was 3.6%, which is below the PEARLS standard of 5%. This closing ratio is in line with 2017 of 3.58%. We have implemented numerous measures to



contain delinquency such as a dedicated delinquency officer, additional debt collectors and the services of litigators. Efforts will be intensified in this regard to ensure that we not only maintain but improve the value to our members.

The Future

As we await the implementation of the pending BOJ regulation, we continue to do all that is required to ensure we meet the requirements for licensing. We continue to have talks with other credit unions to form mergers which will benefit all parties involved and most importantly our members.

Our big thrust for 2019 is to be more efficient and competitive by digitizing of our records andimplementing paperless workflow. We have started this process by scanning all our member related documents and security documentation to ensure staff have access to members information at the tip of their fingers.

In 2018 we engaged our members on various social media platform and broaden our social footprint by taking on new charities and intend to improve on this for 2019. We will continue to focus on savings and educating our members about the benefits of savings towards their goals. In 2019 we intend to embark on initiative to educate the youths about making credit unions their future financial institution. We will be monitoring and analysing the financial market to determine what products will be appealing to our members, in order to remain competitive.

Table 3: LEPCCU Ration Summary (for past five years)


Acknowledgements

I would like to thank our members for their continued support over the years by maintaining their membership with the credit union and the confidence placed in us to provide for their financial needs. We are aware that our members have choices, so we thank them for choosing us as their financial institution.

My thanks and appreciation to all those who are integral to the governance structure of our credit union; that is:

• Our dedicated management and staff for their hard work, perseverance and passion, which has led to the sustainability of the credit union.

• Our committed Directors, who through their diverse backgrounds have brought wise

counsel and experience. • Volunteers of the Supervisory, Credit and other Sub-Committees for their dedication to

serve and the support they provided to ensure effective corporate governance. • Internal auditing team, CSS Limited and our external auditors, KPMG for conducting

audits with professionalism and to a high standard.

………………………………………….Wayne HardieTreasurer


LASCELLES EMPLOYEES & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED(A Society Registered Under the Co-operative Societies Act)

NOTES TO FINANCIAL STATEMENTSYEAR ENDED DECEMBER 31, 2018

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62 LASCELLES EMPLOYEES & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED | 2018 ANNUAL REPORTLASCELLES EMPLOYEES & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED •62 2017 ANNUAL REPORT



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CREDIT COMMITTEE’S REPORTFOR THE CALENDAR YEAR ENDED DECEMBER 2018

The membership of the Lascelles Employees & Partners Co-Operative Credit Union (LEPCCU) duly elected the following members at the 51st Annual General Meeting (AGM), to serve on the Credit Committee:

Mrs. Denese Anderson-Whyte Ms. Arlene MilesMs. Jodian Beecher Ms. Carol MorganMr. Wayne Clarke Mr. Dev WellerMr. Ricardo Hall Mrs. Laverne Williams-ReidMrs. Jody-Ann Harriott-Smith

Our first meeting was convened on Wednesday, June 6, 2018. At this meeting, Mr. Wayne Clarke was elected and returned as Chairman, Mrs. Jody-Ann Harriott-Smith was elected and returned as Vice Chairman and Ms. Carol Morgan was elected as Secretary. The Chairman thanked the returning team members and welcomed the new committee members who have now volunteered their invaluable service to our membership. The committee maintained its Wednesday meetings at the office of the LEPCCU to review both new loans and in-house issued loans. The Chairman attended quarterly Board meetings during the year, and the Credit Committee was duly represented at every All Committee Meetings. The Chairman represented the Credit Committee at the Strategic Planning Retreat of the Credit Union in February 2018.

Operating Environment

The current Andrew Holness led administration achieved its IMF targets during 2018. The Government was proud to quote the Statin report in April 2019, announcing that the growth



CREDIT COMMITTEE’S REPORT

in Gross Domestic Product for 2018 is 1.9%, culminating 16 consecutive quarters of growth. The release indicated that growth was achieved in all Goods Producing Industries: Agriculture, Forestry & Fishing (3.1%), Mining and Quarrying (25.0%), Manufacturing (2.0%) and Construction (3.7%). Service Industries also showed growth, the largest being Hotels & Restaurants (2.8%). The unemployment rate as at January 2019 was 8.0%, the lowest on record. The male unemployment rate was 6.1%, while the female unemployment rate was 10.3%. The youth unemployment rate was 21.8%, representing the lowest rate on record. The total number of employed persons stood at 1,340,200, an increase of 8,400 persons relative to January 2018. The Jamaican Dollar made a 10% devaluation from $125.00 to $137.35 in September 2018 then appreciating to close 2018 at $127.72. Inflation for the calendar year was 2.4%, compared to 5.2% for 2017. The primary contributors are Food and Non-Alcoholic Beverages down 1.5%, Housing, Water, Electricity, Gas and Other Fuels down 1.3% and Transportation down 1.5%.

The current positive economic landscape has challenged mainstream financial institutions

to increase lending facilities and products, and the proliferation of unregistered lending agencies “Loan Sharks”, creates an environment of many financial institutions chasing the same limited disposable income of credit worthy customers. Notwithstanding the Credit Union continues its sound prudent management of lending members’ funds at affordable rates. This was made possible by a collaborative approach by the Board of Directors, Management, Staff, and Committees of the Credit Union.

New Loans approved by the Credit Union

Chart 1 shows a graphical representation of the loans issued in 2018. The graphical line represents the number of loans issued and should be compared with the vertical axis on the right, while the vertical bars represent the value of the loans issued for each category, and should be compared to the dollar values on the left vertical axis.

The Motor Vehicle Loan Portfolio, for a third consecutive year, is the largest category of loans issued by the Credit Union. The financial sector has responded aggressively to the low inflation level and the increase in



Table 1

consumer demand for motor vehicles. The Credit Union has kept pace with this demand. The loan special offered during July to October 2018 was well received by the membership. A total of $127M was disbursed to 93 members during the year. The next two largest categories are Personal Loans and Debt Consolidation, the latter highlighting the nature of the co-operative, providing members with debt management options and peace of mind.

Table 1 provides a visual of loans issued during the year. A total of 4,546 new loans were issued compared to 5,156 last year. The value of new loans also declined from $490M last year to $442M. The credit union endeavoured to provide members with the optimal loan package(s) to achieve their financial objectives without the need for recurring financing. As aforementioned, the credit union tailored the Motor Vehicle Loan Special specifically for its membership, disbursing a total $127M compared to $180M in 2017. The members chose to procure 93 newer trouble-free motor vehicles compared to the 104 acquired last year. Members who wish to maintain their existing vehicles were provided with motor vehicle repair loans of $17.6M, compared to $14M last year. Combining two types of home loans namely, Home Improvement and Down Payment on Property revealed a positive trend; over the period 2015 to 2018 amounts issued were $33M, $35M, $64M and $59M respectively. The Credit Union remains committed to assisting our members in their pursuit of home ownership and/or improving their quality of living. The credit union faced competition from players in the financial sector and the quasi-financial sector and yet provided debt consolidation products which have increased from $47M last year to $57M. “An investment in education pays the best interest”. The second consecutive year of growth in this portfolio is noteworthy. 441 members utilized our education loan product compared to 361 last year and the disbursed amount of $44.5M was 22% higher. The Personal Expenses category reflected a decline of $52M when compared to the previous year, but increases in the other categories are testament to the productive use of loans by our members.

Comparison of New Loan Applications



Chart 2 shows the graphical trend of the new loans portfolio for the past several years. The graphical line represents the total number of loans issued and should be compared with the vertical axis on the right, while the vertical bars represent the total value of the loans issued, and should be compared to the dollar values on the left vertical axis.

Chart 2 also highlights the demand of our membership for varying loan products to enhance and/or supplement their lives. During 2014, the Credit Union experienced the highest level of demand for loans. Thereafter the demand declined, however the value of loans is higher than previous years, with the highest disbursement reflected in 2017. Contrastingly, prudent debt management is evident in the years 2012 and 2017 as members reduced the frequency of borrowing while fulfilling their objectives. This segues into a crucial point; the frequency of borrowing will adversely affect an individual’s credit score. The Credit Union registered with CreditInfo Jamaica Limited in March 2015 and Crif NM Credit Assure Limited in July 2016. It is now the policy of financial institutions including the LEPCCU, to obtain and share credit information on members. The Credit Union has taken steps to improve and manage members whose credit rating is less than ‘Average’. We encourage all members to be cognizant of their credit rating and allow us to assist you in managing same.

Chart 2

Comparison of New Loans 2012 to 2018


Table 2


Loan Waiver Approvals

During 2018, 56 loan waivers were approved, 47 of which were primarily for “High Credit Score” reported by the Credit Bureau. Each request was scrutinised in great detail by the Committee before approval. In most instances, there was an outstanding debt which was previously settled, but the debt must be carried on the credit report for two years before it can be removed. Again, members must educate themselves on the importance of the Credit Report. Should a member be overdue by $300 for more than 30 days or utilised more than 90% of their credit card, their risk will be deemed

“High”. These are two mere examples but emphasised the point of how fragile one’s credit score can be and the need to be educated. In coming months, members’ credit/payment management of their utility bills will become a part of their credit score and our members need to be proactive and prepare for this change.

Overall, the total loan portfolio of the Lascelles Employees & Partners Co-Operative Credit Union remains healthy, as evident in the Allowance for Loan Losses in the Audited Financial Statements. The Allowance is $24M or a mere 2.8% of the loan portfolio of $858M.

The Credit Committee takes pride in the privilege granted us to serve you our valued members and we do hope that the loans assisted you in the achievement of your goals. We look forward to strengthening our mutually beneficial partnership.

Warmest thanks to the Board of Directors for their support and guidance; to the Management and Staff of the Credit Union and particularly, the Loans Department for their efficient processing of loans.

. . . . . . . . . . . . . . . . . . . . .Wayne ClarkeChairman

The Members of the Supervisory Committee are elected by the Lascelles Employees & Partners Co-operative Credit Union’s (LEPCCU) membership for the purposes of audit and supervision. The Committee is responsible to provide oversight of the financial, operational and compliance processes and to ensure that the Credit Union operates in a safe and sound manner. In addition, the committee is required to report its activities to the Board of Directors on a monthly basis.

At the last Annual General Meeting held in June 2018, the Supervisory Committee was elected in accordance with the rules and stipulation of the credit union, for the period of one (1) year commencing June 2018 to May 2019.

The current committee comprises of:

Patricia Jumpp (Chairman)Rohan King (Vice Chairman)Kamika Davis (Secretary)Robert GrandisonRupert Richards

During the review period, a total of four (4) committee meetings were convened and at one sitting there was a re-election of officers. The persons holding the respective positions are indicated above.

Movement since the last Annual General Meeting:

• Miss Ann-Marie Terrelonge, who was elected at AGM declined to serve and subsequently tendered her resignation from the committee.

• Mr. Andrew Gordon also tendered his resignation.• The Committee however gained two (2) additional members namely Rohan King and Kamika

Davis subsequent to the abovementioned resignations.

SUPERVISORY COMMITTEE’S REPORTFOR THE CALENDAR YEAR ENDED DECEMBER 2018



SUPERVISORY COMMITTEE’S REPORT

Policies Approved by the Board

The following Policy documents were reviewed and approved by the Board of Directors:

1. Disaster Management and Business Continuity Plan

2. Enterprise Risk Management3. Delegation of Authority

Audits

During the year we engaged the services of a new auditing firm, Centralized Strategic Services Limited (CSS) to support the internal audit function. We take the opportunity to thank Smith & Associates Chartered Accountants for their services to the Lascelles Employees & Partners Co-operative Credit Union. The scope of the audits conducted by CSS Limited for the year 2018 were as follows:

• Loan Administration• Regulatory /Statutory Compliance and AML

and CFT• Revenue, Deposit Taking and Liquidity

Management

There were no high-risk recommendations made by the auditors that required the Board’s decision. We commend the management team as only a few areas of concerns were raised by the auditors and the areas identified were addressed in a timely manner.

Training

Formal training sessions were not held with the members of the committee but each member was provided with a copy of the Supervisory Committee Manual as well as training materials received from prior training sessions held with other members. An in-house session is planned for early May for those members who will continue to serve in the coming year.

Proposed Plans for 2019

Audit Plans

The audit plan for the upcoming year will focus on, but not limited to, the following areas:• Operations Review – Internal Controls, Debit

Card Management, Standing Order Audit, HR Audit, Dormant and Deceased Members’ Accounts.

• BOJ Readiness.• Information Technology – IT General Controls,

IT Process Review, Application Review, IT Continuity Reviews/Support.

• Financial Review – Earnings Assets (excluding loans) and Interest Bearing Liabilities.

Policies for Review

The Credit Union will continue with the review of policies in the coming year and will continue to foster efficiency to amalgamate policies where necessary.

The following Policies, among others, are targeted for review:

• Code of Ethics & Business Conduct• Whistle Blowing Policy• Credit Policy• Anti-Money Laundering (AML) Policy

The mandate of the committee to oversee the financial reporting, disclosure and monitoring the effectiveness of the Credit Union, both internal and external control processes were entrusted to the team at the last AGM held in June 2018. The committee does understand the roles and responsibilities and therefore worked with other members of the Credit Union during the period, with the aim to fulfil the objectives.

We want to express our gratitude to the members of the team who have worked with us during the period and has offered guidance and support. We look forward to working with the team to improve the overall objectives of the Credit Union.

…………………….........…….Patricia JumppChairman


NOMINATING COMMITTEE’S REPORT

NOMINATING COMMITTEE’S REPORTFOR THE CALENDAR YEAR ENDED DECEMBER 2018

In keeping with the Rules of the Lascelles Employees & Partners Co-operative Credit Union, the Board of Directors appointed the following persons to serve on the Nominating Committee:

Richard Hutchinson - ChairmanAnn-Marie Thomas - Member/StaffMr. Conray Loney - Member

Committee’s Mandate

The Committee’s mandate is to act within the framework of these Rules in selecting persons for nominations. The Committee was also guided by correspondence from the Registrar of Co-operative Societies and Friendly Societies, which has indicated the need for Credit Unions to comply with term limits and to ensure that the nominated members are “fit and proper”, among other criteria.

The selection criteria for nominating members included, inter alia:

• Members confirm their willingness to serve and to dedicate sufficient time to the process.

• Members are willing to complete the “Fit and Proper” exercise.

• Member’s expertise and experience.• Member’s loans are being satisfactorily

serviced and have never been delinquent.• Members confirm their agreement to

have their photo and profile posted on the credit union’s website.

The Nominating Committee met on May 9, 2019 and submitted the following members for nomination to the Board of Directors, the Supervisory Committee and the Credit Committee.

Board of Directors

The following Board of Directors retire at the

2019 Annual General Meeting of the Credit Union:

1. Roger Simmonds2. Maurice Bolt3. Owen Dillon4. Michelle Bispott5. Andrew Bell

Andrew Bell in particular has completed three consecutive terms and is now acknowledged for providing guidance to the Board. We thank all members for their contribution and are pleased to now nominate the following persons for the next two (2) years:

1. Roger Simmonds2. Maurice Bolt3. Ivy Lawrence4. Owen Dillon5. Michelle Bispott

The following Directors will retain office for another year:

1. Ryan Muir2. Blossom McAnuff3. Wayne Hardie4. Richard Hutchinson

Credit Committee

The Credit Committee, a most dedicated and hard working committee, has continued to sacrifice their time in attending meetings weekly, and providing support in a commendable way. The Nominating Committee takes this opportunity to truly thank them for their time, dedication, commitment and for showing that they are willing to serve the credit union in a meaningful way. The retiring volunteers are:

1. Arlene Miles2. Carol Morgan3. Denese Anderson-Whyte


NOMINATING COMMITTEE’S REPORT

4. Wayne Clarke

One member of the committee, Wayne Clarke, has completed three consecutive terms and we express our sincere appreciation for his service on such a demanding committee as this. We also thank Jodian Beecher, for her service as she will not continue on the committee.

The following Credit Committee members are retaining office for another year:

1. Jody-Ann Harriott-Smith2. Dev Weller3. Laverne Williams-Reid4. Monique Stanberry (replaced Jodian

Beecher)

The Committee is pleased to nominate the following persons to serve for two years:

1. Nicole Graham2. Claudette Creary3. Denese Anderson-Whyte4. Ricardo Hall5. Dwight Neil

Monique Stanberry is also being nominated to complete one year remaining for Jodian Beecher

Supervisory Committee

The Nominating Committee thanks all members of the Supervisory Committee who have served over the past year. The retiring volunteers are:

1. Patricia Jumpp2. Rupert Richards3. Rohan King (replaced Ann-Marie

Terrelonge)4. Robert Grandison5. Kamika Davis (replaced Andrew Gordon)

The Nominating Committee recognises the services provided by Mr. Andrew Gordon and Ms. Ann-Marie Terrelonge who resigned before their term was completed. We wish them all the best in their future endeavours.

A special thank you to Patricia Jumpp who has served a full term limit. We thank her for her service during this time.

We also thank Robert Grandison and Rupert Richards, for their service as they will not continue on the committee.

Accordingly, the committee nominates the following persons to serve for one year:

1. Ryan Dixon2. Rohan King3. Janet Lee Chang4. Kamika Davis5. Wavany Wallfall

The Nominating Committee is pleased to have had the opportunity to serve and looks forward to working with all stakeholders to ensure another productive and successful year for the Credit Union.

.....................................................Richard HutchinsonChairman


MARKETING REPORT

MARKETING REPORTFOR THE CALENDAR YEAR ENDED DECEMBER 2018

The Credit Union experienced several challenges in 2018, however we had confidence in the team and made the best out of the year.

Membership Growth Analysis

In 2018, the Credit Union welcomed only 255 new members, a 53% decline over last year’s 480 members. 231 of which were adult members and 24 were child accounts.

Of the 255 new accounts, 21 were from AJAS, 15 from J. Wray & Nephew Ltd., 11 from Kingston Industrial Garage, 2 from Carreras, 35 from Eclectic Security Services Ltd., 2 from Federated Pharmaceuticals, 4 from Agricultural Chemicals, 2 from PolyPet, 3 from Select Brands, 2 from Guardian General Insurance Company Ltd, 14 from CamCorp, 3 from Ameco, 18 from Nestle and 1 from the Credit Union itself, new hire. Family members of existing members, as well as employees of other companies accounted for 98 of the 231 new adult members. Of the 255, 24 were minor/child accounts. The corresponding individual percentage contribution to the overall growth is displayed below. Eclectic Security Services Ltd was the single largest contributor to membership growth for 2018.


MARKETING REPORT

These new members contributed significantly to the financial growth of the Credit Union. The overall shares and deposits already amassed from these new members amounted to $11, 469,332.06, an increase in deposits from prior year. Loans taken amounted to $25,099,856.25 with interest earned from these loans so far being $1,453,698.77.

Membership Drive /Visits 2018

There were approximately 63 visits to member locations during the year. JWN 7; KIG 8, Carreras 15, Ag Chem 2, AJAS 2, Federated Pharmaceutical 3 and CamCorp 5, Select Brands 3, Nestle 12. Whilst on these visits, member complaints were heard and resolved as best as possible, debit cards were issued, registration for online banking, engaged and activated new members.

Product Development & Other Promotions

2018 was an active year of products and promotions a. FD GOLD – High-yielding investment option

was introduced to the membership for our 50th Anniversary. Fixed deposit investment up to 8%.

b. 50th Anniversary Logo Competition -

Members were asked to design a logo suitable for the 50th Anniversary. The top three competitors won cash prizes totaling $80,000.00

c. Double Yuh Han - Members were able to

use their Partner Plus Savings to borrow a loan two times the amount. Our members were treated to Weekly Prizes (November to December) of Gas Vouchers, Movie Tickets and Tutti Fruitti Vouchers and two Grand Prize Winners of Supermarket Shopping Spree.

d. Savers’ Club* - An exclusive club for savers

was established, where members in this club enjoyed other benefits such as 1% less on loan rates, lower processing fees, no waiting in lines and special giveaways. (* still available)

e. Double or Nuttn! - Members were able to

deposit their monies and get a loan two times the amounts. The loan was given at a premium rate of interest! The doubling was not limited to those with new investments; whatever was in the member’s account could be doubled.

f. Motor Vehicle Special - Two (2) motor vehicle

specials were offered to boost the loan

portfolio, to remind members that we also offer competitive rates and terms for motor vehicle loans.

Other Promotions offered during the year:

a. Love Loanb. Easter Loanc. Santa Stash Loand. Back to School Buster Loan

All efforts will be made to introduce these and other products responsive to market trends and within our resources.

Market Trends

Market trends continue to be a source of intelligence for the Credit Union. The trends noted in 2018 must be proactively addressed by the Credit Union.

Saving / Investment Pattern:

I want more!: Other than the usual need to see more on an investment, members continue to become more sensitized to other investment options, like mutual funds etc. Whilst the Credit Union sees and appreciate the trend, it continues to offer some of the best rates in the market to its members. It is hoped that with the coming BOJ regulations that we will be able to offer a more diverse slate of investment products to meet varying risk appetites.

We continue to urge our members to use our rates to your advantage and build your wealth. The best products to help you amass wealth quickly are (1) Compounder (2) Golden Harvest and (3) Fixed Deposits.

Borrowing Pattern:

Cash flow is critical: With the emergence of so many micro-financing institutions, the options from where to borrow has increased. Our members, though loyal, continue to seek value or what they perceive value to be, which is usually lower monthly repayments. From our experience, we find that many members borrow from these “loan sharks” and pay exorbitant interest over time. The Credit Union is educating its members at every opportunity about the price they pay for the convenience of lower monthly payments by calculating their interest rates and repayment period and the other institutions in comparison to what they would have paid at the Credit Union. Nevertheless, the Credit Union must also find that delicate balance of allowing for ‘lighter’ monthly repayments as well.

It’s my call: The conventional boundaries of


MARKETING REPORT

borrowing continue to appear as more of an obstruction, thereby creating barriers to borrow. With every day that goes by, the market truly becomes more and more consumer-driven. This is also augmented by the bigger institutions using the ‘law of numbers’ to increase their base and drive up their overall income.

Some obvious trends in borrowing and savings remain as seen in 2018:

a. Requests for extended repayment periods.b. Increased requests for individualized interest

rates.c. Requests for higher unsecured limits.d. Requests for lower interest rates on secured

and unsecured loans.

Service Delivery

The Credit Union continues to improve on its service delivery; we do acknowledge however, that there is still significant room for improvement. You can help us in this area by sending your suggestions, observations, complaints directly to [email protected]. When visiting the office, utilize the ‘concerns’ box in the front lobby. Emails sent to this address go directly to members of the management team for a quick resolve.

We also encourage members to utilize online banking to initiate some transactions. There you can quickly check balances and other account details. Members are encouraged to use our online platform to review products and services and transactions.

The Credit Union anticipates your assistance as we continue to work towards exceeding your expectations.

Scholarship and Outreach

A highlight of the year was Lascelles Employees & Partners Co-operative Credit Union’s sponsorship of the JFF National Women’s League in the sum of One Million Dollars ($1,000,000.00).

Scholarships were a major medium for us to ‘give back’. To celebrate our 50th Anniversary, the Norma Chin Scholarship was increased to $3,000,000. The beneficiaries were many. There were 87 recipients in 2018.

• Norma Chin Scholarship – total value of $3,000,000.00.

48 members at tertiary level, 3 children at the tertiary level, 18 children at GSAT level, 16 children at CXC/CAPE level, 2 Special Needs and 1 Community Child.

An essay competition was also launched in 2018, children 8-10 years old were given an essay question. $20,000 in total was awarded to the top 3 recipients.

• Outreach Programmes In October 2018, the Credit Union staff and

volunteers visited the Bustamante Hospital for Children and in November we visited the Golden Age Home.

The spirit of giving will live on at the Credit Union and we hope to see greater participation from members for upcoming outreach programmes in 2019.

Current Products and Services

Saving and Deposits Insurance ProductsShare Accounts Family Indemnity PlanRegular Deposit Accounts Loan ProtectionYouth/ Child Accounts Life Saving ProtectionFixed Deposit Accounts Golden HarvestGolden Harvest Accounts International Major MedicalPartner Plus JCIA Group Life ($1M)Compounder JCIA Creditor Life (up to $18M)Challenge 50Max 5

Loan Products Other ServicesShare Loans Standing Order FacilityLoans Above Shares Direct upload to all major bank accountsUnsecured Loans Free Financial advicePay Day Loans ATM/ Debit Card ServiceHome Equity Loans Online BankingMotor Vehicle LoansEducation LoansBorrowz LoanInsurance Premium FinancingEasi Access Credit LineDebt Consolidation Loans…and others

Conclusion

We thank you for your patronage in 2018 and look forward to 2019 with you!

.............…………………………………..Lassanya ThompsonActing Marketing Officer


DELEGATES’ REPORT

The Jamaica Co-operative Credit Union League’s 77th Annual General Meeting (AGM) took place at the Hilton Rose Hall Hotel and Spa in Montego Bay on Saturday May 19, 2018 during the week-end convention that spanned May 17 – 20 2018. A number of sessions and activities took place leading up to the scheduled date of the AGM and thereafter. Twenty-seven (27) credit unions attended the meeting.

The following persons were in attendance representing your credit union.

Ryan Muir – PresidentIvy Lawrence – Vice PresidentWayne Hardie – TreasurerAndrew Bell – Assistant TreasurerSherie Nash-Seymour – General Manager

In his opening remarks, the President Mr. Winston Fletcher highlighted the League’s vision and spoke to the role of the League in the credit union movement as a facilitator and enabler. He said although much had been accomplished in 75 years, there was still a lot to be done to fulfil the vision. He spoke about moving towards the new regulatory regime and that there would be a number of changes in order to meet the requirements. He said that with the passing of the Credit Union Act, there would be significant changes in the way credit unions operate in relation to risk management and their internal structures. The President highlighted that during the transitioning period, the League would provide support to credit unions. Mr. Fletcher reported that for the movement to achieve cost management and efficiency, greater consolidation is needed such as mergers and back office operations. He spoke to the debit card switch being upgraded for greater security and efficiency.

The Chairman gave a summary of the Board report for the year 2017. He reported that despite the challenges faced by the credit union movement in 2017, they had some positive results such as the $13 million revenue which saw them ending the year with a surplus of $1.7 billion. The Treasurer did the same for the financial reports and the chair of the supervisory committee also reported.

The Treasurer reported that the group recorded gross profit before tax of $82 million, a 70% reduction over 2016; tax of $71 million resulted in a net profit of $11 million. She highlighted that the main drivers in the decrease in profitability were foreign exchange losses and expenses and that the total comprehensive income for the Group was $42 million.

The Meeting voted to accept the nominations for

the following persons to serve on the Board of JCCUL.

• Mr. Norris Gilbert – PWD• Mr. Anthony Young – Palisadoes• Mr. Clide Nesbeth - EduCom• Mr. O’Neil Grant – First Heritage• Mr. Lambert Johnson - Gateway• Mr. Ryan Muir - Lascelles

Except for Ryan Muir who was elected for 1 year all the others were elected to join the board of JCCUL for a term of 3 years.

For the Supervisory Committee the following persons were elected:

• Mrs. Tamara Baugh-Brissett - EduCom• Mr. Michael Sutherland – C&WJ• Mrs. Ivy Lawrence – Lascelles• Mr. Delroy James – First Heritage• Ms. Nicola Reid – Palisadoes

RESOLUTIONS

Two resolutions were passed at the meeting as follows:

• Congratulatory resolutions were received on behalf of:

PWD Co-operative Credit Union Limited for 70 years of service.

Palisadoes Co-operative Credit Union Limited for 65 years of service.

Correctional Services Co-operative Credit Union for 60 years of service.

Lascelles Employees & Partners Co-operative Credit Union Limited for 50 years of service.

Public Sector Employees Co-operative Credit Union Limited for 50 years of service.

Trelawny Co-operative Credit Union Limited for 50 years of service.

• One Condolence resolution was passed on behalf of Mr. Larchin Astley Buchanan, past director of the Police Co-operative Credit Union Limited.

RULE CHANGES

There were no rule changes.

..........................................Ryan MuirDelegate

DELEGATES’ REPORTFOR THE CALENDAR YEAR ENDED DECEMBER 2018


RISK AND COMPLIANCE REPORT

a quarterly basis to review areas of risk and compliance. The following activities were conducted during 2018:

Filing of Reports

All the requisite regulatory reports were filed with the Designated Authority [Financial Investigations Division (FID)] and the statutory ones with the Tax Administration of Jamaica (TAJ). All reports were filed within the required timeline.

The go AML platform went live on 1st September 2018 by the Financial Investigation Division (FID) and it is now required for the Threshold Transactions Reports (TTRs) to be submitted monthly instead of quarterly via this platform. Reports are to be filed by the 15th of the following month. This information was captured in a circular and disseminated to the Board and all employees.

Training

Emergency awareness sessions on earthquake preparedness were held with employees and the Board. Sensitization sessions on Fit & Proper requirement were also held with the Board and other ‘assigned’ committee members.

The development of volunteers and staff is vital to the growth of the credit union. Consequently, Lascelles has invested in the CPD online training facility with the League, which is accessible to all volunteers.

Employees completed the annual AML/CFT Training via the CPD Online platform which comprised of nine (9) modules including exams.

The Year 2018 was yet another challenging year for organizations within the financial arena. With the implementation of International Financial Reporting Standards (IFRS) 9, the fluctuation of the Jamaican dollar against the US dollar and the fierce competitions from other players within the sector has made it more prudent for the credit Union to be alert. The Credit Union’s Risk and Compliance unit must have mechanism of high standard to adequately address all regulatory requirements, anti-money laundering and all other ethical practices in order to be competitive.

It was anticipated that the Bank of Jamaica (BOJ) Regulation of Credit Unions would have been passed by Parliament during 2018, however this did not happen. Lascelles is positioning itself to be licensed whenever the Act is pass by assuring that the company meets its Corporate Governance Objectives.

The Board which has oversight for risk and compliance, has put in place a Risk & Compliance sub-committee, whose main responsibilities are to:

Ensure that controls are implemented to mitigate and effectively manage all risks, so that there is no decline in the value (reputational risk) of the credit union.

Ensure that measures are put in place to meet the Bank of Jamaica (BOJ) regulations governing the licensing of the credit union, the fit and proper requirements and operational readiness.

Ensure that transaction monitoring reporting is in place and the submission of the necessary regulatory and statutory reports is completed in a timely manner.

Ensure that KYC requirements are met; policies updated accordingly and training on risk and compliance are provided to employees, Board and other committee members.

The Risk & Compliance Committee comprises the Vice President and Alternate Delegate of the Board, the Chairman of the Supervisory Committee, the General Manager, Risk & Compliance Officer, Acting Marketing Officer, Accountant and the Credit Officer.

2018 Activities

The Risk & Compliance Committee met on

RISK AND COMPLIANCE REPORTFOR THE YEAR ENDED DECEMBER 31, 2018



Regulations governing operations

Circulars on regulations governing the operations of the credit union particularly on compliance and Know your Customer (KYC) were disseminated to employees and the relevant committee members to apprise them of pertinent information.

We continue to review the UN Sanction lists at regular intervals to ensure that the individuals and companies listed do not maintain the relationship with us.

The culture of compliance is one that is fostered within the credit union. One of the ongoing regulatory process is that of the ‘Know your Customer (KYC) where requisite KYC information is updated during the business relationship. We continue to request valid identification, proof of address and reference letters from members to ensure that the KYC requirements are met.

Safety Measures

A fire drill was successfully executed which resulted from excellent coordination and team work. Furthermore, a test of the security system was done to assess the timely response of the security company should an emergency arise.

Policies

During the period under review, several policies were reviewed and approved by the Board for implementation.

Internal Audit

The audit functions were performed by the Centralized Strategic Services (CSS) Ltd on a quarterly basis. The areas of weaknesses highlighted were minimal and were addressed in the shortest possible time.

Legal and Regulatory Compliance

Tests were conducted to review the level of compliance with internal policies and the relevant Laws and Regulations.

BOJ Readiness

The Credit Union (Special Provisions) Act, 2017 was received and reviewed by the Legal team (CULOC) at the League as well as the credit union body in the first quarter of 2018, and recommendations were made and circulated to the Ministry of Planning and Finance.The revised Risk Register that assessed the objectives, risk events, and mitigating actions was approved by the Board along with the Enterprise Risk Management (ERM) Policy, that supports

the framework for the Risk Register.

A Disaster Management and Business Continuity Plan was developed and approved by the Board. We continue to update the plan with information on the backup site and other IT related matters.

The Business Plan, an integral part of the credit union, which details the proposed actions to accomplish the primary functions and objectives of the credit union covering a five (5) year period, was approved by the Board.

Corporate Governance

The Board’s main responsibilities for the Credit Union are:

• Setting the strategic plan and approval of the annual budget.

• Ensure that resources are in place to meet the objectives of the Credit Union.

• Oversee process of the risk management framework and internal control.

• Good corporate governance practices.

The Board has ultimate responsibility for the decisions and recommendations of the Finance, Credit and Supervisory Committees as well as those made by the Sub-Committees (Marketing, Risk and Compliance, Human Resources and Information Technology) with the decisions being ratified by the Board and recorded in the Minutes.

We thank the committee and staff for their ongoing support throughout the year and we look forward to continued co-operation from our members. Lascelles reputation, viability and Compliance does not remain with the Board of Directors, Volunteers and Staff but with you our valued members as well. We will continue to work as a team towards implementing a risk-based approach in the way we operate as a credit union.

....................................................H Andrew BellChairman, Risk & Compliance Committee




VOLUNTEER PROFILES

CREDIT COMMITTEE

Claudette A. Creary is a retiree who previously worked at J Wray & Nephew for approximately 18 year including Lascelles Distribution. She was Group Credit Manager for Lascelles Laboratories, Lascelles Merchandise and Lascelles Wine & Spirit. Prior to that she worked with the National Development Bank of Jamaica for 2 years as well as at Jamaica Agricultural Development Foundation (JADF). Mrs. Creary has 40 years’ experience in Administration and Credit Management. She holds a B.Sc. in Management Studies (Hons) with major in Accounts. She has been a credit union member since October 2002. Her motto is ‘Treat people with respect.” She enjoys reading and interior decorating.

Monique S. McBean-Stanbury is currently employed to Kingston Industrial Garage (KIG) as the Human Resources Manager. She was previously employed to the Wisynco Group. Mrs. McBean-Stanbury has 20 years’ experience (amalgamated) in Human Resources, Customer Service and Credit Risk and holds a B.Sc. in Human Resources. She has been a credit union member since December 2015. She enjoys reading and travelling.

Dwight Neil is currently employed to Guardian General Insurance Jamaica Limited as a Risk Surveyor since 2007. He was previously employed to Nestle Jamaica Limited for 9 months. Mr. Neil has 11 years’ experience in Risk Management. He holds a M.SC in ERM and a B.Sc. in Production Engineering. Mr. Neil has been a credit union member since September 2015. He enjoys reading and gardening.

SUPERVISORY COMMITTEE

Janet Lee Chang is a retiree who previously worked at J Wray & Nephew for approximately 38 years, 18 years as a Snr. Purchasing Officer and 20 years in Cash/Account. Ms. Chang has been a credit union member since October 1975. Her motto is “Do my best always and be kind.” She enjoys reading and hospitality

Ryan Dixon is self-employed and was previously employed to Lascelles Employees & Partners Co-operative Credit Union for approximately 3 years. Mr. Dixon has Diploma in Customer Service, Sales and Loans. He has 15 years’ experience in Sales, Loans and Customer Service. He has been a credit union member since February 2011. His moto is “Be the person you needed when you were younger” and he enjoys football and fitness workout.

Wavany Wallfall is employed to J. Wray & Nephew for approximately 12 years and is currently the Inventory Specialist. Ms. Wallfall has 5 years’ experience in Inventory Management and Business Process Improvement. She holds a Commonwealth Executive Master’s Degree in Business Administration and a B.Sc. in Human Resource Management. Ms. Wallfall has been a credit union member since January 2008. One of her mottos is “If it’s to be, it’s up to me” and she enjoys art & craft, cooking, adventures and team building.






WE AREHERE FOR

EVERYONE...WELEAVE NO ONE

BEHIND.

Documents

LASCELLES EMPLOYEES & PARTNERS COfiOPERATIVE CREDIT UNION