Most Credit Unions including FHC held later than usual AGM’s this year due to the effects of the COVID-19 pandemic. Nevertheless we were able to host a successful meeting to highlight the credit union’s performance for the year 2019. This financial year saw FHC delivering solid business results as we continue to refine our business model in an effort to be the financial institution of choice for our Members and Team Members. Our dedicated and experienced team responded well to the changing needs of our Members as well as the dynamic market conditions. We were again able to achieve sound results as we continued to focus on core business growth, rooted in our intention to enable our Members to realize their financial goals. We were proud to report a Net Surplus for 2019 of $273.44 million representing an increase of 13.22% over 2018. This outstanding performance was accomplished through the consistent execution of our strategies by our committed and dedicated team members and as well as our Members who remained loyal to us. During the year we were able to maintain an inflow of loans as our loan disbursements totaled $4.74 billion.
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Our strategic priorities and the purposeful execution continue to be the guide for our continued success. Our Member-At-The-Centre philosophy inspired us to be deeply focused on our Members’ financial well-being through strategies that provide for easy and convenient access to tailored products and services and the provision of exceptional service. This was bolstered by strategies focused on people development, a strong risk culture and continuous pursuit of operational efficiency. These are the pillars which are our focus areas and have driven the success to date and we believe will continue to generate value in the long-term.
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As we continue our Foundation’s mission to promote the development of our youth, in particular disadvantaged children and young people in primary, secondary and tertiary schools through education, once again we were happy to assist through scholarships and bursaries. A total of $1.7M was awarded to 37 students for Scholarships, Bursaries and Grants, namely our Primary Exit Profile, (PEP) Oswald Thorbourne and Renald Mason Scholarships. We are very proud of our Youth Savers as they advance with their education. SOME OF OUR RECIPIENTS
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BRUNSWICK FARMS - USING TECHNOLOGY TO IMPROVE FARMING IN JAMAICA The practice of farming has changed significantly over the years. Thanks to modern technology the early morning treks to the field to tend to crops has been replaced by outdoor farming monitored by GPS technology and indoor and greenhouse farms monitored by the internet of things (IOT). These farms yield far more crops in smaller, more controlled environments and is far more efficient than traditional farming processes. Thanks to this technology, the face of farming has also changed, while the ‘Maas Joes’ of the farming world still exists, a more tech-savvy, educated and preppy farmer is taking center-stage. Enter Brunswick Farms, a new farming operation located in Spanish Town, St. Catherine. Brunswick Farms is taking advantage of technology by using one of the more popular 5
methods; vertical farming, to grow leafy green vegetables in a hydroponics, closed-loop watering system using grow lights. For the unlearned, vertical farming is the practice of growing produce in vertically stacked layers. The farm is owned and operated by young farmer, Marcus Sewell. Q ] Marcus, you represent a new breed of farmers using innovative methods to grow crops, tell us about the technology you utilise on your farm? A ] Brunswick Farms uses no land space and manages resources such as light and water efficiently during the growing process. In an indoor environment, hydroponics enables the grower to manipulate and monitor every aspect of the plants’ growth, leading to optimal food production results.
taught. “I read a lot and watch a lot of YouTube videos to understand my processes, plus I learn a lot from going on farm tour with my RADA Officer”, he disclosed.
“My farm takes up 59 square feet and takes 14-20 days to produce leafy green vegetables,” boasts Mr. Sewell. “I am able to use less resources and while the LED grow lights grows the vegetable, I am using less water by reusing the water in a closed-loop irrigation system,” he shared.
Q ] What growth and expansion opportunities do you expect with the use of technology on your farm?
Q ] What sparked your interest in farming?
A ] Like any entrepreneur, Sewell dreams of expanding his business to benefit both himself as well as the local economy. “We are planning to scale the business to meet new customer demand with a specific focus on areas of farming that has less competition but high profit margins” he revealed.
A ] Of course, farming is not new to Sewell but the process he now engages is. His early introduction to farming came while growing up in ‘Two Past’, a farming community in the hills of East Rural St. Andrew. “My Grand Uncle had seven acres of land on which he planted coffee, mangoes, banana, plantain, coconut and naseberry along with layers and broiler chickens,” he shared. “Living with him for four years gave me some farming experience but my formal re-introduction came in 2015 when my sister and I planted and sold some crops,” he stated. Excited by the experience, he enrolled in a course in Aquaponics farming with an organization called INMED and also did a Produce & Food Safety course with the United States Department of Agriculture (USDA) which spurred his interest in farming again, this time with a twist.
“Innovation and technology”, he says, will continue to play a major role in the growth and expansion of the farm. Q ] How did you learn about the First Heritage Entrepreneur Award? A ] His confidence was boosted when Sewell along with two other small entrepreneurs were announced as winners of the First Heritage Co-operative Credit Union Entrepreneur Awards for 2020. “I came across the FHC advertisement on Instagram last year. I submitted my application and I received an email inviting me to pitch my idea in front of a panel of judges. I showed up and did just that with samples to boot, and the rest as they say is history,” he beamed. “It feels good to be a winner.”
“I was doing some research on farm innovation and technology to find out what was available that was adaptable to our climate and what crops can be grown that was high value with little competition” he stated. Now he proudly boasts that most of his knowledge of tech-based farming is self-
Q ] Marcus, you seem to be upping the ante when it comes to the use of technology on your farm. Share with 6
us this breakthrough innovation, of using the internet to monitor the weather? A ] “There are some real issues affecting farming which technology can address and I will be focusing on developing those areas. Right now, I am able to monitor the weather in my area and around the world using my weather station and my grow lights are automated via the internet. The next step is to get the farm connected fully through the internet so that I can collect data that will help to make decisions throughout the plant growth cycle,” he continued. Sewell also mentioned some other issues affecting the industry such as climate change, pest and disease issues and the annual hurricane season. “The good thing about the type I practice, it solves these challenges with the use of modern day technology.” Q ] Food security is the latest buzz, why is it so important? A ] “The agriculture industry is critical to Jamaica. Food security, especially now, should be a focus of not only the government of Jamaica but also the people of Jamaica. With everything happening with COVID-19, much more emphasis must be placed on growing and eating local so that we can build a lucrative and thriving economy,” he concluded.
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JULIE’S ESCAPE - SELF-TAUGHT DESIGNER SURVIVING AGAINST ALL ODDS As the popular saying goes; ‘when life gives you lemons, you make lemonade’ and many would add ‘pour a tall glass and drink.’ That is exactly what Pharmacist turned Jewellery Designer, Julie-Ann Lewis did. The self-taught creative refused to allow a life-threatening, rare health condition to cripple her, instead, she took her illness in stride and created Julie’s Escape in 2017. Julie’s Escape is a line of unique, distinctive and custom-made jewellery made from gemstones, lampwork beads and cultured pearls. The designs however are not limited to these special stones. The line includes; necklaces, pendants, earrings and bracelets. We had a conversation with this very talented entrepreneur to get to know her a little better: Q ] In what is seen as a very competitive industry, why Jewellery making and not something else? 8
A ] “Jewellery making really began accidentally but as I went deeper and began to learn some basic techniques it grew into a unique and compelling passion.” So compelling was the passion and the resulting pieces, that Julie’s Escape has managed to etch out a space in the market for jewellery designed especially for professional women searching for the balance between sensible pricing and quality design.” “The purchase of jewellery is an emotional one and I’ve found that there is a trend towards unique, custom made as well as limited production items. Customers are using unique pieces as a way of creating distinction, as a statement piece, in other words, to stand out from the ordinary,” she shared. Q ] How do you draw inspiration to make these unique pieces?
A ] Julie-Ann, who operates from the resort town of Negril describes her pieces as playful and chic yet trendy and exquisite. “My pieces are created in a ‘happy atmosphere’. A number of the designs are borne out of experimentation; a breath-taking moment happens and I catch those moments and creativity begins to flow”, she stated. Others, she shared, are inspired by the sea, the sky, nature and the inherent beauty of the raw materials with which she works.
“My main goal is to develop a sustainable home-based company that meets all the requirements of my target market. My customers expect quality designs and quality customer service and Julie’s Escape aims to provide that,” Julie-Ann related. Among her other long-term goals are to increase sales and the sales force within one year. The University of Technology graduate is one of this year’s winner of the First Heritage Co-operative Credit Union Entrepreneur Awards.
Q ] How has the novel Covid-19 Virus affected your business?
Q ] How does it feel to be selected for this award?
A ] Like many small businesses though, Julie’s Escape suffered a setback from the onset of the coronavirus. “One of my main markets is my home town of Negril. As you know we are one of the major tourist resorts in the country. The close down of the tourism industry caused a significant drop in sales and new sales opportunities,” she disclosed. But as one who is used to setbacks, Julie has managed to turn that negative into a positive. “I’ve used the time to reflect and refocus on the direction of Julie’s Escape and have done some capacity building through sales and marketing webinars which will be good for the business.”
years ago.
A ] Reacting to her win, Julie-Ann went into a reflective mode. “Winning generates strong emotional responses in us but suffice it to say, I am very proud, happy and delighted.” For her, the victory is an acknowledgement of a job well done and justifies not only her hard work but the decision to embark on this journey three
“This achievement just goes to show that circumstances don’t determine who you are or who you can become. Your experiences of overcoming are catalysts of transformation that offer a choice. You can choose to persevere and open your heart to realize your fullest potential,” she resolved.
Going forward, Julie-Ann intends to incorporate digital and social media marketing as well as events marketing to propel her business forward. “Julie’s Escape is an innovative and artistic jewellery company and we will continue to add new product lines to extend the business. Very soon, a men’s line will be introduced and I also have plans for a driftwood line,” she revealed. 9
PARADISE CARE JAMAICA - PROTECTING & PRESERVING THE ENVIRONMENT, ONE PET BOTTLE AT A TIME In November 2017 when heavy rains caused unprecedented flooding in Montego Bay, resident, Noel McDonald took notice.Unfortunately, his social enterprise Paradise Care Jamaica was not yet formed; and despite a national conversation which espoused the importance of proper disposal of garbage, especially plastic, the advice went unheeded. Q ] One could say that this line of work is not glamorous, what is the story behind your business venture? A ] McDonald reflects that, thanks to that one afternoon of rain, unparalleled damage was experienced in the parish capital. When the water subsided, besides damaged roadways and flooded buildings, the failure of the drainage system exposed the city’s weakness; a post clean up analysis showed that 47% of the debris that backed up the system, consisted of plastic bottles. While McDonald admits that the events didn’t spur him to act 10
immediately, it opened his eyes to seeing what he could do to protect and preserve the environment. “I love a clean environment and the flooding incident brought the potential negative effects of our actions as a people to the forefront. That made us want to work even harder towards a larger impact. We wanted persons to see the practical, everyday impact of their actions as well as to show the potential benefits of upcycling,” he shared. And so, in 2017, Paradise Care Jamaica was born. “Paradise Care is a social enterprise that manufactures sustainable products using post-consumer recycled plastics and incentivizes persons, including students to reduce waste through upcycling,” says McDonald. Q ] Tell us a little more about the practise of ‘upcycling’ and how it relates to your business? A ] “It is important to note that we work with schools and other organizations. I’m an advocate for
upcycling”. Upcycling simply means recycling discarded objects or materials to create a product that is of a higher quality than the original one. “I mentor schools and other organizations about the proper disposal of garbage, and the impact of plastic waste on the environment. And most importantly, how to start upcycling” he said.
represents exactly what we stand for. ‘Paradise’ represents our beautiful island; Jamaica, and Care represents the prevention of plastic pollution which results in a cleaner safer environment to live, work and create families.” Q ] Tell us a little more about the contribution you are making to help preserve the environment through your business venture?
To expand its educational reach, the company is also pursuing a partnership with Wisynco Eco and Recycling Partners of Jamaica.
A ] “Upcycling and recycling can help in reducing the effects of plastic disposal on our environment. If we have a nationwide drive that incorporates all sectors of society, just like national programmes such as Jamaica Moves, we will be significant changes in behaviour.”
Noting that over 600 million PET bottles are used in Jamaica annually, he pushes upcycling as a way to inspire behavioural change in his community. “We do bottle collection drives in our community to ensure that persons are practising proper disposal and our Incentive Programme adds to the attractiveness of doing the right thing,” McDonald revealed.
“We have made tremendous progress using upcycling, so much so, that if there is a power outage in my community – there I am with my bag of UsaveR lamps and my prototype shining bright in my hand going door to door.”
Q ] Tell us about your latest innovation, the U-saver Lamp?
Paradise Care Jamaica is one of the three winners of the First Heritage Co-operative Credit Union (FHC) Entrepreneur Awards for 2020.
A ] Through the upcycling programme, the company has manufactured the U-Saver Lamp, a portable, rechargeable, two-in-one lamp and power bank made almost entirely from recycled plastic bottles. Currently, the company is working on finishing its second prototype solar power U-Saver lamp and power bank as well as securing a patent for the product.
Q ] How do you feel about being selected as recipient of this award? A ] He notes that, it’s quite exciting to be a second time winner. “We won first place in the CAP Entrepreneurship Competition and with the support of the government we entered the Diamond Challenge International Entrepreneurship Competition in Delaware, USA,” he disclosed. Winning a national competition though, is like none other.”
Q ] Why the name, Paradise Care for a Recycling Company? A ] “I’m a strong believer in the double-mission of Paradise Care; that is our advocacy as well as upcycling. The name of the company is also significant in that it 11
As you know 2020 has been a challenging year with the global pandemic disrupting our lives and plans in more ways than one. And in times of uncertainty, we can be tempted to lose hope taking our eyes off the goals we set for ourselves personally, and professionally. Indeed the FHC family was off to a great start at the beginning of the year with our Gladiator themed kick-off conference that served to inspire us with the resolve to chase our dreams and be overcomers. So, in order to keep the momentum going, we decided to launch the ‘Feel the Joy’ Webinar Series with the objective of engaging our membership as well as team members once per month 12
around the theme of focussing on the simple joys of life and remaining focused on our goals. The first in the series kicked off on June 4, 2020 on Zoom with the topic, ‘How to change gears and thrive’ hosted by Marguerite Orane, Consultant and Author. This theme was quite befitting as the pandemic has taught us how to adapt and change gears in a “New Normal”. We had 240 participants in attendance. The second webinar titled ‘Financial Protection with Insurance’, held Thursday, July 30 was hosted by guest speakers, Georgia Morrison, Assistant Vice President, Sales Cuna Caribbean Insurance Jamaica Ltd and Antholon Jones, Relationship Manager, Cuna Caribbean Insurance Jamaica Ltd. The
team of two reiterated the importance of having financial coverage, especially at a time like this.
and as such, we are available to help solve their problems.
Next was, ‘Investing in your Retirement’, hosted by one of our very own, Edmund Shariff, Investment Advisor at FHC Investments Limited. He underscored the importance of saving towards retirement and retirement being an important milestone in our lifecycle as human beings. There is certainly life after retirement and we need to be prepared for it.
For a recap on the webinars, please click the link below:
On October 15, guest speaker Marguerite Orane was back, this time speaking on the topic, ‘Inspiring hope for a Global Community”. On a global scale, as a Credit Union and on a personal level, we were still grappling with the debilitating effects of the pandemic. And so, inspiring hope was an appropriate topic; indeed no one anticipated that in October we would still be faced with a global crisis.
https://www.youtube.com/playlist?list=PL87Pu9QsaYzO_32Ilm_qjtaszZ1hkOg6G
FHC continues to do charitable work even in COVID-19.
As we celebrated Civil Service Week, we paused to recognise the valuable contributions made by civil servants, the November webinar was dedicated to celebrating the work of Public Sector Workers, particularly those in Essential Service. On November 30 we invited three of our very own members, Sergeant Gladstone Sealy, Acting Corporal Tennyson McFarlane and Nurse Cheryl Green to share their stories as they battle on the frontlines to keep us safe during the pandemic. The webinar series is an important part of our efforts to keep our members engaged by creating forums where they can benefit from opportunities to better manage their finances as well as talk directly with their credit union partner about issues that affect them. We wanted to not only educate our members on financial prudence, but also to remind them that we are a Credit Union that understands their concerns 13
Awards allow us to continue to build solid relationships with Civil Servants as we play our part in recognizing them for their outstanding work. CEO Roxann Linton shared, “that although the global pandemic has disrupted our lives on so many levels, and despite this, the decision was made to organise a smaller ceremony in keeping with the health protocols. Because now, more than ever we need to be reminded of just how great we are and celebrate our accomplishments, particularly those in service to the Public Sector”. And so, on Friday, December 4, fifty (50) guests were invited to an intimate ceremony at the Jamaica Pegasus Hotel where the three Awardees were honoured in the presence of their peers, managers, members of the judging panel and Government Officials. It was a marvellous afternoon, as guests were entertained by the thrilling sounds of Saxophonist, Barbara Witter, AKA Saxgurl and MC, Dervan Malcolm kept patrons thoroughly entertained as he skilfully lead the proceedings.
The Civil Servant of the year Awards is a sixteen (16) year old event which started in 2004. The Awards recognizes Civil Servants who have made outstanding strides, in leadership and commitment in various levels of the professional scale. Selections are done through a nomination process, where Nominees are recommended by Heads of HR and other Managers across various Government Ministries. Nine shortlisted Nominees are then vetted by a Judging Panel who select the three awardees in the following categories, Technical Support, Middle Management and Management. The Awards which is hosted by both First Heritage Co-operative Credit Union and the Civil Service Steering Committee is a legacy of both Churches and GSB Credit Unions. FHC’s decision to act as Executors in 2019 was a no brainer; as Civil Servants are a part of the Credit Union’s bond in addition to the fact that a large percentage of our membership comprises of Civil Servants. As such, the 14
In the end, three shining stars emerged as winners of the prestigious Award, Juliet Lakeman, Director of Human Resource Management in the Ministry of Education, Youth and Information, Steven Williams, Clerk of Court at the Trelawny Parish Court and Marie Hall, Senior Secretary at St. Jago High School were awarded in the areas of Management, Middle Management Technical Support, respectively. Prizes included, plaques, citations and a cheque valued at $200,000.00 courtesy of FHC.
As the curtains closed, the Awardees beamed with pride at the prospects of being designated the 2020 winners. Still in shock, it seemed they did not want to leave the venue, basking in the delight of their winnings!
Of note, too, was a presentation made by Celia Lindsay, one of last year’s three Awardees. Her presentation highlighted the community outreach programmes undertaken by her and fellow Awardees who accomplished tremendous success in garnering sponsorship and other support to fund two projects: 1) aiding the development of infrastructure of the Homestead Place of Safety for Girls and 2) the National Baptist Basic School in Arnett Gardens. The two projects were boosted through a spirit of volunteerism from other civil servants, the wider public, as well as private sector companies such as Caribbean Flavours and Fragrances, Sagicor Life Jamaica, Carlissa Enterprises; and the Seventh-Day Baptist Church.
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1.
What is a Moratorium on a loan? Moratorium period refers to the period of time during which you do not have to pay on the loan taken. This period is also known as a payment holiday. Usually, such breaks are offered to help individuals facing temporary financial difficulties to plan their finances better or may be used as a feature on a loan promotion.
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What is Revenue? Revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenue is also referred to as sales or turnover. Some companies receive revenue from interest or other fees charged.
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What is Debt Consolidation? Debt consolidation means combining more than one debt obligation into a new loan with a favourable term structure such as lower interest rate structure, tenure, etc. The amount received from the new loan is used to pay off other debts.
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CYBER SECURITY TIPS As we navigate the COVID-19 pandemic, data security breaches are on the rise. We aim to help you become more aware of challenges that may exist in the digital space. Below are some Cyber Security Tips which you may find useful. • Ensure your computer Software is up to date • Use Anti-Virus Protection and Firewall • Use Strong Passwords & a Password Management Tool • Learn about Phishing Scams – be very suspicious of emails & phone calls
• Protect Your Sensitive Personal Identifiable Information (PII) • Use Your Mobile Devices Securely • Backup Your Data Regularly • Don’t Use Public Wi-Fi • Review Your Online Accounts Regularly
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4.
Who is a Beneficiary? A beneficiary on a bank account is a person that has no control over the account and no ownership of the account while the account owner is alive, but is designated by the account to own the account upon the owners’ death.
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Who is an Authorizee on a Credit Union account? A secondary signer, sometimes referred to as an “Authorizee” – is a person who has access to your credit union account without having ownership of it. Usually the account owner chooses a spouse, relative or close friend as an authorized signer.
Set a Spending Limit Start by creating a budget that you can afford. Paying for holiday gifts on a credit card is never a good idea. To see where you stand now, you need to know how much you can spend. How much do you have saved? Once you have figured out how much you have saved, you are now ready to set a spending limit for your Christmas expenses. Begin by making a list of all of your expected holiday expenses. This will give you a basic idea of things that you will need to pay for in addition to gifts. This includes gifts, cards, wrapping paper, traveling expenses, gift exchanges at work, and charitable donations. Do not forget to include all your necessary expenses when you are making up your Christmas budget!
FINANCIAL HEALTH GUIDE Christmas Spending and Retirement Planning
Make a Shopping List
Controlling your holiday spending is an essential aspect of keeping on track to achieve your long term financial goals, such as accumulating enough retirement savings to retire in comfort. Many persons often spend more than usual during the Christmas holidays. For persons whose monthly income for December is the same or less than the average month, this can lead to major budget shortfalls and sometimes lead persons into credit card debt. Similarly, other persons who receive end of year bonuses sometimes end up using their entire bonus to pay for their Christmas spending. However, you can easily reduce your Christmas expenses, without reducing your Christmas fun, if you plan properly for the holidays.
You need to list out every person you will need to buy gifts for and start brainstorming present ideas. Track your Spending Tracking your spending is vital when you are trying to stick to your budget. Crossing your purchases off your list and keeping track of how much you have spent so far, is key to keeping you from overspending. Our Investment Advisors will provide additional assistance and guidance in helping you to achieve your financial goals. Feel free to give us a call today.
Create a Christmas Budget Take the stress out of the holiday season by making and sticking to a holiday budget. Once you have got your budget plan set, you can shop, spend and enjoy the season without overspending and potentially racking up debt for the holiday season.
Happy Investing! FHC Investments Limited, a subsidiary of First Heritage Co-operative Credit Union Limited. 18
• If you have a fever, cough and difficulty breathing, seek medical attention. • Calling in advance allows your healthcare provider to quickly direct you to the right health facility. This protects you, and prevents the spread of viruses and other infections.
Protect yourself and others around you by knowing the facts and taking appropriate precautions. Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus. Most people who fall sick with COVID-19 will experience mild to moderate symptoms and recover without special treatment.
Wearing Of Masks Masks can help prevent the spread of the virus from the person wearing the mask to others. Masks alone do not protect against COVID-19, and should be combined with physical distancing and hand hygiene. Follow the advice provided by your local health authority.
How It Spreads The virus that causes COVID-19 is mainly transmitted through droplets generated when an infected person coughs, sneezes, or exhales. These droplets are too heavy to hang in the air, and quickly fall on floors or surfaces. You can be infected by breathing in the virus if you are within close proximity of someone who has COVID-19, or by touching a contaminated surface and then your eyes, nose or mouth.
Remember to follow advice from the Ministry of Health.
MEMBER UPDATE CORNER
How to Protect Yourself • Clean your hands often. Use soap and water, or an alcohol-based hand rub. • Maintain a safe distance from anyone who is coughing or sneezing. • Wear a mask when physical distancing is not possible. • Don’t touch your eyes, nose or mouth. • Cover your nose and mouth with your bent elbow or a tissue when you cough or sneeze. • Stay home if you feel unwell.
When was the last time you updated your records at the Credit Union? • Is your address correct? • Is your telephone number correct? • Is your beneficiary information up to date? Did you know you can have more than one beneficiary on your account? 19
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