Honorary Treasurer’s Report

Sisters and Brothers, it is with pleasure that I present to the Annual General Meeting 2022 the Financial Statements for the financial year ending November 30, 2021.

The Year in Review

The present leadership continues to be optimistic about the future of this noble organization. We will continue to move “from surviving to thriving” as we continue to be persistent and consistent in serving our members. The JCSA continues to strengthen its strategic priorities to respond to the membership needs by providing services that will improve the quality of their lives while significantly improving member’s satisfaction and confidence in the organization. Some of the achievements include increasing the staff complement by three (3) during the period. These team members were deployed to various areas to improve the services offered in the Member Service and MiniMart. Staff was also deployed to one of the Regional offices to ensure our members outside of Kingston and St. Andrew, were properly served.

The renovation of the JACISERA Park continues to provide comfort and safety for our members, staff and visitors alike. However, plans to transform the JACISERA Park into an income stream for the organization will continue into the next financial year. I am extremely happy to report that the second COHORT for the Professional Certificate in Industrial Relations (PCIR) course for General Council concluded on April 2022. It is expected that the recipients will use the knowledge gained in the day to day representation of our members. This will be a milestone that will be celebrated in the 2nd century.

The MiniMart continues to operate Mondays to Fridays at 31 Molynes Road, Kingston 10 and 44 Thompson Street, Montego Bay, St James. Our Montego location is the newest of our MiniMarts. Members continues to receive goods at cost with a further 15% discount. We implore all our members to continue to access this benefit.

Financial Performance

Revenues grew by $25,818,914.00 or 11.76% for the year under review. This growth was influenced by the increase in Subscription and proceeds of $4, 099,000.00 from the Raffle competition. Subscription income was increased by $23,015,146.00 or 10.52%% during the period.

The overall expenses increased by $59,603,543.00 or 35.28%. There was a significant increase for Salaries, Wages and Related Expenses. This expense was increased by $26,947,386.00 or 24.21%. This was attributable to the increase in the staff compliment. This action was inevitable as

membership had increased. The increased in the staff compliment was necessary so that we can better serve our members. Contributions made to our members for the year under review increased by $4,371,699.00 or 105.71%

Despite all the challenges in managing this scarce resource in this era of a pandemic, I can and happy to report that we have made a net income of $16,774,413.00. With this net income we are able to increase our asset base which include our home JACISERA Park and our location at BRACO Village. The Officers and staff is committed to continue serving and assisting our members when called upon to do so.

Lastly, but of importance, the Accounts Unit continues to be equipped with improved systems/software to properly manage the financial affairs of the organization.

Conclusion

As Honorary Treasurer, I must express my sincere gratitude and appreciation to my fellow Officers, staff of the JCSA and the General Council members for their support and understanding of my financial prudency, even with the Subscription at 1%. I express a special thank you to the Assistant Honorary Treasurers: Sandra Cameron, Arlington Roberts, and Natalie Douglas. To our dedicated audit team: Karen McPherson, Aundrey Green and Shanique Parks, special thanks for your support, to ensure that the JCSA fulfill its constitutional requirement.

Finally, our loyal Accounts Unit team that continues to give at their best to meet the needs of our members, staff and suppliers. The team members are Mrs. Crystal LeeBrown (accountant), Miss Cherrian Bowyer (accounts technician), Carlos Berry (accounts receivables clerk) and Miss Denisha Smith (formerly accounts clerk) who now serves in another unit. I again express a big thank you to you all and look forward to the years ahead.

Economic Outlook

During the year under review, we continued to experience the COVID-19 pandemic. This has caused an economic crisis that is affecting most countries, if not all, regardless of their income level. Amidst this reality, we continue to thrive as we make our economic impact.

Despite the Covid-19 pandemic on the economy, the JCSA has managed to increase its membership and continues to increase the benefits to our members. The newest benefits being the Motor Vehicle Help Desk, the Gym and Wellness Centre (with a Juice Bar) and the addition of a new MiniMart and Office space in Montego Bay, St. James.