Annual Report 2014

Transcription

Annual Report 2014

HEART TRUST/NTA
An Agency of the Ministry of Education
HEART
L o v e
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D o
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ccess!
u
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The
VISION
A Jamaican workforce trained and certified to
international standards stimulating employmentcreating investment, contributing to the improved
productivity, competitiveness and prosperity of
individuals, enterprises and the nation.
Mission
The HEART Trust/NTA is committed to the
systematic design, development and delivery of
an integrated, flexible and responsive Technical,
Vocational Education and Training (TVET) system
enabling a productive workforce for national
priorities and global competitiveness.
2014-2015
Heart Trust/NTA Annual Report |
3
HEART
Contents
05Message from the Minister of Education
06Chairman’s Message
37• YUTE Build Uplifting Youth
38• HEART Stands Up for Jamaica
08Board of Directors
10Board Sub-Committees
11Corporate Governance Report
13Audit Committee Report
15Board of Directors’ Compensation
39WorldSkills Jamaica
44Keshon Hawthorne – Wardrobe Stylist Par Excellence
45NTEI Leads Proactive Approach to Energy Sector Labour Demand
46HEART Intensifies Efforts to Spur Development through STEM
47Aunty Nancy’s Products
48The Registered Apprenticeship Programme
50Lucien Smith Excels at Sandals Hotel Chain
51Shorna Newsome Myrie - Values Icon 2014
52Monique Morgan is Simply Majestic
54IMF Visits HEART College of Construction
Services
55Financial Statement and Accompanying Notes
16Executive Director’s Report
21Executive Management Team
22Executive Compensation
24Brian Lumley: World Class Chef and Entrepreneur
26Performance of the National Training System
32Economic Growth Symposium: Creating an Integrated Strategy
34Pauline Hinds-Fullerton…Finds Her Purpose
36Special Projects:
36• SENAI-HEART Trust/NTA Technical Agreement Reaps Success
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Heart Trust/NTA Annual Report
97Our People
100Our Locations
2014-2015
Message from the
Minister of
Education
Hon. Rev Ronald Thwaites, MP, JP
T
he 2014-2015 Annual Report of the HEART
Trust/National Training Agency, provides a
solid overview of its continuing commitment
to teaching, training, research and service. In so
doing, it has helped Jamaica establish itself as a
regional leader in the provision of a broad range of
choices of educational and training programmes.
The Ministry of Education is encouraged by the
professional efforts of the Management and
Operational Teams to be more proactive and
responsive to the needs of the Jamaican economy
and people. The Agency has provided certification
in a vast array of skill areas for approximately
21,977 trainees for the 2014-2015 fiscal year, in
addition to providing other solutions for ‘ at – risk’
youth and those who are below the educational
standard to benefit from the training.
The integration of Technical and Vocational
Education and Training (TVET) across the
education system, and the identification and
development of new higher order skills training
for workforce upgrading and employment, have
been critical deliverables for the period being
reviewed in this report.
Amid these challenges, a growing
number of young persons have
embraced entrepreneurship as a
means of livelihood. The HEART
Trust/NTA has contributed
significantly to the genesis of
career and business success
and its programmes have
assisted these entrepreneurs
in developing and growing their
businesses.
The Agency
has provided
certification in
a vast array of
skill areas for
approximately
21,977 trainees
for the 20142015 fiscal year
The Ministry of Education is
confident that the team at
HEART Trust/NTA will continue to ensure that
the carefully constructed strategic plans will be
implemented, as we seek to promote equitable
access and opportunities for training and job
creation. This will eventually break the cycle of
poverty in many households.
Hon. Rev Ronald Thwaites, MP, JP
Minister of Education
The drive to create a society that is the place of
choice to live, work, raise families and do business
by 2030, cannot be realized without TVET taking
its rightful place. In the context of the economic
challenges being faced by Jamaica at this time,
education has become an even more profound
vehicle of advancing the lives of many thousands
of young people through training agencies like the
HEART Trust/NTA. That is the future!
2014-2015
5
Chairman’s
Message
Dr Moses Peart
T
he period under review 2014-2015 marked
another exciting and productive period for
the HEART Trust/NTA’s Board of Directors.
During that time the Board continued its focus
on capacity building and strategic repositioning
of the organization for greater efficiency,
effectiveness, controls, and quality assurance
in the organization’s programmes for workforce
training, development and employment.
Contributions of the Board were made through
the collective efforts of the seventeen board
members, as well as through specific inputs
and expert guidance of internal and external
members of the seven Board committees.
These included: i) Corporate Governance; ii)
Finance; iii) Projects & Programmes; iv) Human
Resource & Administration;
v) Information
and Communication Technology (ICT) ;
vi)
Stakeholders Interface; and vii) Audit.
The Board also
established
the Risk
Management
& Compliance
Department;
and developed
a new Board
Evaluation
process
and related
instruments.
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The following are highlights of
accomplishments of the Board
during the period 2014-2015.
• With the leadership and
guidance of the Governance
Committee, Board members
contributed to and participated
in the successful hosting of an
Enterprise Risk Management
(ERM) Symposium; and provided
guidance for the development/
enhancement of the HEART
Trust/NTA’s ERM-policy.
• The Board also established the
Risk Management & Compliance
Department; and developed a
new Board
Evaluation process and related instruments.
The Board rationalized the Corporate and
Legal Services of the Organization to establish
two new posts: a) Legal Counsel to serve the
Organization’s management and operations
activities; b) Corporate Secretary to serve the
Board of Directors.
• Under the leadership of the Finance Committee,
the Board guided a smooth transition to the new
Ministry of Finance & Planning (MOFP) Budget
Cycle. The Annual Budget for the year (201516), as well as Financial Statements for the
related period were prepared and submitted
to the MOFP on schedule. The Board also
approved the following major contributions:
i) A contribution of J$250m to the Students’
Loan Bureau (SLB) - for direct assistance to
Jamaicans seeking to pursue tertiary level/
advance training in Technical Vocational
Education and Training (TVET) skills; and ii)
The amount of J$300m as Appropriation in Aid
to the Ministry of Education, to support the
enhancement of TVET skills in technical high
schools.
• The Human Resource & Administration
Committee guided several development
initiatives during the period, including: i) The
conduct of internal/staff customer satisfaction
survey; ii) Initiation of a new job-evaluation
process; iii) A comprehensive staff benefits
policy and related schemes;
iv) A new
performance appraisal system; v) Under
the Ministry of Finance & Planning approved
motor vehicle policy for the organization, the
Board approved the allocation of J$90m for
motor vehicle loans - for travelling officers of
the HEART Trust, with 38 employees to benefit
from this facility in the first set of loans under
2014-2015
this scheme.
• Under the leadership of the Projects &
Programmes Committee, the Board guided
the development of new tools and processes
towards a diagnostic assessment and referral
system for training projects and programmes
that are supported by HEART Trust/NTA. During
the period, the Board granted approvals for 24
new community training initiatives (CTIs) - with
particular focus on unattached/underserved
youths and adults, including persons with
disabilities. This Board committee guided the
restructuring of the statistical accounting and
reporting system for HEART Trust/NTA training
programmes.
• The Stakeholders Interface Committee of
the Board has contributed to the design,
development, enhancement and maintenance
of a high quality public education and marketing
programme to lift the profile and enhance
the public image of HEART Trust/NTA. These
contributions have included special initiatives
focused on stakeholders’ satisfaction with
customer service of the Organization –
beginning with the welfare of the internal
customers (staff and trainees) and extending
to external customers (the general public, as
well as public and private organizations). The
Board has also developed a mechanism for
continuous feedback from stakeholders, and
instituted protocols for communication with
the Ministry of Education, Ministry of Finance
& Planning, and other key stakeholders. A
public relations plan was also developed and
implemented – involving frequent speaking
engagements, press releases, media publicity
and sponsored events.
• With technical guidance from the ICT
Committee, the Board contributed to building
capacities and capabilities in the organization
for continued development and maintenance
of a dynamic Labour Market Information
System (LMIS) with the following components
developed or enhanced during the period under
review: i) Occupations in Demand; ii) Labour
Force Trends; iii) TVET Skills Bank; iv) Statistical
Reports & Publications; v) Enrollment, Training
and Certification. The Board implemented a
portal for Board communications, and guided
the updating and enhancement of the HEART
Trust/NTA Website and Social Media facilities.
2014-2015
• The Board, through the Audit Committee,
continued to play a critical role in guiding
the quality and level of compliance with audit
functions and activities within operations of
the HEART Trust/NTA. This Board committee
introduced the Implementation Status of
Audit Recommendations (ISOAR) report as
the official tracking system for all outstanding
audits; and has provided oversight for audit
reports. During the period under review, the
Board maintained vigilance with the matter
of timely responses by the Management team
to audit findings - to ensure the integrity of all
HEART Trust/NTA operations.
The End of Tenure:
This is the third and final in the series of Annual
Reports for this (2012-2015) Board of Directors.
In light of this fact, I take this opportunity to
express sincere thanks and appreciation to all
our key stakeholders in the public and private
sectors. To my colleague Board members and
the external members of our Board committees,
I express sincere thanks and appreciation for
your dedicated invaluable technical services and
support during the life of this Board; especially
over the period under review. I trust that our
collective efforts have contributed significantly
to the growth of this Organization, and to the
development of Jamaica. On behalf of the Board
of Directors, I wish to express special thanks to
the Management Team and the entire HEART
Trust/NTA family for their co-operation with the
Board; and for their efforts in seeking to achieve
the strategic objectives set by the Board over the
period.
Moses Peart, Ph.D
7
board
of directors
L-R: Dr Moses Peart
Chairman
Reverend Father
Kingsley Asphall
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Mr Anthony Ewbanks
Ms Verica Bennett
Mr Gresford Smith
Dr Pauline Knight
Dr Fritz Pinnock
Mr Clement Radcliffe
2014-2015
L-R: Mr Rickert Allen
Vice Chairman
Mr Cedric McCulloch
Mr Donald Gittens Senator
Ruel Reid
2014-2015
Mr Steven Whittingham
Brigadier
Mr Barrington Whyte
Professor
Rocky Meade
Gossett Oliver
Mr Adrian Spencer
9
board
SUB-COMMITTEES
April 2014-March 2015
AUDIT
Mr Barrington Whyte Mr Ruel Reid
Ms Nicola Reid Mr Courtney Miller
Ms Rosemarie A. Henry
Mr Donald Gittens
Mrs Carlene Ferguson
Ms Hope Wint
-
Chairman
Member
Member
Member
Member
Member
Member
Member
CORPORATE GOVERNANCE
Mr Rickert Allen
Dr Pauline Knight
Brigadier Rocky Meade
Mr Michael Tucker Mrs Janelle M. Leiba FINANCE
Mr Steven Whittingham
Mr Adrian Spencer
Mr Barrington Whyte
Dr Fritz Pinnock
Mr Robert Clarke
Mr Lenworth Taylor
|
Chairman
Member
Member
Member
Member
Mr Adrian Spencer
Mr Peter Brown
Mr Omar Downie
Mr Anthony Ewbanks
Prof Gossett Oliver
Mr Carlton Samuels
-
Chairman
Member
Member
Member
Member
Member
PROJECTS & PROGRAMMES
Brigadier Rocky Meade
Ms Verica Bennett
Mr Anthony Ewbanks Dr Fritz Pinnock
Ms Avril Ranger -
Chairman
Member
Member
Member
Member
STAKEHOLDER INTERFACE
-
Chairman
Member
Member
Member
Member
Member
Mr Gresford Smith
Rev Father Kingsley Asphall Mr Ruel Reid
Donald Gittens
Mr Michael Jones
-
Chairman
Member
Member
Member
Member
HUMAN RESOURCE
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INFORMATION COMMUNICATION
TECHNOLOGY
Dr Pauline Knight, CD
Rev Father Kingsley Asphall Dr Charles Douglas
Mr Cedric McCulloch, CDM Mr Clement Radcliffe
-
Chairman
Member
Member
Member
Member
2014-2015
Corporate
Governance
Committee Report
Mr Rickert Allen, Chairman
T
he HEART Trust/NTA remains committed to
ensuring that effective corporate governance
is entrenched in the Trust’s decision-making
and control processes. The oversight provided by
the Corporate Governance Committee enhanced
the performance of the Management Team in
the delivery of the strategic objectives of the
Trust in accordance with best in class corporate
governance practices.
During the period 2014-2015, the areas of priority
for the Corporate Governance Committee were:
• recognizing and reducing risk exposure through the establishment of an
Enterprise Risk Management (ERM) Framework;
• safeguarding integrity by promoting ethical and responsible decision making;
and
• strengthening the relationship and defining the responsibilities of the Board
and the Management Team.
The Committee sought to achieve these objectives
through promoting compliance with the Public
Bodies Management and Accountability Act
and the Corporate Governance Framework for
Public Bodies. Additionally, the Corporate
Governance Committee also successfully achieved
the following:
• Development and Implementation of Board Charter;
• Implementation of a robust Enterprise Risk Management Framework reflected in the
development of the Corporate Risk Profile and Risk Appetite;
• Establishment of a Board Performance Evaluation Instrument;
• Reviewed Terms of Reference for the Board Committees and amended same accordingly;
• Separation of the roles of Corporate Secretary and Legal Counsel.
The Board convened eleven (11) scheduled
meetings and met on one occasion to address
business critical issues. A quorum was present
at all meetings and full participation received
2014-2015
from the members. Specialised functions and
responsibilities of the Board were delegated to the
seven Board Committees namely: Audit, Corporate
Governance,
Finance,
Human
Resources,
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Information and Communications Technology,
Projects and Programmes and Stakeholders’
Interface. In order to assist the Committees
to effectively perform the duties assigned,
individuals possessing the relevant expertise
and qualifications were also co-opted to these
Committees. The Committees met on a regular
basis and submitted full reports to the Board to
ensure strategic alignment with the mandate of the
Trust. All Committees had full membership. Board
Directors and Committee members were required
to attend meetings regularly and participate fully.
A performance evaluation of the Board was
conducted to review and assess its performance
and effectiveness during the period. The evaluation
process involved collective and individual
assessment of each Board Member. The Evaluation
Report was submitted to the Portfolio Minister.
The Corporate Governance Committee comprised
non-Executive Directors and External Members: Mr
Rickert Allen (Chairman), Brigadier Rocky Meade
and Dr Pauline Knight served as non-executive
members while Mr Michael Tucker and Mrs Janelle
Muschette-Leiba served as the external members.
Members of the Executive Team also attended
meetings in an ex-officio capacity. The Committee
met six times for the year.
The Corporate Governance Committee will continue
to ensure that the Board and the Management
Team act in the best interest of the Trust and all its
stakeholders consistent with relevant government
policies, initiatives and guidelines.
thorne
w
Keshon Ha
y
m
l
l
a
h
t
i
w
Styled
HEART
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2014-2015
Audit
Committee
Report
Mr Barrington Whyte, Chairman
D
uring the 2014-2015 financial year, the Audit
Committee continued its thrust to balance
independent oversight of the operations of
the HEART Trust/NTA with support and guidance
to the Management Team while fostering the
efficient and effective management of the Trust.
The Committee systematically executed its
duties in the year under review through ensuring
improved transparency, accountability and
compliance with the Public Bodies Management
and Accountability (Amendment) Act 2011 and
the Corporate Governance Framework for Public
Bodies (revised 2012).
The Audit Committee comprised of three NonExecutive Board Directors and five other qualified
external professionals. Mr Barrington Whyte
served as Chairman of the Committee supported
by fellow Board members Mr Ruel Reid and Mr
Donald Gittens. The external members were Mr
Courtney Miller, Ms Rosemarie Henry, Ms Nicola
Reid, Ms Hope Wint, and Mrs Carlene Ferguson,
who all possessed expertise in the areas of
finance and accounting. The Committee was also
supported by representatives of the Executive
Management Team, the Internal Audit Department,
the Risk Management & Compliance Department
and the External Auditor who regularly attended
the meetings and participated fully.
The main responsibilities of the Committee are as
follows:
•
•
•
•
•
Ensuring the integrity of the Financial Statements of the Trust;
Reviewing the qualifications, independence and performance of the external auditors;
Monitoring the performance of the Trust’s internal audit function;
Ensuring the adequacy and effectiveness of the Trust’s risk management processes/ framework;
Assessing the policies regarding the adequacy, efficiency and effectiveness of internal controls
used by the Trust over accounting, financial reporting, operational and administrative systems,
and thereafter advise the Board;
• Advising the Board on practices and procedures which will promote productivity and
performance of the Trust;
• Conducting investigations into matters within its scope of responsibilities and making
appropriate recommendations to the Board for action.
2014-2015
13
The Committee convened six meetings during the period and achieved the following:
• Reviewed the Strategic Plan of the Internal Audit Department;
• Reviewed and approved the Internal Audit work plan for the year 2014-2015;
• Reviewed Audited Financial Statements for the year ended March 2014 and recommended same
for approval by the full Board;
• Revised the Enterprise Risk Management Policy and Framework and monitored the management
process to implement it;
• Maintained a formal reporting system on management priority items;
• Examined operational and control issues highlighted in internal audit reports and evaluated the
sufficiency of management’s proposal for corrective action;
• Developed a Standard Operating Policy (SOP) for monitoring the implementation of Audit
Recommendations;
• Reviewed the measures to monitor the Implementation Status of Outstanding Audit
Recommendations (ISOAR);
• Ensured increased responsiveness from the Management Team to Internal Audit Findings;
• Ensured improvement in transparency of Audit Scores;
• Ensured the recognition of the Chief Internal Auditor as an important part of the Senior
Management structure of HEART Trust/NTA;
• Provided oversight of the External Audit Process.
The Committee reviewed twenty (20) Internal Audits during the period in the following categories:
•
•
•
•
Finance & Resources (5)
Governance (4)
Internal controls (3) and
Programmes and Training Output (8)
Further to its review, the Committee sought to
ensure that the Internal Audit process and findings
were transparent and the recommendations
relevant to the efficient achievement of the
Trust’s goals. The Reports showed significant
improvements in the four audit areas as the
overall average audit scores assigned ranged
from satisfactory to good. Finance/ resource
management, and governance continue to be
areas of strength. Significant improvements were
achieved in the areas of internal control, cost
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management and efficiency. However, the need
still exists for greater emphasis to be placed on the
management of programmes and training output.
The Executive Director and the Management Team
have assured the Committee that they will give
priority to improving the Programmes and Training
Output of the Trust in fulfilling its mandate.
2014-2015
board
of Directors Compensation
April 2014-March 2015
POSITION
OF
DIRECTOR
FEES
($)
MOTOR
VEHICLE
UPKEEP/
TRAVELLING
OR VALUE OF
ASSIGNMENT
OF
MOTOR
VEHICLE
($)
ALL OTHER
COMPENSATION
INCLUDING
HONORARIA
NON-CASH
($)
BENEFITS AS
APPLICABLE
($)
TOTAL
($)
Chairman
27,280.00
160,000.00
0
187,280.00
Director 1
31,280.00
95,300.00
0
126,580.00
Director 2
37,280.00
124,600.00
0
161,880.00
Director 3
39,280.00
103,600.00
0
142,880.00
Director 4
14,000.00
95,600.00
0
109,600.00
Director 5
12,000.00
68,900.00
0
80,900.00
Director 6
35,280.00
125,900.00
0
161,180.00
Director 7
38,074.00
102,300.00
0
140,374.00
Director 8
41,280.00
164,400.00
0
205,680.00
Director 9
62,654.00
188,700.00
0
251,453.00
Director 10
36,000.00
110,600.00
0
146,600.00
Director 11
154,456.00
82,000.00
0
236,456.60
Director 12
28,000.00
112,800.00
0
140,800.00
Director 13
43,280.00
158,800.00
0
202,080.00
Director 14
40,920.00
137,700,00
0
178,620.00
Director 15
33,280,00
111,200.00
0
144,480.00
Director 16
26,000.00
134,400.00
0
160,400.00
Notes
Where a non-cash benefit is received (e.g. government housing), the value of that benefit shall be quantified and stated in the
appropriate column above.
2014-2015
15
Executive
Director’s
Report
Dr Wayne Wesley
AN INTEGRATED, FLEXIBLE AND RESPONSIVE
TVET SYSTEM: TOWARDS WORKFORCE AND
ECONOMIC DEVELOPMENT
T
he fiscal year April 1, 2014 to March 31,
2015 was not without challenges however,
these challenges were not insurmountable.
The dedication, commitment and enthusiasm of
the staff must be commended. During the review
period, we successfully built on that foundation
to firmly position the Trust as Jamaica’s hub
for Technical Vocational Education and Training
(TVET) and Workforce Development. This has
moved us closer to developing and delivering
an integrated, flexible and responsive Technical
Vocational Education and Training (TVET) system.
This was critical for us to fulfil our mandate;
in enabling a productive workforce aligned to
economic development and facilitating global
competitiveness.
Ms Lagarde greets Dr Wayne Wesley in the receiving
line at the HEART College of Construction Services.
Minister Thwaites, having already greeted her, looks on.
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The Trust’s position as a major player in the success
of the country’s economic growth agenda, as well
as in the promotion of workforce development, was
recognized during a visit to the newly renovated
HEART College of Construction Services (HCCS)
by a delegation from the International Monetary
Fund (IMF), headed by their Managing Director,
Christine Lagarde. This significant and historic
event was followed by another; a team of officials
from the Inter-American Development Bank (IDB)
led by its President Mr Luis Alberto Moreno visited
JAGAS to view the IDB-supported Steps to Work
Project. Our team will continue to lead in this
regard as we seek to grow the economy and create
new jobs.
Mr Luis Alberto Moreno accepts a gift from Dr Moses Peart,
Chairman of the HEART Trust/NTA Board following the tour
of JAGAS and the viewing of projects in the Steps to Work
Training and Certification Programme. Dr Wayne Wesley,
Executive Director was also on hand to share in the moment.
2014-2015
Micro Small and Medium
Enterprise (MSME) Support
In keeping with the recognition of the invaluable
role of the Micro Small and Medium Enterprises
(MSME) sector in economic growth, the Trust
hosted a National Economic Growth Symposium
and Lecture under the theme Economic Growth
through MSMEs – Creating an Integrated Strategy.
This Symposium had the involvement of five
Government Ministers including: Hon. Rev Ronald
Thwaites - Minister of Education; Dr the Hon.
Peter Phillips - Minister of Finance and Planning;
HonAnthony Hylton - Minister of Industry,
Investment and Commerce. The Symposium was
facilitated by Dr Brad Cunningham and Dr Matt
Andrews of the Harvard Kennedy School. It was
geared towards finding the most ideal solutions to
accelerate economic growth.
Dr Wayne Wesley (right), greets Minister of
Finance & Planning, Dr the Hon. Peter Phillips
as Dr Moses Peart, Board Chairman looks on.
The implemented outcomes of the Symposium are:
1.Problem Solving Teams - The major players
in the MSME sector, as well as related groups
agreed that an integrated structured approach
was needed to facilitate and stimulate
economic growth. The agreed approach was
the formation of Problem Solving Teams. Six
sectors were selected for immediate attention
and key stakeholder organizations formed
multi-agency teams, convened by the Trust,
authorized to identify and solve problems. We
are looking forward to great results in the next
fiscal period.
2.Micro, Small and Medium Enterprises (MSME)
Support Programme - The Trust is uniquely
poised to contribute to MSMEs being the catalyst
for economic growth and has also introduced a
Support Programme. This Programme has two
distinct components; support for established
MSMEs and support for start-ups. This
2014-2015
Programme is designed to assist MSMEs that
have viable businesses but lack financing.
3.
Capacity Development - The Smartraq
programme was expanded as a means of
building the capacity of entrepreneurs through
the provision of technical and specialized
business training leading to level three
certification in Entrepreneurship.
Strategic Partnerships
Historically, the National Training Agency has
thrived on working closely with industry to boost
the economy and this was accelerated in the
review period. The Organisation forged a number
of strategic partnerships to enhance the skills and
productive capacity of trainees, whilst continuing
to build on several existing collaborations.
We are particularly excited about the agreement
we cemented with Reel Rock GSW for the Trust to
facilitate the training of a pool of Animation Industry
professionals and instructors, who will lead the
development of a sustainable Animation Industry.
Our intervention in this area is timely as there is
a growing demand for skilled professionals and
instructors in Digital Animation. Correspondingly,
our partnership with Jamaica Promotions Limited
(JAMPRO) also underscores a commitment to
economic growth and development. The MOU with
JAMPRO is largely in support of Export Max II.
This programme targeted a group of twenty (20)
Jamaican exporters and export ready firms with
strong export potential for specialized assistance
ranging from business development to export
promotion.
Front row - L - R: Signatories to the GSW MoU, Mr Wayne Sinclair,
Executive Director - GSW Animation and Dr Wayne Wesley, Executive
Director - HEART Trust/NTA while Mrs Fayval Williams witnessed the
document. Looking on in back row are - Mr Donald Foster, Managing
Director, Transport Authority, Mr Mark Wallen, HEART’s Director,
Workforce Solutions & Business Development, Mr Denworth Finnikin,
Snr Director, Workforce Development & Employment Division,
HEART Trust and Ms Dianne Edwards - President of JAMPRO.
17
The Business Process Outsourcing Industry has
been identified as a sector of focus for Jamaica
and deliberate steps have been taken to ensure
the sustained attraction of direct investment,
consistent creation of jobs, and the creation of
avenues to earn foreign exchange. Consistent with
this is a partnership with the Business Process
Industry Association of Jamaica (BPIAJ). The Trust
has endeavoured to provide a cadre of trained and
certified individuals equipped to meet the needs
of the industry. At the end of the review period
311 trainees were in training, 81 were certified,
177 were awaiting results and 66 are awaiting
the scheduling of assessments for Call Contact
Centre Level 2. We have also provided customized
recruitment and training services for a range of
firms in the Business Process Outsourcing Sector,
including Sutherland Global.
The HEART Trust/NTA is also collaborating
with the Transport Authority to train, assess
and certify drivers and conductors in the public
transportation system in order to improve their
overall performance as there is a direct correlation
between public travel and productivity. Over 6,000
persons were trained. The Agency’s partnership
with the Jamaica Urban Transit Company (JUTC)
for training delivery in Motor Vehicle Heavy Duty
Repairs and Refurbishment continues with 25
persons enrolled during the period under review.
The Agency has also partnered with the Jamaica
4-H movement to train and certify instructors as
a prelude to the development and expansion of
TVET programmes within their Organization. Our
bilateral collaborations with our Latin American
and Caribbean partners, including the Brazilian
government has been strengthened in the fiscal
period. The Trust and Brazil’s National Service for
Industrial Training Organisation (SENAI) continued
to join forces to roll out major infrastructural and
programme improvements at the HEART College
of Construction Services (HCCS).
Opportunities for
Underserved Youths
In the 2014-2015 financial year, the Agency
embarked on a mission to improve employment
facilitation and widen training access to
underserved youths. As an Agency under the
auspices of the Ministry of Education, we continue
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to support initiatives of the Ministry which
specifically target underserved youths; boosting
their productive engagement. Accordingly, with
the appointment of the Apprenticeship Board,
the HEART Trust/NTA provided implementation
support and administrative management for the
revitalized Registered Apprenticeship Programme
(RAP), which is geared towards meeting the needs
of a modern economy particularly within service
oriented industries. At the end of the financial
year 2014-2015, five hundred and twenty eight
apprentices were engaged in the RAP programme,
this number is anticipated to increase to
approximately 1500 apprentices by the end of the
Dr Wayne Wesley addresses guests at
the Briefing Session on the National
Unattached Youth Programme.
2015-2016 period.
We laid the foundation to provide training
opportunities for 8,500 young people through
the National Underserved Youth Programme.
The pilot programme commenced with 300
participants and the lessons learnt will inform the
full implementation within the 2015-2016 period.
The development of underserved inner city youths
was also the focus of the second phase of the
Youth Upliftment Through Employment (Y.U.T.E)
programme. The results have been encouraging
as at the end of the review period, more than half
of the 100 participants in the programme had
completed training, mainly on construction sites.
A TVET System Driven by
Labour Market Intelligence
The Trust continues to tap into available labour
market intelligence to inform our training and
certification programmes so that our graduates
possess skills which are relevant and in demand.
During the review period, more than 70% of
2014-2015
HEART graduates received certification in areas
aligned with labour market information. Much of
this success was due to the implementation of the
first phase of the National Diagnostic and Referral
System (NDAR). The Trust also launched the
Labour Market Portal, which provides extensive
labour market information on the Jamaican
labour force, employment, skills in demand and
surplus and labour force trends. This portal can
(L-R) Minister of Labour and Social Security, Hon.
Derrick Kellier, Snr Director, Information Systems and
Technical Services, HEART Trust/NTA, Colin Barnett
and President, Jamaica Employers’ Federation, David
Wan view the Labour Market Information Portal
launched by the Agency at the JEF Conference in
Montego
Bay. at http://lmip.heart-nta.org.
be accessed
Through the use of our labour market intelligence,
the Trust identified a need for training and
certification in alternative energy. Arising from
this, our National Tool and Engineering Institute
(NTEI), partnered with St Lawrence College
of Canada, to begin a Renewable Energy and
Efficiency Technology (REET) training programme.
This was developed to train and certify individuals
at Level 4 of the National Vocational Qualification
of Jamaica (NVQ-J). Ninety eight (98) trainees
are currently enrolled in the programme and
are expected to complete and will be certified in
January 2016.
There has also been renewed emphasis to integrate
Science, Technology, Engineering and Mathematics
(STEM) as a part of the TVET Delivery System
within the formal Education System. A $250M
grant was provided to the Students’ Loan Bureau
to facilitate easier access to loans for tertiary
studies in TVET and STEM disciplines.
Cost Management Strategies
The HEART Trust/NTA in its quest to become a
“Lean Organisation” reducing or eliminating waste
2014-2015
in all processes, implemented several initiatives
including the establishment of a Cost Management
Committee. The Committee is mandated to
direct, monitor and evaluate the implementation
of cost management strategies throughout the
Organisation. The activities undertaken during the
review period towards greater efficiency included
the: installation of photovoltaic systems, inverter
air conditioning units; translucent roofing at the
HCCS, LED light fixtures, water efficiency systems,
Voice over Internet Protocol (VoIP) telephony at five
additional locations, vehicle tracking technology;
appointment of energy champions, introduction
of e-payslips, telepresence for video conferencing
and Microsoft SharePoint document management
system. The cumulative savings resulting from
these cost management initiatives was in excess
of $278 million.
The HEART Trust Fund
The prudent financial management of the Trust
continues to be validated by the audited financial
statements which indicate that the financial
health of the Organization remains strong. The
organisation’s annual expenditure reported the
attainment of key performance indicators including
annual enrollment of 72,750 represented 118%
of the targeted enrollment of 61, 804. Actual job
placement of 4,838 job seekers represented 110%
of annual target.
The Organisation acknowledges businesses
that provide support through the remittance of
the HEART 3% contributions. A total of 14,323
employers made contributions of $8.34 billion
to the HEART Trust Fund for the period of April
1, 2014 to March 31, 2015. This represented an
increase of $796.05 million over the previous
year’s contributions. There were 1,442 employers
making payment for the first time and 1,253
audited firms making arrears contribution
payments totaling $234.82 million.
The Way Forward
Going forward the Trust will continue to build
on its accomplishments by: fostering a customer
centric culture, expanding access to flexible
and mobile learning, increasing programes for
the underserved youths including persons with
disabilities, expanding access to training and
apprenticeship opportunities and increasing
19
support to MSMEs.
The Trust remains committed to the facilitation
of human capacity development, enabling a
productive workforce for growth, development
and global competitiveness.
Wayne Wesley, Ph D, PE, CMgr FCMI
Executive Director
20
|
2014-2015
EXECUTIVE
Management TEAM
L-R: Dr Wayne Wesley Mrs Nicole Manning Mr Denworth Finnikin
Executive Director
Dr Marcia Rowe-Amonde
Senior Director, TVET Development
& Support Systems
2014-2015
Senior Director, Corporate
Planning & Strategic
Development
Senior Director, Workforce
Development & Employment
Mr Errol Holmes
Ms Jennifer Walker
Senior Director, Human
Resources & Administration
Senior Director, National
Council on Technical Vocational
Education & Training
Mr Colin Barnett
Senior Director, Information
Systems & Technical Services
Mr Kevin Mullings
Senior Director, HEART
Trust Fund
Mrs Tameisha Sinclair
Legal Counsel
21
EXECUTIVE
Compensation
(April 1, 2014 – March 31, 2015)
POSITION OF
SENIOR EXECUTIVE
YEAR
PENSION
TRAVELLING OR OTHER UNIFORM
ALLOWANCE RETIREMENT
BENEFITS
SALARY
PERFORMANCE
INCENTIVE
GRATUITY
($)
($)
($)
($)
($)
PETROL
PAYMENT
IN LIEU OF
VACATION
LEAVE
($)
($)
($)
Executive Director
01/04/14 31/03/15
8,773,844
1,143,590.71
2,165,891
975,720
-
61,525
296,624
-
Senior Director
TDSS - Note 1
01/04/14 31/03/15
5,606,916
1,097,847
-
975,720
542,127
61,525
284,507
411,281
Senior Director
WDE
01/04/14 31/03/15
5,421,796
727,145
-
975,720
271,090
61,525
372,606
411,281
Senior Director
HEART Trust Fund
01/04/14 31/03/15
6,426,544
810,910
-
975,720
318,884
61,525
347,859
479,828
Senior Director
H/R & A Note 2
01/04/14 31/03/15
5,792,213
325,812
-
975,720
-
61,525
368,685
-
Corporate Counsel
Note 3
01/04/14 15/08/14
2,099,323
727,145
1,336,665
363,959
-
22,950
170,303
534,666
Legal Counsel
Note 4
14/08/14 31/03/15
2,746,820
148,147
-
573,610
-
-
110,949
-
Senior Director
NCTVET - Note 5
01/04/14 31/03/15
5,544,926
737,839
-
975,720
160,417
61,525
246,337
299,893
Senior Director
ISTS
01/04/14 31/03/15
6,389,340
854,574
-
975,720
638,934
61,525
341,949
-
Senior Director
CPSD
01/04/14 31/03/15
4,746,987
557,389
-
975,720
474,699
61,525
383,087
-
53,548,708
7,130,400
3,502,556
8,743,329
2,406,150
515,150
2,922,904
Grand Total:
Notes:
1. The Amount for Performance Incentive included payment for two (2) periods.
2. Performance Incentive was prorated for the period.
3. Officer resigned effective 15/08/14
4. Officer acted for the period 14/08/14 to 30/09/14 and was appointed 01/10/14
5. Officer acted for the period 01/04/14 -31/03/15
22
|
2014-2015
2,136,95
PETROL
PAYMENT
IN LIEU OF NON-CASH
VACATION BENEFITS
LEAVE
OTHER
SUB- TOTAL
TAXABLE
GROSS
NIS
EMPLOYER’S
COST
NHT
EMPLOYER’S
COST
PENSION
ED/TAX
EMPLOYER’S EMPLOYER’S
COST
COST
GRAND
TOTAL
($)
($)
($)
($)
($)
($)
($)
($)
($)
($)
($)
296,624
-
-
25,000
13,442,195
12,466,475
37,500
373,994
435,014
-
14,288,703
284,507
411,281
-
25,000
8,462,797
7,487,077
37,500
224,612
241,761
325,276
9,291,946
372,606
411,281
25,000
7,995,074
7,019,354
37,500
210,581
234,877
325,308
8,803,339
347,859
479,828
-
25,000
9,127,385
8,151,665
37,500
244,550
272,835
382,661
10,064,931
368,685
-
-
10,417
7,534,371
6,558,651
37,500
196,760
228,240
-
7,996,871
170,303
534,666
-
25,000
5,280,010
4,916,051
15,625
147,482
171,515
-
5,614,631
110,949
-
-
10,256
3,589,782
3,016,172
25,000
90,485
104,691
-
3,809,958
246,337
299,893
-
25,000
7,891,239
6,915,519
37,500
207,466
235,116
192,500
8,563,820
341,949
-
-
25,000
8,648,108
7,672,388
37,500
230,172
244,858
383,360
9,543,999
383,087
-
-
25,000
6,749,708
5,773,988
37,500
173,220
184,163
284,819
7,429,410
,922,904
2,136,950
-
220,673
78,720,669
69,977,340
340,625
2,099,320
2,353,070
1,893,924
85,407,608
2014-2015
23
Brian
Y
E
L
M
LU
From HEART
Trainee to
world-class chef
and entrepreneur
Japan
“The
experience
was my
stepping stone
to further
success. I saw
myself not just
as a Jamaican
success but
as a global
success.
24
|
”
2014-2015
I
n 2005 Brian Lumley made a decision that
would shape the rest of his life. He enrolled
in the HEART College of Hospitality Services,
HCHS, (formerly the Runaway Bay HEART Hotel
and Training Institute) for training in culinary
arts. Today, he is one of the Caribbean’s finest
chefs and a successful entrepreneur, as owner
of the popular “689” Restaurant in Kingston.
Lumley’s fascination with cooking actually
began at a tender age in his mother’s home
kitchen as he observed her panache and flair in
the preparation of a wide range of recipes. So
it was against this background that at age 18,
Lumley decided to test the proverbial waters at
HEART to see if his interest at home could be
transformed into a career. He got his answer
from the first day at Runaway Bay. Not only was
he genuinely excited at the prospect of becoming
a chef, but he found a real comfort zone in the
kitchen. It therefore came as no surprise that
he excelled in the programme.
So impressed were his instructors that they
selected him as Jamaica’s representative at
the 39th WorldSkills International competition
in 2007 in Japan. Although he failed to medal
at the global event, the young chef walked
away with invaluable exposure to a new culture
and with a new appreciation for international
cuisine. “The Japan experience was my stepping
stone to further success. I saw myself not just
as a Jamaican success but as a global success.”
Immediately
following
the
WorldSkills
competition, Lumley entered “Taste of Jamaica”,
a national culinary competition where the best
competed for the title of Jamaican Chef of the
Year. At the time, he was a commis chef, and
although the challenge was daunting, Lumley
outshone some of his more experienced and
older colleagues, including sous and executive
chefs, to emerge as the champion. He reaped
further success at the same event in 2010 and
2012 respectively. In the former year, he won
the Hans Schenk prize for “Most Innovative Use
of Caribbean Ingredients” as well as a personal
silver medal, and in the latter, he emerged
champion making him the youngest double
winner in the competition. He was also a part
of the Jamaican team which struck gold at the
“Taste of the Caribbean” competition in 2009.
2014-2015
Lumley’s exciting journey also saw him achieving
the Pro Chef II certification in 2008, and landing
a job as assistant to the Executive Chef at
Evita’s, the world-famous Ocho Rios-based
Italian restaurant. There, he honed his skills
to cater to a clientele of local and international
patrons, while assuming a supervisory role with
responsibility for creating new recipes, refining
plate presentations, maintaining food cost and
quality and fulfilling catering duties. He was also
heavily involved in the training of other staff
members.
As word spread of young Lumley’s flair for
international cuisine, coupled with his affable
personality and professionalism, he was hired
as the personal chef of the French Ambassador
to Jamaica. This proved to be a huge stepping
stone for his career, catering to the discerning
tastes of the Ambassador and his guests who
hailed from countries around the globe.
After completing that assignment, Lumley was
awarded the coveted Caribbean Chef of the Year
title in 2013 as he continued to impress with
his innovation, dedication and creativity in the
culinary world.
Lumley had always been bitten by the
entrepreneurial bug. Armed with a wide range
of experiences, he finally took the plunge and
opened his own restaurant called “689 by Brian
Lumley” which offers local and international
cuisine to the most discerning palates. “The
Heart Trust provided me with the fundamental
knowledge and experience I needed to meet
industry challenges. I felt well prepared and
was able to build on that base quite effectively.
HEART represents hope for so many Jamaicans
and I am proud to call myself a graduate of the
Institution,” says Lumley.
He has also encouraged aspiring chefs to
dedicate themselves to the profession and
recommends the HEART College of Hospitality
Services as the ideal place to start the journey.
“HEART not only helped me to build on my skills
professionally, it equipped me for life.”
25
Performance of the HEART TRUST/
National Training AGENCY
T
he HEART Trust/National Training Agency
(HEART Trust/NTA) is a statutory Agency of
the Ministry of Education. The Organization
was established in 1982 under the HEART Act to
finance and coordinate training programmes aimed
primarily at creating a competent and competitive
workforce that is trained at an internationally
recognized standard, to facilitate the growth and
development of Jamaican businesses.
JOB PLACEMENT
For the review period, the National Training
Agency in keeping with its focus on employment
to stimulate economic growth placed 4,838
individuals in jobs, with 42% of these being HEART
graduates. This represented 110% of the annual
target of 4,400. More than a half of the placements
were made in the services and tourism sectors,
while mining and quarrying, creative industries,
agriculture, construction, manufacturing and
information communication technology; accounted
for other sectors.
CERTIFICATION
For the fiscal year ended March 31, 2015, the
HEART Trust/NTA achieved 77% of its annual
certification target of 28,648. A total of 16,775
certificates were issued for the successful
completion of National Vocational Qualification of
Jamaica (NVQ-J) and Tertiary level Programmes
and a further 5,202 trainees were certified under
the category ‘other’, totalling 21,997 certified.
HEART entities accounted for 19,612 or 89%
of total certification, while non-HEART entities,
such as secondary schools and private providers,
accounted for 2,365 or 11%.
Table 1: HEART Trust/NTA Certification by Qualification Types and Levels
QUALIFICATION TYPES
NVQ-J Level 5
NVQ-J Level 4
NVQ-J Level 3
NVQ-J Level 2
NVQ-J Level 1
Sub-Total NVQ-J
Post Graduate Diploma
Bachelor’s Degree
Undergraduate Diploma
Associate Degree
Certificate
Sub-Total Tertiary
Joint Certification
Statement of Competence
Other Certificate
Sub-Total Other
Grand Total
26
|
SCHOOLS
ANNUAL
ANNUAL
ACTUAL
& PRIVATE
HEART
PLANNED
%
CERTIFICATION
PROVIDERS
CERTIFICATION VARIANCE
233
233
346
-33%
52
2,847
2,899
3,828
-24%
236
7,723
7,959
9,559
-17%
2,064
2,831
4,895
7,350
-33%
2352
13,634
15,986
21,083
-24%
96
96
138
0%
32
32
53
0%
114
114
182
0%
12
12
22
0%
535
535
313
71%
789
789
708
11%
13
328
341
933
-63%
3,113
3,113
4,430
-30%
1,748
1,748
1,494
17%
13
5,189
5,202
6,857
-24%
2,365
19,612
21,977
28,648
-23%
2014-2015
The certification ratio1 for higher level programmes
(level 3 to level 5) to lower level programmes
(level 1 to level 2), stood at 37 to 100, denoting
37 trainees certified in higher level programmes
to 100 trainees in lower level programmes. This
was slightly below the targeted ratio of 39 trainees
to 100 for the period.
Table 2: HEART Trust/NTA Higher to Lower Level Ratio in Certification
ACTUAL
PLANNED
RATIO
HIGHER : LOWER
HIGHER : LOWER
CERTIFICATION
37 trainees to 100
39 trainees to 100
Higher Level Programmes (Levels 3 - 5) : Lower Level Programmes (Levels 1-2)
The Vision 2030 sectors that accounted for the
highest number of certification were services
(33%), tourism (27%), and construction (14%).
Other sectoral skills accounted for 14%.
71% or 8,918 of the 12,579 individuals who were
certified received certificates in NVQ-J and tertiary
programmes that were aligned with the labour
market. This total excludes trainees who were
certified via Workforce Development intervention.
Table 3: HEART Trust/NTA Certification by Vision 2030 Priority Sector
SECTOR2
AGRICULTURE
CONSTRUCTION
CREATIVE INDUSTRIES
ICT
MANUFACTURING
SERVICES
BUSINESS SERVICES
DISTRIBUTION
FINANCIAL INTERMEDIATION
OTHER SERVICES
TOURISM
OTHER3
GRAND TOTAL
ACTUAL
349
2,766
175
1,207
510
6,413
4,478
18
89
1,828
5,365
2,827
19,612
PLANNED
1,188
3,419
370
2,211
897
7,173
4,793
149
138
2,093
5,082
2,566
22,906
% VARIANCE
-71%
-19%
-53%
-45%
-43%
-11%
-7%
-88%
-36%
-13%
6%
10%
-14%
Certification ratio includes only NVQ-J and tertiary programmes.
Sector data is limited to HEART Trust due to unavailable detailed planned data for non-HEART training entities.
3
Other (non-Vision 2030 Sector skills) - comprises skill areas chiefly in education and medical/ allied health, that are outside of
the priority sectors.
1
2
ENROLMENT
The enrolment in all programmes for the review
period was 72,750, with 60,914 or 84%
2014-2015
being HEART entities and 11,836 or 16% being
secondary schools and private providers.
27
Table 4: HEART Trust/NTA Enrolment by Qualification Types and Levels
QUALIFICATION
TYPES
NVQ-J Level 5
NVQ-J Level 4
NVQ-J Level 3
NVQ-J Level 2
NVQ-J Level 1
Sub-Total NVQ-J
Post Graduate Diploma
Bachelor’s Degree
Undergraduate Diploma
Associate Degree
Certificate
Sub-Total Tertiary
Joint Certification
Statement of
Competence
Other Certificate
Sub-Total Other
Grand Total
SCHOOLS
& PRIVATE
PROVIDERS
0
4
182
1,376
10,261
11,823
0
0
0
0
0
0
13
HEART
ACTUAL
ENROLMENT
9
932
8,917
24,535
10,574
44,967
453
383
1,108
154
1,066
3,164
535
9
936
9,099
25,911
20,835
56,790
453
383
1,108
154
1,066
3,164
548
ANNUAL
PLANNED
ENROLMENT
35
1,123
8,358
20,575
18,473
48,564
480
396
898
128
886
2,788
1,029
0
9,348
9,348
7,347
27%
0
13
11,836
2,900
12,783
60,914
2,900
12,796
72,750
2,076
10,452
61,804
40%
22%
18%
The 60,914 HEART trainees enrolled represented
124% of its annual target of 49,244. There were
44,967 trainees in National Vocational Qualification
of Jamaica (NVQJ) programmes, 3,164 in tertiary
certification programmes, and 12,783 in other
ANNUAL %
VARIANCE
-74%
-17%
9%
26%
13%
17%
-6%
-3%
23%
20%
20%
13%
-47%
certificate programmes. The enrolment ratio for
higher level to lower level programmes stood
at 0.37:1, which was below the planned ratio of
0.44:1.
Table 5: HEART Trust/NTA Enrolment by Qualification Types and Levels
28
|
PATHWAY
NO. IN
ASSESSMENT
ONLY
NO.
DEFERRED
TRAINING
NO.
TERMINATION
NO.
CERTIFIED
ACTUAL
ENROLMENT
ANNUAL
PLANNED
ENROLMENT
ANNUAL
% VAR
379
3,341
5,855
1,927
11,502
6
58
408
1,724
1,024
3,220
3
266
2,415
9,393
4,857
16,934
229
2,753
7,563
2,766
13,311
9
932
8,917
24,535
10,574
44,967
35
1,123
8,177
18,643
8,812
36,790
-74%
-17%
9%
32%
20%
22%
286
286
1
74
92
453
480
-6%
223
223
18
110
32
383
396
-3%
621
621
3
373
111
1,108
898
23%
QUALIFICATION TYPES
NO. IN
TRAINING &
ASSESSMENT
NVQ-J Level 5
NVQ-J Level 4
NVQ-J Level 3
NVQ-J Level 2
NVQ-J Level 1
Sub-Total NVQ-J
Post Graduate
Diploma
Bachelor’s Degree
Undergraduate
Diploma
Associate Degree
Certificate
Sub-Total Tertiary
Joint Certification
Statement of
Competence
Other Certificate
Sub-Total Other
Grand Total
352
3,220
5,456
1,801
10,829
27
121
399
126
673
SUBTOTAL
52
244
1,426
13
45
45
-
52
289
1,471
13
20
29
71
41
70
229
856
153
12
519
766
328
154
1,066
3,164
535
128
886
2,788
243
20%
20%
13%
120%
850
90
940
1,092
4,206
3,110
9,348
7,347
27%
497
1,360
13,615
12
102
820
509
1,462
14,435
80
1,213
4,504
583
4,942
22,732
1,728
5,166
19,243
2,900
12,783
60,914
2,076
9,666
49,244
40%
32%
24%
2014-2015
Table 6:HEART Trust/NTA Higher to Lower Level Ratio in Enrolment
ACTUAL
PLANNED
RATIO
HIGHER : LOWER
HIGHER : LOWER
ENROLMENT
0.37:1
0.44:1
Higher Level Programmes (Levels 3 - 5): Lower Level Programmes (Levels 1 & 2)
Of the nine (9) Vision 2030 priority sectors,
Services (36%), Tourism (24%) and Construction
(13%) accounted for 73.3% of total enrolment.
Over the years, enrolment across the Vision
2030 sectors has followed a similar pattern of
distribution across these three sectoral areas.
Figure 1: HEART Trust/NTA Enrolment by Vision 2030 Priority Sector
Tourism
24%
Other
(Non-Vision skills)
12%
Agriculture Construction
2%
13%
Creative
Industries
ICT
1%
10%
Manufacturing Services
2%
36%
Table 7: HEART Trust/NTA Enrolment by Vision 2030 Priority Sector
SECTOR
AGRICULTURE
CONSTRUCTION
CREATIVE INDUSTRIES
ICT
MANUFACTURING
MINING & QUARRYING
SERVICES
• BUSINESS SERVICES
15,509
9,393
65%
• DISTRIBUTION
135
435
-69%
• FINANCIAL INTERMEDIATION
441
511
-14%
5,784
4,617
25%
0
14,632
7,505
60,914
0
9,889
5,641
49,244
0%
48%
33%
24%
• OTHER SERVICES
SPORTS
TOURISM
OTHER5
GRAND TOTAL
2014-2015
ACTUAL
PLANNED % Var
1,216
2,660
-54%
8,141
8,097
1%
434
821
-47%
5,770
5,242
10%
1,347
1,938
-30%
0
0
0%
21,869
14,956
46%
29
Workforce Colleges and TVET Additionally, some existing strategic
partnerships which were established during the
Institutes
For the period, four Workforce Colleges and three
Technical Vocational Education and Training
(TVET) Institutes had programmes that were
granted accreditation by the National Council
on TVET (NCTVET). These were the HEART
College of Hospitality Services, HEART College of
Construction Services, HEART College of Beauty
Services, HEART College of Innovation and
Technology, South West TVET Institute, Eastern
TVET Institute and the North East TVET institute.
Strategic Partnerships
The National Training Agency continued to forge
a number of important and strategic partnerships
during the April 1, 2014 to March 31, 2015 period
as a deliberate strategy to facilitate economic
growth and development.
The Agency cemented partnerships with Sutherland
Global to facilitate training and employment in the
Business Processing Outsourcing sector; Jamaica
Promotions (JAMPRO) to deliver demand-driven
training for the Digital Animation industry and to
support the growth and development of small and
medium size businesses; and with the Transport
Authority for the education, training, assessment
and certification of public passenger vehicle
drivers and conductors.
The Agency also joined forces with the Jamaica
4-H to expand opportunities for certification
through several initiatives. These included the
facilitation of the development and expansion
of TVET Programmes in the Agricultural sector,
public education and awareness of training and
certification programmes, the development of the
technical capacity of personnel from 4-H Clubs to
deliver TVET and Entrepreneurship Programmes,
and the development of the technical capacity
of personnel from HEART Trust/NTA to deliver
training programmes in heavy equipment
operations.
The Jamaica 4-H partnership also led to the
creation of greater linkages and expansion in agroprocessing, fostering and engendering a spirit of
entrepreneurship through training programmes,
and facilitating the establishment of the Jamaica
4-H Club as an Accredited Training Organization
(ATO).
30
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previous fiscal year, were maintained. These
included the Machado project aimed at facilitating
the delivery of flexible, demand-driven training to
support the operation of the logistic hub; the JUTC
project for training delivery in Motor Vehicle Heavy
Duty Repairs and Refurbishment; the Business
Processing Industry Association of Jamaica which
is providing technical support, as well as training
delivery to facilitate the provision of a cadre
of trained and certified individuals equipped to
meet the needs of the industry; and the Ministry
of Labour and Social Security, providing access
to training and certification to persons in the
Programme of Advancement Through Health and
Education (PATH).
ECONOMIC GROWTH SYMPOSIUM
The HEART Trust/NTA in collaboration with the
Ministry of Industry Investment and Commerce
and the Micro Small and Medium Enterprises
(MSME) Alliance hosted an Economic Growth
Symposium and Public Lecture in the third quarter
of the review period.
The events were held under the theme Economic
Growth through MSMEs: Creating an Integrated
Strategy in recognition of the fact that MSMEs
are viewed as an avenue for growth in Small
Island Developing States such as Jamaica. The
Symposium and Public Lecture which were
facilitated by Dr Brad Cunningham and Dr Matt
Andrews of the Harvard John F Kennedy School
of Government also included a number of
presentations from local speakers.
TVET INTEGRATION
During the period, significant effort was made
to expand collaboration with the Ministry of
Education to ensure greater acceptance and
advancement of Technical Vocational Education
and Training (TVET) in the formal education
system. This resulted in the development of a
Conceptual Framework for Capacity Building of
TVET Professionals, as well as the implementation
of capacity building interventions for a total of 194
teachers from 102 schools.
Quality Assurance reviews were conducted in
30 schools, and 22 curricula were provided for
2014-2015
programmes being delivered, in order to expand
the delivery of TVET in the formal school system.
Other initiatives undertaken to facilitate the
integration of TVET in secondary schools include
assessor training, the hosting of a TVET Youth
Forum and an Orientation Workshop for teachers
on ‘Procedures for Accreditation and Centre
Approval Status’; and orientation sessions for
teachers in preparation for the implementation
of Caribbean Vocational Qualification (CVQs) in
schools.
TRAINING PROGRAMMES
DEVELOPMENT
During the fiscal year, the National Council on
TVET (NCTVET) developed 37 new competency
standards and revised 48 existing ones.
Additionally, 20 new and revised standards were
published on the National Qualifications Register.
Development and revision was also conducted
through new and existing industry lead groups.
The organization exceeded its target for the
development of new programmes for the TVET
delivery system, as 31 new programmes were
developed, ahead of the 24 targeted for the
financial year. Internally, HEART Trust/NTA made
significant strides in the implementation of a
flexible and responsive training system, as 80%
of its institutions adopted the flexible delivery
systems (the Moodle platform) to facilitate the
delivery of at least one distance programme.
LABOUR MARKET INFORMATION
During the period, the Agency completed a number
of labour market related studies for tourism,
mining and quarrying, gaming, the nutraceutical
industry, loss adjustment, and skills demand and
employers’ satisfaction.
These studies are critical as approximately 71% of
graduates output from HEART Trust/NTA funded
programmes were aligned with labour market
information.
System (NDAR). The Labour Market Information
Portal is operational and contains valuable
information including occupations in demand,
labour force trends, reports and publications,
certification and enrolment, and training providers
and programmes.
The NDAR system is a flexible user-friendly webbased software application that is accessible
by anyone from any location, provided that they
have the requisite internet access, resources and
access privileges. It facilitates the central point
for TVET applicants to enter biographical data
and to complete psychometric, diagnostic and
proficiency assessments.
An important objective of NDAR is to facilitate
the development of prospective learner profiles
which will be used by the intervening agencies
to strengthen their intervention programmes
for participants. These Learner Profiles will
also be used by training institutions to provide
an enhanced training experience by equipping
instructors, counsellors and other administrators
with pertinent learner information.
GOVERNANCE AND RISK
MANAGEMENT
The National Training Agency continues to
emphasize compliance with the requirements of
the Public Bodies Management and Accountability
(PBMA) Act. The reporting period saw the
achievement of all reporting requirements under
this statute.
As at March 31, 2015, the HEART Trust/NTA
implemented 73% of its Enterprise Risk
Management strategy, surpassing the established
corporate target of 70%. Initiatives implemented
during the financial year included the development
of the Corporate Risk Profile and Risk Appetite.
The organization continues to conduct on-going
risk assessment, and to evaluate and identify
appropriate response strategies for mitigating
risks.
The HEART Trust/NTA continues to operate an
integrated information technology system to
generate relevant real-time data. This has been
realized largely through the development of a
labour market information portal and the first
phase of the National Diagnostic and Referral
2014-2015
31
Economic Growth Symposium:
Creating an Integrated Strategy
A
s the National Training Agency, the HEART
Trust is keen on facilitating national
interventions that will advance the
Government’s agenda for sustainable economic
growth. The Trust recognizes that sustainable
economic growth is a critical condition that has
a reciprocating relationship with education and
training, and workforce development.
It was held under the theme “Economic Growth
Through MSMEs: Creating an Integrated Strategy.”
With this in mind, Executive Director of the
HEART Trust/NTA Dr Wayne Wesley participated
in the Leading Economic Growth Programme at
the Harvard University John F Kennedy School of
Government in February 2014, and the seeds for
an Economic Growth Symposium were planted.
The multi-sectoral collaboration was designed to
engage in productive dialogue with key partners
to develop ideas and assess perspectives which
resulted in agreed areas of focus and collective
planning. The MSMEs were identified as the key
focus group, given their role and contribution to
national development and the strategic focus of
the HEART Trust/NTA in supporting MSMEs. This
approach is in keeping with the Trust’s vision to
accomplish, “A Jamaican workforce trained and
certified to international standards, stimulating
employment-creating investments, contributing
to the improved productivity, competitiveness
and prosperity of individuals, enterprises and the
nation”.
The symposium was facilitated by Dr Matt
Andrews, Associate Professor, Public Policy,
Harvard University and Dr Brad Cunningham,
Research Fellow from the Center for International
Development in the third quarter of the review
period, and targeted critical stakeholders from the
private and public sectors.
Through the staging of the event, HEART was able
to facilitate a more co-ordinated discussion on
economic growth factors among micro, small and
medium-sized enterprises (MSMEs) and policy
makers.
The symposium was also HEART’s way of
adopting a problem-solving approach in rallying
all the connected parties to generate ideas for
the development of an organizational structure
to facilitate economic growth that would include
practical, workable solutions, and the tools
and mechanisms to build more productive
organizations.
Dr Fritz Pinnock, Executive Director, Caribbean Maritime Institute
and HEART Board Member (right), engages (l-r) Dr Matt Andrews,
presenter, Dr Wayne Wesley, Executive Director, HEART Trust/NTA
and Mr Colin Barnett, Senior Director, HEART Trust/NTA on issues
relevant to the symposium.
32
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The Symposium was structured around bilateral
meetings, workshops and seminar presentations.
Courtesy calls were also paid by Drs Wayne
Wesley, Matt Andrews and Brad Cunningham on
the Minister of Education, the Hon. Rev Ronald
Thwaites, Minister of Finance and Planning,
Dr the Hon. Peter Phillips and Minister of State
in the Ministry of Industry, Investment and
Commerce Hon. Sharon Ffolkes Abrahams. The
team also participated in an advisory meeting
with the Minister of Industry, Investment
and Commerce, Hon. Anthony Hylton.
2014-2015
Another key deliverable was a public lecture
which culminated in a proposal by Dr Andrews
for Jamaica to develop “Blackbelt” teams to seek
out and guide the development of sectors and
industries.
The HEART Trust’s initiative led to a coordinated
move for MSMEs to play an active role as a unit
to foster sustainable and globally competitive
markets poised to inspire future investments
resulting in financial stability and growth for
Jamaica. Arising from the symposium, the Trust
will continue to facilitate important collaborations
among key units in the Jamaican economy to boost
growth and development.
Presenters Drs Matt Andrews and Brad Cunningham, 1st and 3rd
right respectively, share with Minister Hon. Rev Ronald Thwaites,
2nd left and leaders of industry Dr Wayne Henry, VP Government
Affairs, Scotiabank, left and Mrs Brenda Cuthbert, CEO, Jamaica
Employers Federation.
s
’
t
r
a
e
H
y
M
DESIGN
organ
Monique M
2014-2015
33
was my saving grace
“HEART
because I was able to acquire
a skill that had always
intrigued me. This skill was
garment technology
”
Pauline Hinds-Fullerton
HEART helps trainee turned educator to find her purpose
P
auline Hinds-Fullerton’s path to success
has been a rocky one but she has climbed
through the challenges of her teenage years
to become the Head of Section at the HEART
Trust/NTA’s Beechamville Vocational Training
Centre. “After finishing high school without the
necessary qualifications, I decided I wanted
better for myself and my family. HEART was my
saving grace because I was able to acquire a
skill that had always intrigued me. This skill was
garment technology.”
Between 1996 and 2002, Hinds-Fullerton
immersed herself into programmes of both the
Beechamville VTC, as well as the tertiary arm
of the National Training Agency, the Vocational
Training Development Institute (VTDI), where
she learnt the intricacies of taking a piece
of fabric from design stage to the finished
product. She proudly declares herself a true
product of HEART and her determination to
excel earned her a scholarship to Japan where
she was exposed to the latest emerging trends
in garment technology. “The experience was
phenomenal. I learnt so much despite the
language barrier. Since then, not only am I
adept in creating children’s clothing but I was
exposed to a completely different culture. It
was an enriching experience.”
Mrs Hinds-Fullerton’s aptitude earned her the
Spirit of HEART Award, recognizing her as a
learner who not only excelled academically but
34
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also embraced the mission and values of the
organization. After completing her studies at
Beechamville, she enrolled at the VTDI where she
spent 3 years refining her craft and graduating
with a diploma in Garment Technology. She
was the Valedictorian for the graduating class
of 2002 and was now on a path to achieve her
dream as an educator in her chosen field.
She joined the staff of the Marcus Garvey
Technical High School where she spent two
years, before returning to the VTDI as an
instructor. “It was an amazing journey for me
from learner to instructor and HEART made it
possible. Now I could change lives as my life
was changed.”
Not one to rest on her laurels, she was ready
and excited to meet the challenges when the
garment technology instruction at the VTDI
was adjusted to a multi-faceted housekeeping
programme. Additionally, the outstanding
HEART graduate pursued further studies at
the Northern Caribbean University’s campus in
Brown’s Town, St. Ann, successfully completing
her undergraduate degree with major in English
and a minor in Counseling.
It came as no surprise when Hinds-Fullerton
was selected to act as Senior Instructor in the
Housekeeping Unit at the HEART College of
Hospitality Services (formerly HEART Trust NTARunaway Bay Training Institute) in 2011. After
2014-2015
excelling in that post, she was then promoted
to Head of Section at HEART’s Beechamville
Vocational Training Centre in Golden Grove,
St. Ann, where she is currently an outstanding
instructor.
2014-2015
“I do not regret a second of my journey with
HEART. I have broadened my horizons and I am
now able to speak to and have an appreciation
for different disciplines. It has truly been a
tremendous experience and I will continue to
push my students to find their purpose as well.”
35
l
a
i
c
e
p
S
S
T
EC
J
RO
P
HUGE STRIDES AT HEART COLLEGE OF CONSTRUCTION SERVICES
SENAI-HEART TRUST/NTA Technical Agreement reaps success
F
ive years ago, Brazil’s National Service for
Industrial Training Organization, (SENAI),
signed a technical agreement with the
HEART College of Construction Services, (HCCS),
formerly Portmore HEART Academy, for a multimillion dollar development programme to enable
the College to provide higher level workforce
training and certification.
HEART Trust/NTA instructors and Ministry of Education
teachers (participants in the SENAI training exercise)
at the HEART College of Construction Services (HCCS)
auditorium.
Apart from the boosted capacity for higher level
training, the Brazilian-Jamaican partnership
also included the delivery of three shipments
of equipment valued at over USD$800,000, a
36
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The end result of the investment is that the
HCCS now offers world-class, top level training
and certification in Masonry/Finishing, Metal
Extrusion/Welding, Carpentry, Plumbing/Gasworks,
Telecommunications, Refrigeration and Air
Conditioning, Electrical Installation and Furniture
Construction.
Mr Andrew Walters, Director/ Principal (Actg) presents a
HEART Trust/ NTA certificate of participation to the Ms
Natalia deSouza, Telecommunications Instructor, SENAI,
Brazil.
SENAI sponsored study tour of SENAI Vocational
Institutes in Brazil for eight HEART instructors,
and the provision of electronic and physical
training tools. Additionally, the HEART Trust/NTA
2014-2015
purchased 70 new computers, 9 Television sets,
4 Multi-media projectors and provided physical
upgrades such as work stations along with ground
renovations for cabling and landscaping.
integral to the success of the first phase of the
technical agreement and further cemented the
longstanding positive ties between the HEART
Trust/NTA and SENAI.
Several HEART Trust/NTA instructors and trainees
were among the 79 persons who benefitted from
training sessions with the Brazilians to use the
new high level equipment. These sessions were
There is heightened optimism that there will be a
second phase of the agreement which would have
an excellent foundation on which to build.
UPLIFTING YOUTH
THROUGH TRAINING AND EMPLOYMENT
Y.U.T.E Build Project - Making a Difference
T
he focus on at-risk inner city youths continued
during the review period with the launch of
the second phase of the Youth Upliftment
Through Employment (Y.U.T.E) Build Project. The
National Training Agency is an integral partner in
the project which provides training and certification
for youths aged 18 to 29 years in the building and
construction industry. The other partners are the
Office of the Prime Minister, the National Housing
Trust, the Ministry of Education, Y.U.T.E Limited
and the Ministry of Transport, Works and Housing.
The collaboration with projects such as YUTE Build
forms a part of the National Training Agency’s
mandate towards Jamaica’s achievement of its
Vision 2030 National Development Plan, geared
to helping the country develop an internationally
competitive construction industry that supports
economic development through the use of the best
construction technologies and practices.
These included the GARMEX Academy, the LEAP
Centre, the Rockfort Vocational Training Centre,
the HEART College of Construction Services and
Operation Friendship Skills Training Centre.
Eighty six trainees remain in the project, signaling
a success rate of 82%. At the end of the review
period, more than half of the participants
completed internship on construction sites.
Based on the success of Phase 2, an excellent
platform has been laid for the development of
Y.U.T.E Build Phase 3, which is expected to also
target at-risk youth in rural Jamaica.
In Phase Two, 105 participants completed the
Trust’s career development and diagnostic test
at a residential camp held in the first quarter
before being placed at various institutions for
training, depending on their levels of competence.
2014-2015
37
HEART SUPPORTS
Stands Up for Jamaica
Helps reintegration of inmates into society
T
he HEART Trust/ NTA has collaborated with
the Stand Up Jamaica advocacy group and
the Department of Correctional Services,
to coordinate and implement the Stand Up For
Jamaica project, which targeted inmates at three
of the island’s Correctional facilities, ie, Tower
Street, Fort Augusta and St Catherine Adult
Correctional facilities.
creating pieces which were not only beautiful but
in demand, as many were sold at the facility’s
Exhibition Day event held in September 2014.
As part of its mandate to provide training and
certification opportunities to at-risk youth,
the Trust is using the project to equip inmates
with skills which will make it easier for their
reintegration in the society upon their release.
Another component of the programme was a twoday entrepreneurship and career workshop which
complemented the skills training activities. The
workshop featured personnel from the Business
Development Unit and the Employment and Career
Services of the National Training Agency.
The programme has reaped much success
particularly at the Fort Augusta Adult Correctional
Facility in Portmore, St Catherine where inmates
were trained in the making of Beaded Jewellery and
Accessories. Nineteen inmates and Correctional
Officers successfully completed the course,
A second phase of the Stand Up for Jamaica Project is being proposed for the next financial year to
build on the overwhelming successes during the
review period.
The Trust also conducted a successful level 1 Data
Operations programme at St Catherine Adult
and Tower Street Correctional facilities, the latter
achieving a high success rate of certification.
Beaded Jewellry and accessories on display during the art and craft
exhibition (September 26, 2014) mounted by the inmates from the Fort
Augusta Adult Correctional Centre, St Catherine.
38
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2014-2015
W
Jamaica
orldSkills Jamaica facilitated several
workshops, sector skills competitions
and club initiation activities on the
infusion of the WorldSkills standards through
TVET integration centred on the following key
objectives:
1. Facilitate the strategic directions of TVET integration through infusion of WorldSkills Standards.
2. Facilitate interactive development of vocational skills demonstration and competition activities
across the national TVET System.
3. Develop a sustainable programme for WorldSkills Jamaica clubs in Primary and Junior High schools.
4. Use the Try-A-Skill model at key National Trade Shows and Expositions to motivate prospective
students through hands-on experience linked to career choices.
Ministry of Education
Summer Programme for TVET
Integration 2014
The TVET Consultancy and Institutional Capacity
Building Department collaborated with the
Ministry of Education (MoE), the Workforce
Development and Employment Division (WDED)
and WorldSkills Jamaica to facilitate the second
phase of the Summer Programme for MoE teachers
using the CBET methodology in selected skill
areas. The programme was developed to promote
2014-2015
excellence in the field of Restaurant Services for
MoE teachers using the CBET Methodology and
Infusion of WorldSkills Standards as well as to
raise awareness of the importance of professional
excellence and stimulate the exchange of skills,
knowledge and best practice among TVET
practitioners in the Hospitality Sector.
The WorldSkills Jamaica Hospitality Summer
Programme Competition “The Ultimate Teacher
Challenge” was held on July 31, 2014 at the Boy’s
Town Vocational Training Centre.
39
Ministry of Education teachers
Eighteen excited teachers from 18 MoE Secondary
Schools competed for top honours in the skill area
of Restaurant Services (Napkin Folding, Table
Setting and Bartending). The competition was well
coordinated with the assistance of the WorldSkills
certified South East Region Quality Assurance
team and Judges from the Boy’s Town Vocational
Training Centre.
The teachers were able to effectively demonstrate
under strict competition setting, the full scope
of competence that they were taught during the
summer programme. They demonstrated poise,
determination and excitement as they worked
seamlessly against the clock to complete the test
project under the watchful eyes of the experienced
team of judges.
“Now this is how we do it”
At the end of the competition the MoE teachers and
their HEART Trust/NTA instructors congratulated
each other as each team met the qualifying
standards. The top three teams were awarded
gold, silver and bronze medals (The teams were
separated by less than 2-3 per cent). A competition
video was produced by the Education Technology
and Management Unit (ETMU) in collaboration with
the Marketing and Communications Department
for reference and to be used for future training.
WorldSkills Jamaica
Shines at the JCDC 2014 Dutchie Culinary Festival
W
orldSkills Jamaica coordinated entries
from HEART Trust/NTA institutions
for the Jamaica Cultural Development
Commission (JCDC) Dutchie Culinary Festival
held at the Ranny Williams Entertainment Centre
August 3, 2014 to commemorate Jamaica’s 52nd
year of independence under the theme “This is
Jamaica…My Jamaica”.
40
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The main objective of the festival was to showcase
the diversity of Jamaican foods prepared by young
and upcoming chefs in the following categories:
hot food, desserts, mixology, and edible cold foods.
HEART Trust/NTA trainees proudly competed
against other young professionals from other local
institutions including the University of Technology,
Jamaica. The HEART trainees copped two first
place awards and cash prizes:
2014-2015
• Golden Dutch Pot Trophy and cash prize of J$100,000.00 won by Romain Stanley
from Granville VTC
• First Place in the “Mixology” competition and cash prize of J$30,000.00 won by
Tevin Williams from the North West TVET Institute, Kenilworth Campus
The event was featured in the Jamaica Observer on Thursday, August 7, 2014.
Mr Denworth Finnikin, Senior Director, WDE, looks on as
Romaine Stanley, winner of the JCDC’s Golden Dutchie
Award receives a cheque for S100,000 from JCDC
representative, Ms Latoya Laylor.
Mr Denworth Finnikin, Senior Director, WDE, shares the
moment with Tevin Williams, winner of the mixology
competition as he receives a cheque for $30,000 from
Ms Latoya Laylor JCDC’s representative.
HEART Trust competitors: Back row left to right: Henry Rose,
Latoya Laylor, JCDC representative, Romaine Stanley, Romario
Taylor. Front row L-R: Randy Plummer, Amoy Porter and Tevin
Williams.
2014-2015
41
North East TVET Cluster
(Port Maria Campus) HostS New WorldSkills Jamaica Clubs
W
orldSkills Jamaica facilitated a vocational
excursion for two newly formed clubs at
the North East TVET Cluster (Port Maria
Campus) on Monday, November 24, 2014.
A total of sixty students and five teachers from
the Highgate Primary and Junior High and the
Port Maria Primary School participated in the
vocational excursion which included a presentation
on Careers in TVET, “Try-A-Skill” and a tour of the
vocational laboratories.
The students were able to use their WorldSkills
Club Booklet to note the careers in the various
vocational skills, note the steps to perform “TryA-Skill” in the respective areas and prepare
a summary of what they learned from the
following areas: Carpentry, Dry-Wall Construction,
Automotive Technology, Electrical Installation,
Restaurant Services, and Steel Construction.
The vocational excursion provided students with
the opportunity to visit vocational laboratories as
well as participate in “Try-A-Skill” as part of their
exposure to careers in the selected vocational
skills. This career sensitization programme ignited
a passion within students for the vocational
areas and will serve as part of the introduction
to Resource and Technology for them when they
move to the secondary level.
The vocational excursion will be followed up with
scheduled training sessions in specific skills in
preparation for the WorldSkills Competition slated
for 2016.
General Construction trainees demonstrating
the safety rule for capentry.
Club members carrying out drywall and plastering “Try-A-Skill” activities.
42
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2014-2015
Try-A-Skill
W
orldSkills Jamaica facilitated “Try-ASkill” at a record 52 events island-wide.
This included “Try-A-Skill” aligned to
ten national expositions/tradeshows namely
the Family FunFest, Choices Career & Education
Expo, JCDC–Festival of Foods, Child Development
2014-2015
Agency, National Children Summit, Denbigh
Agricultural Show, UWI Annual Career Fair, Ochi
Corporate, RJR Back to School Bazaar and Young
Entrepreneurs Association of Jamaica (YEA)
National Entrepreneurial week.
43
armex provided different
“Gplatforms
for me to expand
my knowledge about fashion
designing and improve my
craft, as well as advancing
myself as a professional
designer and stylist
Keshon Hawthorne
F
wardrobe stylist par excellence
abulous!
That’s how Keshon Hawthorne describes
his experience at the HEART Trust/NTA’s
Garmex Academy, where he pursued the Fashion
Designing Programme up to level 3 between
2010-2012. He enrolled at Garmex because
he heard of the institution’s reputation as a
place where success is their mantra. “Garmex
provided different platforms for me to expand
my knowledge about fashion designing and
improve my craft, as well as advancing myself
as a professional designer and stylist.”
Keshon was fully integrated into the Garmex
success culture while he was a learner,
attending many fashion events and getting firsthand exposure to the industry. Unsurprisingly,
he was chosen as the representative for Garmex
at the WorldSkills Jamaica Visual Merchandising
competition hosted by the HEART Trust/NTA
to support and enhance Technical Vocational
Education and Training (TVET) in Jamaica.
“Participating in the WorldSkills Jamaica
competition was an overwhelming experience
for me as I was up against other students from
across the country. It was the first test of my
skills on such a national scale and thanks to
Garmex, I came through with flying colours.”
Keshon placed second in one of the categories
and more importantly, the competition gave
him an opportunity to network and build
relationships with other aspiring designers.
44
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”
Shortly after leaving Garmex, Keshon catapulted
into the industry and gained national attention
as a competitor in the second season of Mission
Catwalk, the television reality show which
showcases excellence in fashion. He recounts
the experience as being “bitter-sweet” as he did
not finish with the top prize but the exposure
he received was immense. Keshon has since
worked with ‘Collection Moda’ and was also
given the opportunity to showcase his pieces
at Saint International’s Style Week in 2014.
This was a tremendous experience for him and
according to the eclectic stylist, there is no
looking back.
Keshon has designed and styled outfits for local
celebrities and is currently the wardrobe stylist
for Digicel Rising Star’s contestants, as well as
for Yanique Barrett, host of the popular Magnum
Kings and Queen’s of Dancehall competition.
He believes the Garmex Academy and the
facilitators prepared him well for his current
assignments. “Research, research, research.
That is a mantra from Garmex that I will never
forget. It has helped me so much in preparing
my pieces for my clients and for competition.”
With such a strong foundation from the Garmex
team and his successful entry into the fashion
industry, Keshon is already charting a course
to get all the way to the top. He believes that
with the technical expertise and entrepreneurial
skills he received at Garmex, along with the right
attitude, that he is on the right path to success.
2014-2015
National Tool and Engineering
Institute (NTEI)
leads proactive approach to energy sector labour demand
T
he HEART Trust/NTA’s National Tool and
Engineering Institute (NTEI) has been swift in
its response to growing demands for qualified
professionals in the local renewable energy sector.
Under the CARICOM Education for Employment
Program (C-EFE) funded by Canada’s Department
of Foreign Affairs Trade and Development (DFATD)
and implemented by College and Institutes
Canada (CICan), Jamaica stands to benefit from
a workforce trained and ready to meet labour
market demand in energy auditing, solar thermal
heating and photovoltaic installation.
This comes as a result of the NTEI’s partnership
with Canada’s St Lawrence College to develop
a responsive, flexible program to fill the gap in
Jamaica’s renewable energy workforce. REET,
(Renewable Energy Efficiency and Technology), is
a two year programme being offered at the NTEI,
with the first enrolment of trainees in January
2014.
from different careers, including the military,
renewable energy, heating ventilation and air
conditioning, building/property maintenance and
industrial maintenance sectors. The additional
training and expertise gained at the NTEI has not
only boosted the skills sets of the learners but
strategically positions them to take advantage of
the growth in the green energy sector.
As part of the programme, the Trust also played a
pivotal role in facilitating the donation of 200 solar
panels, racking systems and balance of systems as
donations from Canadian citizens and companies
to
local
non-governmental
organizations
(NGOs). Trainees in the REET programme will
gain invaluable experience as they help in the
installation of these systems which will assist the
selected
NGOs
to reduce their
energy costs.
Participants in the programme all had prior
employment and entrepreneurship experience
NTEI instructor, Joseph Lunan, in training at
St Lawrence College installing a 2kw grid tie
photovoltaic system.
Trainees testing and verifying panel short circuit current,
open circuit voltage and the effect of shading on PV panels.
2014-2015
45
HEART intensifies efforts
to spur development through STEM
- $250M boost for TVET at the tertiary level
A
s the National Training Agency continues its
focus on shaping a competitive workforce,
there is renewed emphasis on re-engineering
the traditional educational landscape through the
integration of Science, Technology, Engineering
and Mathematics (STEM). The latest initiative in
this goal is a $250M partnership with Jamaica’s
Students’ Loan Bureau (SLB) to assist tertiary
level students to access training in Technical
Vocational Education and Training (TVET), as well
as science and technology.
the STEM programme has been introduced to
accelerate efforts to create a workforce that is
capable of taking advantage of new opportunities.
Through this initiative, HEART Trust has joined
forces with the Ministry of Education to bring
national focus to TVET and to encourage more
tertiary students to gravitate towards this critical
area of growth and development. The $250M fund
will boost the capacity of the SLB to provide loans
for students who pursue studies in this area.
The Trust is also working closely with librarians
and their assistants in universities and colleges
to ensure that they have current TVET resources
available for instructors and students.
Additionally, as part of the holistic approach, the
HEART Trust/NTA has adopted a comprehensive
training programme to integrate the STEM model.
This model takes a multi-faceted approach to
enriching students’ learning through Engagement,
Exploration,
Explanation,
Extension
and
Evaluation (also known as the 5Es).
At the secondary level, the Trust made a donation
of $250,000 to the Jamaica College Robotics Club
in furtherance of STEM at that institution.
With the growth of emerging technologies and the
need for technically skilled and competent workers,
SLB Cheque Handover
L-R: Mr Gladstone ‘Tony’ Lewars (Chairman, SLB Council), Ms Monica Brown (Executive Director,
SLB), Dr the Hon. Peter Phillips (Minister of Finance & Planning), Hon. Rev Ronald Thwaites
(Minister of Education), Dr Wayne Wesley (Executive Director, HEART Trust/NTA), Mrs Elaine
Foster-Allen (Permanent Secretary, MoE) and Dr Moses Peart (Chairman, HEART Trust/NTA).
46
|
2014-2015
was curious to see if
“Ipineapple
could make
ketchup so that’s exactly
what I decided to do. As a
result, I am now the proud
owner of the spicy pineapple
ketchup, known locally as
Pineapple Ketch-It-Up
”
Ebony Park Graduate spices up condiments market with her
“Aunty Nancy’s Products”
Pineapple ketchup, jerk seasoning, pineapple BBQ sauce
and carrot chutney create a buzz among consumers
W
hat began as simple curiosity has
now transformed Nancy Hylton into a
bona fide entrepreneur. At the age of
48, she completed Level 3 of the Ebony Park
Academy‘s Agro Food Processing programme,
and thereafter launched her signature “Aunty
Nancy’s” product line, a wide range of tantalizing
condiments.
When Hylton, a former accountant, decided to
enroll in the HEART programme in 2013, she
was surrounded by a plethora of young faces,
being the only late-bloomer in the group. “I was
taking a risk by following my dream, but I could
not have chosen a better institution to do so.
The Ebony Park Academy helped to set the tone
and foundation for my successful journey in the
agro-processing business.”
Ebony Park has a distinguished track record in
the local agro-processing sector and encourages
the development of innovative products from
local produce. Hylton was excited at the
prospect of taking a product from the farm to
the processing lab, and then into the homes of
customers. “Initially, I only wanted to learn how
to make ketchup but my instructor guided me to
broaden my horizons.”
On her first attempt at making the tomato-based
product, Hylton’s effort was below the expected
standard, but she did not give up. Actually, she
relished the challenge of not only trying again,
2014-2015
but to include her own creative stamp on the
product. “I was curious to see if pineapple could
make ketchup so that’s exactly what I decided to
do. As a result, I am now the proud owner of
the spicy pineapple ketchup, known locally as
Pineapple Ketch-It-Up.”
Hylton manufactures and markets the unique
product at her home in Longville Park,
Clarendon. “Many persons love the pineapple
ketchup as it gives their food a natural zest
because of the tangy yet sweet undertone of the
pineapple. Those who have sampled it cannot
resist coming back for more.”
Since leaving the Ebony Park Academy, Hylton
has added jerk seasoning, pineapple barbeque
sauce and carrot chutney to her product line.
She credits her success to the high quality
instruction at HEART Ebony Park Academy and
her exposure not only to agro-processing but
entrepreneurship and business management.
“Being a graduate of the HEART Trust’s Ebony
Park Academy taught me that there is always
room for growth and as long as you are willing
to try, there is no limit to what you can achieve.”
Hylton has big dreams to continue to expand her
‘Aunty Nancy’s” product line both for the local
and export markets. “It’s just so special that
we have an institution like HEART right here
in Jamaica where you can fulfill your dreams,”
says Hylton.
47
The Registered Apprenticeship
Programme (RAP)
up to 1500 new apprentices to be engaged by 2015/16
T
he HEART Trust/NTA continues to fulfill one
of its key strategic objectives by seeking to
boost economic performance through the
Registered Apprenticeship Programme (RAP).
The RAP, which was launched during the review
period, is geared towards meeting the needs of a
modern economy which is predominantly services
oriented. This is achieved mainly by providing onthe-job training to learners under the supervisory
tutelage of experts in the field.
The RAP is an initiative of the Ministry of Education
and is administered by the HEART Trust/NTA.
It serves as a platform for skills development
generally, but particularly for apprentices to
enhance their skills in various sectors where a
structured training programme is non-existent.
Apprentices are now able to hone their skills
in areas such as Digital Animation, Logistics,
Systems Support and Computer Maintenance,
Heavy Duty Motor Vehicle Refurbishing, and
Security. There are also opportunities to develop
careers in renewable energy and Business Process
Outsourcing (BPO).
The programme’s inclusive and flexible nature has
attracted a broad group of apprentices at various
professional levels. The four tiered structure of the
Prof Gossett Oliver, Chairman, Apprenticeship Board (left),
Dr Wayne Wesley, Executive Director, HEART Trust/NTA,
2nd right and Mr David Wan, President, Jamaica Employers
Federation (right) observe the unveiling of the Registered
Apprenticeship Programme plaque by Hon. Ministers
Rev Ronald Thwaites, Minister of Education and Anthony
Hylton, Minister of Industry, Investment and Commerce.
programme starting from entry level, then moving
to intermediate, advanced and graduate levels,
allows candidates to enter and exit at different
points, as well as follow a path of development to
ensure they add value to industry and the general
economy.
This approach brings a useful versatility to the
programme as it allows for a wide cross section
of candidates, from those possessing a secondary
school level of education to the student leaving
university with a Bachelor’s degree. There is
a heavy focus on the interest and aptitude of
the prospective candidates to accompany their
academic qualifications.
Hon. Ministers Rev Ronald Thwaites, Minister of Education and
Hon. Anthony Hylton, Minister of Industry, Investment and
Commerce greet apprentices at the launch of the Registered
Apprenticeship Programme.
48
|
The benefits of the RAP have been many and
varied. These include training and employment
opportunities for apprentices which widens
the scope for socio-economic and professional
advancement. The programme facilitates the
productivity and competitiveness of the workforce,
minimizes the mismatch of skills, and positively
addresses employment and the potential waste of
human capital.
2014-2015
Importantly for the Jamaican economy, the RAP
seeks to provide a pool of skilled and competent
workers to satisfy labour market needs and attract
Foreign Direct Investments. It also facilitates a
flexible and responsive labour market, with the
ability to satisfy changing market dynamics in a
timely manner.
During the review period, some 600 apprentices
joined the Programme, and projections are that up
to an additional 900 persons will be included by
the end of the next fiscal year.
Testimonials for the programme have been
resoundingly positive. One example is from
Geddes Refrigeration Limited, where the
Administration Manager, Sonia Finnikin, has
2014-2015
noted the excellent work of the apprentices. “I am
honoured to be working with HEART Trust/ NTA
and the apprentices, as each year the expertise
they bring to the business is first class. To have
the skills we need to grow the company and in
essence our country, without having to source
it overseas is highly convenient and facilitates a
greater level of efficiency. Most of the trainees
go on to become permanent members of staff,”
stated Miss Finnikin.
The RAP is in keeping with the Trust’s mandate
to facilitate a workforce trained to international
standards and contributing to the improved
productivity, competitiveness and prosperity of
individuals, enterprises and the nation.
49
compelled me to be
“They
creative and to seek to have a
cutting edge in the industry.
Just about anybody can cook
but it takes something special
to be an outstanding chef!
HEART brought out that special
something in me
”
Lucien
Smith
excels at Sandals Hotel Chain after training at Ebony Park
H
aving just graduated from Vere Technical
High school in Clarendon with only his
love for cooking to drive him, Lucien
Smith decided to enroll in the HEART Trust
NTA’s Ebony Park Academy in 2009 because
it was within walking distance from home. “I
didn’t have the money to go anywhere else and
the only thing I loved to do was to cook.”
Lucien followed his passion and completed
training in both Levels 1 and 2 of the programme.
This training and certification from the HEART
Trust/NTA empowered him to be one of eight
graduates to be selected for internship at the
Beaches Boscobel Hotel in St Mary. He started
as a trainee but in six short weeks was offered
a full time position because of his technical
expertise and solid work ethic.
A year into the job, Lucien was promoted to
manage the classy Italian/ Venetian Kitchen at
the resort but that was only another stepping
stone to greater things. The management of
the world-renowned Sandals Group, anxious to
benefit from his immense talent, promoted him
to Breakfast Chef at its Sandals Royal Plantation
property in Ocho Rios, where he continues to
blaze a trail of excellence.
50
|
Lucien attributes his success to his instructors
at the Ebony Park HEART Academy. “They
compelled me to be creative and to seek to
have a cutting edge in the industry. Just about
anybody can cook but it takes something special
to be an outstanding chef! HEART brought out
that special something in me.” Not only did he
excel in his core discipline at Ebony Park, but he
broadened his horizon by learning Spanish, fully
cognizant that a second language is a distinct
advantage in the competitive global hospitality
industry.
With an increasingly glowing resume, it was
no surprise that after four short years with the
Sandals Group, the Ebony Park HEART alumnus
was presented with the prestigious Sandals
Prestige Award 2013 and was certified guest
gold service professional with the American
Hotel Lodging Company. “I have to be pinching
myself to ensure that I am not dreaming. The
day I entered the Ebony Park Academy was one
of the best life decisions I have made. I intend
to continue to build on that solid foundation and
to go even further in the tourism industry. The
training and certification which I have received
from HEART has placed me in a position where
I can rub shoulders with the best in the world,”
says Lucien.
2014-2015
HEART Trust Values Icon
Shorna Newsome-Myrie infuses values into
Agency’s culture
T
he Values Icon Award recognizes employees
who exemplify the organisation’s core values
and demonstrates the potential to co-ordinate
activities that enhance our values integration
programme.
Nominees for Values Icon, who were selected from
different HEART locations, embodied the qualities
of innovation, working exceptionally well among
their team, and a willingness to try new methods
to improve performance and provide quality
service to clients.
Setting the best example for employees across
the Island is HEART’s Values Icon for 2013-2014,
Shorna Newsome-Myrie, Manager for Employment
and Career Services in the Northwest Region.
In an effort to strengthen and further integrate
HEART’S values into our culture she conceptualized
the Core Values Integration Project which she says
was fueled by a desire to build employee morale
by inculcating positive work habits and attitudes.
“I believe as leaders we are charged with the
responsibility of inspiring our team members
and acting as role models ourselves, which is
why I targeted the executive team in particular.
I recognized the importance of getting their
support and participation because the quality
of the organisation’s leadership determines its
performance. I wanted them to speak and model
the values of the Programme so their team
members would do the same,” said NewsomeMyrie.
2014-2015
A graduate from
the University of
Technology, with a
Bachelor of Science
degree in Hospitality
and Tourism
Management,
and a Masters in Business
Administration
from
the
Northern Caribbean University
she continues to strive for
excellence as she now pursues
a Doctor of Philosophy in
Educational Leadership. As
Values Icon, she has received a
grant which will be used in her
educational pursuits.
I believe as
leaders we
are charged
with the
responsibility
of inspiring
our team
members and
acting as
role models
ourselves
“I believe I have found my
calling in inspiring others to
push to achieve professional
and personal growth. The HEART Trust/ NTA has
continued to be the driving force of professional
development for many and this degree will help
me to further push the Institution’s mandate for
national development.”
The First Elder for her church and School Board
Chair is honoured to be acknowledged as HEART
Trust’s Values Icon 2013/2014 and affirms that
she will persist in encouraging her team and
employees of the Agency to uphold the values of
the Organisation.
51
and fashion go
“Make-up
hand in hand and my
experiences at Garmex
taught me that it helps
to be as versatile as
possible within this
Industry
”
Garmex turns teen fashionista’s dreams into reality
R
Monique
Morgan
is Simply Majestic
alph Lauren. Christian Dior. Giorgio
Armani. Move over. Jamaica’s Monique
Morgan is coming and she is simply
majestic.
In 2011, this highly ambitious teenage girl, fresh
out of the Jonathan Grant High School in Spanish
Town, St Catherine, entered the HEART Trust/
NTA’s programme at the Garmex Academy with
only a dream of becoming a designer. Today,
that dream is a reality.
When Monique enrolled at Garmex, all she could
think about was charting a course to success in
the fashion industry. “I had just turned 16 and I
was so passionate about fashion, thinking about
making it big and just seeing my designs take
off, both locally and internationally. The only
challenge for me was how I would make this
happen and I got the answer at Garmex.”
52
|
talent of budding fashionistas and designers but
there is heavy focus on entrepreneurship and
business management. Monique, armed with all
the zest and vitality of youth, immersed herself
into the programme and extracted every ounce
of knowledge and practical experience being
offered.
“I am the oldest of three children and my
parents had financial challenges at the time I
left high school. I was so amazed at the level of
affordability of the HEART programme and how
they exceeded all expectations to offer a firstclass, world-class programme which provided
me a launch pad for a successful career in
fashion,” noted Monique.
Her love for fashion was engrained from a
tender age and it blossomed in her high school
years. “I recall entering a pageant in high school
and creating my own gown. I received so many
compliments and even though I placed second
in the competition, I felt like a winner because
of the rave reviews I received about the gown.
I think that experience made it clear to me that
my future was in fashion.”
The Garmex Academy provided the perfect
setting for the young Monique to shine. She
won the first ever Miss Garmex pageant which
allowed her to showcase not only her love for
fashion but also her effervescent personality
which is so critical for success in her industry.
“The training at Garmex was all-inclusive
and multi-faceted. We had so many industry
interventions through exposure to fashion
events and experts in the field. The course was
hands-on, motivational and current as we were
being continuously updated on the latest trends
in fashion.”
The Fashion Designing programme at the HEART
Trust’s Garmex Academy is like no other in the
country. Not only does it hone the raw skill and
After graduating from Garmex in 2011, Monique
has been creating waves in the industry. She
plunged herself into the world of fashion with
2014-2015
regular interfaces with seasoned professionals,
whilst testing her designer mettle in various
competitions. In 2012, she was one of two
Garmex alumni chosen to design and showcase
a piece in the ‘Jamaica 50 Collection’ in
celebration of Jamaica’s golden independence
celebrations.
She has also worked with designers to dress
and accessorize models who appear on the
popular local television reality show, Mission
Catwalk and has refined her talents at an annual
fashion show held at the Jamaica Pegasus Hotel
in Kingston featuring some of the island’s top
designers and Industry stakeholders.
Monique entered the Gleaner’s Passion for
Fashion competition in 2013, where she
qualified as one of the top three. The public then
voted her design as the best and this success
secured her a place in the coveted “Collection
Moda” showcase.
With all this initial success and exposure,
Monique is now working on developing her
clothing line “Simply Majestic” where she
intends to put her entrepreneurship and
business management skills acquired at Garmex
into full use. “I expect my clothing line to take
off both at home and abroad. I could not even
fathom such a dream without the training and
certification from Garmex as I was inspired to
push the bounds of my creativity.”
The young entrepreneur is also a self-taught
make-up artist, which fits in perfectly with her
fashion interests. “Make-up and fashion go hand
in hand and my experiences at Garmex taught
me that it helps to be as versatile as possible
within this Industry.”
Monique credits much of her success to her
instructors at Garmex whom she describes as
extremely knowledgeable, caring and selfless.
“They consistently gave of themselves to me
and urged me to grab hold of every opportunity
to be the best. That opportunity is now here with
Simply Majestic and I intend to grab it with both
hands.”
s
e
i
t
i
l
i
b
i
s
s
o
Endless P
ccess!
u
s
f
o
t
r
a
e
h
e
Th
2014-2015
53
The IMF Visits the HEART College of
Construction Services
I
n keeping with the country’s new economic and
skills training goals the Managing Director of the
International Monetary Fund (IMF) Christine Lagarde
and her team visited Jamaica. During her visit she
toured the HEART College of Construction Services
(HCCS) in Portmore, St Catherine on Saturday, June 28,
2014.
The HCCS like the HEART College of Hospitality
Services (HCHS), the HEART College of Innovation and
Technology (HCIT), and the HEART College of Beauty
Services (HCBS) has been upgraded in keeping with the
conditions of the Government’s four year agreement
with the IMF.
Ms Lagarde viewing alternative power display by the National
Tool & Engineering Institute. She turns the switch confirming
power supply.
During her tour there were several displays from the
National Tool & Engineering Institute (NTEI), Boys’
Town VTC, Garmex Academy, Ebony Park Academy,
HCCS, and HCBS.
Leading the tour of the facility were Government
Ministers, the Hon. Rev Ronald Thwaites - Minister
of Education, Dr the Hon. Peter Phillips - Minister of
Finance, State Minister and Member of Parliament of
the constituency, Hon. Colin Fagan, Mr Fitz Jackson,
M.P., His Worship the Mayor, Councillor Leon Thomas,
and Permanent Secretary in the Ministry of Education
Mrs Elaine Foster Allen.
The HEART team was headed by Dr Wayne Wesley,
Executive Director, Mr Rickert Allen, Vice Chairman
of the Board of Directors, Mr Andrew Walters Acting
Director/Principal, HCCS and the heads of other HEART
institutions.
Christine Lagarde was stunned, when by a slight twitch, she
realised that Fashion Designing Level 2 trainee, Danielle
Clarke (seated) was not a mannequin. Danielle was part
of the Garmex display, modelling clothes designed by the
institution.
54
|
2014-2015
HEART
Human
Employment an
Resource Train
TRUST
Trust
Financial Statements
31 March 2015
Financial Statemen
31 March 2015
56Independent Auditors’ Report to the Board of Directors
58 Statement of comprehensive income
59 Statement of financial position
60 Statement of changes in financing
61 Statement of cash flows
62 Notes to the financial statements
2014-2015
55
Independent Auditor’s Report Independent Auditors’ Report
To the Board of Directors of
Human Employment and Resource Training Trust
Report on the Financial Statements
We have audited the accompanying financial statements of Human Employment and Resource Training
Trust, set out on pages 1 to 39, which comprise the statement of financial position as at 31 March 2015 and
the statements of comprehensive income, changes in financing and cash flows for the year then ended, and
notes, comprising a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with International Financial Reporting Standards and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with International Standards on Auditing. Those standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation of financial statements that give a true and fair view in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
PricewaterhouseCoopers, Scotiabank Centre, Duke Street, Box 372, Kingston, Jamaica
T: (876) 922 6230, F: (876) 922 7581, www.pwc.com/jm
L.A. McKnight P.E. Williams L.E. Augier A.K. Jain B.L. Scott B.J. Denning G.A. Reece P.A. Williams R.S. Nathan
56
|
2014-2015
Members of Human Employment and Resource Training Trust
Independent Auditor’s Report
Page 2
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Human
Employment Resource and Training Trust as at 31 March 2015, and of its financial performance and its
cash flows for the year then ended in accordance with International Financial Reporting Standards.
Chartered Accountants
24 July 2015
Kingston, Jamaica
2014-2015
57
Page 1
Statement of Comprehensive Income
Year ended 31 March 2015
(expressed in Jamaican dollars unless otherwise indicated)
2015
2014
$’000
$’000
8,346,482
7,550,425
257,195
193,312
600,415
630,999
5,499
2,181
92,300
31,298
9,301,891
8,408,215
Property costs
1,946,745
1,995,618
Administration staff costs
1,429,557
1,517,608
348,686
323,859
4,199,753
3,730,398
7,924,741
7,567,483
1,377,150
840,732
Note
Income
Employers 3% contribution
Finance income
5
Institutional earnings
Profit on sale of property, plant and equipment
Other income
6
Expenses
Other operating costs
Direct training costs
Surplus before Taxation
Taxation
9
Net Surplus
(277,941)
(91,316)
1,099,209
749,416
635,342
868
(158,842)
(217)
Other Comprehensive Income, net of taxes Items that will not be reclassified to profit or loss:
Post-employment benefits
Deferred tax on post-employment benefits
TOTAL COMPREHENSIVE INCOME
58
|
1,575,709
750,067
2014-2015
2014-2015
59
Page 3
Statement of Changes in Financing
Total
$’000
Balance at 1 April 2013
Net surplus , being total comprehensive income for the year
Building additions capitalised
Transfers to the Consolidated Fund
4,050,574
750,067
2,983
(22,240)
Balance at 31 March 2014
4,781,384
Net surplus , being total comprehensive income for the year
1,575,709
Assets donated
Transfers to the Consolidated Fund (Note 24)
Balance at 31 March 2015
60
|
15,593
(75,000)
6,297,686
2014-2015
Page 4
Statement of Cash Flows
Note
Cash Flow from Operating Activities
Surplus for year
Adjustments for:
Amortisation
Changes in employee benefits
Depreciation
Exchange gains on foreign currency balances
Gain on sale of property, plant and equipment
Income tax charge
Interest income
Property, plant and equipment/intangible assets adjustments
15
10
9
5
10/15
Changes in operating assets and liabilities:
Biological assets
Inventories
Receivables
Payables
Due to other agencies
Taxation paid
Taxation withheld
Cash provided by operating activities
Cash Flows from Investment Activities
Expenditure on construction in progress
Interest received
Long term receivables repaid
Proceeds from sale of property, plant and equipment
Purchase of intangible asset
Purchase of investments, net
Purchase of property, plant and equipment
Cash used in investing activities
Cash Flows from Financing Activity
Appropriations to the Consolidated Fund
Cash used in financing activity
Effects of exchange rate changes on cash and cash equivalents
Increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
CASH AND CASH EQUIVALENTS AT END OF YEAR
2014-2015
15
10
19
2015
$’000
2014
$’000
1,099,209
749,416
8,308
8,515
270,329
(19,275)
(5,499)
277,941
(233,759)
(7,898)
1,397,871
10,307
(22,287)
402,660
(38,367)
(2,181)
91,316
(148,389)
111
1,042,586
(1,578)
2,975
13,641
(96,415)
(6,074)
1,310,420
(124,349)
(51,901)
1,134,170
2,628
(22,153)
(5,962)
(219,435)
5,719
803,383
(15,625)
(20,105)
767,653
(29,098)
227,140
369
5,499
(5,357)
(248,178)
(362,278)
(411,903)
(68,891)
150,704
997
2,181
(9,083)
(42,321)
(226,259)
(192,672)
(75,000)
(75,000)
19,275
666,542
2,279,363
2,945,905
(22,240)
(22,240)
7,413
560,154
1,719,209
2,279,363
61
Page 5
Notes to the Financial Statements
31 March 2015
1. Identification and Activities
The Human Employment and Resource Training Trust (referred to as “the Trust”) is a statutory body, incorporated
in Jamaica under the Human Employment and Resource Training Act 1982 (HEART Act), with registered office at
6B Oxford Road, Kingston 5.
The main activities of the Trust comprise the development of, and provision of finance for, training schemes,
employment opportunities for trainees, and the co-ordination of technical training at the national level in Jamaica.
The HEART Act provides for the establishment of a special fund referred to as the HEART Fund, which requires
employers to contribute 3% of their gross payroll to the Trust, less permitted payments to the Trust’s registered
trainees. The Commissioner of Inland Revenue collects the contributions payable to the Trust, as defined by the
Act, and deposits these amounts into the HEART Fund.
2. Summary of Significant Accounting Policies
The principal financial accounting policies adopted in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise stated.
(a)
Basis of preparation
These financial statements have been prepared in conformity with International Financial Reporting
Standards (IFRS), and have been prepared under the historical cost convention.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the Trust’s
accounting policies. Although these estimates are based on managements’ best knowledge of current events
and action, actual results could differ from those estimates. The areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are significant to the financial statements are
disclosed in Note 5.
Standards interpretations and amendments to published standards effective in the current year
Certain interpretations and amendments to existing standards became effective during the current financial
year. The Trust has assessed the relevance of such interpretations and amendments and the adoption of
these new pronouncements has impacted the Trust as discussed below.
IFRIC 21, 'Levies', (effective for annual periods beginning on or after 1 January 2014). IFRIC 21
addresses the accounting for a liability to pay a levy recognised in accordance with IAS 37, ‘Provisions’,
and the liability to pay a levy whose timing and amount is certain. It excludes income taxes within the scope
of IAS 12, ‘Income taxes’. IFRIC 21 indicates that the obligating event that gives rise to a liability to pay a
levy is the event identified by the legislation that triggers the obligation to pay the levy. It concludes that
the fact that an entity is economically compelled to continue operating in a future period, or prepares its
financial statements under the going concern principle, does not create an obligation to pay a levy that will
arise from operating in the future. Accordingly, a liability to pay a levy is recognised when the obligating
event occurs. This might arise at a point in time or progressively over time. The interpretation also requires
that an obligation to pay a levy triggered by a minimum threshold is recognised when the threshold is
reached. There was no significant impact from the adoption of this pronouncement.
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2. Summary of Significant Accounting Policies (Continued)
(a)
Basis of preparation (continued)
New and amended standards and interpretations that are not yet effective and not early adopted
At the date of authorisation of these financial statements, certain new standards, interpretations and
amendments to existing standards have been issued which are mandatory for the Trust’s accounting
periods beginning on or after 1 April 2015 or later periods, but were not effective at the year end date, and
which the Trust has not early adopted. The Trust has assessed the relevance of all such new standards,
interpretations and amendments, has determined that the following may be immediately relevant to its
operations, and has concluded as follows:
Annual Improvements 2012, (effective for annual periods beginning on or after 1 July 2014, unless
otherwise stated below). The improvements consist of changes to a number of standards, the following of
which may be relevant to the Trust’s operations. IFRS 3 was amended to clarify that (1) an obligation to
pay contingent consideration which meets the definition of a financial instrument is classified as a financial
liability or as equity, on the basis of the definitions in IAS 32, and (2) all non-equity contingent
consideration, both financial and non-financial, is measured at fair value at each reporting date, with
changes in fair value recognised in profit and loss. Amendments to IFRS 3 are effective for business
combinations where the acquisition date is on or after 1 July 2014. IFRS 8 was amended to require (1)
disclosure of the judgements made by management in aggregating operating segments, including a
description of the segments which have been aggregated and the economic indicators which have been
assessed in determining that the aggregated segments share similar economic characteristics, and (2) a
reconciliation of segment assets to the entity’s assets when segment assets are reported. The basis for
conclusions on IFRS 13 was amended to clarify that deletion of certain paragraphs in IAS 39 upon
publishing of IFRS 13 was not made with an intention to remove the ability to measure short-term
receivables and payables at invoice amount where the impact of discounting is immaterial. IAS 16 and IAS
38 were amended to clarify how the gross carrying amount and the accumulated depreciation are treated
where an entity uses the revaluation model. IAS 24 was amended to include, as a related party, an entity
that provides key management personnel services to the reporting entity or to the parent of the reporting
entity (‘the management entity’), and to require to disclose the amounts charged to the reporting entity by
the management entity for services provided. The Trust will apply the standard effective 1 April 2015 but
does not expect any significant impact from its adoption.
Annual Improvements 2013, (effective for annual periods beginning on or after 1 July 2014). The
improvements consist of changes to a number of standards, of which the following may be relevant to its
operations. The amendment of IFRS 13 clarifies that the portfolio exception in IFRS 13, which allows an
entity to measure the fair value of a group of financial assets and financial liabilities on a net basis, applies
to all contracts (including contracts to buy or sell non-financial items) that are within the scope of IAS 39 or
IFRS 9. IAS 40 was amended to clarify that IAS 40 and IFRS 3 are not mutually exclusive. The guidance in
IAS 40 assists preparers to distinguish between investment property and owner-occupied property.
Preparers also need to refer to the guidance in IFRS 3 to determine whether the acquisition of an
investment property is a business combination. The Trust will apply the standard effective 1 April 2015 but
does not expect any significant impact from its adoption.
2014-2015
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31 March 2015
(a)
Basis of preparation (continued)
Amendments to IAS 16, ‘Property, Plant and Equipment’ and IAS 38, ‘Intangible Assets’ Clarification of Acceptable Methods of Depreciation and Amortisation, (effective for the periods
beginning on or after 1 January 2016). In these amendments, the IASB has clarified that the use of
revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue
generated by an activity that includes the use of an asset generally reflects factors other than the
consumption of the economic benefits embodied in the asset. The Trust does not expect any impact from
the adoption of the amendments on its financial statements as it does not use revenue-based depreciation
or amortisation methods.
Annual Improvements 2014, (effective for annual periods beginning on or after 1 January 2016). The
amendments impact the following standards. IFRS 5 was amended to clarify that change in the manner of
disposal (reclassification from "held for sale" to "held for distribution" or vice versa) does not constitute a
change to a plan of sale or distribution, and does not have to be accounted for as such. The amendment to
IFRS 7 adds guidance to help management determine whether the terms of an arrangement to service a
financial asset which has been transferred constitute continuing involvement, for the purposes of
disclosures required by IFRS 7. The amendment also clarifies that the offsetting disclosures of IFRS 7 are
not specifically required for all interim periods, unless required by IAS 34. The amendment to IAS 19
clarifies that for post-employment benefit obligations, the decisions regarding discount rate, existence of
deep market in high-quality corporate bonds, or which government bonds to use as a basis, should be
based on the currency that the liabilities are denominated in, and not the country where they arise. IAS 34
will require a cross reference from the interim financial statements to the location of "information disclosed
elsewhere in the interim financial report". The Trust is currently assessing the impact of future adoption of
the amendments on its financial statements.
IFRS 9, Financial instruments (effective for annual periods beginning on or after 1 January 2015).
IFRS 9 addresses classification and measurement of financial assets and liabilities and is available for
early adoption immediately. IFRS 9 replaces the multiple classification and measurement models in IAS 39
‘Financial instruments: Recognition and Measurement’ with a single model that has only two classification
categories: amortised cost and fair value. IFRS 9 represents the first milestone in the IASB’s planned
replacement of IAS 39. Management is currently considering the implications of the standard, the impact
on the Trust and the timing of its adoption.
IFRS 15, ‘Revenue from Contracts with Customers’, (effective for the periods beginning on or after 1
January 2017). The new standard introduces the core principle that revenue must be recognised when the
goods or services are transferred to the customer, at the transaction price. Any bundled goods or services
that are distinct must be separately recognised, and any discounts or rebates on the contract price must
generally be allocated to the separate elements. When the consideration varies for any reason, minimum
amounts must be recognised if they are not at significant risk of reversal. Costs incurred to secure
contracts with customers have to be capitalised and amortised over the period when the benefits of the
contract are consumed. The Trust is currently assessing the impact of future adoption of the new standard
on the financial statements.
There are no other new or amended standards and interpretations that are issued but not yet effective that
are expected to have a significant impact on the accounting policies or financial disclosures of the Trust.
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(b) Income recognition
Employers’ contributions are recognised as income when received by the Trust from the Commissioner of
Inland Revenue, as mandated by the HEART Act.
Interest income and institutional earnings are recorded on the accrual basis. Where collection of interest
income is considered doubtful, interest income is thereafter recognised based on the rate of interest that is
used to discount the future cash flows for the purpose of measuring the recoverable amount.
Income from any sale of goods or provision of service by the Trust is recognised on an accrual basis, on
completion of the underlying service or transaction.
(c)
Grant funds
Certain grant funds are administered by the Trust on behalf of other agencies. These amounts are treated as
liabilities of the Trust until expended and are not included as income.
Grant funds received exclusively for the Trust are treated as income in the year they are received.
(d) Current and deferred income taxes
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income
statement, except to the extent that it relates to items recognised in other comprehensive income or directly in
equity. In this case, the tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted at the reporting date.
Management periodically evaluates positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It established provisions where appropriate on the basis
of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax
is determined using the tax rates that have been enacted at the reporting date and are expected to apply
when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the
same taxation authority on either the same taxable entity or different taxable entities where there is an
intention to settle the balances on a net basis.
2014-2015
65
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31 March 2015
(e)
Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment
losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on the straight-line basis at annual rates that will write off the carrying value of each
asset over the period of its remaining useful life. Annual depreciation rates are as follows:
Buildings 2½%
Motor vehicles
Computers and software
Furniture, fixtures and equipment
Utensils
Leasehold improvements
25%
33 ⅓%
10% - 20%
20%
over period of lease
Land is not depreciated.
Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down
immediately to its recoverable amount.
Gains and losses on disposal of property, plant and equipment are determined by comparing proceeds with
carrying amount and are taken into account in determining surplus.
Repairs and maintenance expenses are charged to profit or loss during the financial period in which they are
incurred. The cost of major renovations is included in the carrying amount of the asset when it is probable that
the future economic benefits in excess of the originally assessed standard of performance of the existing
asset will flow to the Trust. Major renovations are depreciated over the remaining useful life of the related
asset.
(f)
Intangible assets
Generally, costs associated with developing or maintaining computer software are recognised as an expense
as incurred. However, costs that are directly associated with identifiable and unique software products
controlled by the Trust, and which have probable economic benefits exceeding the cost beyond one year, are
recognised as intangible assets.
Expenditure which enhances or extends the performance of computer software beyond their original
specifications is recognised as capital improvement and added to the original cost of the software. Computer
software costs are amortised using the straight-line method over their useful lives.
Intangible assets are reviewed periodically for impairment. Where the carrying amount of an intangible asset
is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount.
(g) Biological assets
Biological assets, which represent livestock, are stated at their fair value. The fair value of livestock is
determined based on market price of livestock at similar age, breed and genetic merit.
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(h) Employee benefits
Pension plan
The Trust operates a defined benefit plan. The plan is generally funded through payments to a trusteeadministered fund as determined by periodic actuarial calculations. A defined benefit plan is a pension plan
that defines an amount of pension benefit to be provided, usually as a function of one or more factors such as
age, years of service or compensation.
The asset or liability recognised in the statement of financial position in respect of defined benefit pension
plans is the difference between the present value of the defined benefit obligation at the year end date and
the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries
using the projected unit credit method. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are
denominated in the currency in which the benefits will be paid and that have terms to maturity approximating
to the terms of the related pension liability.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are
charged or credited to equity in other comprehensive income in the period in which they arise.
Past service costs are recognised immediately in expenses.
Other post-employment obligations
The Trust also provides post-employment healthcare benefits to its retirees. The entitlement to these benefits
is usually conditional on the employee remaining in service up to retirement age and the completion of a
minimum service period. The expected costs of these benefits are accrued over the period of employment
using the same accounting methodology as used for defined benefit pension plans. These obligations are
valued annually by independent qualified actuaries.
Annual leave
Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made
for the estimated liability for annual leave as a result of services rendered by employees up to the year end
date.
(i)
Impairment of long-lived assets
Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested
annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes
of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable
cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are
reviewed for possible reversal of the impairment at each reporting date.
2014-2015
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31 March 2015
(j)
Financial instruments
The Trust allocates financial assets to the following IAS 39 categories: loans and receivables and
held-to-maturity. Management determines the classification of its financial instruments at initial recognition
and re-evaluates this designation at every reporting date.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market. They are included in current assets except for maturities greater than 12 months
after the end of the reporting period. These are classified as non-current assets. The Trust’s loans and
receivables comprise long term receivables, trade and other receivables and cash and cash equivalents.
Held-to-maturity
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and
fixed maturities including Fixed Rate Accreting Notes (FRANs) that the Trust’s management has the positive
intention and ability to hold to maturity. Were the Trust required to sell other than an insignificant amount of
held-to-maturity assets, the entire category would be compromised and reclassified as available-for-sale.
Financial liabilities
The Trust’s financial liabilities are measured at fair value. At reporting date, the following items were classified
as financial liabilities: bank overdraft, payables and amounts due to other agencies.
(k)
Inventories
Inventories are valued at the lower of cost and net realisable value, cost being determined on a
first-in, first-out basis. Net realisable value is the estimated selling price in the ordinary course of business
less selling expenses.
(l)
Technical assistance
The provision of technical assistance at no cost to the Trust is neither quantified nor included in these
financial statements.
(m) Trade receivables
Trade receivables are carried at original invoice amount less provision made for impairment of these
receivables. A provision for impairment of these receivables is established when there is objective evidence
that the Trust will not be able to collect all amounts due according to the original terms of receivables. The
amount of the provision is the difference between the carrying amount and the recoverable amount, being the
present value of expected cash flows, discounted at the market rate of interest for similar borrowers.
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(n) Cash and cash equivalents
Cash and cash equivalents is carried in the statement of financial position at cost and includes cash in hand,
deposits held at call with banks and other short-term highly liquid investments with original maturities of three
months or less, net of bank overdrafts.
(o) Foreign currency translation
Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic
environment in which the Trust operates (“the functional currency”). The financial statements are presented in
Jamaican dollars, which is the Trust’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the statement of comprehensive income.
(p) Capitalised assets
Assets donated to the Trust are capitalised and included in the Accumulated HEART Fund.
(q) Special financial distribution
Special financial distribution to the Consolidated Fund of the Government of Jamaica is recognised as a
liability in the Trust’s financial statements in the period in which the request is received from the Financial
Secretary and the distributions are approved by the Trust’s Board of Directors.
3. Financial Risk Management
The Trust’s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk (including
currency risk and cash flow interest rate risk). The Trust’s overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise potential adverse effects on the Trust’s financial
performance.
The Trust’s risk management policies are designed to identify and analyse these risks, to set appropriate risk
limits and controls, and to monitor the risks and adherence to limits by means of reliable and up-to-date
information systems. The Trust regularly reviews its risk management policies and systems to reflect changes in
markets, products and emerging best practice.
The Board of Directors is ultimately responsible for the establishment and oversight of the Trust’s risk
management framework. The Board provides written principles for overall risk management, as well as written
policies covering specific areas, such as foreign exchange risk, interest rate risk and credit risk and investment
of excess liquidity.
2014-2015
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3. Financial Risk Management (Continued)
The Board has established committees for managing and monitoring risks, as follows:
(i)
Finance Committee
The Finance Committee acts in an advisory capacity to the Board on the overall financial condition of the
Trust. The Committee also examine and recommend policies that facilitate maximisation of revenue flows
and monitor and review the annual budgets of the Trust. The Committee also delegates some functions
to the Finance and Accounting Department which makes decisions on financial matters on a daily basis.
(ii)
Audit Committee
The Audit Committee oversees how management monitors compliance with the Trust’s risk management
policies and procedures and reviews the adequacy of the risk management framework in relation to the
risks faced by the Trust. The Audit Committee is assisted in its oversight role by the Internal Audit
Department. This department undertakes both regular and ad hoc reviews of risk management controls
and procedures, the result of which are reported to the Audit Committee.
(iii)
Corporate Governance Committee
The Corporate Governance Committee ensures that the Board of Directors is, and remains in compliance
with the Public Bodies Management and Accountability Act 2001 (2011 Amendment - Part II Section 6);
the HEART Act, and all other applicable and relevant laws and regulations.
The Committee also reviews and recommends policies such as Corporate Governance Principles and
Policies that will guide the Board of Directors in the execution of their responsibilities, as well as a Code
of Ethics and any other corporate governance issues deemed appropriate.
The most important types of risk are credit risk, liquidity risk and market risk. Market risk includes currency risk
and interest rate risk.
(a)
Credit risk
The Trust takes on exposure to credit risk, which is the risk that its students, commercial customers
(customers of the commercial enterprises that are managed by the training institutions) or counterparties
will cause financial loss for the Trust by failing to discharge their contractual obligations. Credit exposures
arise principally from the Trust’s receivables and investment activities.
Credit review process
The management of the various training institutions is responsible for regular reviews of the ability of
students and commercial customers to meet repayment obligations.
The monitoring of other
counterparties is performed at the corporate office.
(i)
Receivables
The Trust’s exposure to credit risk is influenced mainly by the individual characteristics of each
student and commercial customer. The Trust has procedures in place to restrict further participation
in training programs until repayment obligations are met.
Customer credit risk is monitored according to their credit characteristics such as whether it is an
individual or company or if it is experiencing financial difficulties. Receivables relate mainly to the
Trust’s students and commercial customers.
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(a)
Credit risk (continued)
Credit review process (continued)
(i)
Receivables (continued)
The Trust establishes a provision for impairment that represents its estimate of incurred losses in
respect of receivables. The Trust addresses impairment on an individual basis. The provision is
mainly in relation to the Trust’s students.
The Trust’s average credit period on the payment of tuition is 90 days for students and 30 days for
commercial customers. The Trust has provided for most of its receivables over 90 days based on
historical experience which dictates that amounts past due beyond 90 days are generally not
recoverable.
(ii)
Investments
The Trust limits its exposure to credit risk by investing mainly in liquid securities, with counterparties
that have high credit quality and Government of Jamaica securities. Accordingly, management
does not expect any counterparty to fail to meet its obligations.
(iii)
Cash and bank
Cash and bank transactions are limited to high credit quality financial institutions.
Maximum exposure to credit risk
The Trust’s maximum exposure to credit risk equals the carrying value for the items on the statement of
financial position that are subject to credit risk.
Exposure to credit risk for trade receivables
Credit exposure for the Trust mainly relates to amounts due from students and commercial customers,
comprising trade receivables.
Exposure to credit risk for investments
The following table summarises the Trust’s credit exposure for investments at their carrying amounts, as
categorised by issuer:
Government of Jamaica
Financial institutions
Interest receivable
2014-2015
2015
$’000
2014
$’000
444,872
502,413
3,114,637
2,025,647
3,559,509
2,528,060
17,919
11,308
3,577,428
2,539,368
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31 March 2015
(a)
Credit risk (continued)
Aging analysis of trade receivables that are past due but not impaired
Trade receivables that are less than three months past due are not considered impaired. The aging
analysis of these trade receivables is as follows:
2015
2014
$’000
$’000
1 to 30 days
13,119
11,337
31 to 60 days
5,299
5,224
61 to 90 days
8,438
6,970
26,856
23,531
Aging analysis of trade receivables that are past due and impaired
As of 31 March 2015, trade receivables of $31,002,000 (2014 - $30,890,000) were impaired. The
amount of the provision was $27,464,000 (2014 - $25,336,000). The individually impaired receivables
mainly relate to students who are in difficult economic situations. It was assessed that a portion of
these receivables are expected to be recovered.
2015
2014
$’000
$’000
31,002
30,890
2015
2014
$’000
$’000
25,336
27,743
6,924
1,459
Receivables written off during the year as uncollectible
(4,796)
(3,866)
At 31 March
27,464
25,336
Over 90 days
Movement analysis of the provision for impairment of trade receivables
At 1 April
Provision for receivables impairment
The creation and release of provision for impaired receivables have been included in other operating
expenses in the statement of comprehensive income. Amounts charged to the provision account are
generally written off when there is no expectation of recovering additional cash. The Trust has also
established a provision for other receivables. However, these amounts are not considered significant.
There are no financial assets other than those listed above that were individually impaired.
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(b)
Liquidity risk
Liquidity risk is the risk that the Trust may be unable to meet its payment obligations associated with its
financial liabilities when they fall due. Prudent liquidity risk management implies maintaining sufficient
cash and marketable securities, the availability of funding through an adequate amount of committed
credit facilities and the ability to close out market positions.
Liquidity risk management process
The Trust’s liquidity management process, as carried out within the Trust and monitored by the Finance
Committee through the Finance and Accounting Department includes:
(i) Monitoring future cash flows and liquidity on a daily basis. This incorporates an assessment of
expected cash flows.
(ii) Maintaining a portfolio of highly marketable and diverse assets that can easily be liquidated as
protection against any unforeseen interruption to cash flow;
(iii) Optimising returns on investments and surplus cash.
Undiscounted cash flows of financial instruments
The Trust’s financial liabilities comprise trade payables and accruals (Note 21) which are all due within 1
month of the year end.
(c)
Market risk
The Trust takes on exposure to market risks, which is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market prices. Market risks arise from changes in
foreign currency exchange rates and interest rates. Market risk is monitored by the Finance and
Accounting Department which monitors the price movement of financial assets on the local markets.
Market risk exposures are measured using sensitivity analysis.
There has been no change to the Trust’s exposure to market risks or the manner in which it manages and
measures the risk.
Currency risk
Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates.
The Trust is exposed to foreign exchange risk with respect to the US dollar. Foreign exchange risk arises
from investments and cash balances. There was no effect on reserves.
The Trust manages this risk by holding foreign currency balances in a currency that is relatively strong
compared to the Jamaican dollar.
2014-2015
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31 March 2015
(c)
Market risk (continued)
Currency risk (continued)
The statement of financial position at 31 March 2015 includes foreign assets of approximately
US$3,464,000 (2014 – US$4,121,000). This is comprised as follows:
Cash
Short term investments
2015
2014
US$’000
US$’000
570
1,291
2,894
2,830
3,464
4,121
Foreign currency sensitivity
The following table indicates the currency to which the Trust had significant exposure on its monetary
assets and liabilities and its forecast cash flows. The change in currency rate below represents
management’s assessment of the possible change in foreign exchange rates. The sensitivity analysis
represents outstanding foreign currency denominated monetary items and adjusts their translation at the
year end for a 10% (2014 – 15%) devaluation and a 1% (2014 – 1%) revaluation of the US dollar against
the Jamaican dollar. The sensitivity primarily was as a result of foreign exchange gains/losses on
translation of US dollar-denominated cash and short term investments. Consequently, individual sensitivity
analyses were performed. The effect on surplus before taxation shown below is the total of the individual
sensitivities done for each of the assets/liabilities. There was no impact on other components of equity.
% Change in
Currency
Rate
2015
Currency:
USD – Revaluation
USD – Devaluation
1
10
Effect on
Surplus
2015
$’000
(35)
346
% Change in
Currency
Rate
2014
1
15
Effect on
Surplus
2014
$’000
(41)
618
Interest rate risk
Interest rate risk is the risk that the value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. Floating rate instruments expose the Trust to cash flow
interest rate risk, whereas fixed interest rate instruments expose the Trust to fair value interest rate risk.
The Trust’s main interest rate risk arises from investments. The Government of Jamaica investments
mainly have maturities greater than one year, are fixed rate instruments including FRANs and are classified
as held-to-maturity.
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(c)
Market risk (continued)
Interest rate risk (continued)
Interest rate sensitivity
There is no direct exposure for the Trust’s statement of comprehensive income to potential changes in
interest rates as the Trust does not have any floating rate non-trading financial assets and financial
liabilities.
(d) Capital management
The Trust has no stated share capital, and is not subject to any externally imposed capital requirements.
(e) Fair value of financial instruments
Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable,
willing parties in an arm’s length transaction.
The amounts included in the financial statements for cash and short term investments, bank overdraft,
receivables, payables and due to other agencies reflect their fair values due to the short term maturity of
these instruments. The fair value of financial liabilities is estimated to be equal to the carrying value as these
liabilities are due within one month from year end.
The estimated fair values have been determined using available market information and appropriate valuation
methodologies. However, considerable judgement is necessarily required in interpreting market data to
develop estimates of fair value.
The estimated fair values of other financial instruments are as follows:
2015
Loans receivable (including current portion)
2014
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
$’000
$’000
$’000
$’000
-
-
369
405
The fair value of loans receivable and investments are estimated using discounted cash flow analyses based
on interest rates for similar types of arrangements in the market and the effective rate of return prevailing on
similar investments in the market. The fair value of investments could not be reliably determined as there is
no active market for FRANs and there are no securities with similar tenor and yield actively traded in the
market.
2014-2015
75
Page 19
31 March 2015
4. Critical Accounting Estimates and Judgements in Applying Accounting Policies
The Trust makes estimates and assumptions that affect the reported amounts of assets and liabilities within the
next financial year. Estimates and judgements are continually evaluated and are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Critical accounting estimates and assumptions
The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below.
Depreciable assets
Estimates of the useful life and the residual value of property, plant and equipment are required in order to apply
an adequate rate of transferring the economic benefits embodied in these assets in the relevant periods. The
Trust applies a variety of methods in an effort to arrive at these estimates from which actual results may vary.
Actual variations in estimated useful lives and residual values are reflected in the income and expenditure
account through impairment on adjusted depreciation provisions.
Pension and other post-employment benefits
The cost of these benefits and the present value of the pension and the other post-employment liabilities
depend on a number of factors that are determined on an actuarial basis using a number of assumptions. The
assumptions used in determining the net periodic cost (income) for pension and post-employment benefits
include the expected long-term rate of return on the relevant plan assets, the discount rate and, in the case of
the post-employment medical benefits, the expected rate of increase in medical costs. Any changes in these
assumptions will impact the net periodic cost (income) recorded for pension and post-retirement benefits and
may affect planned funding of the pension plans.
The expected return on plan assets assumption is determined on a uniform basis, considering long-term
historical returns, asset allocation and future estimates of long-term investments returns. The discount rate
represents the interest rate that should be used to determine the present value of estimated future cash outflows
required to settle the pension and other post-employment benefits obligations. In determining the most
appropriate rate, the interest rate of high quality corporate bonds that are denominated in the currency in which
the benefits will be paid, and that have terms to maturity approximating to the terms of the related liability are
used.
The expected rate of increase of medical cost has been determined by comparing the historical relationship of
the actual medical cost increases with the rate of inflation. Past experience has shown that actual medical costs
have increased on average by one time the rate of inflation. Other key assumptions for the pension and
postretirement benefits cost and credits are based in part on current market conditions. See Note 12 for
sensitivity analysis performed on these key assumptions.
Critical judgements in applying the Trust’s accounting policies
In the process of applying the Trust’s accounting policies, management has made no significant judgement in
the amounts recognised in the financial statements.
76
|
2014-2015
Page 20
31 March 2015
5. Finance Income
2015
2014
$’000
$’000
233,759
148,389
23,436
44,923
257,195
193,312
2015
2014
$’000
$’000
82,343
21,928
Grants received
5,307
3,620
Rental income
4,650
5,750
92,300
31,298
2015
2014
$’000
$’000
Accommodation
26,899
30,687
Advertising and promotion
53,083
42,606
Auditors’ remuneration
3,832
3,650
Bad debt
9,362
2,453
52,889
55,221
245
399
278,638
412,967
Directors’ fees
7,969
7,042
Facilities costs
1,668,102
1,582,651
216,924
208,379
61,577
50,050
603,542
573,954
3,560,441
3,536,216
20,883
24,093
1,030,553
715,228
275,432
269,517
54,370
52,370
7,924,741
7,567,483
Interest
Foreign exchange gain
6. Other Income
Miscellaneous
7. Expenses by Nature
Computer supplies and services
Consultants’ fees
Depreciation and amortisation (Note 10/Note 15)
Legal and professional fees
Other operating expenses
Other training costs
Personnel/administration costs (Note 8)
Seminars and conferences
Subventions
Trainee allowances and other expenses
Travelling
2014-2015
77
Page 21
31 March 2015
8. Personnel/Administration Costs
2015
2014
$’000
$’000
2,669,333
2,688,526
Payroll taxes – employer’s portion
266,600
280,558
Pension (Note 12)
(12,462)
(13,018)
Other post-employment benefits (Note 12)
123,946
99,371
Other
513,024
480,779
3,560,441
3,536,216
Wages and salaries
The number of persons employed by the Trust at the end of the year was as follows:
2015
2014
No.
No.
Full-time
1,090
1,128
Part - time
1,044
1,800
2,134
2,928
9. Taxation
(a) Taxation is based on the surplus for the year, adjusted for taxation purposes and comprises income tax at
25%:
78
2015
2014
$’000
$’000
Current income tax
333,259
250,038
Employment tax credit
(66,277)
Deferred tax (Note 20)
10,959
(158,722)
277,941
91,316
|
-
2014-2015
Page 22
31 March 2015
9. Taxation (Continued)
(b)
The tax charge on the Trust’s surplus differs from the theoretical amount that would arise using the
statutory tax rate as follows:
Surplus before tax
Tax calculated at a rate of 25%
2015
2014
$’000
$’000
1,377,150
840,732
344,288
210,183
544
208
Adjusted for the effects of:
Expenses not allowed
Effect due to change in tax rate
Net effect of other charges and allowances
(614)
Total income tax payable
344,218
Less: Employment tax credit
(66,277)
Income tax expense
277,941
(117,651)
(1,424)
91,316
91,316
Effective 1 April 2014, the Trust became eligible for the Employment Tax Credit against the Trust’s income
tax liability that arises on trading activities. The value of this credit is equivalent to the monthly employer’s
and employees’ portions of payroll deductions (with the exception of PAYE) for the financial year, that are
filed and paid in full by their due date. The credit is restricted to a maximum of 30% of the income tax
liability on income excluding non-trading income such as interest and dividend income.
2014-2015
79
Page 23
31 March 2015
10. Property, Plant and Equipment
Buildings
including
Land Academies
Furniture,
Leasehold
Motor
Fixtures & Improvement
Vehicles Computers Equipment
Total
$’000
$’000
$’000
$’000
$’000
$’000
$’000
45,800
1,765,750
131,074
745,540
1,420,728
7,749
4,116,641
Additions
-
53,826
18,440
71,806
82,187
-
226,259
Transfers from construction
in progress
-
36,936
-
-
-
-
36,936
Disposals
-
-
(6,877)
-
-
-
(6,877)
Adjustments
-
-
1,856
52,114
-
53,970
45,800
1,856,512
142,637
819,202
1,555,029
7,749
4,426,929
Additions
-
-
13,451
178,913
169,914
-
362,278
Transfers from construction
in progress
-
101,783
-
-
-
-
101,783
Disposals
-
-
(4,042)
-
(4,002)
-
(8,044)
Adjustments
-
-
-
(86)
6,753
-
6,667
45,800
1,958,295
152,046
998,029
1,727,694
7,749
4,889,613
1 April 2013
-
529,127
90,632
573,303
730,043
7,749
1,930,854
Charge for the year
-
44,603
12,834
93,519
251,704
-
402,660
Relieved on disposals
-
-
(6,877)
-
-
-
(6,877)
Adjustments
-
913
-
-
53,168
-
54,081
31 March 2014
-
574,643
96,589
666,822
1,034,915
7,749
2,380,718
47,358
16,630
95,920
110,421
At Cost 1 April 2013
31 March 2014
31 March 2015
Depreciation -
Charge for the year
-
-
270,329
Relieved on disposals
-
-
(4,042)
-
(4,002)
Adjustments
-
695
-
(2,063)
274
-
-
622,696
109,177
760,679
1,141,608
7,749
2,641,909
31 March 2015
45,800
1,335,599
42,869
237,350
586,086
-
2,247,704
31 March 2014
45,800
1,281,869
46,048
152,380
520,114
31 March 2015
(8,044)
(1,094)
Net Book Value -
2,046,211
Adjustments to property, plant and equipment in the prior year represented reinstatement of fully depreciated
assets previously derecognised in the financial statements.
An amount of $101,783,000 was transferred from construction in progress (Note 11).
80
|
2014-2015
Page 24
31 March 2015
11. Construction in Progress
This represents costs incurred to year end for construction in progress at the following locations:
2015
2014
$’000
$’000
338
338
-
1,679
9,328
1,791
-
2,402
139
493
Machado Complex
9,653
2,731
HEART College of Hospitality Services (formerly Runaway Bay Academy)
2,733
68,029
-
2,071
Kenilworth
141
-
HEART Eastern TVET Institute, Stony Hill Campus
(formerly Stony Hill Academy)
110
-
22,442
79,534
Boys Town Vocational Training Centre
Breadnut Valley Engineering Institute
NW TVET Institute, CATI Campus (formerly CATI)
Culloden Vocational Training Centre
Ebony Park HEART Academy
HEART College of Construction Services (formerly Portmore Academy)
Construction in progress totaling $101,783,000 (2014 - $36,936,000) was completed during the year and
transferred to property, plant and equipment (Note 10).
12. Post-employment Benefits
(a)
Pension plan
The Trust has established a retirement benefit plan covering all permanent employees. The assets of the
plan are held independently of the Trust’s assets in separate trustee administered funds.
The plan is funded by employee contributions at 5% of salary, with the option to contribute an additional 5%,
and employer contributions at 10% of salary as recommended by independent actuaries.
The plan is administered by the Trustees and the funds are invested and managed by Sagicor Life Jamaica
Limited. The latest actuarial valuation was done as at 31 March 2015.
The amounts recognised in the statement of financial position are determined as follows:
2015
2014
$’000
$’000
4,124,904
4,079,210
Fair value of plan assets
(6,843,421)
(6,043,278)
Surplus of funded plan
(2,718,517)
(1,964,068)
Present value of funded obligations
2014-2015
81
Page 25
31 March 2015
12. Post-employment Benefits (Continued)
(a)
Pension plan (continued)
The movement in the pension plan asset over the year is as follows:
Asset at beginning of year
2015
2014
$’000
$’000
(1,964,068)
(1,756,559)
Pension Income
(12,462)
(13,018)
Employer’s contributions
(94,085)
(102,145)
(647,902)
(92,346)
(2,718,517)
(1,964,068)
Re-measurements recorded in other comprehensive income
Asset at end of year
The movement in the present value of the funded obligations over the year is as follows:
2015
2014
$’000
$’000
4,079,210
3,764,598
Current service cost
171,267
166,513
Interest cost
387,239
377,578
Balance at beginning of year
Re-measurements Gain/loss from change in economic
assumptions
(235,050)
52,034
Experience gains/losses
(279,867)
(272,129)
Members’ contributions
103,470
111,309
Benefits paid
(101,365)
(120,693)
Balance at end of year
82
|
4,124,904
4,079,210
2014-2015
Page 26
31 March 2015
12.
Post-employment Benefits (Continued)
(a)
The movement in the defined benefit asset during the year is as follows:
2015
$’000
(6,043,278)
Interest income
2014
$’000
(5,521,157)
(125,546)
132,330
(578,407)
(561,690)
Members’ contributions
(103,470)
(111,309)
(94,085)
(102,145)
Benefits paid
101,365
120,693
Re-measurements Return on plan assets
(6,843,421)
(6,043,278)
The expected return on plan assets was determined by considering the expected returns available on the
assets underlying the current investment policy. Expected yields on fixed interest investments are based
on gross redemption yields as at the statement of financial position date. Expected returns on equity and
property investments reflect long-term real rates of return experienced in the respective markets.
The distribution of plan assets was as follows:
2015
2015
2014
2014
$’000
%
$’000
%
226,560
3
222,550
4
5,331,521
78
4,879,650
81
Repurchase agreements
828,710
12
499,080
8
Other
456,630
7
441,998
7
100
6,043,278
100
Quoted equities
Government of Jamaica securities
6,843,421
2014-2015
83
Page 27
31 March 2015
(a)
The amounts recognised in the income statement are as follows:
2015
$’000
2014
$’000
171,267
166,513
Interest cost
387,239
377,578
(578,407)
(561,690)
Expected returns on plan assets
Administration expenses
Total, included in staff costs (Note 8)
7,439
4,581
(12,462)
(13,018)
The amounts recognised in the statement of comprehensive income are as follows:
2015
$’000
2014
$’000
Remeasurement gain)on obligation
(514,916)
(220,095)
Remeasurement (gain)/loss on plan assets
(132,986)
127,749
(647,902)
(92,346)
The principal actuarial assumptions used were as follows:
84
|
2015
2014
%
%
Discount rate
9.5
9.5
Future salary increases
6.0
7.0
Future pension increase
4.5
4.5
Long term rate of inflation
6.0
5.5
2014-2015
Page 28
31 March 2015
(a)
Assumptions regarding future mortality are set based on actuarial advice in accordance with published
statistics and experience in each territory. These assumptions translate into an average life expectancy in
years for a pensioner retiring at age 60 for females and 65 for males.
The average duration of the post-retirement benefit obligation at 31 March 2015 is 19.0 years.
The Trust expects to pay $101.31 million in contributions to the defined benefit plan in 2015
(2014: $102.28 million).
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
Impact on Post-employment Obligations
Decrease in
Change in
Increase in
Assumption
Assumption
Assumption
$’000
Discount rate
1%
(648,444)
848,094
Future salary increases
1%
380,870
(325,612)
Expected pension increase
1%
396,177
(337,225)
Life expectancy
(b)
$’000
Increase
Assumption by
One Year
Decrease
Assumption by
One Year
$’000
$’000
93,600
(93,600)
Other post-employment obligations
The Trust operates a post-employment benefit plan principally in Jamaica. The benefits covered under the
plan include health care. Funds are not built up to cover the obligations under this retirement benefit plan.
The method of accounting and the frequency of valuations are similar to those used for defined benefit
pension plans.
In addition to the assumptions used for the pension plans, the main actuarial assumption is a long term
increase in health costs of 7.5% per year (2014 – 7.0% per year).
The amounts recognised in the statement of financial position are determined as follows:
Present value of unfunded obligations
2014-2015
2015
$’000
2014
$’000
904,796
777,174
85
Page 29
31 March 2015
(b)
Other post-employment benefits (continued)
The movement in the defined benefit obligation over the year is as follows:
2015
$’000
2014
$’000
777,174
592,820
50,537
40,616
Interest expense
73,409
58,755
78,809
(2,586)
(66,276)
94,065
(8,857)
(6,496)
`
Re-measurements Loss/ (gain )from change in financial assumptions
Experience (gains)/losses
Benefits paid
904,796
777,174
2015
$’000
2014
$’000
50,537
40,616
Interest cost
73,409
58,755
123,946
99,371
2015
$’000
2014
$’000
12,533
91,478
-
-
12,533
91,478
The amounts recognised in the income statement are as follows:
Total, included in staff costs (Note 8)
The amounts recognised in other comprehensive income are as follows:
Remeasurement of the defined benefit liability
Remeasurement of the plan assets
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
Impact on Post-employment Obligations
Change in
Assumption
Increase in
Assumption
$’000
86
|
Decrease in
Assumption
$’000
Discount rate
1%
(143,602)
183,645
Health inflation rate
1%
187,443
(147,064)
2014-2015
Page 30
31 March 2015
(b)
Other post-employment benefits (continued)
Movement in the amounts recognised in the statement of financial position:
2015
$’000
2014
$’000
Liability at beginning of year
777,174
592,820
Health expense
123,946
99,372
(8,857)
(6,496)
Re-measurements recorded in other comprehensive income
12,533
91,478
904,796
777,174
Liability at end of year
(c) Risks associated with pension plans and post-employment plans
Through its defined benefit pension plan, the Trust is exposed to a number of risks, the most significant of
which are detailed below:
Asset volatility
The plan liabilities are calculated using a discount rate set with reference to Government of Jamaica bond
yields; if plan assets underperform this yield, this will create a deficit.
As the plan matures, the Trust intends to reduce the level of investment risk by investing more in assets
that better match the liabilities. The Government bonds represent investments in Government of Jamaica
securities.
The Trust believes that due to the long-term nature of the plan liabilities, a level of continuing equity
investment is an appropriate element of the Trust’s long term strategy to manage the plans efficiently. See
below for more details on the Trust’s asset-liability matching strategy.
Changes in bond yields
A decrease in Government of Jamaica bond yields will increase plan liabilities, although this will be partially
offset by an increase in the value of the plans’ bond holdings.
Inflation risk
Higher inflation will lead to higher liabilities. The majority of the plan’s assets are unaffected by fixed
interest bonds, meaning that an increase in inflation will either reduce the surplus or create a deficit.
Life expectancy
The majority of the plan’s obligations are to provide benefits for the life of the member, so increases in life
expectancy will result in an increase in the plan’s liabilities. This is particularly significant, where inflationary
increases result in higher sensitivity to changes in life expectancy.
2014-2015
87
Page 31
31 March 2015
13. Loans Receivable
2015
2014
$’000
$’000
Motor vehicle loans to employees
-
369
Less: Current portion (Note 18)
-
(156)
-
213
Motor vehicle loans bore interest at 3% per annum and were repayable over 4 – 5 years. The loans were secured
by a lien on the related motor vehicles.
14. Investments
Certificate of deposit
Securities purchased under resale agreements
2015
2014
$’000
$’000
20,534
19,790
304,975
63,817
444,872
438,596
770,381
522,203
-
5,889
770,381
528,092
Held-to-maturity securities – at amortised cost
Government of Jamaica
Interest receivable
15. Intangible Assets – Computer Software
Cost -
2015
2014
$'000
$'000
At 1 April
119,525
110,442
Additions
5,357
9,083
168
-
125,050
119,525
Adjustment
At 31 March
Amortisation At 1 April
106,346
96,039
8,308
10,307
31
-
At 31 March
114,685
106,346
Net Book Value
10,365
13,179
Amortisation for the year
Adjustment
88
|
2014-2015
Page 32
31 March 2015
16. Biological Assets – Livestock
2015
2014
$’000
$’000
39,884
42,512
Increases due to purchases
8,553
6,265
Decrease due to harvesting
(60,823)
(47,332)
52,270
41,067
1,578
(2,628)
41,462
39,884
Beginning of the year
Gain arising due to physical change
Gain arising due to price changes
End of the year
The Trust’s fair value measurement of its biological assets at 31 March 2015 is classified under Level 2 of the
fair value hierarchy under IFRS 13, Fair Value Measurement. There were no transfers between any levels
during the period.
17. Inventories
Hotel supplies – Cardiff Hotel and Spa
(formerly Runaway Bay HEART Hotel and Training Institute)
Maintenance, training and office supplies
2014-2015
2015
2014
$’000
$’000
7,949
8,524
112,181
114,581
120,130
123,105
89
Page 33
31 March 2015
18. Receivables
2015
Trade receivables
Less: Provision for impairment
Prepayments
Advances on purchase of property, plant and equipment
Current portion of long term receivables (Note 13)
Staff loans
Security deposits
General Consumption Tax recoverable
Other
Less: Provision for impairment
$’000
85,179
(27,464)
57,715
36,267
2,996
4,162
12,820
34,632
11,049
101,926
(10,025)
149,616
2014
$’000
92,910
(25,336)
67,574
26,633
19,412
156
4,480
12,820
22,394
9,786
95,681
(12,350)
150,905
The fair values for trade and other receivables equal the carrying values. All receivables are recoverable within
twelve months.
19. Cash and Short Term Investments
2015
$’000
2014
$’000
Cash in hand and bank
178,054
296,121
Cash on deposit
581,124
261,346
2,208,006
1,744,511
2,967,184
2,301,978
17,919
5,419
2,985,103
2,307,397
Securities purchased under agreements to resell
Interest receivable
90
|
2014-2015
Page 34
31 March 2015
19. Cash and Short Term Investments (Continued)
Cash and cash equivalents include the following for the purposes of the statement of cash flows:
2015
$’000
2014
$’000
Cash in hand and bank
178,054
296,121
Cash on deposit
581,124
261,346
2,208,006
1,744,511
Securities purchased under agreements to resell
Bank overdraft
Interest receivable
(39,198)
(28,034)
2,927,986
2,273,944
17,919
5,419
2,945,905
2,279,363
Cash mainly comprises amounts held in current accounts which attract interest rates of 0.25% to 1.5%
(2014 – 0.25% to 0.55%) per annum.
The average effective rate on short term investments was 7.6% (2014 – 7.8%) per annum and these deposits have
an average maturity of 55 days (2014 – 52 days).
The accounting records of the Trust reflect a bank overdraft which results from cheques issued but not yet
presented to the bank. The Trust transfers cash from short-term deposits to its current accounts only when
required, a practice which results in a book overdraft occasionally. The Trust does not have an actual overdraft
with any of its bankers and no bank overdraft facilities are in place at year end.
20. Deferred Income Taxes
Deferred income taxes are calculated on all temporary differences under the liability method using a tax rate of
25% for the Trust. Liability recognised on the statement of financial position is as follows:
2015
2014
$’000
$’000
312,099
470,604
10,959
(158,722)
Charged to other comprehensive income for the year
158,842
217
Liability at end of year
481,900
312,099
Liability at beginning of year
Charged to profit or loss for the year
2014-2015
91
Page 35
31 March 2015
20. Deferred Income Taxes (Continued)
Deferred income tax assets and liabilities are due to the following items:
2015
2014
$’000
$’000
-
657
226,199
194,294
42,979
46,969
269,178
241,920
395
-
66,574
60,174
Interest receivable
4,480
2,828
Pension plan asset
679,629
491,017
751,078
554,019
481,900
312,099
2015
2014
$’000
$’000
226,199
194,294
4,480
2,828
Deferred income tax assets Biological assets
Employee benefit obligation benefits
Provisions
Deferred income tax liabilities Biological assets
Property, plant and equipment
Net deferred tax liability
The amounts shown in the statement of financial position include the following
Deferred tax assets to be recovered after more than 12 months
Deferred tax liabilities to be settled within 12 months
92
|
2014-2015
Page 36
31 March 2015
20. Deferred Income Taxes (Continued)
The deferred tax charged in the statement of comprehensive income comprises the following temporary
differences:
2015
$’000
2014
$’000
Charged to profit or loss for the year –
Employee benefits
(2,134)
(91,407)
Accelerated tax depreciation
6,400
(80,167)
Gain on valuation of biological assets
1,052
(5,153)
Provisions
3,990
18,242
Interest receivable
1,651
(237)
10,959
(158,722)
Charged to other comprehensive income for the year –
Employee benefits - Remeasurement of the post-employment benefit obligation
158,842
217
2015
$’000
943,413
48,667
131,453
1,123,533
2014
$’000
967,516
80,876
171,556
1,219,948
21. Payables
Accruals
Due to the Inland Revenue
Trade
The fair values for trade and other payables equal the carrying values. All payables are recoverable within twelve
months.
2014-2015
93
Page 37
31 March 2015
22. Due to Other Agencies
2015
2014
$’000
$’000
595
595
Enhancement Basic School
4,880
4,880
CSJIP – Granville
2,330
2,330
Jamaica Defence Force
116
116
HIV Alliance
221
214
ICT4D Jamaica Limited
203
203
1,985
2,818
Caribbean Tourism Organisation
606
606
Worldskills
874
874
2,164
2,164
-
2,571
Jamaica Reducing Reoffending Action Plan
623
623
Jamaica Social Investment Fund
729
1,626
Crooked River
834
10,863
Tourism Product Development Company
290
37
1,500
500
867
9
40
1,198
Red Stripe Jamaica Limited
1,620
1,725
UNICEF
1,788
-
200
-
54
-
632
-
4,727
-
27,878
33,952
Advancement of Childhood Education
Learning for Life
South Trelawny Eduskills Centre
Steps to Work
Trelawny Northern
Food for the Poor Limited
St. Ann North Western
West Central St. James
Y.U.T.E Build Project
Bridge JA/ JSIF
Ministry of Agriculture (STU)
94
|
2014-2015
Page 38
31 March 2015
23. Related Party Transactions
(a)
Transactions with related parties 2015
$’000
7,969
2014
$’000
7,042
2015
$’000
2014
$’000
67,867
64,743
Gratuity
3,503
1,936
Performance incentive
7,130
7,680
Payroll taxes – employer portion
6,687
6,264
Pension benefits
2,406
2,195
221
225
87,814
76,585
Directors’ fees
(b)
Key management compensation –
Salaries and other short-term employee benefits
Other
24. Special Financial Distribution/Transfers to the Consolidated Fund
As per the requirements of the Public Bodies (Financial Distribution) Regulations, 2012, the Trust has paid
$75,000,000 (2014- $22,240,000) as a special financial distribution to the Consolidated Fund.
2014-2015
95
Page 39
31 March 2015
25. Commitments
(a)
Approval for capital expenditure commitments to be incurred over the next year for which no provision has
been made in these financial statements is as follows:
Authorised and not contracted for
Authorised and contracted for
(b)
2015
$’000
2014
$’000
255,175
196,920
23,747
-
Lease commitments
The future aggregate minimum lease payments are non-cancellable operating leases is as follows:
No later than 1 year
2015
$’000
76,812
2014
$’000
90,032
Later than 1 year and no later than 5 years
57,678
353,400
Over five years
33,512
-
168,002
443,432
26. Contingent Liabilities
The Trust is subject to various claims, disputes and legal proceedings. Provision is made for such matters when,
in the opinion of management and its professional advisors, it is probable that a payment will be made by the
Trust, and the amount can be reasonably estimated.
In respect of the claims asserted against the Trust, which have not been provided for, management is of the
opinion that such claims are either without merit or can be successfully defended.
96
|
2014-2015
OUR
PEOPLE
EXECUTIVE MANAGEMENT TEAM
Wayne Wesley, Ph.D.
Colin Barnett
Denworth Finnikin
Errol Holmes
Jennifer Walker
Kevin Mullings
Marcia Rowe Amonde, Ph.D. Nicole Manning Tameisha Sinclair
-
Executive Director
Senior Director, Information Systems &
Technical Services
Senior Director, Workforce Development
& Employment
Senior Director, Human Resources &
Administration
Senior Director, National Council on Technical and Vocational Education and Training (NCTVET)
Senior Director, HEART Trust Fund
Senior Director, TVET Development & Support Systems
Senior Director, Corporate Planning &
Strategic Development
Legal Counsel
CORPORATE LEGAL SERVICES
Tameisha Sinclair
- Legal Counsel
OFFICE OF THE CORPORATE
SECRETARY
Melissa Scott
- Corporate Secretary
DIRECTORS
Allison Birch
Cecilla Mitchell Davy
Christine Edwards
2014-2015
- Labour Market Research & Intelligence
- Monitoring & Evaluation
- Human Resource Development
Cora Ricketts
DeWayne Pryce
Donna Gaynor-Lyn Fatt
Elizabeth Terry
Henry Gray, Ph.D.
Joan Nicholas
Kenneth Morrison
Kerron Lindo
Leighton Marks
Marva West-Williams
Mark Wallen
Michael Hamilton
Natalie Fearon
Nadine Roper Daley
Odette Brown
Paulette Shand, Ph.D.
Sarah Williams Baker
Sonia Lynch
Winston Fletcher
- Revenue Services
- TVET Rationalization Programme
- Quality Assurance, NCTVET (Acting)
- Special Projects and Community Training
Interventions
- Learning Management Services
- Administration
- Operational Planning &
Performance Monitoring
- Vocational Training Development Institute
- Information & Communication Technology
- Examination & Material Development (Acting)
- Business Development and Workforce Solutions
- Property Management
- Marketing & Communications
- Finance & Accounting
- TVET Consultancy and Institutional Capacity Building
- Occupational Standards (Acting)
- Chief Internal Auditor
- Human Resource Management
- Employment and Career Services
HEART College OF Innovation
& Technology
Georgette Shirley-Dyer
- Managing Director (Acting)
97
DIRECTOR/PRINCIPALS
Arden Grant
Andrew Walters
Aston Spencer
Carlene Smith
Colin Hitchman
Delize Williams
Novelette Denton Prince
Elain Holloway
Janet Dyer
Joan Findley
Robert Green
Vent Brown
- HEART Southeast Tvet Institute
- HEART College of Construction Services (Acting)
- HEART Northeast TVET Institute (Acting)
- HEART Eastern TVET Institute
- HEART Western TVET Institute (Acting)
- Vocational Training Development Institute (Acting)
- HEART College of Beauty Services
- HEART Southwest TVET Institute
- HEART College of Hospitality Services
- National Tool & Engineering Institute (Acting)
- Ebony Park HEART Academy
- HEART Northwest TVET Institute
SENIOR MANAGERS
Donovon Jones
Gresford Bennett
Jacqueline Solomon Wallder
Jerome Gardner
Keisha McKenzie
Marvia Morgan
Nichleshia Cole Byles
Nicole Chung
- VTDI Extension Sites
- Special Projects & Community Training
Interventions
- Administration (VTDI)
- Employee Relations
- Educational Technology (Acting)
- WDE Administration (Acting)
- Organizational Systems and Processes
- Risk & Compliance
Nursita Dunkley-Johnson
Sharon Graham -
98
|
TVET Consultancy & Institutional Capacity
Building
Office Administration
MANAGERS
Althea Samuels
Althea Smikle-Martin
Alton Lawrence
Andre J. Walker
Andrea Toussaint Andrew Mitchell
Barbara Vaughan
Beverley Clarke
Carol Nelson
Charmaine Dixon
Cheryll Stewart
Elizabeth Danvers
Erica Williams
Francaine Barrett
Fredrica Falconer-Webster
Gail Durrant
Heather Dillon
Heather Gordon
Ingrid Falconer
Jacqueline Lawson Kerr Janice Harrison
Jennifer Suberan Malabver
Judith Lewis Kacia Hanson
Keisha Smith
Kenrick Steele Kevin A. Walker
Lavern Kerr Harvey
Leecep Sterling
Linda Stewart-Doman
Margaret Maragh Marcia Facey-Green
Marketing & Communications
Employment & Career Services, NE Region
Monitoring & Evaluation
Procurement
Employment & Career Services, SE Region
WorldSkills
Purchasing (Acting)
TVET Consultancy and Institutional Capacity Building
Employment & Career Services, SW Region
Entrepreneurial Skills Development
Community Training Intervention, SE Region
Career Development Services
Community Training Intervention, SW Region
Human Resource Management Information
System
Workforce Solutions, Northern Region
Workforce Solutions – NW Region
Library Services
Community Training Interventions, SE Region
Media Services
Labour Market Research
Human Resource Policies and Programmes
Technical Services, ICT
Community Training Interventions, SE Region
- Quality Assurance (Acting)
- Systems Development
- Monitoring & Evaluation
- Revenue Services
- Standards & Assessment, NCTVET (Acting)
2014-2015
Marlene Green
Marsha Grant
Michelle Walford
Michael Campbell
Monica Porter Lewis Natalee Plunkett
Nathalee Stephenson Crawford
Natalie Ferreira Reid Nicole Berry
Opal Lynch
Owen Laing
Patricia Johnson Small Paulette Bookall
Priscilla Deans
Sandra Richards Wollaston
Samantha Robinson-Edwards
Sanjay Kumar Padmanabhan
Sharon Gordon
Sherrie Johnson
Shorna Newsome-Myrie Sonia Ingleton Suzanne Scarlett Verlia Bogle
Wayne Battiste
Wessel Brissett
William Malabver
Yvette Batchelor 2014-2015
Operations Manager, HCHS (Acting)
Corporate & Media Affairs
Learning Resources, Design & Development
Workforce Solutions, SE Region
TVET Consultancy and
Institutional Capacity
Building Information/Promotion, NCTVET
Workforce Solutions, SW Region
Community Training Intervention, North
Eastern Region
Programmes Manager - WDE
Exam Administration, NCTVET (Acting)
Organizational Records &
Information Management
INSTITUTIONAL MANAGERS
Ande Francis
Carol Clarke
Delmarie Rowe Lewis
Dwayne Bent
Ivolyn Kirlew Dillon
Jennifer Tomlinson
Hoffman Grant Kenesha Campbell
Kerry-Ann Duhaney Palmer
Kevin Beale
Kimona Hudson
Marlon Singleton
Simone Martin
Olga James
Orville Plummer Yvonne Beckford Hewitt
- Jamaican German Automotive School (JAGAS) (Acting)
- HEART Northwest TVET Institute, Cornwall
Automotive Campus
- HEART Southwest TVET Institute, Black River
- HEART Southwest TVET Institute, Derrick Rochester Campus
- Petersfield VTC
- Beechamville VTC
- HEART Eastern TVET Institute, Lluidas Vale VTC (Acting)
- Buff Bay VTC (Acting)
- HEART Eastern TVET Institute, Above Rocks VTC
- Old Harbour VTC
- Culloden VTC
- Rockfort VTC (Acting)
- HEART Northwest TVET Institute, Falmouth VTC
- HEART Northwest TVET Institute, Granville VTC
- Learning for Earning Activity Programme (LEAP)
- Boys’ Town VTC
Business Intelligence &
Decision Support
Administration & Support Services
Secretariat and Promotions, NCTVET
Employment & Career Services, NW Region
Human Resource
Safety & Security
- Management Information Systems
- Community Training Intervention, SW Region
- Community Training Intervention, NW Region
- Operations Manager, ISTS
- Revenue Services
99
OUR
Locations
Corporate Office
6B Oxford Road, Kingston 5
Telephone: (876) 929-3410, 960-7635-6
Fax: (876) 929-0849
National TVET Centre
Gordon Town Road, Kingston 7
Telephone: (876) 977-1700-5
Regional Offices
South-Eastern Regional Office
7 Ripon Road
Kingston 5
Telephone: (876) 968-4432, 968-4441,
968-7488-9
Fax: (876) 968-4443
North-Eastern Regional Office
45 Main Street, St. Ann’s Bay, St. Ann
Telephone: (876) 968-4432, 968-7488-9
Fax: (876) 968-4443
South-Western Regional Office
Shops 1 & 2, Lot 18 Caledonia Mall
3 1/2 Caledonia Road
Mandeville, Manchester
Telephone: (876) 962-0543, 962-3393
Fax: (876) 962-3888
North-Western Regional Office
11 Dome Street, St. James
Telephone: (876) 952-4967, 952-0172,
952-0172
Fax: 952-0321
100
|
Regional Sub Offices
Spanish Town
Shop 1, 32 Brunswick Avenue
Spanish Town, St. Catherine
Telephone: (876) 943-9817
Fax: (876) 907-4337
Santa Cruz
Shops 7-10 Cruz Business Centre
Institution Drive, Santa Cruz
St. Elizabeth
Telephone: (876) 966-9710
Fax: (876) 966-4578
Savanna-la-mar
6 Rose Street, Williams Plaza
Savanna-la-mar, Westmoreland
Telephone: (876) 955-2928
Fax: (876) 955-4481
Morant Bay
14A Queens Street, Morant Bay , St. Thomas
Telephone: (876) 982-1215
Fax: (876) 703-6456
May Pen
22A Manchester Avenue
May Pen, Clarendon
Telephone: (876) 986-6172
Fax: (876) 902-5523
Port Antonio
Shop # 7 West Harbour Plaza, West Street
Port Antonio, Portland
Telephone: (876) 993-4178
TeleFax: (876) 993-9366
2014-2015
NOTES
2014-2015
101
HEART Trust/NTA
An Agency of the Ministry of Education
Head Office
6B Oxford Road, Kingston 5
Toll Free: 1(888) 423-7868
Tel: (876) 929-3410 | (876) 960-7635-6
Fax: (876) 929-0849
www.heart-nta.org

Annual Report 2014

Transcription

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