HEART TRUST/NTA · HEART coNTeNTs 05 Message from the Minister of Education 06 Chairman’s Message...

An Agency of the Ministry of Education

HEART TRUST/NTA

HEARTL o v E w h A t y o u D o w i t h A L L y o u r

Endless Possibilities

The hearT of success!

VIsIoNA Jamaican workforce trained and certified to

international standards stimulating employment-creating investment, contributing to the improved

productivity, competitiveness and prosperity of individuals, enterprises and the nation.

MIssIoNthe 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.

Heart trust/Nta annual report 32014-2015 |

HEARTcoNTeNTs05 Message from the Minister of Education06 Chairman’s Message

08 Board of Directors 10 Board Sub-Committees 11 Corporate Governance report13 Audit Committee report15 Board of Directors’ Compensation

16 Executive Director’s report21 Executive Management team 22 Executive Compensation

24 Brian Lumley: world Class Chef and Entrepreneur26 Performance of the National training System32 Economic Growth Symposium: Creating an integrated Strategy34 Pauline hinds-Fullerton…Finds her Purpose 36 Special Projects:36 • SENAI-HEART Trust/NTA Technical Agreement reaps Success

37 • YUTE Build Uplifting Youth38 • HEART Stands Up for Jamaica

39 worldSkills Jamaica44 Keshon hawthorne – wardrobe Stylist Par Excellence45 NtEi Leads Proactive Approach to Energy Sector Labour Demand46 hEArt intensifies Efforts to Spur Development through StEM47 Aunty Nancy’s Products 48 the registered Apprenticeship Programme 50 Lucien Smith Excels at Sandals hotel Chain51 Shorna Newsome Myrie - values icon 201452 Monique Morgan is Simply Majestic54 iMF visits hEArt College of Construction Services55 Financial Statement and Accompanying Notes

97 our People100 our Locations

Heart trust/Nta annual report4 2014-2015|

the 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.

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!

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 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, JPMinister of Education

The agency has provided

certification in a vast array of skill areas for approximately

21,977 trainees for the 2014-

2015 fiscal year

Message from the

Minister of Educationhon. rev ronald thwaites, MP, JP


Chairman’sMessageDr Moses Peart

the 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 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 (2015-16), 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

The Board also established

the risk Management & compliance Department;

and developed a new Board evaluation

process and related instruments.


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.

• 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


Mr Anthony Ewbanks Mr Gresford Smith

Dr Pauline Knight Mr Clement radcliffe

boARdof DIrecTors

Dr Moses PeartChairman

L-r: Ms verica Bennett

reverend FatherKingsley Asphall

Dr Fritz Pinnock


boARd

L-r: Mr rickert Allenvice Chairman

Mr Cedric McCulloch Mr Steven whittingham Brigadier rocky Meade

Mr Donald Gittens Senator ruel reid

Mr Barrington whyte Professor Gossett oliver

Mr Adrian Spencer


auDITMr Barrington whyte - ChairmanMr ruel reid - MemberMs Nicola reid - MemberMr Courtney Miller - MemberMs rosemarie A. henry - MemberMr Donald Gittens - MemberMrs Carlene Ferguson - MemberMs hope wint - Member

corPoraTe GoVerNaNceMr rickert Allen - ChairmanDr Pauline Knight - MemberBrigadier rocky Meade - MemberMr Michael tucker - MemberMrs Janelle M. Leiba - Member

fINaNceMr Steven whittingham - ChairmanMr Adrian Spencer - MemberMr Barrington whyte - MemberDr Fritz Pinnock - MemberMr robert Clarke - MemberMr Lenworth taylor - Member

huMaN resourceMr Gresford Smith - Chairmanrev Father Kingsley Asphall - MemberMr ruel reid - MemberDonald Gittens - MemberMr Michael Jones - Member

INforMaTIoN coMMuNIcaTIoN TechNoLoGYMr Adrian Spencer - ChairmanMr Peter Brown - MemberMr omar Downie - MemberMr Anthony Ewbanks - MemberProf Gossett oliver - MemberMr Carlton Samuels - Member

ProJecTs & ProGraMMesBrigadier rocky Meade - ChairmanMs verica Bennett - MemberMr Anthony Ewbanks - MemberDr Fritz Pinnock - MemberMs Avril ranger - Member

sTaKehoLDer INTerfaceDr Pauline Knight, CD - Chairmanrev Father Kingsley Asphall - MemberDr Charles Douglas - MemberMr Cedric McCulloch, CDM - MemberMr Clement radcliffe - Member

suB-coMMITTeesApril 2014-March 2015

boARd


Corporate Governance committee reportMr rickert Allen, Chairman

the 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:

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:

• 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.

• 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

from the members. Specialised functions and responsibilities of the Board were delegated to the seven Board Committees namely: Audit, Corporate Governance, Finance, human resources,

boARd


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.

Styled with all my

hearT


Keshon Hawthorne

Audit Committee reportMr Barrington whyte, Chairman

During 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 Non-Executive 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.


• 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 convened six meetings during the period and achieved the following:

• 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

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.

The Committee reviewed twenty (20) Internal Audits during the period in the following categories:


Noteswhere 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.

of DIrecTors coMPeNsaTIoNApril 2014-March 2015

boARdPosITIoN

of DIrecTor

fees($)

MoTor VehIcLe uPKeeP/

TraVeLLING or VaLue of assIGNMeNT

of MoTor

VehIcLe($)

hoNorarIa($)

aLL oTher coMPeNsaTIoN

INcLuDING 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


ExecutiveDirector’sreportDr wayne wesley

aN INTeGraTeD, fLeXIBLe aND resPoNsIVe TVeT sYsTeM: ToWarDs WorKforce aND

ecoNoMIc DeVeLoPMeNT

the 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.

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.

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.

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.


MIcro sMaLL aND MeDIuM eNTerPrIse (MsMe) suPPorTin 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.

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

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 ParTNershIPshistorically, 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.

Dr wayne wesley (right), greets Minister of Finance & Planning, Dr the hon. Peter Phillips as Dr Moses Peart, Board Chairman looks on.


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

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

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

Dr wayne wesley addresses guests at the Briefing Session on the National unattached youth Programme.


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

be accessed at http://lmip.heart-nta.org.

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 sTraTeGIesthe hEArt trust/NtA in its quest to become a “Lean organisation” reducing or eliminating waste

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 fuNDthe 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

(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.


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


MaNaGeMeNT TeaM

Dr Wayne WesleyExecutive Director

Mrs Nicole Manning Senior Director, Corporate Planning & Strategic Development

Mr Denworth Finnikin Senior Director, workforce Development & Employment

Mr Colin BarnettSenior Director, information Systems & technical Services

Mrs Tameisha SinclairLegal Counsel

Dr Marcia Rowe-Amonde Senior Director, tvEt Development & Support Systems

Mr Errol HolmesSenior Director, human resources & Administration

Ms Jennifer Walker Senior Director, National Council on technical vocational Education & training

Mr Kevin MullingsSenior Director, hEArt trust Fund

L-r:

EXECUTIVE


coMPeNsaTIoN(April 1, 2014 – March 31, 2015)

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($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($)

Executive Director 01/04/14 - 31/03/15

8,773,844 1,143,590.71 2,165,891 975,720 - 61,525 296,624 - - 25,000 13,442,195 12,466,475 37,500 373,994 435,014 - 14,288,703

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 - 25,000 8,462,797 7,487,077 37,500 224,612 241,761 325,276 9,291,946

Senior Director wDE

01/04/14 - 31/03/15

5,421,796 727,145 - 975,720 271,090 61,525 372,606 411,281 25,000 7,995,074 7,019,354 37,500 210,581 234,877 325,308 8,803,339

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 - 25,000 9,127,385 8,151,665 37,500 244,550 272,835 382,661 10,064,931

Senior Director h/r & A Note 2

01/04/14 - 31/03/15

5,792,213 325,812 - 975,720 - 61,525 368,685 - - 10,417 7,534,371 6,558,651 37,500 196,760 228,240 - 7,996,871

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 - 25,000 5,280,010 4,916,051 15,625 147,482 171,515 - 5,614,631

Legal Counsel Note 4

14/08/14 - 31/03/15

2,746,820 148,147 - 573,610 - - 110,949 - - 10,256 3,589,782 3,016,172 25,000 90,485 104,691 - 3,809,958

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 - 25,000 7,891,239 6,915,519 37,500 207,466 235,116 192,500 8,563,820

Senior Director iStS

01/04/14 - 31/03/15

6,389,340 854,574 - 975,720 638,934 61,525 341,949 - - 25,000 8,648,108 7,672,388 37,500 230,172 244,858 383,360 9,543,999

Senior Director CPSD

01/04/14 - 31/03/15

4,746,987 557,389 - 975,720 474,699 61,525 383,087 - - 25,000 6,749,708 5,773,988 37,500 173,220 184,163 284,819 7,429,410

Grand total: 53,548,708 7,130,400 3,502,556 8,743,329 2,406,150 515,150 2,922,904 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

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 01/10/145. officer acted for the period 01/04/14 -31/03/15


EXECUTIVEPosITIoN of

seNIor eXecuTIVeYear saLarY

PerforMaNceINceNTIVe

GraTuITYTraVeLLINGaLLoWaNce

PeNsIoN or oTher

reTIreMeNT BeNefITs

uNIforM PeTroL

PaYMeNT IN LIeu of VacaTIoN

LeaVe

NoN-cashBeNefITs oTher suB- ToTaL TaXaBLe

GrossNIs

eMPLoYer’s cosT

NhT eMPLoYer’s

cosT

eD/TaX eMPLoYer’s

cosT

PeNsIoN eMPLoYer’s

cosTGraNDToTaL

($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($) ($)

Executive Director 01/04/14 - 31/03/15

8,773,844 1,143,590.71 2,165,891 975,720 - 61,525 296,624 - - 25,000 13,442,195 12,466,475 37,500 373,994 435,014 - 14,288,703

Senior Director - t.D.S.S - Note 1

01/04/14 - 31/03/15

5,606,916 1,097,847 - 975,720 542,127 61,525 284,507 411,281 - 25,000 8,462,797 7,487,077 37,500 224,612 241,761 325,276 9,291,946

Senior Director - w.D.E

01/04/14 - 31/03/15

5,421,796 727,145 - 975,720 271,090 61,525 372,606 411,281 25,000 7,995,074 7,019,354 37,500 210,581 234,877 325,308 8,803,339

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 - 25,000 9,127,385 8,151,665 37,500 244,550 272,835 382,661 10,064,931

Senior Director - h/r & A Note 2

01/04/14 - 31/03/15

5,792,213 325,812 - 975,720 - 61,525 368,685 - - 10,417 7,534,371 6,558,651 37,500 196,760 228,240 - 7,996,871

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 - 25,000 5,280,010 4,916,051 15,625 147,482 171,515 - 5,614,631

Legal Counsel - Note 4

14/08/14 - 31/03/15

2,746,820 148,147 - 573,610 - - 110,949 - - 10,256 3,589,782 3,016,172 25,000 90,485 104,691 - 3,809,958

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 - 25,000 7,891,239 6,915,519 37,500 207,466 235,116 192,500 8,563,820

Senior Director - i.S.t.S

01/04/14 - 31/03/15

6,389,340 854,574 - 975,720 638,934 61,525 341,949 - - 25,000 8,648,108 7,672,388 37,500 230,172 244,858 383,360 9,543,999

Senior Director - CPSD

01/04/14 - 31/03/15

4,746,987 557,389 - 975,720 474,699 61,525 383,087 - - 25,000 6,749,708 5,773,988 37,500 173,220 184,163 284,819 7,429,410

Grand total: 53,548,708 7,130,400 3,502,556 8,743,329 2,406,150 515,150 2,922,904 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


FroM hEArt trAiNEE to

worLD-CLASS ChEF AND ENtrEPrENEur

“The Japan experience was my stepping stone to further success. I saw myself not just as a Jamaican success but as a global success. ”

BrianLuMLeY


in 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.

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.”


PERfoRmAnCE of THE HEART TRUST/nATIonAl TRAInIng AgEnCY

the 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 PLaceMeNTFor 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.

cerTIfIcaTIoNFor 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 TYPesschooLs & PrIVaTe ProVIDers

hearTacTuaL cerTIfIcaTIoN

aNNuaL PLaNNeD cerTIfIcaTIoN

aNNuaL % VarIaNce

NvQ-J Level 5 - - - - -NvQ-J Level 4 - 233 233 346 -33%NvQ-J Level 3 52 2,847 2,899 3,828 -24%NvQ-J Level 2 236 7,723 7,959 9,559 -17%NvQ-J Level 1 2,064 2,831 4,895 7,350 -33%Sub-Total NVQ-J 2352 13,634 15,986 21,083 -24%Post Graduate Diploma - 96 96 138 0%Bachelor’s Degree - 32 32 53 0%undergraduate Diploma - 114 114 182 0%Associate Degree - 12 12 22 0%Certificate - 535 535 313 71%Sub-Total Tertiary - 789 789 708 11%Joint Certification 13 328 341 933 -63%Statement of Competence - 3,113 3,113 4,430 -30%other Certificate - 1,748 1,748 1,494 17%Sub-Total Other 13 5,189 5,202 6,857 -24%GRAND TOTAl 2,365 19,612 21,977 28,648 -23%


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 PLaNNeDrAtio hiGhEr : LowEr hiGhEr : LowErCErtiFiCAtioN 37 trainees to 100 39 trainees to 100higher 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.

eNroLMeNTthe enrolment in all programmes for the review period was 72,750, with 60,914 or 84%

being hEArt entities and 11,836 or 16% being secondary schools and private providers.

secTor2 acTuaL PLaNNeD % VarIaNceAGriCuLturE 349 1,188 -71%CoNStruCtioN 2,766 3,419 -19%CrEAtivE iNDuStriES 175 370 -53%iCt 1,207 2,211 -45%MANuFACturiNG 510 897 -43%SErviCES 6,413 7,173 -11%BuSiNESS SErviCES 4,478 4,793 -7%DiStriButioN 18 149 -88%FiNANCiAL iNtErMEDiAtioN 89 138 -36%othEr SErviCES 1,828 2,093 -13%touriSM 5,365 5,082 6%othEr3 2,827 2,566 10%GRAND TOTAl 19,612 22,906 -14%

1 Certification ratio includes only NVQ-J and tertiary programmes.2 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.

table 3: hEArt trust/NtA Certification by vision 2030 Priority Sector


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

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 4: hEArt trust/NtA Enrolment by Qualification types and Levels

QuaLIfIcaTIoN TYPes

schooLs & PrIVaTe ProVIDers

hearTacTuaL

eNroLMeNT

aNNuaL PLaNNeD

eNroLMeNT

aNNuaL % VarIaNce

NvQ-J Level 5 0 9 9 35 -74%NvQ-J Level 4 4 932 936 1,123 -17%NvQ-J Level 3 182 8,917 9,099 8,358 9%NvQ-J Level 2 1,376 24,535 25,911 20,575 26%NvQ-J Level 1 10,261 10,574 20,835 18,473 13%Sub-Total NVQ-J 11,823 44,967 56,790 48,564 17%Post Graduate Diploma 0 453 453 480 -6%Bachelor’s Degree 0 383 383 396 -3%undergraduate Diploma 0 1,108 1,108 898 23%Associate Degree 0 154 154 128 20%Certificate 0 1,066 1,066 886 20%Sub-Total Tertiary 0 3,164 3,164 2,788 13%Joint Certification 13 535 548 1,029 -47%Statement of Competence

0 9,348 9,348 7,347 27%

other Certificate 0 2,900 2,900 2,076 40%Sub-Total Other 13 12,783 12,796 10,452 22%GRAND TOTAl 11,836 60,914 72,750 61,804 18%

table 5: hEArt trust/NtA Enrolment by Qualification types and Levels

QuaLIfIcaTIoN TYPes

PaThWaYNo.

DeferreD TraINING

No. TerMINaTIoN

No. cerTIfIeD

acTuaL eNroLMeNT

aNNuaL PLaNNeD

eNroLMeNT

aNNuaL % Var

No. IN TraINING &

assessMeNT

No. IN assessMeNT

oNLY

suB-ToTaL

NvQ-J Level 5 - - 6 3 - 9 35 -74%NvQ-J Level 4 352 27 379 58 266 229 932 1,123 -17%NvQ-J Level 3 3,220 121 3,341 408 2,415 2,753 8,917 8,177 9%NvQ-J Level 2 5,456 399 5,855 1,724 9,393 7,563 24,535 18,643 32%NvQ-J Level 1 1,801 126 1,927 1,024 4,857 2,766 10,574 8,812 20%Sub-Total NVQ-J 10,829 673 11,502 3,220 16,934 13,311 44,967 36,790 22%Post Graduate Diploma 286 286 1 74 92 453 480 -6%

Bachelor’s Degree 223 223 18 110 32 383 396 -3%undergraduate Diploma 621 621 3 373 111 1,108 898 23%

Associate Degree 52 52 20 70 12 154 128 20%Certificate 244 45 289 29 229 519 1,066 886 20%Sub-Total Tertiary 1,426 45 1,471 71 856 766 3,164 2,788 13%Joint Certification 13 - 13 41 153 328 535 243 120%Statement of Competence 850 90 940 1,092 4,206 3,110 9,348 7,347 27%

other Certificate 497 12 509 80 583 1,728 2,900 2,076 40%Sub-Total Other 1,360 102 1,462 1,213 4,942 5,166 12,783 9,666 32%GRAND TOTAl 13,615 820 14,435 4,504 22,732 19,243 60,914 49,244 24%


table 6:hEArt trust/NtA higher to Lower Level ratio in Enrolment

acTuaL PLaNNeD

rAtio hiGhEr : LowEr hiGhEr : LowErENroLMENt 0.37:1 0.44:1higher Level Programmes (Levels 3 - 5): Lower Level Programmes (Levels 1 & 2)

table 7: hEArt trust/NtA Enrolment by vision 2030 Priority Sector

secTor acTuaL PLaNNeD % VarAGriCuLturE 1,216 2,660 -54%CoNStruCtioN 8,141 8,097 1%CrEAtivE iNDuStriES 434 821 -47%iCt 5,770 5,242 10%MANuFACturiNG 1,347 1,938 -30%MiNiNG & QuArryiNG 0 0 0%SErviCES 21,869 14,956 46%

• BUSINESS SERVICES 15,509 9,393 65%

• DISTRIBUTION 135 435 -69%

• FINANCIAL INTERMEDIATION 441 511 -14%

• OTHER SERVICES 5,784 4,617 25%

SPortS 0 0 0%touriSM 14,632 9,889 48%othEr5 7,505 5,641 33%GRAND TOTAl 60,914 49,244 24%

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.

2% 2%1% 36%13%12% 10%24%

Figure 1: hEArt trust/NtA Enrolment by vision 2030 Priority Sector

Tourism Other (Non-Vision skills)

Agriculture Construction CreativeIndustries

ICT Manufacturing Services


WorKforce coLLeGes aND TVeT INsTITuTesFor 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 ParTNershIPsthe 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 agro-processing, 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).

Additionally, some existing strategic partnerships which were established during the 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 sYMPosIuMthe 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 INTeGraTIoNDuring 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


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 DeVeLoPMeNTDuring 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 INforMaTIoNDuring 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.

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

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 web-based 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 MaNaGeMeNTthe 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.


EConomIC gRowTH SYmPoSIUm: creaTING aN INTeGraTeD sTraTeGY

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.

As 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.

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 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.

it was held under the theme “Economic Growth through MSMEs: Creating an integrated Strategy.”

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 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 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.

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.


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.

My Heart’sDesIGN


Monique Morgan

PAulINE HINDS-FullERTONhearT heLPs TraINee TurNeD eDucaTor To fIND her PurPose

Pauline 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

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 NtA- runaway Bay training institute) in 2011. After

“HEART was my saving grace because I was able to acquire a skill that had always intrigued me. This skill was garment technology ”


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.

“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.”


HUgE STRIdES aT hearT coLLeGe of coNsTrucTIoN serVIcesseNaI-hearT TrusT/NTa TechNIcaL aGreeMeNT reaPs success

Mr Andrew walters, Director/ Principal (Actg) presents a hEArt trust/ NtA certificate of participation to the Ms Natalia deSouza, telecommunications instructor, SENAi, Brazil.

hEArt trust/NtA instructors and Ministry of Education teachers (participants in the SENAi training exercise) at the hEArt College of Construction Services (hCCS) auditorium.

Special ProJecTs

Five 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 multi-million dollar development programme to enable the College to provide higher level workforce training and certification.

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.

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

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


UPlIfTIng YoUTH ThrouGh TraINING aND eMPLoYMeNTY.u.T.e BuILD ProJecT - MaKING a DIffereNce

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.

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

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.

there is heightened optimism that there will be a second phase of the agreement which would have an excellent foundation on which to build.

the 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.

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.

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.


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.

HEART SUPPoRTS STAndS UP foR JAmAICAheLPs reINTeGraTIoN of INMaTes INTo socIeTY

the 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.

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.

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,

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.

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.

Another component of the programme was a two-day 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.

A second phase of the Stand up for Jamaica Proj-ect is being proposed for the next financial year to build on the overwhelming successes during the review period.


JamaicaworldSkills 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 2014the 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

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.


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.

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.

Ministry of Education teachers “Now this is how we do it”

worldSkills 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”.

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:

woRldSkIllS JAmAICA shINes aT The JcDc 2014 DuTchIe cuLINarY fesTIVaL


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.

• 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

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.

the event was featured in the Jamaica observer on thursday, August 7, 2014.

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.


noRTH EAST TVET ClUSTER (PorT MarIa caMPus) hosTs NeW WorLDsKILLs JaMaIca cLuBs

General Construction trainees demonstrating the safety rule for capentry.

worldSkills 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 “try-A-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.

Club members carrying out drywall and plastering “try-A-Skill” activities.


TRY-A-SkIll

worldSkills Jamaica facilitated “try-A-Skill” 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

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.


KESHON HAWTHORNE WarDroBe sTYLIsT Par eXceLLeNce

F 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 first-hand 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.

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.

“ 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”


nATIonAl Tool And EngInEERIng InSTITUTE (nTEI) LeaDs ProacTIVe aPProach To eNerGY secTor LaBour DeMaND

trainees testing and verifying panel short circuit current, open circuit voltage and the effect of shading on Pv panels.

NtEi instructor, Joseph Lunan, in training at St Lawrence College installing a 2kw grid tie photovoltaic system.

the 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.

Participants in the programme all had prior employment and entrepreneurship experience

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.


HEART InTEnSIfIES EffoRTS To sPur DeVeLoPMeNT ThrouGh sTeM - $250M BoosT for TVeT aT The TerTIarY LeVeL

sLB cheQue haNDoVerL-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).

As 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.

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.

with the growth of emerging technologies and the need for technically skilled and competent workers,

the StEM programme has been introduced to accelerate efforts to create a workforce that is capable of taking advantage of new opportunities.

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).

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.

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.


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

“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”

what 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,

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.


THE REgISTEREd APPREnTICESHIP PRogRAmmE (RAP)uP To 1500 NeW aPPreNTIces To Be eNGaGeD BY 2015/16

the 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 on-the-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

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.

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.

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.

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.


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

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.


luCIEN SMITH eXceLs aT saNDaLs hoTeL chaIN afTer TraINING aT eBoNY ParK

“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”

having 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.

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.


HEART TRUST VAlUES ICon shorNa NeWsoMe-MYrIe INfuses VaLues INTo aGeNcY’s cuLTure

the 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 Newsome-Myrie.

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 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.

I BeLIeVe as LeaDers We

are charGeD WITh The

resPoNsIBILITY of INsPIrING

our TeaM MeMBers aND

acTING as roLe MoDeLs

ourseLVes


GARmEx TuRns TEEn fAsHIonIsTA’s dREAms InTo REAlITy

MONIQuE MORGAN Is sIMPLY MaJesTIc

“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”

ralph 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.”

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 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

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 first-class, world-class programme which provided me a launch pad for a successful career in fashion,” noted Monique.

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.”

After graduating from Garmex in 2011, Monique has been creating waves in the industry. She plunged herself into the world of fashion with


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.”

Endless Possibilities

The hearT of success!


THE Imf VISITS THE HEART CollEgE of ConSTRUCTIon SERVICES

in 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.

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.

Ms Lagarde viewing alternative power display by the National tool & Engineering institute. She turns the switch confirming power supply.

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.


HumanEmployment and Resource Training Trust

Financial Statements 31 March 2015

56 independent 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

TrusT

fInAnCIAl STATEmEnTS 31 March 2015

HEART


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


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


Human Employment and Resource Training Trust Statement of Comprehensive Income Year ended 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated)

2015 2014

Note $’000 $’000 Income

Employers 3% contribution 8,346,482 7,550,425

Finance income 5 257,195 193,312

Institutional earnings 600,415 630,999

Profit on sale of property, plant and equipment 5,499 2,181

Other income 6 92,300 31,298

9,301,891 8,408,215

Expenses

Property costs 1,946,745 1,995,618

Administration staff costs 1,429,557 1,517,608

Other operating costs 348,686 323,859

Direct training costs 4,199,753 3,730,398

7,924,741 7,567,483

Surplus before Taxation 1,377,150 840,732

Taxation 9 (277,941) (91,316)

Net Surplus 1,099,209 749,416

Other Comprehensive Income, net of taxes -

Items that will not be reclassified to profit or loss:

Post-employment benefits 635,342 868

Deferred tax on post-employment benefits (158,842) (217)

TOTAL COMPREHENSIVE INCOME 1,575,709 750,067


Human Employment and Resource Training Trust Statement of Changes in Financing Year ended 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated)

Total

$’000

Balance at 1 April 2013 4,050,574

Net surplus , being total comprehensive income for the year 750,067

Building additions capitalised 2,983

Transfers to the Consolidated Fund (22,240)

Balance at 31 March 2014 4,781,384

Net surplus , being total comprehensive income for the year 1,575,709

Assets donated 15,593

Transfers to the Consolidated Fund (Note 24) (75,000)

Balance at 31 March 2015 6,297,686


Human Employment and Resource Training Trust Statement of Cash Flows Year ended 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated)

Note 2015 2014 $’000 $’000

Cash Flow from Operating Activities Surplus for year 1,099,209 749,416 Adjustments for:

Amortisation 15 8,308 10,307 Changes in employee benefits 8,515 (22,287) Depreciation 10 270,329 402,660 Exchange gains on foreign currency balances (19,275) (38,367)Gain on sale of property, plant and equipment (5,499) (2,181) Income tax charge 9 277,941 91,316 Interest income 5 (233,759) (148,389) Property, plant and equipment/intangible assets adjustments 10/15 (7,898) 111

1,397,871 1,042,586 Changes in operating assets and liabilities:

Biological assets (1,578) 2,628 Inventories 2,975 (22,153)Receivables 13,641 (5,962)Payables (96,415) (219,435)Due to other agencies (6,074) 5,719

1,310,420 803,383 Taxation paid (124,349) (15,625)Taxation withheld (51,901) (20,105)Cash provided by operating activities 1,134,170 767,653 Cash Flows from Investment Activities Expenditure on construction in progress (29,098) (68,891)Interest received 227,140 150,704 Long term receivables repaid 369 997 Proceeds from sale of property, plant and equipment 5,499 2,181 Purchase of intangible asset 15 (5,357) (9,083)Purchase of investments, net (248,178) (42,321)Purchase of property, plant and equipment 10 (362,278) (226,259)Cash used in investing activities (411,903) (192,672)Cash Flows from Financing Activity Appropriations to the Consolidated Fund (75,000) (22,240)Cash used in financing activity (75,000) (22,240)Effects of exchange rate changes on cash and cash equivalents 19,275 7,413 Increase in cash and cash equivalents 666,542 560,154 Cash and cash equivalents at beginning of year 2,279,363 1,719,209 CASH AND CASH EQUIVALENTS AT END OF YEAR 19 2,945,905 2,279,363


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 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 yearCertain 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.


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 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.



(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.



(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.



(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 25% Computers and software 33 ⅓% Furniture, fixtures and equipment 10% - 20% Utensils 20% Leasehold improvements 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.



(h) Employee benefits Pension plan The Trust operates a defined benefit plan. The plan is generally funded through payments to a trustee-administered 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.



(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.



(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.


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 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.



(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:

2015$’000

2014$’000

Government of Jamaica 444,872 502,413

Financial institutions 3,114,637 2,025,647

3,559,509 2,528,060

Interest receivable 17,919 11,308

3,577,428 2,539,368



(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

Over 90 days 31,002 30,890

Movement analysis of the provision for impairment of trade receivables 2015 2014 $’000 $’000

At 1 April 25,336 27,743

Provision for receivables impairment 6,924 1,459

Receivables written off during the year as uncollectible (4,796) (3,866)

At 31 March 27,464 25,336 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.



(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.



(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:

2015 2014 US$’000 US$’000

Cash 570 1,291

Short term investments 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

RateEffect on Surplus

% Change in Currency

Rate Effect on Surplus

2015 2015$’000

2014 2014$’000

Currency: USD – Revaluation 1 (35) 1 (41)USD – Devaluation 10 346 15 618

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.



(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 2014

Carrying Amount

Fair Value

Carrying Amount

Fair Value

$’000 $’000 $’000 $’000 Loans receivable (including current portion) - - 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.


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 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.


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 5. Finance Income

2015 2014 $’000 $’000 Interest 233,759 148,389

Foreign exchange gain 23,436 44,923

257,195 193,312

6. Other Income 2015 2014 $’000 $’000Miscellaneous 82,343 21,928

Grants received 5,307 3,620

Rental income 4,650 5,750

92,300 31,298

7. Expenses by Nature 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 Computer supplies and services 52,889 55,221 Consultants’ fees 245 399 Depreciation and amortisation (Note 10/Note 15) 278,638 412,967 Directors’ fees 7,969 7,042 Facilities costs 1,668,102 1,582,651 Legal and professional fees 216,924 208,379 Other operating expenses 61,577 50,050 Other training costs 603,542 573,954 Personnel/administration costs (Note 8) 3,560,441 3,536,216 Seminars and conferences 20,883 24,093 Subventions 1,030,553 715,228 Trainee allowances and other expenses 275,432 269,517 Travelling 54,370 52,370 7,924,741 7,567,483


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 8. Personnel/Administration Costs

2015 2014 $’000 $’000

Wages and salaries 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

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%:

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


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 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:

2015 2014 $’000 $’000

Surplus before tax 1,377,150 840,732

Tax calculated at a rate of 25% 344,288 210,183

Adjusted for the effects of:

Expenses not allowed 544 208

Effect due to change in tax rate - (117,651)

Net effect of other charges and allowances (614) (1,424)

Total income tax payable 344,218 91,316

Less: Employment tax credit (66,277) -

Income tax expense 277,941 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.


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 10. Property, Plant and Equipment

Land

Buildingsincluding

AcademiesMotor

Vehicles Computers

Furniture, Fixtures &

Equipment

Leasehold Improvement

Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000 At Cost -

1 April 2013 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

31 March 2014 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

31 March 2015 45,800 1,958,295 152,046 998,029 1,727,694 7,749 4,889,613

Depreciation -

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

Charge for the year - 47,358 16,630 95,920 110,421 270,329 Relieved on disposals - - (4,042) - (4,002) - (8,044) Adjustments - 695 - (2,063) 274 - (1,094)

31 March 2015 - 622,696 109,177 760,679 1,141,608 7,749 2,641,909

Net Book Value -

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 - 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).


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 11. Construction in Progress

This represents costs incurred to year end for construction in progress at the following locations:

2015 2014 $’000 $’000 Boys Town Vocational Training Centre 338 338

Breadnut Valley Engineering Institute - 1,679

NW TVET Institute, CATI Campus (formerly CATI) 9,328 1,791

Culloden Vocational Training Centre - 2,402

Ebony Park HEART Academy 139 493

Machado Complex 9,653 2,731

HEART College of Hospitality Services (formerly Runaway Bay Academy) 2,733 68,029

HEART College of Construction Services (formerly Portmore Academy) - 2,071

Kenilworth 141 -

HEART Eastern TVET Institute, Stony Hill Campus (formerly Stony Hill Academy) 110 -

22,442 79,534 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

Present value of funded obligations 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)


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 12. Post-employment Benefits (Continued)

(a) Pension plan (continued)

The movement in the pension plan asset over the year is as follows:

2015 2014 $’000 $’000 Asset at beginning of year (1,964,068) (1,756,559)

Pension Income (12,462) (13,018)

Employer’s contributions (94,085) (102,145)

Re-measurements recorded in other comprehensive income (647,902) (92,346)

Asset at end of year (2,718,517) (1,964,068)

The movement in the present value of the funded obligations over the year is as follows:

2015

$’000

2014

$’000

Balance at beginning of year 4,079,210 3,764,598

Current service cost 171,267 166,513

Interest cost 387,239 377,578

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 4,124,904 4,079,210




The movement in the defined benefit asset during the year is as follows:

2015 $’000

2014 $’000

Balance at beginning of year (6,043,278) (5,521,157) Interest income (125,546) 132,330 Re-measurements -

Return on plan assets (578,407) (561,690) Members’ contributions (103,470) (111,309) Employer’s contributions (94,085) (102,145) Benefits paid 101,365 120,693 Balance at end of year (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 %Quoted equities 226,560 3 222,550 4

Government of Jamaica securities 5,331,521 78 4,879,650 81

Repurchase agreements 828,710 12 499,080 8

Other 456,630 7 441,998 7

6,843,421 100 6,043,278 100




The amounts recognised in the income statement are as follows:

2015 $’000

2014 $’000

Current service cost 171,267 166,513 Interest cost 387,239 377,578 Expected returns on plan assets (578,407) (561,690) Administration expenses 7,439 4,581 Total, included in staff costs (Note 8) (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: 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




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

Change in

Assumption Increase in

Assumption Decrease in Assumption

$’000 $’000Discount rate 1% (648,444) 848,094 Future salary increases 1% 380,870 (325,612) Expected pension increase 1% 396,177 (337,225)

Increase Assumption by

One Year

Decrease Assumption by

One Year

$’000 $’000

Life expectancy 93,600 (93,600)

(b) 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:

2015 $’000

2014 $’000

Present value of unfunded obligations 904,796 777,174



(b) Other post-employment benefits (continued)

The movement in the defined benefit obligation over the year is as follows:

` 2015 $’000

2014 $’000

Balance at beginning of year 777,174 592,820 Current service cost 50,537 40,616 Interest expense 73,409 58,755 Re-measurements -

Loss/ (gain )from change in financial assumptions 78,809 (2,586) Experience (gains)/losses (66,276) 94,065 Benefits paid (8,857) (6,496) Balance at end of year 904,796 777,174

The amounts recognised in the income statement are as follows:

2015 $’000

2014 $’000

Current service cost 50,537 40,616 Interest cost 73,409 58,755 Total, included in staff costs (Note 8) 123,946 99,371

The amounts recognised in other comprehensive income are as follows: 2015 2014 $’000 $’000 Remeasurement of the defined benefit liability 12,533 91,478

Remeasurement of the plan assets - -

12,533 91,478

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 Decrease in Assumption

$’000 $’000

Discount rate 1% (143,602) 183,645

Health inflation rate 1% 187,443 (147,064)



(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

Employer’s contributions (8,857) (6,496)

Re-measurements recorded in other comprehensive income 12,533 91,478

Liability at end of year 904,796 777,174

(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.


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 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

2015 2014 $’000 $’000 Certificate of deposit 20,534 19,790 Securities purchased under resale agreements 304,975 63,817 Held-to-maturity securities – at amortised cost

Government of Jamaica 444,872 438,596 770,381 522,203 Interest receivable - 5,889 770,381 528,092

15. Intangible Assets – Computer Software

2015 2014Cost - $'000 $'000

At 1 April 119,525 110,442Additions 5,357 9,083Adjustment 168 -At 31 March 125,050 119,525

Amortisation - At 1 April 106,346 96,039Amortisation for the year 8,308 10,307Adjustment 31 -At 31 March 114,685 106,346

Net Book Value 10,365 13,179


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 16. Biological Assets – Livestock

2015 2014 $’000 $’000 Beginning of the year 39,884 42,512

Increases due to purchases 8,553 6,265

Decrease due to harvesting (60,823) (47,332)

Gain arising due to physical change 52,270 41,067

Gain arising due to price changes 1,578 (2,628)

End of the year 41,462 39,884 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

2015 2014

$’000 $’000 Hotel supplies – Cardiff Hotel and Spa

(formerly Runaway Bay HEART Hotel and Training Institute) 7,949 8,524

Maintenance, training and office supplies 112,181 114,581

120,130 123,105


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 18. Receivables

2015 2014 $’000 $’000 Trade receivables 85,179 92,910 Less: Provision for impairment (27,464) (25,336) 57,715 67,574 Prepayments 36,267 26,633 Advances on purchase of property, plant and equipment 2,996 19,412 Current portion of long term receivables (Note 13) - 156 Staff loans 4,162 4,480 Security deposits 12,820 12,820 General Consumption Tax recoverable 34,632 22,394 Other 11,049 9,786 101,926 95,681 Less: Provision for impairment (10,025) (12,350) 149,616 150,905

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

Securities purchased under agreements to resell 2,208,006 1,744,511

2,967,184 2,301,978

Interest receivable 17,919 5,419

2,985,103 2,307,397


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 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

Securities purchased under agreements to resell 2,208,006 1,744,511

Bank overdraft (39,198) (28,034)2,927,986 2,273,944

Interest receivable 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 Liability at beginning of year 312,099 470,604 Charged to profit or loss for the year 10,959 (158,722) Charged to other comprehensive income for the year 158,842 217 Liability at end of year 481,900 312,099


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 20. Deferred Income Taxes (Continued)

Deferred income tax assets and liabilities are due to the following items:

2015 2014 $’000 $’000

Deferred income tax assets - Biological assets - 657 Employee benefit obligation benefits 226,199 194,294 Provisions 42,979 46,969 269,178 241,920

Deferred income tax liabilities - Biological assets 395 - Property, plant and equipment 66,574 60,174 Interest receivable 4,480 2,828 Pension plan asset 679,629 491,017

751,078 554,019 Net deferred tax liability 481,900 312,099

2015 2014 $’000 $’000

The amounts shown in the statement of financial position include the following Deferred tax assets to be recovered after more than 12 months 226,199 194,294

Deferred tax liabilities to be settled within 12 months 4,480 2,828


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 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

21. Payables

2015 2014 $’000 $’000 Accruals 943,413 967,516 Due to the Inland Revenue 48,667 80,876 Trade 131,453 171,556 1,123,533 1,219,948

The fair values for trade and other payables equal the carrying values. All payables are recoverable within twelve months.


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 22. Due to Other Agencies

2015 2014 $’000 $’000 Advancement of Childhood Education 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

Learning for Life 1,985 2,818

Caribbean Tourism Organisation 606 606

Worldskills 874 874

South Trelawny Eduskills Centre 2,164 2,164

Steps to Work - 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

Trelawny Northern 1,500 500

Food for the Poor Limited 867 9

St. Ann North Western 40 1,198

Red Stripe Jamaica Limited 1,620 1,725

UNICEF 1,788 -

West Central St. James 200 -

Y.U.T.E Build Project 54 -

Bridge JA/ JSIF 632 -

Ministry of Agriculture (STU) 4,727 -

27,878 33,952


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 23. Related Party Transactions

(a) Transactions with related parties -

2015 $’000

2014 $’000

Directors’ fees 7,969 7,042 (b) Key management compensation –

2015 $’000

2014$’000

Salaries and other short-term employee benefits 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 Other 221 225

87,814 76,585

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.


Human Employment and Resource Training Trust Notes to the Financial Statements 31 March 2015 (expressed in Jamaican dollars unless otherwise indicated) 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:

2015 $’000

2014$’000

Authorised and not contracted for 255,175 196,920 Authorised and contracted for 23,747 -

(b) Lease commitments

The future aggregate minimum lease payments are non-cancellable operating leases is as follows:

2015 $’000

2014$’000

No later than 1 year 76,812 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.


PeoPLeoUR

eXecuTIVe MaNaGeMeNT TeaMwayne wesley, Ph.D. - Executive DirectorColin Barnett - Senior Director, information Systems & technical ServicesDenworth Finnikin - Senior Director, workforce Development & EmploymentErrol holmes - Senior Director, human resources & AdministrationJennifer walker - Senior Director, National Council on technical and - vocational Education and training (NCtvEt) Kevin Mullings - Senior Director, hEArt trust FundMarcia rowe Amonde, Ph.D. - Senior Director, tvEt Development & Support SystemsNicole Manning - Senior Director, Corporate Planning & Strategic Developmenttameisha Sinclair - Legal Counsel

corPoraTe LeGaL serVIcestameisha Sinclair - Legal Counsel

offIce of The corPoraTe secreTarYMelissa Scott - Corporate Secretary

DIrecTors Allison Birch - Labour Market research & intelligence Cecilla Mitchell Davy - Monitoring & Evaluation Christine Edwards - human resource Development

Cora ricketts - revenue ServicesDewayne Pryce - tvEt rationalization Programme Donna Gaynor-Lyn Fatt - Quality Assurance, NCtvEt (Acting)Elizabeth terry - Special Projects and Community training interventionshenry Gray, Ph.D. - Learning Management Services Joan Nicholas - AdministrationKenneth Morrison - operational Planning & Performance MonitoringKerron Lindo - vocational training Development instituteLeighton Marks - information & Communication technology Marva west-williams - Examination & Material Development (Acting)Mark wallen - Business Development and workforce Solutions Michael hamilton - Property ManagementNatalie Fearon - Marketing & Communications Nadine roper Daley - Finance & Accountingodette Brown - tvEt Consultancy and institutional Capacity BuildingPaulette Shand, Ph.D. - occupational Standards (Acting)Sarah williams Baker - Chief internal Auditor Sonia Lynch - human resource Managementwinston Fletcher - Employment and Career Services

hearT coLLeGe of INNoVaTIoN & TechNoLoGYGeorgette Shirley-Dyer - Managing Director (Acting)


DIrecTor/PrINcIPaLsArden Grant - hEArt Southeast tvEt instituteAndrew walters - hEArt College of Construction Services (Acting)Aston Spencer - hEArt Northeast tvEt institute (Acting)Carlene Smith - hEArt Eastern tvEt instituteColin hitchman - hEArt western tvEt institute (Acting)Delize williams - vocational training Development institute (Acting)Novelette Denton Prince - hEArt College of Beauty ServicesElain holloway - hEArt Southwest tvEt institute Janet Dyer - hEArt College of hospitality ServicesJoan Findley - National tool & Engineering institute (Acting)robert Green - Ebony Park hEArt Academyvent Brown - hEArt Northwest tvEt institute

seNIor MaNaGersDonovon Jones - vtDi Extension SitesGresford Bennett - Special Projects & Community training interventionsJacqueline - Administration (vtDi)Solomon wallder Jerome Gardner - Employee relationsKeisha McKenzie - Educational technology (Acting) Marvia Morgan - wDE Administration (Acting)Nichleshia Cole Byles - organizational Systems and ProcessesNicole Chung - risk & Compliance

Nursita Dunkley-Johnson - tvEt Consultancy & institutional Capacity BuildingSharon Graham - office Administration

MaNaGersAlthea Samuels - Marketing & CommunicationsAlthea Smikle-Martin - Employment & Career Services, NE regionAlton Lawrence - Monitoring & EvaluationAndre J. walker - ProcurementAndrea toussaint - Employment & Career Services, SE regionAndrew Mitchell - worldSkillsBarbara vaughan - Purchasing (Acting)Beverley Clarke - Monitoring & EvaluationCarol Nelson - tvEt Consultancy and institutional Capacity BuildingCharmaine Dixon - Employment & Career Services, Sw regionCheryll Stewart - Entrepreneurial Skills Development Elizabeth Danvers - Community training intervention, SE region Erica williams - Career Development ServicesFrancaine Barrett - Monitoring & EvaluationFredrica Falconer-webster- Community training intervention, Sw region Gail Durrant - human resource Management information Systemheather Dillon - workforce Solutions, Northern regionheather Gordon - Monitoring & Evaluationingrid Falconer - Monitoring & EvaluationJacqueline Lawson Kerr - workforce Solutions – Nw region Janice harrison - Library ServicesJennifer Suberan Malabver- Community training interventions, SE regionJudith Lewis - Media ServicesKacia hanson - Labour Market research Keisha Smith - human resource Policies and ProgrammesKenrick Steele - technical Services, iCtKevin A. walker - Community training interventions, SE region

Lavern Kerr harvey - Quality Assurance (Acting)Leecep Sterling - Systems DevelopmentLinda Stewart-Doman - Monitoring & EvaluationMargaret Maragh - revenue ServicesMarcia Facey-Green - Standards & Assessment, NCtvEt (Acting)


Marlene Green - tvEt Consultancy and institutional Capacity BuildingMarsha Grant - operations Manager, hChS (Acting)Michelle walford - Corporate & Media Affairs Michael Campbell - Community training intervention, SE regionMonica Porter Lewis - Learning resources, Design & DevelopmentNatalee Plunkett - workforce Solutions, SE region Nathalee Stephenson - tvEt Consultancy andCrawford institutional Capacity Building Natalie Ferreira reid - information/Promotion, NCtvEtNicole Berry - tvEt Consultancy and institutional Capacity Buildingopal Lynch - workforce Solutions, Sw regionowen Laing - Community training intervention, North Eastern regionPatricia Johnson Small - Programmes Manager - wDEPaulette Bookall - Community training intervention, SE region Priscilla Deans - Monitoring & EvaluationSandra richards wollaston - Exam Administration, NCtvEt (Acting)Samantha - organizational records &robinson-Edwards information Management Sanjay Kumar - Business intelligence &Padmanabhan Decision Support Sharon Gordon - Administration & Support ServicesSherrie Johnson - Secretariat and Promotions, NCtvEtShorna Newsome-Myrie - Employment & Career Services, Nw regionSonia ingleton - human resource Suzanne Scarlett - Safety & Security

verlia Bogle - Management information Systemswayne Battiste - Community training intervention, Sw regionwessel Brissett - Community training intervention, Nw regionwilliam Malabver - operations Manager, iStS yvette Batchelor - revenue Services

INsTITuTIoNaL MaNaGersAnde Francis - Jamaican German Automotive School (JAGAS) (Acting)Carol Clarke - hEArt Northwest tvEt institute, Cornwall Automotive Campus Delmarie rowe Lewis - hEArt Southwest tvEt institute, Black river Dwayne Bent - hEArt Southwest tvEt institute, Derrick rochester Campusivolyn Kirlew Dillon - Petersfield vtCJennifer tomlinson - Beechamville vtChoffman Grant - hEArt Eastern tvEt institute, Lluidas vale vtC (Acting)Kenesha Campbell - Buff Bay vtC (Acting)Kerry-Ann - hEArt Eastern tvEt Duhaney Palmer institute, Above rocks vtCKevin Beale - old harbour vtCKimona hudson - Culloden vtC Marlon Singleton - rockfort vtC (Acting)Simone Martin - hEArt Northwest tvEt institute, Falmouth vtC olga James - hEArt Northwest tvEt institute, Granville vtCorville Plummer - Learning for Earning Activity Programme (LEAP) yvonne Beckford hewitt - Boys’ town vtC


corPoraTe offIce6B oxford road, Kingston 5telephone: (876) 929-3410, 960-7635-6Fax: (876) 929-0849

National TVeT centreGordon town road, Kingston 7telephone: (876) 977-1700-5

reGIoNaL offIcessouth-eastern regional office 7 ripon roadKingston 5telephone: (876) 968-4432, 968-4441, 968-7488-9Fax: (876) 968-4443 North-eastern regional office45 Main Street, St. Ann’s Bay, St. Anntelephone: (876) 968-4432, 968-7488-9Fax: (876) 968-4443

south-Western regional officeShops 1 & 2, Lot 18 Caledonia Mall3 1/2 Caledonia roadMandeville, Manchestertelephone: (876) 962-0543, 962-3393Fax: (876) 962-3888

North-Western regional office11 Dome Street, St. Jamestelephone: (876) 952-4967, 952-0172, 952-0172Fax: 952-0321

reGIoNaL suB offIcesspanish TownShop 1, 32 Brunswick AvenueSpanish town, St. Catherinetelephone: (876) 943-9817Fax: (876) 907-4337

santa cruzShops 7-10 Cruz Business Centreinstitution Drive, Santa CruzSt. Elizabethtelephone: (876) 966-9710Fax: (876) 966-4578

savanna-la-mar6 rose Street, williams PlazaSavanna-la-mar, westmorelandtelephone: (876) 955-2928Fax: (876) 955-4481

Morant Bay14A Queens Street, Morant Bay , St. thomastelephone: (876) 982-1215Fax: (876) 703-6456

May Pen22A Manchester AvenueMay Pen, Clarendontelephone: (876) 986-6172Fax: (876) 902-5523

Port antonioShop # 7 west harbour Plaza, west StreetPort Antonio, Portlandtelephone: (876) 993-4178teleFax: (876) 993-9366

LocaTIoNsoUR


NoTes


hearT Trust/NTa An Agency of the Ministry of Education

head office6B oxford road, Kingston 5toll Free: 1(888) 423-7868

tel: (876) 929-3410 | (876) 960-7635-6Fax: (876) 929-0849www.heart-nta.org

HEART TRUST/NTA · HEART coNTeNTs 05 Message from the Minister of Education 06 Chairman’s Message...

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