Barbados Accreditation Council Annual Report, 2012-2013

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Vision StatementA coherent system of post-secondary or tertiary education and training

which assures excellence and integrity to all of its stakeholders.

Mission StatementTo be a high quality provider of registration, accreditation and related services in post-secondary or tertiary education

and training in Barbados and beyond.

“Your Gateway to Global Recognition”

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Table of ContentsSECTION A: ESTABLISHMENT, ROLE AND RESPONSIBILIITES

CHAIRMAN’S REVIEW ............................................................................................................... 4

ESTABLISHMENT OF THE BARBADOS ACCREDITATION COUNCIL .......................................... 5

REPORTING STRUCTURE ............................................................................................................ 6

ORGANIZATIONAL STRUCTURE ................................................................................................ 6

BOARD OF DIRECTORS: 2012 - 2013 ......................................................................................... 7

TECHNICAL OPERATIONS .......................................................................................................... 8

CONFERENCES, SEMINARS AND MEETINGS ........................................................................... 18

MARKETING AND COMMUNICATIONS PROGRAMME .......................................................... 19

SECTION B: ACTIVITIES OF THE COUNCIL

ADMINISTRATIVE OPERATIONS .............................................................................................. 22

FINANCIALSFinancials ................................................................................................................................. 28

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SECTION A: ESTABLISHMENT, ROLE AND RESPONSIBILIITES

Establishment of the Barbados Accreditation Council

The Barbados Accreditation Council was established as a statutory body under the authority of the Barbados Accreditation Council Act, 2004-11. It has two (2) broad roles:

1. The registration of institutions offering post-secondary or tertiary education and programmes of study, the accreditation and re-accreditation of programmes and institutions in Barbados; and

2. The granting of Certificates of Recognition of Caribbean Community Skills Qualification to applicants who satisfy the requirements for recognition as skilled CARICOM nationals and verifying of Certificates of Recognition of Caribbean Community Skills Qualification granted to community nationals by their own country.

The functions of the Council are to, inter alia:

a) Register local, regional and foreign-based institutions that offer educational courses in Barbados;

b) Accredit and re-accredit programmes of study and institutions operating in Barbados;

c) Maintain a record of all institutions that are registered and accredited by the Council pursuant to paragraph (a) and the educational courses offered by those institutions;

d) Advise on the recognition of foreign-based institutions and their awards;

e) Establish relationships with national, regional and international accreditation bodies;

f) Determine the equivalency of programmes and qualifications; and

g) Examine and verify Certificates of Recognition of CARICOM Skills Qualification issued to Community nationals.

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MINISTER OF EDUCATION AND HUMAN RESOURCE DEVELOPMENT

Ministry of Education and Human Resource Development

Chairman Board of Directors, BAC

Executive Director BAC Secretariat

BAC Secretariat

EXECUTIVE DIRECTOR

STATISTICAL ASSISTANT

DRIVER/ MESSENGER

MAID

QUALITY ASSURANCE OFFICERS

ADMINISTRATIVE OFFICER I

INFORMATION OFFICER ACCOUNTANT

ASSISTANT ACCOUNTANT

CLERICAL OFFICER

CLERK TYPIST

MANAGER - TECHNICAL SERVICES

EXECUTIVE SECRETARY

ORGANIZATIONAL STRUCTURE

REPORTING STRUCTURE BARBADOS ACCREDITATION COUNCIL (BAC)

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REPORTING STRUCTURE

Back row from left to right:

Mr. Grantley Smith – Head of the Civil Service (Ex Officio Member), Mr. Herbert Gittens, Representative, CTUSAB (Member), Mrs. Joy Adamson – Representative, Ministry of Education and Human Resource Development (Member), Mr. Laurie King – Representative, Ministry of Education and Human Resource Development (Member) and Mr. Kenneth Walters (Deputy Chairman)

Front row from left to right:

Ms. Valda Alleyne – Executive Director (Ex Officio Member), Mr. Michael Best –Representative, Barbados Employers Confederation (Member), Ms. Yvonne Walkes, SCM, J.P.- Chairman and Ms. Maria Phillips - Board Secretary

BARBADOS ACCREDITATION COUNCIL ANNUAL REPORT

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SECTION A: ACTIVITIES OF THE COUNCIL

TECHNICAL OPERATIONS

Registration

1. Institutions offering post-secondary and tertiary education and training must register with the Council annually. The primary purpose of registration is to ensure that educational institutions and training providers meet minimum criteria to operate legally in Barbados. Amongst other criteria, providers must demonstrate that they meet fire and health requirements; offer adequate physical and learning resources; and can financially sustain the provision of programmes/courses of study.

2. One of the tertiary educational providers that sought registration for the first time was an offshore medical school, the American University of Barbados (AUB). Meetings were held to prepare the AUB for the registration visit by an

international team. Matters discussed included:

a. The readiness of the provider for registration;

b. The provider’s role in the preparation for the registration visit;

c. The Council’s role in the selection of the evaluators; and

d. The direct costs to be met by the provider.

3. The registration visit subsequently took place in January 2013.

4. Between April 1, 2012 and March 31, 2013, thirty-four (34) tertiary educational providers were registered with the Council. The list of registered providers is shown at Appendix I.

Quality Assurance Policies and Procedures

5. During the period under review, the following policies and procedures were approved by the Board of Directors and

subsequently implemented:

• Policy for Observers at Registration and Accreditation Visits; and

• Ethical Standards of Conduct for the Evaluation Team.

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Programme Approval

6. During the period under review, applications for programme approval were being processed by the Council for the following educational providers:

• Barbados Institute of Management and Productivity

• Barbados Vocational Training Board

• Career Development Institute

• Grace & Truth Critical Incident Training & Consultancies

• Professional Security Training College

7. Programme approval is a quality assurance process which ensures that a programme is appropriately designed and structured; adequately resourced; consistent with the provider’s mission; and has stated learning outcomes and assessment strategies that are set at an appropriate level for the qualification awarded.

Accreditation of Tertiary Educational Providers

Programmatic Accreditation – Barbados Institute of Management and Productivity

8. The Barbados Institute of Management and Productivity (BIMAP) submitted its Letter of Intent for accreditation of its Bachelor of Business Administration (BBA) programme.

9. The Council met with the Executive Director, Dr. Sonia Greenidge-Franklin and other personnel of BIMAP to discuss preparation for programmatic accreditation.

Institutional Accreditation – The University of the West Indies Open Campus and The University of the West Indies, Cave Hill Campus

10. The Council continued to offer technical assistance to The University of the West Indies, Cave Hill Campus and The University of the West Indies Open Campus to ensure that these providers would be adequately prepared for their evaluation site visits by a team of international peer reviewers.

11. Meetings were held with senior officials, quality assurance personnel and the Steering Committee (Accreditation) of both Campuses to discuss the preparation for accreditation which included the submission of a Self Evaluation Report (SER). The SER is an evaluative, factual account or summation of information obtained from a self-analysis of the provider’s operations against the Council’s Standards for Accreditation. The contents of the SER are used by the evaluators during the site visit to verify the evidence for accreditation.

12. Evaluation site visits were conducted over the periods November 26, 2012 – December 3, 2012 for The University of the West Indies Open Campus and February 25, 2013 – March 1, 2013 for The University of the West Indies, Cave Hill Campus.


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Recognition of Foreign-based Qualifications to Local Awards

13. The Equivalency Committee met monthly to review the recommendations of the Secretariat and the criteria to be used for determining equivalency/ comparability of foreign-based qualifications to local awards.

14. The Equivalency Committee comprises:

• Mr. Kenneth Walters, Human Resource Professional; Deputy Chairman, Board of Directors; Chairman

• Mr. Laurie King, Chief Education Officer, Board Member

• Mr. Herbert Gittens – Representative, Congress of Trade Unions and Staff Associations of Barbados (CTUSAB), Board Member

• Mr. Geoffrey Yearwood – Representative, Technical, Vocational Education and Training (TVET) Council

• Mr. Wayne Marshall – Representative, Ministry of Civil Service

• Ms. Valda Alleyne, Executive Director, BAC

15. Approximately fifty-seven (57) foreign-based qualifications were evaluated to determine their equivalence to local qualifications and precedents were established for future reference.

Recognition of Institutions and Programmes of Study

16. As the Council’s campaign to alert members of the public about the prevalence of Diploma and Accreditation Mills became more aggressive, interest in the recognition services grew during the period. The public was advised to ensure that prospective institutions and programmes of study were recognized in their home countries before pursuing studies abroad.

17. During the period under review, forty-five (45) requests were processed in relation to the recognition status of overseas institutions and/or programmes.

Recognition of Awarding Bodies

18. The Association of Chartered Certified Accountants (ACCA) was granted recognition status as an awarding body by the Council. Recognition by an authorised agency such as the Barbados Accreditation Council (BAC), gives learners and the wider national and international community greater confidence in the validity of the qualification learners intend to or are currently pursuing. Recognition status also signifies that:

• the ACCA has met the standards of quality established by the BAC for awarding bodies, and

• the BAC will recognise the ACCA’s accredited qualifications, which are delivered by registered education and training providers in Barbados.

Therefore, as an awarding body recognised by the BAC, the ACCA became eligible to submit its qualifications to the BAC for accreditation.

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19. Pictured below is the Chairman, Ms. Yvonne Walkes, SCM, J.P. presenting the Certificate of Recognition to Ms. Brenda Lee-Tang, Head of the ACCA Caribbean during an official ceremony held at the Council on February 8, 2013.

Quality Enhancement Activities

20. The Council continued to provide developmental support and guidance to tertiary educational providers. Four (4) technical workshops were held during the period under review, namely:

• “Programme Approval” Workshop held on June 27, 2012. This one-day workshop was aimed at providing tertiary educational providers with a clearer understanding of the programme approval process and the resultant benefits such as; the public would be assured that a providers’ programmes/courses of study had met specific minimum standards. For example, the programme/course offering must provide certain specifications such as expected learning outcomes, duration, credits (if any), name of award, level of award and name of awarding body.

From left to right: Ms. Valda Alleyne, Executive Director, Ms. Yvonne Walkes, SCM, J.P., Chairman, Ms. Brenda Lee Tang, Head of the ACCA Caribbean, Mrs. Sharon Alleyne, Quality Assurance Officer


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• Programme Accreditation Workshop: The True Mark of Quality: February 6 – 7, 2013

This two-day workshop was aimed at tertiary educational providers, programme/curriculum designers and developers, and quality assurance personnel from tertiary institutions. The aim of the workshop was to provide participants with the skills and techniques for effectively preparing a Self Evaluation Report based on the Council’s programme accreditation standards whilst providing a more accurate understanding of the accreditation process. The facilitators were Ms. Tamara Gibson and Mrs. Sharon Alleyne, Quality Assurance Officers, BAC and Ms. Valda Alleyne, Executive Director, BAC. A total of twenty-seven (27) providers benefitted from this forum. This workshop was held at The Almond Bay Caterers.

Tertiary Educational Providers engaged in an exercise at the Programme Accreditation Workshop with assistance from the facilitators, Ms. Valda Alleyne and Mrs. Sharon Alleyne.

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• Customised Workshop on “Identifying Quality Indicators for Registration” for participants from the Barbados Community College, Erdiston Teachers’ Training College and the Samuel Jackman Prescod Polytechnic. The workshop focussed on identifying institutional data that would meet the criteria required for Registration by the Council and strategies for gathering data that were not currently collected by these providers, but were crucial for institutional effectiveness.

Pictured below is the Permanent Secretary, Ministry of Education, Science, Technology and Innovation, Mrs. Cecile Humphrey, addressing the participants at the workshop.

• Registration Workshop: March 2013 – This one-day workshop focused on “Preparing an Effective Self Evaluation Report for Registration”. Tertiary educational providers were exposed to the requirements for writing an effective Self Evaluation Report (SER) and write effective evaluation statements based on the Registration Criteria. The facilitator was Mrs. Alitia Quintyne, Quality Assurance Officer, BAC. The workshop was held at The Almond Bay,

Hastings, Christ Church.

National Qualifications Framework

21. The Council commenced preparations for the design, development and implementation of a National Qualifications

Framework (NQF) which included:

• drafting of the Terms of Reference for the consultancy to design, develop and implement the NQF;

• conducting of internal and external meetings with staff members and other key stakeholders in preparation for the consultancy;

• undertaking of a survey of tertiary educational providers to gather their perceptions on the proposed NQF; and

• undertaking of study attachments by staff members to competent authorities in England and Scotland to learn of “best practices” in the design, development and implementation of their NQFs.

From left to right: Mrs. Sharon Alleyne, Quality Assurance Officer, Barbados Accreditation Council; Mrs. Cecile Humphrey, Permanent Secretary, Ministry of Education, Science, Technology and Innovation; and Ms. Valda Alleyne, Executive Director, Barbados Accreditation Council.


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Development of the CARICOM Qualifications Framework

22. Mrs. Alitia Quintyne, Quality Assurance Officer represented the Council at the “Workshop to Develop a Regional Qualifications Framework (RQF) for CARICOM States” held from June 11 -13, 2012 in St. Lucia.

Memorandum of Technical Cooperation and Partnership

23. The Council commenced discussions with the Mauritius Qualifications (MQA) Authority, an external quality assurance body in Mauritius with regard to entering into a Technical Cooperation and Partnership agreement. Amongst other benefits, the Memorandum would cover areas such as:

• building of in-house capacity of the BAC to design, develop and maintain the NQF;

• hosting of study attachments for selected staff members of the BAC and MQA;

• engaging in collaborative projects in areas of mutual interest and;

• providing access to resources e.g. publications and Quality Assurance standards, policies and procedures.

24. The draft Memorandum was being considered for signing by the Council and the MQA in 2013.

Membership of Regional and International Recognition Bodies

25. The Council continued its membership with the following regional and international agencies:

• Caribbean Area Network for Quality Assurance in Tertiary Education (CANQATE);

• Association of Caribbean Tertiary Institutions (ACTI);

• International Network for Quality Assurance Agencies in Higher Education (INQAAHE); and

• National Academic Recognition Information Centre for the United Kingdom (UK NARIC).

Technical Committees

26. The Council was represented on the following technical committee:

• Assessment and Special Assessment Committees of the Barbados Medical Council

• Quality Assurance Committee of the Technical and Vocational Education and Training (TVET) Council

• The University of the West Indies Selection Committee for the Vice Chancellor’s Award for Excellence

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External Meetings

27. The Council was represented at various local meetings with stakeholders to discuss matters of national and regional interest such as the Technical and Vocational Education and Training (TVET) Competitiveness Fund; the impending Cultural Industries Bill and; the establishment of a Training Programme on “Public Procurement” and the development of a Career Stream in Procurement and; the proposed Regional Strategy for TVET.

Evaluator Services – TVET Council

28. Mrs. Alitia Quintyne, Quality Assurance Officer represented the Council as an evaluator on the team to assess National Training Agencies seeking approval to award the Caribbean Vocational Qualification (CVQ). The evaluation visits took place in Grenada and St. Lucia.

Certificate of Recognition of CARICOM Skills Qualification

29. During the Financial Year 2012 – 2013, the Council issued one hundred and sixty-six (166) Certificates of Recognition to eligible CARICOM nationals of which, sixty-four (64) accounted for males and one hundred and two (102) accounted for females as shown in Table 1.

30. In terms of Certificates issued by Country and Gender, Table 1 indicates that females outnumbered males at 102 or 61.4% of the total as well as for Certificates verified at 55 or 57.9% of the total.

31. In relation to Certificates issued, Table 1 also reveals that the majority of Certificates issued was to nationals of Barbados at 80 persons or 48.2% of the total Certificates issued; followed by Trinidad and Tobago at 32 persons or 19.3% and; Guyana which accounted for 17 persons or 10.2%.

32. In terms of Certificates verified, Table 1 further indicates that nationals of Guyana accounted for 28 persons or 29.5% of the total Certificates verified; followed by Jamaica with 23 persons or 24.2% and; Trinidad and Tobago which accounted for 18 persons or 19%.

Table 1CERTIFICATES ISSUED AND VERIFIED BY COUNTRY AND GENDER

April 1, 2012 to March 31, 2013

COUNTRY

MALES

FEMALES

NUMBER OF CERTIFICATES NUMBER OF CERTIFICATES

ISSUED VERIFIED ISSUED VERIFIED

Anguilla 0 0 0 0

Antigua and Barbuda 3 0 0 1

Barbados 31 0 49 0

Belize 0 0 1 2

Dominica 2 2 3 3

Grenada 1 7 2 3

Guyana 8 10 9 18

Jamaica 3 12 7 11

Montserrat 1 0 0 0

St. Kitts and Nevis 0 0 1 0

St. Lucia 0 3 6 1

St. Vincent and the Grenadines 2 3 5 1

Suriname 0 0 0 0

Trinidad and Tobago 13 3 19 15

TOTAL 64 40 102 55


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33. Figures 1 and 2 give a visual comparison of the Certificates Issued and Certificates Verified during the period April 1, 2011 and March 31, 2012 and April 1, 2012 and March 31, 2013. The figures also show a fall in the number of Certificates issued and Certificates verified in year under review in comparison to the previous financial year. Certificates issued showed an 8.3% decline from 181 to 166 and Certificates verified declined by 32.7% from 141 to 95.

Anguilla

Antigua &

Barbuda

Barbad

osBeliz

eDom

inicaGre

nada

Guyana

Jam

aica

Montse

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St. Kitt

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evisSt. L

ucia

St. Vince

nt & th

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nadines

Trinidad

& To

bago

TOTA

L

Surinam

e

200

150

100

50

0

Certificates April 1, 2012 to March 31, 2013Certificates April 1, 2011 to March 31, 2012

Anguilla

Antigua &

Barbuda

Barbad

osBeliz

eDom

inicaGre

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Guyana

Jam

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Montse

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St. Kitt

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TOTA

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Surinam

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150

125

100

75

5025

0

Verifications April 1, 2012 to March 31, 2013Verifications April 1, 2011 to March 31, 2012

FIGURE 1Comparison of “Certificates Issued” for the periods April 01, 2011 to March 31, 2012 and April 01, 2012 to March 31, 2013

34. C e r t i f i c a t e s granted to persons applying under the category of “Graduates” accounted for 137 or 82.5% of all Certificates issued. This was followed by Holders of an Associate Degree or Comparable Qualification at 21 or 12.7% of total Certificates issued.

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Figure 3Certificates Issued to Graduates by Country

Figure 4Verifications Issued to Graduates by Country

35. Of the 137 Certificates granted to Graduates, 75 or 54.7% were issued to Barbadian nationals with citizens from Trinidad and Tobago accounting for 25 or 18.3% of the total. A breakdown of the category “Graduates” by Country is shown at Figure 3.

36. In terms of Verifications by Country and Category, Graduates again accounted for the majority with 63 persons or 66.3% of the total persons who sought verification of their Certificates issued by other CARICOM territories. This was followed by Holders of Associate Degree or Comparable Qualification with 10 persons or 10.5% of the total. A breakdown of verifications by country under the category “Graduates” can be seen at Figure 4.

37. Three (3) applications for the issuance and verification of the Certificate of Recognition were refused.

Consultancies on the Caribbean Single Market

38. The Council met with various consultants to discuss:

• the current status of BAC’s administrative and quality assurance processes as it relates to the Caribbean Single Market and Economy;

• challenges identified; and

• suggested areas for improvement.

39. One of the consultancies sought to obtain an insight into the Council’s database and discuss any additional data that may be necessary for the efficiency and effectiveness of the Freedom of Movement programme. This consultancy resulted in the installation of software for the migration of data and the training of three (3) staff members, namely:

• Mr. Rashid Fenty, Statistical Assistant

• Ms. Shonelle Lynch, Clerk/Typist and;

• Ms. Melissa Brathwaite, Clerk/Typist

Anguilla

Antigua and Barbuda

Barbados

Belize

Dominica

Grenada

Guyana

Jamaica

Montserrat

St. Kitts and Nevis

St. Lucia

St. Vincent and the Grenadines

Suriname

Trinidad and Tobago


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CONFERENCES, SEMINARS AND MEETINGS

National Academic Recognition Information Centre for the United Kingdom (UK NARIC)

40. Ms. Tamara Gibson and Ms. Cherie Pounder, Quality Assurance Officers (QAOs) attended UK NARIC’s Annual Conference held in London from November 13 to 14, 2012. The Conference was targeted at higher education professionals, quality assurance agencies/recognition bodies, graduate recruiters and other personnel in higher education. Its focus included Skills and Qualifications and the Plenary Sessions covered areas such as Transnational Education in the 21st Century and Accreditation of Overseas Qualifications.

41. The Conference provided the opportunity for the two QAOs to speak directly to leading qualifications specialists, acquire ideas and practical tips for processing qualifications received from overseas and; networking and exchanging knowledge with other delegates, amongst other benefits.

Caribbean Area Network for Quality Assurance in Tertiary Education (CANQATE)

42. The Council was represented by Ms. Violet Worrell and Ms. Tamara Gibson, Quality Assurance Officers at the 9th Annual Conference of CANQATE held in Montego Bay, Jamaican. The theme for the Conference was “Internationalization and Quality Assurance in Tertiary Education: Issues and Challenges”.

43. The Conference attracted academics, teachers, educational administrators, training providers, quality assurance professionals, government officials and industry personnel to share experiences, present research results, and review developments in the area of quality assurance in tertiary education.

44. Ms. Violet Worrell, QAO presented the findings of the Council in relation to the survey conducted to ascertain the perception of tertiary educational providers on the proposed National Qualifications Framework under the strand “National Qualifications Frameworks: An Imperative”.

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MARKETING AND COMMUNICATIONS PROGRAMME

45. The Board of Directors approved the following Marketing & Communications activities for the Financial Year 2012-2013:

(a) National Career Showcase, April 2012

46. Although the aim of the showcase was to highlight the various options for career planning available in response to early intervention at the secondary level, the Council’s presence was to sensitize the approximate three thousand secondary school students of the awareness of fraudulent qualifications and educational providers, and offer tips for avoiding becoming a victim of education fraud.

(b) Promotions with the Caribbean Broadcasting Corporation

47. London Olympics 2012 Sponsorship Coverage provided by CBC – offered the opportunity for the Council to sponsor televised Olympics Games whilst promoting its Recognition Services through its 30-second radio and television commercials, during prime time movies shown from July to August.

48. CBC Socaholics Crop Over Sponsorship – General Sponsor Package - provided the opportunity for the Council to sponsor major Crop Over activities whilst promoting its Recognition Services through its 30-second radio and television commercials, during prime time movies shown from July to October.

(c) Email blasts of the Recognition services

49. The Council engaged the services of E-blast service providers to educate the public about their services. Three email blasts consisting of the Council’s poster advertising its Recognition services were disseminated to over 3,000 recipients locally. In addition, one email blast consisting of the Council’s poster advertising the Certificate of Recognition of CARICOM Skills Qualification services was disseminated to over 7,000 recipients throughout the Caribbean region.

(d) Radio spots of 30-second jingle on the stations of STARCOM Network

50. During the months of May and June, the Council embarked on a radio advertising campaign with the Council’s jingle.

Secondary school students examining BAC supplementary brochures at the National Career Showcase


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(e) Newspaper Advertisements

51. Quarter page print advertisements were taken out with the Barbados Advocate in its “Special Back To School” feature in August and its “Independence Feature” in November.

(f) Information Sessions

52. As part of its educational awareness programme on the Council and its activities, the Council hosted Information Sessions with secondary schools and post-secondary/tertiary providers as follows:

• Barbados Community College

• Alleyne Secondary School

• The Lodge School

(g) Educational Study Fairs/Expos

Barbados International College Fair

53. As customary, the Council participated in the annual Barbados International College Fair held from November 6-7, 2012 at the Lloyd Erskine Sandiford Centre. This forum presents the ideal opportunity for the Council to showcase its services and offer timely advice to interested persons seeking to pursue programmes of study locally and overseas. Over 30 tertiary educational providers, local and overseas, exhibited their programme offerings to secondary school students, their parents/guardians and the other members of the public.

St. Michael School’s Student Motivation Seminar - November 10, 2012

54. This annual seminar is hosted for the fifth form students of The St. Michael School. The whole-day event, held at Mpower Conference Centre saw a number of presentations and exhibitions from various tertiary educational providers, businesses and the Barbados Guidance Counsellors Association offering their services/products and advising the students on their intended study/career pursuits. Each presenter was given the task of delivering a 3-minute power presentation in which they would inform, motivate and/or persuade the students in relation to educational services and courses/programmes of study offered by various providers.

Quality Assurance (QA) Day and Exhibition (Open Day) - November 16, 2012.

55. The 3rd annual event attracted members of the public and a number of secondary school students. A number of registered/recognized educational providers exhibited their courses and offered one-on-one advice to the public. These providers included Advantage Caribbean Institute Ltd, Semaj International School of Cosmetology and Trichology, The University of the West Indies Open Campus, International Career College and The University of the West Indies, Cave Hill Campus. The event was sponsored by Digicel Barbados, Barbados Public Workers Cooperative Credit Union Ltd., Purity Bakeries, and WIBISCO.

Ms. Katrina Ifill, Information Officer and Ms. Violet Worrell, Quality Assurance Officer offering advice and literature to the students at the International College Fair.

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56. The aim of the QA Day was to provide an environment that was inviting to members of the public and to increase the educational awareness of the BAC and its services. Registered providers participated in the event which attracted students and members of the public to the exhibition of course offerings.

57. The opportunity was also provided to the public to obtain free health checks by the Diabetes Association of Barbados. The Breast Screening Clinic also offered their services to interested members of the public. The event attracted members of the public and a number of students from various secondary schools from the immediate environs who were provided with public literature and other information on programmes/courses of study available locally.

A group of students and their teacher from Coleridge and Parry School who attended the Information Session on Open Day 2012.

First prize winner: Ms. Valda Alleyne, Executive Director, BAC presents Mr. Dario Lashley with a mobile phone sponsored by Digicel.

Second Prize Winner: Ms. Katrina Ifill, Information Officer, BAC presents Zhane Francis, student with a $250 gift voucher sponsored by the Barbados Public Workers’ Cooperative Credit Union Limited.

Third Prize Winner: Ms. Katrina Ifill, Information Officer, BAC presents Zudie Payne, student with a BAC Gift Bag.


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SECTION B: ACTIVITIES OF THE COUNCIL

ADMINISTRATIVE OPERATIONS

Meetings of the Board of Directors

1. During the period April 1, 2012 to March 31, 2013, the Board of Directors held eight (8) regular meetings. The first meeting of the Board for the Financial Year was convened on April 17, 2012.

Meeting of Committees of the Board of the Directors

2. During the period under review, the Human Resource Management Committee held four (4) meetings with respect to the interviewing of candidates for the posts of Manager of Technical Services, Accountant and Statistical Assistant. The responsibilities of the HRM Committee include reviewing and making recommendations to the Board of Directors with regard to Council’s strategy, practices, procedures in relation to recruitment, leave (vacation, study, training, other), performance appraisal, discipline and termination of employment.

Human Resource Management Policy and Procedures

3. The Board of Directors approved “Compassionate Leave” for staff members which comprised the following procedures:

• Where an immediate family member (mother, father, husband, wife, child) dies, the affected employee would be granted three (3) days’ compassionate leave;

• Where an extended family member (sister, brother, aunt, uncle, grandparent) dies, the affected employee would be granted two (2) days’ compassionate leave;

• Where a distant family member (great-grandparent, great-aunt, great-uncle) dies, the affected employee would be granted one(1) day’s compassionate leave on the day of the funeral.

Engagement of Services

4. The following service providers were engaged by the Council during the period under review:

a. Hinkson Computer Services were engaged on an “As Required” basis to manage the daily operations of the Council’s IT system;

b. Ron Bancroft and Company Limited was engaged on an “As Required” basis to provide auditing services for the financial year 2012-2013; and

c. Grace McCaskie & Company was engaged as Legal Counsel on a retainer basis to provide legal services to the Council.

d. Hallmark Corporate and Consulting Inc. was engaged on an “As Required Basis” to review the financial accounting system to determine its effectiveness and efficiency and make recommendations for improvements and provide coaching and guidance to the Accounting function.

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Training and Development

5. The following local training and development opportunities were provided for staff:

Local Training

• Mr. Rashid Fenty, Statistical Assistant (pictured), Ms. Shonelle Lynch and Ms. Melissa Brathwaite, Clerk/Typists – DSM Migration Data, CARICOM Secretariat: September 17, 2012

• Ms. Valda Alleyne, Executive Director; Ms. Laron Carrington, Accountant; Mr. Mark Alleyne, Assistant Accountant; Mrs. Althea Cox-Riley, Clerical Officer (Accounts) – Quickbooks Training, QBMed Inc. (registered provider with the Council):

• Ms. Valda Alleyne, Executive Director – Writing Skills for Managing People and Conducting Employee Discipline, Barbados Employers’ Confederation.

New Staff Members

6. During the period under review, the following staff members joined the Council on a contractual basis:

• Ms. Tamara Gibson - Quality Assurance Officer

• Ms. Violet Worrell - Quality Assurance Officer

• Ms. Cherie Pounder - Quality Assurance Officer

• Mrs. Alitia Quintyne - Quality Assurance Officer

• Ms. Laron Carrington – Accountant

• Ms. Shonelle Lynch – Clerk/Typist

• Mr. Rashid Fenty – Statistical Assistant

Orientation for New Employees

7. During the months April to October, orientation programmes (general and technical) were provided to familiarize new employees of the administrative and technical policies and procedures of the Council.

Staff Study Attachments (Overseas)

England and Scotland

8. Ms. Tamara Gibson and Ms. Cherie Pounder, Quality Assurance Officers were on study attachments at the Quality Assurance Agency for Higher Education (QAA) and the Office of Qualifications and Examinations Regulations (Ofqual), England and the Scottish Qualifications Authority (SQA), Scotland during November, 2012.


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9. Amongst other objectives, the study attachments were expected to gain knowledge of the agencies’ experiences as it relates to:

a. best practices for developing, implementing and maintaining qualifications frameworks;

b. the baseline data and feedback that would be required for the design, development, monitoring and improvement of the NQF

c. resources that may be required for the successful implementation of the NQF; and

d. any pitfalls/lessons learnt from the designing, development and implementation of NQFs.

10. Ms. Gibson and Ms. Pounder reported that the study attachments offered valuable opportunities to learn “first-hand” of the experiences of Scotland and England; observe best practices in relation to the processes for recognizing qualifications; and establish relationships that would assist with the design, development and implementation of the National Qualifications Framework.

11. Pictured below are Ms. Gibson and Ms. Pounder with members of the SQA Executive staff.

Mauritius

12. The Executive Director, Ms. Valda Alleyne, Quality Assurance Officer, Mrs. Alitia Quintyne, and Project Coordinator, National Qualification Framework, Ms. Shonelle Lynch were attached to the Mauritius Qualifications Authority (MQA) from January 21-25, 2013. The objectives of the study attachment were similar to those for the England and Scotland study attachments.

13. Amongst other key learning points, the Council staff reported that Mauritius had much to offer the BAC as its economy was similarly structured to Barbados; the country had a “home-grown” National Qualifications Framework (NQF) that is, the framework was specific to the Mauritian environment and its needs, given the proliferation of qualifications that existed in the country.

14. Overall, both study attachments provided the opportunity for building networking relationships between the Council and the agencies in England, Scotland and Mauritius and for possible technical assistance as it related to the design, development and implementation of Barbados’ National Qualifications Framework.

From left: Ms. Helen Zhang, SQA; Mr. Mark Hill, SQA; Ms. Cherie Pounder and Ms. Tamara Gibson, Quality Assurance Officers, BAC; Ms. Aileen Muir, SAQ; and representatives of the Scottish Credit and Qualification Executive.

25

15. Pictured below is the BAC delegation with MQA senior officials.

Work Attachments to BAC

Executive Director – St. Kitts and Nevis Accreditation Board

16. Ms. Trisha Rawlins, newly appointed Executive Director of the St. Kitts and Nevis Accreditation Board was attached to the Council from July 2-6 to learn of the administrative and technical operations required of an external quality

assurance agency (EQAA).

17. The Council shared its experiences through presentations from the administrative and technical staff and exposure to its registration process through a registration visit to a tertiary educational provider and attendance at one of the technical meetings.

Student Attachments

18. Ms. Janel Thomas and Ms. Dera Codrington, students from the Barbados Community College and Samuel Jackman Prescod Polytechnic, respectively, were provided with on the job training at the Council during the period.

19. The students were assigned to the customer service area and secretarial and records section.

Accommodation

20. The Council acquired additional accommodation to house the consultants for the proposed design, development and implementation of the National Qualifications Framework.

21. It was anticipated that the consultancy would commence before the end of the financial year ending March, 2013.

Front row: (first from left) Ms. Valda Alleyne, Executive Director, BAC and (second from left) Executive

Director, MQA, Dr. Kaylash Allgoo, O.S.K. Back row: Ms. Shonelle Lynch, Project Coordinator (NQF), BAC (third from left) and Mrs. Alitia Quintyne, Quality Assurance Officer, BAC (fourth from left) along with other members of staff of the MQA

Ms. Trisha Rawlins, Executive Director of St. Kitts & Nevis Accreditation Board (right) being presented with a token of appreciation by Ms. Valda Alleyne, Executive Director, BAC


2012-201326

APPENDIX I

List of Education and Training Institutions and Providers registered for the period April 1, 2012 – March 31, 2013

Name of Educational Provider Place of Operation Educational Focus

Ace Academy Bank Hall Main Road, St. Michael General Education

Advantage Caribbean Institute Ltd Suite 2, Courtyard by Marriott, Hastings, Christ Church

ICT & Business Skills Training

Allied Health Career Institute White Hall Main Road, St. Michael Care of the Elderly

B.A.G. Consulting Ltd. 266 Croton Close, Union Hall, St. Philip Occupational Health and Safety

Barbados Civil Aviation Training Centre

Building No. 4, Grantley Adams International Estate, Christ Church

Aviation Training

Barbados Fire Service Arch Hall Fire Station, St. Thomas Occupational Training (Training and Professional Development for Staff - Technical, Management & Leadership); Fire Safety Training

BIMAP BIMAP Drive, Wildey, St. Michael Business and Management

Caribbean Centre for Conflict Management

Suite No. 1, No. 31 George Street, St. Michael

Foundational and Advanced Mediation Practices

Caribbean Institute for Meteorology and Hydrology

Husbands, St. James Meteorology and hydrology related basic to advanced level courses

CariMEC Inc. Erin Court, Bishop’s Court Hill, St. Michael Business and Management

Cave Hill School of Business Cave Hill, St. Michael Business and Management

Cave Hill, St. Michael Business and Management Information Technology

Computer Knowledge Centre Suite #1, Rosebank House, Fontabelle, St. Michael

Information Technology

Dermatological Institute of Barbados No. 1, 10th Avenue, Belleville, St. Michael Dermatology

E.L.S. Pharmacy Consultancy 24 Cane Garden Heights, St. Thomas Pharmaceutical Training

Grace & Truth Critical Incident Training

#125 Atlantic Park, Bel-Air, St. Philip Counselling and Psychology

Insurance Institute of Barbados Weymouth Complex, Roebuck Street, St. Michael

Insurance

Interchange Language Institute 12 Greame Hall Terrace, Christ Church Language Instruction: Spanish and English

International Career College Inc. Worthing Main Road, Christ Church Cosmetology and Nail Technology

Tradewinds House, The Gardens, St. James Aesthetics

Mel’s Exotic Nails School Worthing Main Road, Christ Church Cosmetology and Nail Technology

NISE Inc. Suite 102, Building No. 4, Harbour Industrial Estate, St. Michael

Customer Service Training

27

Name of Educational Provider Place of Operation Educational Focus

Notes of Praise Inc. Nazarene Tabernacle, Eagle Hall, St. Michael

Music

Peacehaven Holistic Therapy School 80 Welches Terrace, St. Thomas Holistic Therapy

Personal Body Health Care Clinic and School of Holistic Therapies

1A Endeavour Plantation, Endeavour, St. Thomas

Holistic Therapy

Professional Training Services Building #2 Harbour Industrial Estate, Harbour road, St. Michael

Human Resource Development Training

REA EnviroHealth International “Laureston”, No. 18 7th Avenue, Belleville, St. Michael

Occupational Health and Safety

Regional Management Services Inc. #62 Free Hill, Black Rock, St. Michael Occupational Health and Safety

Semaj International School of Cosmetology and Trichology

124B Plaza Centrale, Roebuck Street, St. Michael

Cosmetology and Trichology

St. James Secondary School Continuing Education

St. James Secondary School, Trents, St. James

General Education

Synergy Performance Consultants Inc.

#93 Arawak Road, Chancery Lane, Christ Church

Human Resource Development

The Codrington Language Centre Red House, Golf Club Road, Rockley, Christ Church

English and Foreign Languages

The Maritime Institute of Barbados Suite 23, 3rd Floor, Mall 34, Broad Street, Bridgetown, St. Michael

Maritime Training

University of the Southern Caribbean c/o Seventh Day Adventist Secondary School, Dalkeith, St. Michael

General Education

The University of the West Indies, Cave Hill Campus

Cave Hill, St. Michael General and Specialized Areas of Study

The University of the West Indies Open Campus

Cave Hill, St. Michael General and Specialized Areas of Study

Walbrent College #56 Golden Palm Close, Rolling Hills, St. George

Construction Training

DRAFT – 26 JULY 2013

BARBADOS ACCREDITATION COUNCIL

FINANCIAL STATEMENTS

For the year ended 31 March, 2013

1


Financial statements For the year ended 31 March 2013 Contents Page Auditors’ report 2 Statement of financial position 3 Statement of comprehensive income 4 Statement of changes in general fund 5 Statement of cash flows 6 Notes to financial statements 7 to 14

2

INDEPENDENT AUDITORS’ REPORT To the Directors of Barbados Accreditation Council We have audited the accompanying financial statements of Barbados Accreditation Council, which comprise the statement of financial position as of 31 March 2013, and the statement of comprehensive income, statement of changes in general fund and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ 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 as to 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 and fair presentation of the financial statements 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. Opinion In our opinion, the financial statements present fairly the financial position of Barbados Accreditation Council as of 31 March 2013, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Date Bridgetown, Barbados

3


Statement of financial position As of 31 March 2013

(Restated)

Notes 2013 $

2012 $

Assets

Current Assets Cash at bank 761,051 968,127 Accounts receivable 4,375 11,701 Prepaid expenses 25,294 19,672 790,720 999,500 Property, plant and equipment 3 50,967 70,997 841,687 1,070,497 Liabilities and general fund

Liabilities Accounts payable 4 13,797 35,067 Deferred Revenue 6,8 383,352 518,125 397,329 553,192 General fund 444,358 517,305 841,687 1,070,497

The accompanying notes form an integral part of these financial statements Approved by the Council. Council Executive

Member Director

4


Statement of comprehensive income For the year ended 31 March 2013

(Restated)

Notes 2013 $

2012 $

Revenue Subvention revenue 1,500,420 980,000 Revenue from operations 71,812 68,147 1,572,232 1,048,147 Expenditure Salaries and wages 977,425 661,583 Rental of property 166,231 154,920 Conferences, seminars and training 105,287 96,782 General expenses 3,482 4,848 National insurance 70,491 42,461 Depreciation 3 41,804 36,433 Supplies and materials 45,280 35,766 Consultancy 18,225 61,080 Legal fees 88,218 6,450 Maintenance and insurance 40,287 25,531 Utilities, net 7 28,090 73,032 Advertising and promotion 39,286 84,819 Professional fees 6,756 5,750 Subscriptions 8,840 7,738 Honorarium and stipends 1,875 750 Travel 3,602 1,832 1,645,179 1,299,775 Deficit for the year (72,947) (251,628)

The accompanying notes form an integral part of these financial statements

5


Statement of changes in general fund For the year ended 31 March 2013

$

Balances – end of the year 2011 768,934

Surplus for the year before restatement 248,371

Restate $500,000 to deferred revenue - Note 8 (500,000)

Deficit for the year after restatement (251,628)

Balances – end of the year 2012 restated 517,305

Deficit for the year (72,947)

Balances – end of the year 2013 444,358

6


Statement of cash flows For the year ended 31 March 2013

(Restated) 2013

$ 2012

$ Cash flows from operating activities (Deficit) surplus for the year (72,947) (251,628) Adjustments for: Depreciation 41,804 36,433 Operating income before working capital changes (31,143) (215,195) Changes in non-cash working capital accounts: Change in accounts receivable 7,326 (7,186) Change in prepaid expenses (5,622) 5,648 Change in deferred revenue (134,593) 518,125 Change in accounts payable (21,270) 20,750 Net cash (used in) from operating activities (185,302) 322,142 Cash flows from investing activities

Property, plant and equipment purchased during the year (21,774) (15,391) Net cash (used in) from investing activities (21,774) (15,391) Net change in cash at bank

(207,076)

306,751

Cash at bank – beginning of year 968,127 661,376 Cash at bank – end of year 761,051

968,127

The accompanying notes form an integral part of these financial statements

7


Notes to the financial statements For the year ended 31 March 2013 1. Organisation and principal activities

The Barbados Accreditation Council (the “Council”) is a statutory corporation enacted by the Parliament of Barbados on 28 June, 2004 and is governed by the Barbados Accreditation Council Act 2004 11. The main operating activities of the Council are:

Firstly, the registration and re-registration of institutions offering post-secondary or tertiary education and programmes of study, the accreditation and re-accreditation of programmes and institutions in Barbados and related functions, such as recognition and equivalency of local and foreign-based qualifications, articulation and conferral of institutional titles; and

Secondly, the granting of Certificates of Recognition of CARICOM Skills Qualification to applicants who satisfy the requirements for recognition as skilled CARICOM nationals and examining and verifying of certificates of Recognition of Caribbean Community Skills granted to community nationals by Member States.

Statement of compliance:

These financial statements have been prepared in accordance with International Financial

Reporting Standards. Adoption of new and revised standards: In the current year, the Council has adopted all of the new and revised Standards and

Interpretations issued by the International Accounting Standards Board (”the ISAB”) and the International Financial reporting Interpretations Committee (“the IFRIC”) of the IASB that are relevant to its operations and effective for accounting periods beginning on 1 April 2012. The adoption of these new and revised Standards and Interpretations has not significantly affected the amounts reported for the current year.

8


Notes to the financial statements For the year ended 31 March 2013 2. Significant accounting policies and adoption of standards Significant accounting policies adopted by the Council are as follows: Basis of accounting

The financial statements have been prepared in accordance with the historical cost convention and are expressed in Barbados dollars. Revenue recognition Subvention revenue is recognized on a cash basis. The revenue from operations is generated when services are provided.

Foreign currencies

Transactions originating in foreign currencies are recorded in Barbados dollars at the exchange rates ruling at the dates of the transactions. Assets and liabilities denominated in foreign currencies are translated at the exchange rates at the balance sheet date. Related parties Two parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individual or corporate entities.

Depreciation Property, plant and equipment are originally recorded at cost. Depreciation is applied on the straight-line basis to write off the cost of the assets over their estimated useful lives at the following annual rates: Furniture and fixtures 33% Computers 25% Vehicle 14% Software 25% Printer 20% Air condition units 33%

9


Notes to the financial statements For the year ended 31 March 2013 2. Significant accounting policies and adoption of standards (continued)

Loans and receivables Loans and receivables are measured at amortized cost using the effective interest method, less any impairment. The financial assets of the entity which are designated as loans and receivables are all short term in nature and recognition of interest is immaterial. The significant categories of loans and receivables of the Council include accounts receivable. Impairment of loans and receivables Loans and receivables are assessed for indications of impairment at each balance sheet date. Loans and receivables are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the loans and receivables, the estimated future cash flows of the investment have been impacted. Financial liabilities Financial liabilities of the Council are classified as “other financial liabilities”. Other financial liabilities are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Accounts payable represents the only significant other financial liability of the Council.

The financial liabilities of the Council are all short term in nature and the recognition of interest expense is immaterial. Accounts payable are stated at their nominal values.

10


Notes to the financial statements For the year ended 31 March 2012

2. Significant accounting policies and adoption of standards (continued)

Intangible assets Intangible assets are measured at cost net of amortization on a straight line basis at a rate of 25% per annum. Intangible assets comprise of Council’s website development costs.

Critical accounting judgments and key sources of estimation uncertainty The Council makes estimates and assumptions that affect the reported amounts of assets and liabilities within the financial statements. Estimates and judgments are continually evaluated and on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. In the application of the Council’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are readily apparent from other sources. The estimates and liabilities are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Key sources of estimation uncertainty Other than in the establishment of routine provision against accounts receivable, depreciation of property, plant and equipment, and amortization of intangible assets, there are no estimates or judgments which are required in applying policies which may have a material impact on the Council’s reported assets, liabilities, revenue and expenses.

11


Notes to the financial statements For the year ended 31 March 2013 3. Property, plant and equipment

Accumulated Net book

Cost depreciation value

$ $ $

Furniture & fixtures Balances - 1 April

122,835 110,194 12,640 Additions

- - -

Disposals

- - - Depreciation

- 9,035 (9,035)

Balances - 31 March

122,835 119,229 3,605 Computers

Balances - 1 April

105,624 93,944 11,680

Additions

3,175 - 3,175 Disposals

- - -

Depreciation

- 5,386 (5,386) Balances - 31 March

108,799 99,330 9,469

Printer Balances - 1 April

46,112 18,444 27,668 Additions

- - -

Disposals

- - - Depreciation

- 9,222 (9,222)

Balances - 31 March

46,112 27,666 18,446 Software

Balances - 1 April

45,082 42,387 2,695 Additions

8,928 - 8,928

Disposals

- - - Depreciation

- 4,928 (4,928)

Balances - 31 March

54,010 47,315 6,695 Property and Plant: Air-condition Units

Balances - 1 April

9,413 6,268 3,145 Additions

9,671 - 9,671

Disposals

- - - Depreciation

- 5,552 (5,552)

Balances - 31 March

19,084 11,820 7,264

12


Notes to the financial statements For the year ended 31 March 2013 3. Property, plant and equipment (continued)

Motor vehicles Balances - 1 April

54,870 41,701 13,169 Additions

- - -

Disposals

- - - Depreciation

- 7,681 (7,681)

Balances - 31 March

54,870 49,382 5,488 Summary

Balances - 1 April

383,936 312,939 70,997 Additions

21,774 - 21,774

Disposals

- - - Depreciation

- 41,804 (41,804)

Balances - 31 March

405,710 354,743 50,967

4. Accounts payable & deferred revenue The average credit period on payables is 30 days. No interest is charged on accounts

payable if this average credit period is maintained. Thereafter interest may be charged at a rate determined by the supplier. The Council has financial risk management policies to ensure that payables are paid in a reasonable time frame.

5. Financial instruments Financial assets of the Council comprise cash at bank and accounts receivable. Financial

liabilities comprise accounts payable and deferred revenue. 3

13


Notes to the financial statements For the year ended 31 March 2013

5. Financial instruments (continued)

Credit Risk

Credit risk arises from the possibility that counterparties may default on their obligations

to the Council. The Council’s exposure to credit risk is indicated by the carrying amount of its assets.

The majority of the Council’s assets consist of cash is placed with one reputable bank,

thereby minimizing credit risk.

Fair value The fair values of the Council’s financial assets and liabilities approximate their carrying

values at the balance sheet date. Interest rate risk Differences in contractual re-pricing or maturity dates and changes in interest rates may

expose the Council to interest rate risk. The Council’s exposure to such risk is limited to variations in bank interest rates. However, interest earned on savings does not form a material source of revenue.

14


Notes to the financial statements For the year ended 31 March 2013 6. Deferred Revenue During the year as at 31 March 2012, $500,000.00 was received from The Ministry of

Education to facilitate in the development of the National Qualifications Framework (NQF) to achieve a mandate on developing and maintaining a unified system of credits for institutions. The financial summary of NQF progress as at 31 March 2013 is as follows: $

2013 $

2012

Deferred Revenue - NQF b/f 500,000 -

Funds Received 500,000 Less Expenses Incurred as follows: - - Rental of property 7,840 - Supplies and Materials 5,263 - Maintenance of property 3,529 - Conferences, seminars and training 75,170 - Consultancy 14,991 - Legal fees 19,050 - Total NQF Expenses 125,843 - Deferred Revenue – NQF Balance c/f 374,157 500,000 Other Deferred Revenue

9,375

18,125

Total Deferred Revenue

383,352

518,125

Also see Note 8.

7. Rebate During the year, the council received a refund from Barbados Light & Power for prior

year’s overcharges in utility billings of $45,966. 8. Comparative figures The 2012 figures have been restated to transfer the National Qualifications Framework

$500,000 from revenue to deferred revenue because the project will occur in 2013 and future years. See Note 6.

Documents

Barbados Accreditation Council Annual Report, 2012-2013