BARBADOS ACCREDITATION COUNCIL ANNUAL REPORT 1st April, 2008 to 31st March, 2009
BARBADOS ACCREDITATION COUNCIL 123 A & B “Plaza Centrale” Roebuck Street, Bridgetown St. Michael BB 11080 BARBADOS, W.I.
Ref No: BAC 1/05/00 Please reply to the Executive Director
Tel: (246) 436-9094 Fax: (246) 429-9233 Email: info@bac.gov.bb Website: http://www.bac.gov.bb
May 31, 2010 LETTER OF TRANSMITTAL The Honourable Ronald D. Jones, J.P. M.P. Minister of Education and Human Resource Development Thro’ The Permanent Secretary Ministry of Education and Human Resource Development Elsie Payne Complex Constitution Road ST. MICHAEL. Dear Sir In pursuance of Section 20 of the Barbados Accreditation Council Act, 2004-11, I have the honour to submit the Annual Report for the period April 1, 2008 to March 31, 2009. Yours faithfully
Yvonne Walkes (Ms) Chairman BARBADOS ACCREDITATION COUNCIL
“A coherent system of post-secondary or tertiary education and training which assures excellence and integrity to all its stakeholders.” ANNUAL REPORT 2008 - 2009 • I
CHAIRMAN’S REVIEW
T
he year under review saw the Barbados Accreditation Council intensifying its educational and training activities, emphasizing its mandate for post-secondary or tertiary institutions/providers to be registered and re-registered and highlighting critical steps to the accreditation process. The educational thrust warrants special mention as it is aimed at increasing the public awareness of the services offered and the benefits which could be gained at the national, organizational and individual levels. It discourages fraudulent practices and concentrates on internal training of staff to improve its efficiency, effectiveness and vigilance. The exposure of an individual, when he presented a bogus qualification for recognition as a medical doctor brought the prevalence of such practices before the eyes of the public and the dangers which could result if robust quality assurance processes are not in place by bona fide accreditation bodies. Efforts to sensitise institutions to the processes required for registration and accreditation were pursued. To this end, a five-member evaluation team interacted with some of our primary tertiary institutions assessing their overall readiness for the registration and accreditation processes. This evaluation brought to the fore the depth of compliance needed in the modern quality assurance arena. On the behalf of the Board of Directors, I wish to thank all stakeholders and members of staff of the Council for their continued commitment and support during the year and we look forward to continued good relations in the years ahead.
_________________________ Yvonne Walkes, B.A.(Hons). J.P. Chairman II • BARBADOS ACCREDITATION COUNCIL
TABLE OF CONTENTS Board of Directors
1
SECTION A: Establishment, Role and Responsibilities
2
Establishment of the Barbados Accreditation Council
2
Reporting Structure
3
Organizational Structure
4
SECTION B: Activities of the Council
5
Administrative Operations
5
Technical Operations
7
Certificate of Recognition of CARICOM Skills Qualification
9
Conferences, Seminars and Meetings
9
CANQATE Board Of Management
10
Promotion and Marketing Activities
11
List of Providers
12
SECTION C: Financial Statements
13
Audited Financial Statements for the year ended 31st March, 2009
14
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Vision Statement A coherent system of post-secondary or tertiary education and training which assures excellence and integrity to all of its stakeholders.
Mission Statement To be a high quality provider of registration, accreditation and related services in post-secondary or tertiary education and training in Barbados and beyond.
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Back row from left to right: Mr. Laurie King – Member. Mr. Curtis Smith – Member. Mr. Kenneth Walters – Deputy Chairman Front row from left to right: Ms. Maria Phillips – Board Secretary. Mrs. Wendy Griffith-Watson – Member. Ms. Yvonne Walkes – Chairman. Ms. Valda Alleyne – Ex-Officio Member. Mr. Herbert Gittens - Member. (Inset above left) Mrs. Avril Gollop – Ex-Officio Member. (Inset above right)
Annual Report for the period 1st April, 2008 to 31st March, 2009 Board of Directors Ms. Yvonne Walkes Mr. Kenneth Walters Ms. Maria Phillips Mrs. Wendy Griffith-Watson Mr. Laurie King Mr. Curtis Smith1
– – – – – –
Mr. Herbert Gittens
–
Mrs. Avril Gollop Ms. Valda Alleyne
– –
1
Chairman Deputy Chairman Attorney-at-Law – Board Secretary Chief Education Officer - Member Deputy Chief Education Officer – Member Barbados Employers’ Confederation Representative - Member Congress of Trade Unions and Staff Associations of Barbados (CTUSAB) Representative -Member Head of the Civil Service – Ex. Officio Member Executive Director – Ex. Officio Member
Mr. Smith’s appointment to the Board was rescinded with effect from March, 2009 ANNUAL REPORT 2008 - 2009 • 1
SECTION A Establishment, Role and Responsibilities Barbados Accreditation Council Establishment of the Barbados Accreditation Council
T
he 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:
d) grant Certificates of Recognition of Caribbean Community Skills in accordance with the provisions of the Caribbean Community (Movement of Skilled Nationals) Act, 2004 and for related purposes.
1. The registration of institutions offering postsecondary or tertiary education and programmes The functions of the Council are to, inter alia: of study, the accreditation and re-accreditation of a) register local, regional and foreign-based programmes and institutions in Barbados; and institutions that offer educational courses in Barbados; 2. The granting of Certificates of Recognition of Caribbean Community Skills Qualification b) accredit and re-accredit programmes of study and to applicants who satisfy the requirements for institutions operating in Barbados; recognition as skilled CARICOM nationals and verifying of Certificates of Recognition c) maintain a record of all institutions that are of Caribbean Community Skills Qualification registered and accredited by the Council pursuant granted to community nationals by their own to paragraph (a) and the educational courses country. offered by those institutions; The responsibilities of the Barbados Accreditation d) advise on the recognition of foreign-based Council are to: institutions and their awards; a) register institutions offering postsecondary or e) establish relationships with national, regional tertiary education and programmes of study in and international accreditation bodies; Barbados; b) accredit qualifications offered in Barbados; c) examine and verify Certificates of Recognition of Caribbean Community Skills Qualification granted to Community nationals by their own country for the purpose of giving effect to Article 46 of the Revised Treaty of Chaguaramas;
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f) determine the equivalency of programmes and qualifications; and g) examine and verify Certificates of Recognition issued to Community nationals.
Reporting Structure Barbados Accreditation Council (BAC) MINISTRY OF EDUCATION AND HUMAN RESOURCE DEVELOPMENT Minister of Education and Human Resource Development Chairman Board of Directors, BAC Executive Director BAC Secretariat BAC Secretariat
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Organizational Structure Barbados Accreditation Council Executive Director
Accreditation Officer (2) Administrative Officer 1
Information Officer Executive Secretary Assistant Accountant
Clerical Officer
Clerk/Typist
Driver/Messenger
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Maid
SECTION B Activities of the Council Administrative Operations Regular Meetings of the Board 1.
During the period April 1, 2008 to March 31, 2009, the Board of Directors held eleven (11) regular meetings. 5.
Special Meeting/Council Retreat
to the Board of Directors with regard to the Council’s strategy, practices, and procedures in relation to recruitment, leave (vacation, study, training, other), performance appraisal, discipline and termination of employment. During the period under review, the Finance Committee held three (3) meetings and the Human Resource Management Committee held two (2) meetings.
2.
On 12th February, 2009, the Board of Directors and Council staff organized a Special Meeting/ Retreat to examine the concept “Quality” as it Relocation of the Secretariat pertains to the Council. The facilitator was Prof. Vivienne Roberts, Deputy Principal, University of the West Indies Open Campus, Cave Hill.
3.
At the end of the retreat, the Board and staff agreed on, inter alia, “Quality Statements” in relation to the delivery of the Council’s services and tertiary educational provision in Barbados. These statements will guide the Council in the development of its own internal Quality Management System as well as those within tertiary educational institutions.
Internal Committees of the Board 4.
Two (2) internal committees were established, namely the Finance and Human Resource 6. Management Committees. The responsibilities of the Finance Committee include reviewing and making recommendation to the Board of Directors on the financial management and funding requirements, and monitoring the financial operations and results. The responsibilities of the Human Resource Management Committee include reviewing and making recommendations
On October 23, 2008 the Council relocated to “Plaza Centrale” Roebuck Street, Bridgetown. Amongst other benefits such as improved public view of the Secretariat, the new accommodation provides additional space for a Conference/ Training Room and for current and future staff members.
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Training and Development
L-R Ms Valda Alleyne, Executive Director, BAC; Ms Yvonne Walkes, Chairman, BAC; Hon. Ronald D. Jones, M.P., J.P. Minister of Education and Human Resource Development; the Venerable Archdeacon of the Anglican Church of Barbados, Rev. Eric Lynch; and Mr. Kenneth Walters, Deputy Chairman, BAC.
7.
On November 15, 2008 the Hon. Ronald D. Jones, M.P., J.P. Minister of Education and Human Resource Development paid an official visit to the Council. The opportunity was also taken to have the new accommodation blessed by the Venerable Archdeacon of the Anglican Church of Barbados, Rev. Eric Lynch.
Engagement of Services 8.
During the period under review, the following service providers were engaged by the Council: a. The services of 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 a retainer basis to provide auditing services for the financial year 20082009; and c. Grace McCaskie & Company was engaged on a retainer basis to provide legal services to the Council.
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9.
The following local and overseas training and development opportunities were provided for staff:
Local Training · Mrs. Althea Cox-Riley, Clerical Officer – Accounting Level 1, Training Administration Division(TAD) · Ms. Juanita Bovell, Executive Secretary – Registry Procedures, TAD · Ms. Melissa Brathwaite, Clerk/Typist – Statistical Package for the Social Sciences (SPSS), TAD · Ms. Katrina Ifill, Information Officer – Fundamentals of Marketing, Barbados Institute of Management and Productivity (BIMAP); Effective Presentation Skills, TAD and Web Page Design, TAD · Ms. Valda Alleyne, Executive Director; Ms. Pamela Dottin and Mrs. Sharon Alleyne, Accreditation Officers; Ms. Katrina Ifill, Information Officer and Mrs. Mary Bruce, Administrative Officer 1 – Preparing for Peer Review Evaluation, Barbados Accreditation Council – facilitated by the Higher Learning Commission, USA Overseas Training · Mrs. Sharon Alleyne, Accreditation Officer - Curriculum Change in the Context of Quality Assurance, International Network for Quality Assurance Agencies in Higher Education (INQAAHE) in Argentina · Mrs. Sharon Alleyne, Accreditation Officer – Study Tour to observe quality
assurance and quality enhancement processes at selected accrediting bodies in the United States of America Staff Matters 10. During the period, the following staff members accepted the offer of permanent appointment to their positions:
certain standards to operate legally in Barbados; for example, have the requisite health and safety compliance, adequate physical, learning and financial resources. 14.
· Mrs. Sharon Alleyne, Accreditation Officer · Ms. Pamela Dottin, Accreditation Officer · Ms. Katrina Ifill, Information Officer · Mrs. Mary Bruce, Administrative Officer 1 Student Attachments 11.
Two (2) students from the Barbados Community College and the Samuel Jackman Prescod Polytechnic were provided with on the job training 15. at the Council.
Hosting of Visitors 12.
The registration evaluation of the Cave Hill and Open Campuses of the University of the West Indies, took place during the period September 22 to 26, 2008. The evaluation team comprised Dr. John Randall, former Chief Executive Officer of the Quality Assurance Agency for Higher Education, United Kingdom; Prof. Wendy Griswold, Professor of Sociology at the North Western University; Dr. Dennis Mock, President & Vice Chancellor of Nipissing University; Professor Donald Hanna, Professor of Educational Communications (Distance Education) of the University of Wisconsin-Extension; and Mr. Michael Theodore, representative of the Council of Legal Education. During the review period, thirty-three (33) tertiary educational providers were registered with the Council. The list of registered providers is shown at Appendix I.
The Council hosted a visit by a group of Surinamese Draft Accreditation Standards and Guidelines students in October, 2008. The purpose of the visit was to discuss issues surrounding the Free 16. The draft Institutional and Programme Movement of CARICOM nationals and the Accreditation Standards as well as the Handbooks Council’s involvement in the programme. for Accreditation were submitted to the Board of Directors for approval.
Technical Operations
Policies and Procedures
Registration of Institutions 17. 13.
Institutions offering post-secondary or tertiary education and training must register with the Council. The primary purpose of registration is to ensure that educational providers meet
During the period under review, the following policies and procedures were agreed upon by the Board of Directors: · Collaborative Provisions – aimed at institutions/ ANNUAL REPORT 2008 - 2009 • 7
· ensuring that decisions are reliable and can stand up to scrutiny; and
providers involved in or seeking partnership arrangements with local or overseas providers; and
· generally ensuring that the Accreditation and Programme Approval process and procedures are cohesive and meet internationally accepted requirements.
· Programme Approval – aimed at the validation of new programmes offered by tertiary educational providers. Approval of Fees for Services
Development of Supporting Guidelines
18. During the period under review, the following 22. fees for services were approved by the Board of Directors: · Institutional Accreditation · Programme Approval
Guidelines were developed in respect of the following procedures and processes: · Programme Approval; and · Accreditation
Recognition of Qualifications In keeping with Section 5(d) of the Barbados Accreditation Council Act, the proposed fees 23. The Council has established an Equivalency in relation to Short Course Approval and Short Committee with responsibilities which include Course Accreditation were submitted to the reviewing the recommendations of the Secretariat, Minister of Finance for approval. establishing common standards for comparing qualifications and determining the criteria to be 20. In order to facilitate the evaluation of institutions used for determining equivalency. and programmes, the Board of Directors approved minimum fees for the evaluation team 24. During the period under review, approximately which will be used as a guide by tertiary providers sixty seven (67) qualifications were evaluated to in their decision-making. determine their equivalence to local qualifications and precedents were established for future Establishment of an Accreditation and Programme reference. Approval Committee Recognition of Institutions and Programmes of 21. The mandate of the Accreditation and Programme Study Approval Committee includes: 25. Apart from the recognition of qualifications, the · reviewing the recommendations of the Council provided statements on the recognition/ evaluation team in respect of accreditation, accreditation status as these pertained to mainly programme approval and related activities; to overseas institutions and programmes of study. · establishing common standards for evaluating During the period under review, thirty-three reports; (33) requests for recognition of institutions or 19.
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programmes of study were processed and statements 30. of recognition were issued to applicants. 26.
The sum of $60,000 was requested and granted for the Council to make deposits towards the conference venue and the blocking of rooms at selected hotels.
The interest in this area of activity has shown steady growth as the Council has sought to alert the members of the public about the prevalence Marketing and Promotion (Council and CANQATE of Diploma and Accreditation Mills. Further, the Conference) promotion was aimed at alerting persons that they should ensure that prospective institutions 31. The Board of Directors approved the 2008-2009 and/or programmes of study are accredited Marketing and Promotion Action Plan which or recognized in their home countries before included the following activities: pursuing studies. · Information Sessions conducted by the Technical Workshops Executive Director, Accreditation Officers and Information Officer; 27. Over forty (40) providers benefited from · Radio and Television appearances by the a workshop entitled “Preparing for Executive Director, Accreditation Officers and Accreditation” which was held in October at Information Officer; and the Grand Barbados Beach Resort & Hotel, · Radio and Television 30–sec advertisements St. Michael. The workshop was facilitated by produced in CD & DVD formats by Animated Drs. Karen Solomon and Sue Darby of the Graphical Edition (AGE) Productions; and Higher Learning Commission (North Central · Advertorials in the two daily newspapers on the Association of Colleges and Schools) (HLCRegistration and Recognition Services of the NCA), United States of America. Council.
One (1) registration workshop was conducted to Membership assist institutions/providers with the completion of the Registration form and clarification of any 32. The Council continued its membership with the issues/concerns. following regional and extra-regional agencies: · Caribbean Area Network for Quality CANQATE Conference 2009 Assurance in Tertiary Education (CANQATE); 29. The Council received communication that the · International Network for Quality Assurance Cabinet had agreed that the Government of Agencies in Higher Education (INQAAHE); th Barbados should host the 6 Annual Conference and of the Caribbean Area Network for Quality · The National Academic Recognition Assurance in Tertiary Education (CANQATE) Information Centre for the United Kingdom from October 06 to 08, 2009. (UK NARIC). 28.
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Certificate of Recognition of CARICOM International Network for Quality Assurance Agencies in Higher Education (INQAAHE) Conference Skills Qualification 33.
Periodic meetings were held with the 37. • The Chairman and Executive Director attended the biennial Conference of the International Immigration Department and the CSME Focal Network for Quality Assurance Agencies in Point, Prime Minister’s Office, aimed at ensuring Higher Education (INQAAHE) held in Abu the smooth facilitation of the free movement of Dhabi, United Arab Emirates from March 30 CARICOM nationals. In addition, the Council to April 02, 2009. The theme was “Quality produced quarterly statistical reports which were Assurance: Coming of Age – Lessons from disseminated to the CSME Focal Point, Prime the Past and Strategies for the Future”. The Minister’s Office, Immigration Department, and conference covered four (4) subthemes: other relevant agencies.
34.
During the period under review, the Council issued one hundred and sixty-three (163) Certificates to eligible CARICOM nationals and verified one hundred and thirty-five (135) Certificates of Recognition issued to nonnationals by other Member States.
Conferences, Seminars and Meetings
i. Quality Assurance (QA) for Enhancement; ii. Different Approaches to QA and their impact on efficiency, effectiveness and sustainability; iii. A Quality Culture: Embedding QA into the life of an institution; and iv. Quality Assurance at a Distance.
38. • Over four hundred (400) participants from around the globe attended the conference. The Caribbean Area Network for Quality Assurance in forum allowed for formal and informal breakout Tertiary Education (CANQATE) Conference sessions and discussion, sharing and reflecting at length on their practices with colleagues from 35. The 5th Annual Conference of CANQATE was around the world. hosted by the Bermuda College from November 04-06, 2008. The Council was represented by the 2009 ACTI Conference Chairman, Executive Director and Information Officer. 39. • The annual Conference of the Association of Caribbean Territory Institution was held 36. The theme of the Conference was “New in November at the PomMarine Hospitality Pedagogy for Tertiary Education: A Quality Institute, Barbados. The Council was represented Paradigm”. This event attracted approximately by Accreditation Officers, Ms. Pamela Dottin 130 participants from international and national and Mrs. Sharon Alleyne. quality assurance agencies, tertiary institutions and other interested bodies.
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CANQATE Board Of Management 40.
Promotion And Marketing Activities
In her capacity as Secretary to the Board of BAClight Newsletter Management of CANQATE, the Executive Two editions of the bi-annual newsletter were Director attended a meeting in Bermuda to 42. published during the period. This newsletter is review the progress of the Bermuda College disseminated electronically and via hard copy to which was the host institution for the 5th Annual the Council’s various stakeholders locally and CANQATE Conference. The opportunity was internationally. also provided for the Board of Management to visit the conference venue and hotel. Information Sessions 43.
Courtesy call on the Minister of Education and Human Resource Development - CANQATE Board of Management.
International College Fair 2008 44.
41.
During the period March 04 to 05, 2009, the Board of Management of CANQATE visited the Council to discuss the progress of planning for the 6th Annual Conference. The opportunity was also taken to pay a Courtesy Call on the Hon. Ronald Jones, M.P. J.P, Minister of Education and Human Resource Development. The Hon. Patrick Todd, M.P. Minister of State in the same Ministry was also in attendance at the meeting.
Through Information Sessions with the public and private sectors, the Council has continued to promote its role and activities to employers and employees in the public and private sectors, tertiary educational/providers, professional bodies and other interest groups/organizations. Such sessions were conducted with the Barbados Employers’ Confederation, the Royal Barbados Police Force, The University of the West Indies, Cave Hill Campus and the Samuel Jackman Prescod Polytechnic.
The Council was invited to participate in the annual International College Fair held during November, 2008 at Lloyd Erskine Sandiford Centre. The public was provided with general information on the Council as well as literature on issues such as Diploma and Accreditation Mills. In addition, the Council also conducted an Information Session targeted at the large number of secondary school students who were present during this three-day event.
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LIST OF PROVIDERS List of Registered Post-Secondary or Tertiary Education and Training Providers Operating in Barbados as at 31st December 2009. Name of Provider
Place of Operation
Educational Focus
1. Applied Performance Solutions Inc.
“The Villa”, Warner’s Road, St. Michael
Customer Service and Related Courses
2. Barbados Association of Office Professionals (BAOP)
WIBISCO Complex, Gills Road, St. Michael
Secretarial/Administrative Courses
3. Barbados Institute of Management and Productivity (BIMAP)
BIMAP Drive, Wildey, St. Michael
Courses in Management and Information Technology
Mangrove, St. Philip
Industrial Relations and Related Courses
5. Caribbean Management Education Centre Inc. (CariMEC)
Erin Court, Bishop’s Court Hill, St. Michael
Post-graduate Degree Programmes; Professional Training Courses
6. Cave Hill School of Business
Cave Hill, St. Michael
Management and Related Courses
7. CGA Caribbean Inc.
Suite 21/23, One Accord Plaza, Warrens, St. Michael
Accounting Courses
8. Computer Knowledge Centre
Suite #1, Rosebank House, Fontabelle, St. Michael
Information Technology and Related Courses
9. Faith Business & Entrepreneurial
Academy Bank Hall Main Road, St. Michael
10. Howes Inc. Unit D, Barbados Small Business Development Centre,
Fontabelle, St. Michael
Human Resources Development and Related Courses
11. Insurance Institute of Barbados Inc.
Weymouth Corporate Centre, St. Michael
Insurance Related Courses
12. International Airline Academy
Upton, St. Michael
Airline Courses
13. Medical Transcription Training Centre
Building #8, Suite 301-304, Harbour Road, St. Michael
Medical Transcription
14. Mel’s Exotic Nail School & Salon
Worthing Main Road, St. Michael
Cosmetology and Nail Technology
15. Profiles School of Beauty & Salon
Airy Hill, St. George
Cosmetology and Nail technology
16. Quality Control & Computer Services
Kay’s House, Roebuck Street, Bridgetown, St. Michael
Information Technology and Related Courses; Ordinary and Advanced Level Certificates
17.REA Envirohealth International
“Laureton” #18, 7th Avenue Belleville, St. Michael
Occupational Health and Safety Training Programmes
18. Semaj International School of Cosmetology & Trichology
Cavan’s Lane, Bridgetown, St. Michael
Cosmetology and Trichology Courses
19. The Barbados O’ Level Institute
Bank Hall, St. Michael
Ordinary and Advanced Level Certificates
20. The School of Gastronomy
Manor Lodge Complex, Green Hill, St. Michael
Culinary Arts Programmes
21. Trinity Business Solutions Information
Devon House, Worthing, Christ Church
Technology and Customer Service Courses
22. University of the Southern Caribbean
c/o Seventh Day Adventist School, Dalkeith Road, St. Michael
Undergraduate Courses
23. University of the West Indies (UWI)
Cave Hill, St. Michael
Postsecondary/ Tertiary Level Certificate, Diploma and Degree Academic Courses
4. Barbados Workers’ Union Labour College
Management and Customer Service Courses
Valda Alleyne, Executive Director, Barbados Accreditation Council 12 • BARBADOS ACCREDITATION COUNCIL
FINANCIAL STATEMENT a)
For the Financial Year 01st April, 2008 to 31st March 2009, the Barbados Accreditation Council was allocated the sum of one million, three hundred thirty one thousand dollars ($1,331,000.00) by the Ministry of Finance.
b)
The actual amount of funds expended was one million four hundred and twenty eight thousand, seven hundred and thirty eight dollars and zero cents ($1,428,738.00)
c)
The audited financial statements as at 31st March, 2009 are appended to this report.
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AUDITED FINANCIAL STATEMENTS for the year ended 31st March, 2009
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BARBADOS ACCREDITATION COUNCIL Financial Statements For the year ended 31 march 2009
Contents
Page
Auditors’ report
14
Balance sheet
15
Statement of revenue and expenditure
16
Statement of changes in general fund
17
Statement of cash flows
18
Notes to financial statements
19 — 25
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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 CARlCOM Skills Qualification to applicants who satisfy the requirements for recognition as skilled CARlCOM 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 IFRlC) of the IASB that are relevant to its operations and effective for accounting periods beginning on 1 April 2008. The adoption of these new and revised Standards and Interpretations has not significantly affected the amounts reported for the current year.
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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 the 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 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 routme provision against accounts receivable, depreciation of fixed assets 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.
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5.
Accounts payable 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.
6.
Fixed assets purchased in 2007 The balance comprises fixed assets purchased in the 2007 financial year, but not booked by the Council as fixed assets until the 2008 financial year. Prior to 01 April 2007, the Council did not have its own bank account, purchases were made by the Ministry of Education, the cash basis of accounting was used and only cash receipts and cash payments were reported per Note 8. Also see Note 1 and Note 3.
7.
Financial instruments Financial assets of the Council comprise cash at bank and accounts receivable. Financial liabilities comprise accounts payable.
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 which is placed with one reputable bank, thereby minimizing credit risk.
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