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BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE 10121/22
T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)
Annual Report
ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.


Under IFRS 9, these financial asset are measured at amortised cost because they satisfy the solely payments of

principal and interest (SPPI).

The College has elected to the apply the simplified approach for impairment of cash and cash equivalents because
the lifespan of these assets is less than 12 months. The College has adopted the provision matrix contained in im-
plementation guidance to IFRS 9 as its impairment methodology.

Historical default rates on deposits held in banks is nil. The review of relevant forward looking macro-economic
factors does not suggest possible defaults on bank deposits and consequently no provision has been raised.

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1  Financial risk factors (continued)

(c)   Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash, and the availability of funding through an
adequate amount of committed credit facilities. Management monitors rolling forecasts of the College liquidity
reserves (comprising of cash and cash equivalents – note 16) on the basis of expected cash flow. This is generally
carried-out by management in accordance with practice and limits set by the Board. The table below analyses
the College’s financial liabilities into relevant maturity periods based on the remaining period at the statement
of financial position date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows:

2022 2021
P P

Less than 1 year 31,523,740 35,860,743
Trade and other payables (excluding non-financial liabilities) 8,774,241 10,898,321
Lease liabilities 2,878,040 951,706
Borrowings - 24,783,188
Bank Overdraft
43,176,021 72,493,958

Between 2 to 5 years 5,937,403 -
Lease liabilities 22,121,960 2,022,375
Borrowings 28,059,363 2,022,375



(d) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments
that are recognised and measured at fair value in the financial statements. To provide an indication about the reli-
ability of the inputs used in determining fair value, the College has classified its financial instruments into the three
levels prescribed under the accounting standards - IFRS 13.

Quoted market prices - Level 1
Assets and liabilities are classified as Level 1 if their value is observable in an active market. Such instruments are

valued by reference to unadjusted quoted prices for identical assets or liabilities in active markets where the quot-
ed price is readily available, and the price represents actual and regularly occurring market transactions. An active
market is one in which transactions occur with sufficient volume and frequency to provide pricing information on an
ongoing basis.

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102 21/22 BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE
Annual Report T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)

ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

Valuation technique using observable inputs - Level 2
Assets and liabilities classified as Level 2 are valued using models whose inputs are observable in an active market

either directly (that is, as prices) or indirectly (that is, derived from prices).

Valuation technique using significant and unobservable inputs - Level 3
Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based

on observable market data (unobservable inputs). A valuation input is considered observable if it can be directly
observed from transactions in an active market, or if there is compelling external evidence demonstrating an exe-
cutable exit price. The College considers relevant and observable market prices in its valuations where possible.

At 31 March 2022, the College had borrowings carried at armotised cost amounting to P25,000,000 (2021: P
27,757,269) classified under level 2.

3 FINANCIAL RISK MANAGEMENT (CONTINUED)

3.1  Financial risk factors (continued)

(e) Capital risk management

The College is a company limited by guarantee. The College is supported by its stakeholders and the Government
of Botswana. The College’s objective when managing capital is to safeguard the ability to continue as a going-con-
cern in order to provide returns and benefits for stakeholders and to maintain an optimal capital structure to reduce
the cost of capital.

The College makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below.

Celebrating 25 Years of Transforming Lives.

BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE 10321/22
T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)
Annual Report
ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

4 CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

4.1 Useful lives and residual values of property, plant and equipment

The College annually assesses the appropriateness of the useful life and residual value estimates. The estimated
residual values of the property, plant and equipment have been determined by the College’s directors based on
their knowledge of the industry. The management estimates the useful life of assets reasonably and consistent with
the management’s experiences and industry norms for similar assets.

4.2 Measurement of the expected credit loss allowance

The measurement of the expected credit loss allowance for financial assets measured at amortised cost is an area
that requires the use of complex models and significant assumptions about future economic conditions and credit
behaviour (e.g. the likelihood of customers defaulting and the resulting losses).

A number of significant judgements are also required in applying the accounting requirements for measuring ECL,
such as:

i. Choosing appropriate models and assumptions for the measurement of ECL;
ii. Establishing groups of similar financial assets for the purposes of measuring ECL.

4.3 Determining whether bundled services are distinct performance obligations or not

Contracts with customers often include promises to deliver multiple services. Determining whether such bundled
services are considered;

i. distinct performance obligations that should be separately recognized, or
ii. non-distinct and therefore should be combined with another good or service and recognized as a combined

unit of accounting may require significant judgment.

In general, the College’s services are none distinct as they could be performed by other educational institutions and
do not involve significant customization.

4.4 Determining the lease term and incremental borrowing rate

Assets and Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include
the net present value determined using the following observable data inputs; the remaining lease period, the lease
payments and College’s borrowing rate with First National Bank of Botswana Limited.

In calculating the fair value, the valuer has adopted various valuation techniques generally used by independent
valuers. The key assumptions underlying the valuation technique are based on unobservable inputs and accordingly
result in valuations being classed as level 3 in terms of the fair value hierachy. Sensitvity of fair value measurements
using significant unobserable inputs disclosed in Note 10.1.

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104 21/22 BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE
Annual Report T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)

ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

2022 2021
5 Revenue P P

Tuition fees 118,005,434 115,900,561
Undergraduate programmes 59,339,533 47,783,883
Professional and corporate learning programmes 12,835,794 12,885,747
Post-graduate programmes
190,180,761 176,570,191

6 Other operating income

Hostel income 9,177,615 8,692,310
Sundry income
Sundry Income 1,418,728 2,584,582
Promotional items and other income
Bad debt recovery 19,355 408
Foreign exchange losses
Profit on Disposal of Land 1,162,204 2,245,552
Amortisation of government grants (Note 17)
Government subvention (Note 17) 237,169 338,623

659,030 (475,228 )

479,039 -

868,472 868,472

19,772,800 19,720,860

32,375,684 31,390,996

7 Expenses by nature

Depreciation on property, plant and equipment (Note 10) 10,725,656 11,742,773

- owned assets 6,152,679 7,487,232

- leased assets 4,572,977 4,255,541

Amortisation of intangible assets 80,215 63,711

Operating lease rentals 1,631,690 1,177,187

Depreciation on right of use assets 9,785,231 9,946,492

Auditors’ remuneration 422,297 353,052

Staff costs (Note 7.1) 135,195,506 131,117,518

Board Expenses 248,254 158,451

Repairs and maintenance - property, plant and equipment 2,031,292 1,566,530

Electricity and water expenses 5,966,888 5,079,317

Advertising and promotion 3,181,246 4,686,572

Catering and cleaning expenses 3,862,457 4,946,251

Cost of educational materials 494,349 1,190,695

Partner university and accreditation fees 22,487,057 17,350,501

Printing and stationery expenses 1,893,733 2,405,488

Internet services 11,279,119 10,216,341

E-learning platforms 2,043,806 2,134,802

Student laptop Expense 7,043,340 5,770,585

Software licenses 6,800,382 5,268,479

Other expenses 15,337,889 16,326,810

Total staff and other administrative expenses 240,510,407 231,501,554

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BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE 10521/22
T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)
Annual Report
ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

2022 2021
P P

7.1 Staff costs

Salary 100,667,204 95,711,843
Gratuity 22,073,586 20,565,096
Pensions (administration staff pensions) 2,292,090 2,110,668
Training and other related costs 1,761,092 4,139,770
Leave pay (Note 19.1) 2,145,239 2,893,036
Medical aid and general staff welfare 6,256,295 5,697,105

135,195,506 131,117,518

Included in above;
Senior management remuneration (Note 23) 19,032,336 18,396,100

Average number of persons employed over the year 274 267
- Full time 86 64
- Part time
360 331

8. Finance cost / income

Finance income 111,670 102,000
Interest income- bank deposits 111,670 102,000

610,163 192,328
Finance costs 360,767 985,739
Interest expense - mortgage loans 306,455 537,911
Finance cost lease 1,277,385 1,715,978
Overdraft interest


Net finance cost (1,165,715) (1,613,978 )

9. Income tax

The College is exempt from income tax in terms of the Second Schedule of Part 1 of the Income Tax Act (Cap
52:01).

Celebrating 25 Years of Transforming Lives.

21/22

106 Annual Report

Celebrating 25 Years of Transforming Lives.
BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE
T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)

ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

10 Property, plant and equipment

Leasehold Building Leasehold Office and Office and Clini c Computer Motor Educational Work-in Total
staff catering materials progress (Cost/
improvements Land and buildings (cost) equipmen t equipment vehicles (library) revaluation)
Furniture (Cost) (Cost)
(cost) (Revaluation) (cost) P (cost ) (Cost) (Cost) P P
P P
Year ended 31 299,544 128,915,061
750 4,124,397 7,438,670
March 2022 P P P P P - 1,829,253 6,800,000
-
Net book value - 12,788,781
At beginning of year - -
Additions 16,786,986 96,900,000 2,037,031 2,332,992 26,002 5,873,184 534,925 (290,410 ) (6,177,821 )
Disposals(at Valuations) 3,425,251 648,206 - - (10,725,656 )
Disposals(at Cost) - - - - - 1,535,210 - 9,884 -
Accumulated depreciation 6,800,000 - 119,017,115
disposals 6,800,000 - - - - 5,953,649
Depreciation - -
Net book value at end of (2,769,407 ) 2,568 636,250 - 5,349,963 (192,716 )
year
17,442,830 342,209

(189,040 ) (2,568 ) (636,250 ) - (5,349,963 )
(1,803,570 ) (617,169 ) (1,184,991 )
(7,860 ) (3,859,533 )



88,485,470 1,419,862 1,796,207 18,142 3,548,860

As at 31 March 2022 34,995,304 90,100,000 8,734,959 9,565,914 74,314 30,495,705 1,825,606 5,313,010 5,953,649 187,058,461
Cost / revaluation (17,552,474 ) (1,614,530 ) (7,271,193 ) (7,813,611) (56,172 ) (26,946,845 ) (1,483,397 ) (5,303,126 ) - (68,041,348 )
Accumulated depreciation
Net book value at end of 17,442,830 88,485,470 1,463,766 1,752,303 3,548,860 342,209 9,884 5,953,649 119,017,113
year 18,142

Year ended 31 March 2021 19,002,134 81,389,832 1,692,532 2,977,383 36,163 7,803,888 727,641 910,693 1,617,264 116,157,530
Net book value 515,785 - 1,175,583 223,585 - 3,016,681 - 26,761 2,507,133 7,465,527
At beginning of year - - - - -
Additions 17,034,776 - - - 17,034,776
Disposals (cost) (2,730,933 ) (867,976) (192,716 )
Accumulated depreciation (1,524,608 ) (831,085) (4,947,385 ) (637,909 ) - (11,742,773 )
disposals 16,786,986 96,900,000 2,037,030 2,332,992 (10,161 ) 534,925 299,545 4,124,397 128,915,060
Depreciation 5,873,184
Net book value at end of 192,408,573
year 26,002 (63,493,513 )
128,915,061
As at 31 March 2021

Cost / revaluation 31,570,053 96,900,000 8,693,623 9,597,862 74,314 34,310,459 1,825,606 5,312,260 4,124,397
- (6,656,592) (7,264,870) (48,312 ) (28,437,275 ) (1,290,681 ) (5,012,716 ) -
Accumulated depreciation (14,783,067 )
96,900,000 2,037,031 2,332,992 5,873,184 534,925 299,544 4,124,397
Net book value at end of 26,002

year 16,786,986

BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE 10721/22
T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)
Annual Report
ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

10 Property, plant and equipment

10.1 Property, plant and equipment (continued)

Leasehold Land and buildings 2022 2021
P P

At cost 58,946,012 58,946,012
Accumulated depreciation (14,061,480) (12,960,291 )
44,884,532 45,985,721

The College acquired a properly situated at Plot 61922, Fairgrounds, Gaborone, from Commercial Holdings (Pro-
prietary) Limited on l5th August 2006. The College entered into a 50%:50% joint venture with Botswana Public Of-
ficers Pension Fund (BPOPF) through a special purposo vehicle, Campus Investment Partners (Proprietary) Litriited
to develop the plot. The College transferred the property to this newly incorporated company during the year.

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108 21/22 BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE
Annual Report T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)

ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

11 Intangible assets Software Total
P P

233,235 233,235
Year ended 31 March 2022 563,007 563,007
Net book value at beginning of year (80,215) (80,215 )
Additions
Amortisation charge - -
Impairment
Net book value at 31 March 2022 716,027 716,027

As at 31 March 2022

Cost 5,234,001 5,234,001

Accumulated amortisation (4,517,974 ) (4,517,974 )

Net book value at 31 March 2022 716,027 716,027

Year ended 31 March 2021

Net book value at beginning of year 188,878 188,878

Additions 108,068 108,068

Amortisation charge (63,711) (63,711 )

Net book value at 31 March 2021 233,235 233,235



As at 31 March 2021

Cost 4,670,994 4,670,994

Accumulated amortisation (4,437,759) (4,437,759 )

Net book value at 31 March 2021 233,235 233,235

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BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE 10921/22
T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)
Annual Report
ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

2022 2021
12 Leases P P

12.1 Right-of-use Assets

Balance at beginning of year 9,311,931 19,739,945
Adjustment for lease term review 14,062,099 (361,291 )

Remeasurement due to rent review - (120,231 )

Depreciation charge for the year (9,785,231 ) (9,946,492 )

Balance at end of year 13,588,799 9,311,931

12.2 Lease Liabilities

Balance at beginning of year 10,599,369 20,992,527

Adjustment for lease term review 14,062,099 (458,061 )

Remeasurement due to rent review 2,138,833 (101,143 )

Recognition of interest build up (Note 8) 360,767 985,739

Lease rent payments during the year (13,893,317 ) (10,819,693 )

Balance at end of year 13,267,751 10,599,369

Lease Liabilities - Maturity Analysis 8,774,241 10,898,321
Current - Within 12 Months
Non-Current - Over 12 months 5,937,403 -

Less: unearned Interest 14,711,644 10,898,321
Balance at end of year
1,443,893 298,952

13,267,751 10,599,369

Current - Within 12 Months 7,631,054 10,599,369
Non-Current - Over 12 months
5,636,697 -

13,267,751 10,599,369

Amounts recognised in statement of comprehensive income

Expenses relating to leases of low-value that are not shown above as short

term leases (Included in administrative expenses) 1,631,690 1,177,187
360,767 985,739
Interest expense (Included in Finance cost) (Note 8)
9,785,231 9,946,492
Depreciation relating to right-of-use assets 11,777,688 12,109,418



13 Investment in Joint Venture

Campus Investment Partners (Proprietary ) Limited 7,090,100 100

Botswana Accountancy College (BAC) has entered into a joint venture with Botswana Public Officers Pension Fund
(BPOPF) through the incorporation of a special purpose vehicle - Campus Investment Partners (Proprietary) Limited
for the construction of a student campus on Plot 61992.

The operations of the joint venture had not yet commenced at the reporting date.

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110 21/22 BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE
Annual Report T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)

ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

14 Trade and other receivables

Financial assets with the maximum exposure to credit risk at the year-end were as follows:

Description 2022 2021
P P

Trade Receivables 26,972,299 100,516,534

Less: Loss allowance (Note 3.1(b)) (25,347,344 ) (20,306,394 )

Net trade receivables 1,624,955 80,210,140

Prepaid Expenses 3,776,656 4,692,887

Other receivables 19,491,101 22,736,624

Advane to Campus Investment Partners ( Pty) Ltd 33,243,728 -

Trade and other receivables 58,136,440 107,639,651

Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their
fair value. Information about the impairment of trade receivables and the College’s exposure to credit risk, foreign
currency risk and interest rate risk can be found in Note 3.

15 Contract assets

Opening Balance - student laptops 14,654,125 20,424,710

Additions 12,198,808 -

Amortisation on student laptops (7,043,340) (5,770,585 )

Closing Contract Assets 19,809,593 14,654,125

16 Cash and cash equivalents

Cash at bank - current account 34,100 -
- call accounts 20,941,289 3,293,364
20,975,389 3,293,364

Cash and cash equivalent comprise of the followig for the purpose of cash flow:

Cash and cash equivalents 20,975,389 3,293,364
Bank Overdraft (Note 18) - (24,783,187 )

20,975,389 (21,489,823 )

16.1 Short-term investments 2,018,470 1,930,691

The College invested in African Alliance Unit Trust. The fair value of these
investements are P2,018,470 (2021:P1,930,691)

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T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)
Annual Report
ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

2022 2021
P P

17 Government grants

Year ended 31 March

Balance at beginning of year 42,162,393 43,030,865

Government subvention received during the year 19,772,800 19,720,860

Government grant income recognised during the year (868,472) (868,472 )

Government subvention income recognised during the year (19,772,800 ) (19,720,860 )

Balance at end of year 41,293,921 42,162,393



The closing balance of the government grant relates to capital grant not yet amortised.

18 Borrowings

Balance at beginning of year 2,974,081 3,835,524

Borrowings during the year 25,000,000 -

Capital re-payments during the year (2,974,081 ) (861,443 )

Balance at end of year 25,000,000 2,974,081

Payable after 12 months 22,121,960 2,022,375
Payable within 12 months 2,878,040 951,706

25,000,000 2,974,081

Bank Overdraft

Absa Bank Overdraft Facility - 24,783,188

Total Borrowings payable within 12 months 2,878,040 25,734,894

The average term of the borrowing is 7 years with an average effective borrowing rate of 6.5% (2021: 6.5%). Inter-
est rate is linked to the prime and the repayment vary according to any changes in the interest rates. The loan is
secured by properties (Lot 38352 and 31202) in Francistown.

The College has an overdraft facility of P35 million, by end of year the College had not utilised the overdraft facility.
The effective borrowing rate of the overdraft facility is 6.75%.

19 Trade and other payables

Trade payables 18,149,230 23,566,773
Accrual of staff related costs (Note 19.1) 16,748,477 15,349,506
Accrual of franchise fees and education material costs
Other accrued expenses - 1,893,450

13,374,510 10,400,520
48,272,217 51,210,249

Due to the short-term nature of the trade payables, their carrying amount is considered to be the same as their fair
value.

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112 21/22 BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE
Annual Report T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)

ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

19.1 Accrual of staff related costs

Leave pay Bonus Gratuity Total
Year ended 31 March 2022 P P P P

Balance at beginning of year 6,342,306 312,130 8,695,070 15,349,506
Charge for the year 2,145,239 - 7,464,487 9,609,726
Payments made during the year (1,471,573 ) (6,692,540 ) (8,210,754 )
Balance at end of year 7,015,972 (46,642 ) 9,467,017 16,748,477
265,488

Year ended 31 March 2021 5,011,868 320,066 7,518,649 12,850,583
Balance at beginning of year 2,893,036 - 10,491,751 13,384,787
Charge for the year (1,562,598 ) (9,315,330) (10,885,864 )
Payments made during the year 6,342,306 (7,937)
Balance at end of year 312,130 8,695,070 15,349,506

2022 2021
P P

20 Contract liabilities

Tuition fees 38,892,071 35,463,937
Hostel income
20,750 19,090

38,912,821 35,483,027

21 Cash flows from operating activities

Operating (loss) (22,994,912) (26,862,076 )

Adjustments for: 10,725,656 11,742,773

Depreciation on property, plant and equipment (note 10) 9,785,231 9,946,492
Depreciation on right of use assets (Note 17)
Remeasurement of leases 2,138,833 (77,682 )
Amortisation of intangible assets (Note 11)
Gain on disposal of assets 80,215 63,711
Amortisation of government grants (Note 17)
(479,039 ) -

(868,472 (868,472 )

(1,612,488 ) (6,055,254 )

Changes in working capital:

- Trade and other receivables 49,503,212 (8,142,633 )
- Contracts Assets (Note 15) (5,155,468) (14,654,125 )
- Contract Liabilities (Note 20) 3,429,791 (13,272,404 )
- Trade and other payables (2,938,032 ) 11,996,197
Cash generated from operations 43,227,014 (30,128,219 )

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BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE 11321/22
T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)
Annual Report
ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

2022 2021
P P

22 Analysis of financial instruments

22.1 Financial instruments by category

Loans and receivables 46,463,400 123,253,158
Trade and other receivables(gross) * 20,975,389 3,293,364
Cash-at-bank
Short-term investments 2,018,470 1,930,691
69,457,259 128,477,213

* Pre-payments are excluded from the trade and other receivables balance as this analysis is required only for
financial instruments.

Financial liabilities 31,523,740 35,860,743
Trade and other payables ** 13,267,751 10,599,369
Lease liability 25,000,000 2,974,081
Borrowings
Bank overdraft (Absa) - 24,783,188

69,791,491 74,217,382
* * Statutory obligations have been excluded from trade and other payables.

There were no liabilities at fair value, derivatives used for hedging, or available for sale financial instruments as at
year end.

22.2 Credit quality of financial assets

The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external
credit ratings (if available) or to historical information about counterparty default rates:

Rating

Trade receivables - Government Aa3 183,484 77,094,043
Trade receivables - Other Not rated 46,279,916 46,159,115
46,463,400 123,253,158

Cash-at-bank 12,969,924 743,791
Absa Bank of Botswana Limited Not rated 7,182,047 1,931,158
Stanbic Bank Botswana Limited Not rated 823,418
FNBB Not rated 618,415

Short-term investments 2,018,470 1,930,691
African Alliance Botswana Management Not rated 22,993,859 5,224,055


None of the financial assets that are fully performing have been renegotiated during the year. There are no credit
ratings available for financial institutions in Botswana. The above entities have reported sound financial results and
continued compliance with minimum capital adequacy requirements set by the regulator.

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114 21/22 BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE
Annual Report T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)

ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

2022 2021
P P



23 Related party transactions

Related parties comprise the Government of Botswana, Debswana Diamond Company (Proprietary) Limited,
Botswana Institute of Chartered Accountants who have common control, directors and senior management of the

College.

The following transactions were carried out with related parties during the year:

Tuition revenue from related parties

Government of Botswana 187,373,859 205,510,706

Debswana Diamond Company (Proprietary)

Limited - 53,722

Botswana Institute of Chartered Accountants 92,300 46,900

187,466,159 205,611,328

Grants receipt from related parties
Government of Botswana (Note 16) 19,772,800 19,720,860


Remuneration paid to key management
Key management includes directors (executive). The compensation paid or payable to key management for

employee services is as follows:

Senior Management benefits - Salaries 19,032,336 18,396,100
19,032,336 18,396,100

Directors expenses 248,254 158,451

The following year end balances arose from transactions with related parties:

Amounts due from related parties 181,634 77,081,345
Government of Botswana
1,850 12,698
Botswana Institute of Chartered Accountants
183,484 77,094,043


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BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE 11521/22
T/A BOTSWANA ACCOUNTANCY COLLEGE (A company limited by guarantee)
Annual Report
ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022 CONT.

24 Capital commitments
There were no capital commitments as at 31 March 2022 that have been approved but not contracted.
25 Contingent liabilities
There were no contingent liabilities at year end.
25.1 Litigation claims
There were no claims against the college at year end.
25.2 Bank guarantees
The College has issued a bank guarantee in the ordinary course of business to Botswana Power Corporation, to the

amount of P26,650 (2021: P26,650).
The directors confirm that there are no other material guarantees at year end, except disclosed above.
25.3 Assets pledged as security
The carrying amount of assets pledged as security for current and non-current borrowings are:

2022 2021
P P

Non-current
Freehold land - plot 38352 and plot 31202 Francistown (Note 10) 22,121,960 2,022,375

26 Events after the reporting date
There are no events after reporting date which require adjustment or disclosure in the financial statements.

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Annual Report

NOTICE OF THE 2022 ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting of the Botswana University College
of Business Science for the financial year ended 31 March 2021 will be held on TUESDAY
29 NOVEMBER 2022 AT 1430HRS, AT FAIRGROUNDS OFFICE PARK, BLOCK D, SECOND
FLOOR, ACADEMIC WING; to transact on the following business.

Agenda 7. To approve the auditor’s remuneration for the 2021/22
1. To read the notice convening the meeting. audit as reported on the Financial Statements.

2. To confirm that the meeting is duly constituted. 8. To appoint the Auditors for the year 2022/23

3. To receive and adopt the Audited Financial 9. To transact such other business as may be transacted
Statements for the year ended 31 March 2022, at an Annual General Meeting.
together with the report of the Auditors.
10. To close the meeting
4. To approve the remuneration of the Directors for
the year ended 31 March 2022 as reported on the Voting and Proxies
Financial Statements. A Member entitled to attend and vote may appoint a
proxy/representative to attend the meeting and vote for
5. To confirm the below stated as new Directors of the him/her on his/her stead. The instrument appointing the
Botswana University College of Business Science. proxy must be lodged with the Board Secretary, at the
• Professor Bojosi Otlhogile address highlighted below and/or by email to enelyss@
• Dr. Baagi Thema Mmereki bac.ac.bw not less than 48 hours before the meeting.
• Mr. Molemisi Nelson Sechaba
Plot 50661, Fairgrounds Office Park Block D, 2nd Floor
6. To confirm the following as duly constituted members Executive Wing
of the Board of Directors of the Botswana University
College of Business Science. BY ORDER OF THE BOARD
Enelys Shamakumba
• Professor Ketlhatlogile Mosepele Board Secretary
• Mr. Johannes Motshegare
• Mrs. Franciscah S Molefe
• Mr. Moshe C Z Libengo
• Ms. Tebogo Bagopi
• Mrs. Elaina Gonsalves
• Mrs. Moeteledi Mvami
• Ms. Serty Leburu

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BOTSWANA UNIVERSITY COLLEGE OF BUSINESS SCIENCE

(trading as Botswana Accountancy College)

PROXY FORM

l/We ………………………………………………………………………………………………………………………...............……
(Full Names)

Of .………………………………………………………………………………………………………………………...............……
Address representing the Member and being duly authorized; do hereby appoint

………………………………………………………………… of ……………………………………………………...............……

(Full Names) (Address)

And failing him ………………………………………………………………………….……………………………………………

(Full Names) (Address)

as my proxy/representative of the Member and to vote on behalf of the Member at the Annual General Meeting of the
company to be held on Tuesday 29 November 2022 at 1430hrs and at any adjournment of the meeting

SIGNED AT GABORONE THIS………………DAY OF ……………………………………… 2022

SIGNATURE………………………………………
Position Held………………………………………
Company Stamp

Notes to Proxy Form
Members in this context shall refer to each of the Members/Guarantors of the Botswana University College of
Business Science t/a Botswana Accountancy College.

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APPENDIX - GOVERNANCE CODES OF BEST PRACTICE

PRINCIPLE DESCRIPTION OF PRINCIPLE COMPLIANCE COMPLIANCE STATUS AND
ADDITIONAL COMMENTS
1. Ethical Leadership and Corporate Governance
In accordance with the Board Charter, the
The Board should provide Board is the custodian of the values and ethics
of the College. The College recognises that
1.1 effective leadership based on Y good governance emanates from effective,
responsible leadership
ethical foundation BAC’s Corporate Social Responsibility reports
the College’s commitment and efforts to good
The Board should ensure that corporate citizenship
The College has a Code of Ethics and Conduct
1.2 the company is seen to be a Y which are integral to the Conditions of
Employment. These promote amongst other
responsible corporate citizen considerations ethical values of responsibility,
accountability, fairness and transparency
The Board should ensure that
1.3 the College ethics are managed Y As outlined in the Constitution and the Board
Charter, the Board is committed to the highest
effectively standards of corporate governance.
In accordance with the Board Charter, the
2. Board and Directors Y Board is responsible for aligning the strategic
objectives, vision and mission with performance
The Board should act as the and sustainability. The College risk management
2.1 focal point for and custodian of process considers the full range of risks
including strategic and operational risks
corporate governance covering all aspects of the business.

The Board should appreciate This has been outlined at 1.1 above

2.2 that strategy, risk, performance, Y Refer to 1.2 above
and sustainability are
Refer to 1.1 above
inseparable
The College has an effective and independent
The Board should provide Finance and Audit Committee, which is also
responsible for risk across the institution and is
2.3 effective leadership based on Y chaired by a non-executive director
The Board through the Finance and Audit
ethical foundation Committee oversees the management of risk
across the institution
The Board Should ensure that
2.4 the College is and is seen to be Y The Board provides oversight in the
implementation of the College IT Strategy.
a responsible corporate citizen

The Board should ensure

2.5 that the company ethics are Y

managed effectively

The Board should ensure that

2.6 the company has an effective Y
and independent Audit and Risk

Committee

2.7 The Board should be responsible Y
for the governance of risk

The Board should be responsible
P2.8 for Information Technology (IT) Y

governance

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APPENDIX - GOVERNANCE CODES OF BEST PRACTICE cont.

P2.9 The Board should ensure that Y The College is compliant with all applicable laws
P2.10 the company complies with and regulations (refer to item 6.1)
applicable laws and considers
adherence to non-binding rules, The internal audit function is handled through
codes and standards Internal Audit, reporting directly to the Board.
The Internal Audit Plan is risk based and is
The Board should ensure that Y approved by the Board.
there is an effective risk based
internal audit

PRINCIPLE DESCRIPTION OF PRINCIPLE COMPLIANCE COMPLIANCE STATUS AND AADITIONAL
Board of Directors Cont’d COMMENTS

The Board should appreciate As part of the risk assessment process,
2.11 that stakeholders’ perceptions
the Board, through the Finance and Audit
affect the company’s reputation
Y Committee evaluates all risks relating to
The Board should ensure the reputational issues arising from customers,
2.12 integrity of the company’s
employees, students, shareholders, local
integrated Report
communities, collaborative partners, etc

Annual Financial Statements are reviewed by the
Finance and Audit Committee and the Board.
Y Significant components of the Annual Report are
reviewed by the Board before being officially
released.

The Board should report on the As part of the internal audit process and as
2.13 effectiveness of the company’s clearly outlined in the Internal Audit Charter, the
Internal Auditors review the College’s internal
system of internal controls control systems and provide a report to the
Y Finance and Audit Committee and the Board.
The Finance and Audit Committee as part of
its reporting, confirms the adequacy or lack
thereof, of internal controls in the operation of
the business.

2.14 The Board and is Directors The terms of appointment and acceptance
2.15 should act in the best interests of appointment as Directors dictates that the
of the Company Y members act in the best interest of the College
and that all conflicts of interest are declared
The Board should consider and/or reported and adequately addressed.
business rescue proceedings or
other turnaround mechanisms The College always ensures that it meets the
as soon as the company is solvency levels tests. The College operates in
financially distressed as defined terms of a Five-Year Corporate Strategy which
in the Act Y is reviewed on an annual basis to establish
any changes in the business environment that
demands attention and a review of the key
strategic objectives and corresponding budget.

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APPENDIX - GOVERNANCE CODES OF BEST PRACTICE cont.

The Board should elect a

Chairman of the Board who is The Board chairperson is an independent non-
executive Director of the Board. The Executive
an independent non-executive Director, who is an equivalent of a CEO is not
the Chairperson the Board.
2.16 Chairman. The CEO of the y
The Executive Director (an equivalent of the
Company should not also fulfil CEO) is appointed by the Board on a fixed term
contract basis.
the role of the Chairman of the The College has a defined organisational
structure with defined strategic objectives
Board in terms of its Corporate Strategy, which is
implemented by Management through the
The Board should appoint the delegated authority of the Board.

2.17 Chief Executive Officer and Y COMPLIANCE STATUS AND ADDITIONAL
establish a framework for the COMMENTS

delegation of Authority Currently three (3) positions in the Board are
filled by independent non-executive directors,
PRINCIPLE DESCRIPTION OF PRINCIPLE COMPLIANCE with five (5) positions filled by non-executive
Directors appointed by the Members. The Board
Board of Directors Cont’d is alive to need to appoint additional non-
independent non-executive members
The Board should comprise a
Directors are appointed as outlined in
balance of power with a majority the Constitution and the Board Charter.
Independent non-executive Directors are
2.18 on Non-Executive Directors. Y appointed through a formal recruitment process
facilitated by the Human Resources Committee
The Majority of Non-Executive as duly mandated by the Board.

Director should be independent Directors are inducted through a formal
process of dissemination of key governance
2.19 Directors should be appointed Y and strategic documentation and reports. The
through a formal process process also includes a face-to face interaction
with snr management for familiarisation the
The induction of and ongoing business institution wide.

2.20 training and development of Y The Company Secretary is a legal professional,
directors should be conducted suitably qualified to handle the corporate
secretarial and legal advisory function and
through a formal process support to the Board.

The Board should be assisted by The Board undertakes a dip-stick performance
evaluation annually and a comprehensive
2.21 a competent, suitably qualified Y performance Evaluation every three (3) years.
and experienced Company
The Board has appointed three (3) Sub-
Secretary Committees as provided under the Constitution
and Board Charter as follows:
The evaluation of the Board, Human Resources Committee
Finance and Audit Committee
2.22 its committees and individual Y Academic Oversight Committee
Directors should be performed

every year

The Board should delegate

certain functions to well-

2.23 structured committees but Y

without abdicating its own

responsibilities

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APPENDIX - GOVERNANCE CODES OF BEST PRACTICE cont.

A governance Framework should Each Committee has its own terms of reference
(Charter) which outlines its obligations and
2.24 be agreed between the group Y responsibilities (as approved by the Board).
Membership to these Committees is approved
and its subsidiary boards by the Board

2.25 Companies should remunerate Y Directors, except the Managing Director are
2.26 Directors and executives fairly currently remunerated only for time spent at
and responsibly meetings in line with the fees approved by
the Shareholders. The Board of Directors is
Companies should disclose the Y authorised, in terms of the Constitution, to
remuneration of each individual review its fees from time to time; subject to
Director and certain senior approval by the Members.
executives
The Annual Report adequately discloses all
remuneration paid to Directors, including the
Executive Director.

PRINCIPLE DESCRIPTION OF PRINCIPLE COMPLIANCE COMPLIANCE STATUS AND ADDITIONAL
Board of Directors Cont’d COMMENTS

2.27 Shareholders should approve the Y The College’s remuneration policies
Company Remuneration Policy are approved by the Board save for the
remuneration of the Directors, which must be
3. Audit Committees approved by the Members

The Board should ensure that The College has an effective independent
Finance and Audit Committee, reporting to the
3.1 the company has an effective Y Board and chaired by a non-executive Director
and independent Audit Y
Y The College has in place an effective and
Committee Y independent Finance and Audit Committee
comprising qualified accounting professionals
Audit Committee Members and chaired by a non-executive Director

3.2 should be suitably skilled and The Finance and Audit Committee is chaired by
experienced independent non- a non-executive Director appointed by one of
the Members in the Board.
executive Directors
The Finance and Audit Committee reviews
The Audit Committee should be the draft Audited Financial Statements of the
3.3 chaired an independent non- College and recommends approval by the Board

executive Director The Finance and Audit Committee ensures
that the internal audit function provides
3.4 The Audit Committee should assurance across all processes in collaboration
oversee integrated reporting with other assurance functions, namely the
Risk Management, Regulatory and Quality
The Audit Committee should Assurance.

ensure that a combined All Members of the Finance Department are
adequately qualified
3.5 assurance model is applied to Y

provide a coordinated approach

to all assurance activities

The Audit Committee should

3.6 satisfy itself of the expertise, Y
resources and experience of the

company’s finance function

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APPENDIX - GOVERNANCE CODES OF BEST PRACTICE cont.

The Audit Committee should be The Internal Audit Annual Plan is approved by
the Board on recommendation by the Finance
3.7 responsible for overseeing of Y and Audit Committee. Internal Audit through
the Finance and Audit Committee reports to the
internal audit Board on a quarterly basis

The Audit Committee should be The Finance and Audit Committee periodically
reviews the College’s risk profile and risk
3.8 an integral component of the Y management approach. The Committee is of the
view that risks are being adequately addressed.
risk management process
The Finance and Audit Committee recommends
The Audit Committee is the appointment of the external auditor to the
responsible for recommending Board and to the Annual General Meeting of
3.9 the appointment of the external Y Members
auditor and overseeing the
external audit process The Finance and Audit Committee formerly
reports to the Board after each meeting and
The Audit Committee should a report of the Finance and Audit Committee
forms part of the Annual Report
3.10 report to the Board to and the Y
shareholders on how it has

discharged its duties

PRINCIPLE DESCRIPTION OF PRINCIPLE COMPLIANCE COMPLIANCE STATUS AND ADDITIONAL
4. The Governance of Risk COMMENTS

4.1 The Board should be responsible Y The Board is responsible for the management of
for the governance of Risk risk through delegated authority to the Finance
and Audit Committee which reports to the
4.2 The Board should determine the Y Board on a quarterly basis
levels of risk tolerance The Board has established levels of risk, their
impact and likelihood. The risks that can be
The Risk and Audit Committee tolerated and the risks that the Board is willing
to take are continuously examined by the
4.3 or Audit Committee should Y Finance and Audit Committee.
assist the Board in carrying out
The Finance and Audit Committee assists the
its risk responsibilities Board in its responsibility for the governance of
risks
The Board should delegate to
The Board has delegated to Management the
Management the responsibility responsibility to design and implement risk
management measures and to monitor the risks
4.4 to design, implement and Y
The Finance and Audit Committee meets
monitor the risk management periodically to consider various matters
including discussion of the risk assessment, risk
plan framework and methodologies

The Board should ensure that
4.5 risk assessments are performed Y

on a continual basis

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APPENDIX - GOVERNANCE CODES OF BEST PRACTICE cont.

The Board should delegate The Board has appointed four sub-committees
which include the Human Resources Committee,
certain functions to well- the Finance and Audit Committee and the
Academic Oversight Committee
4.6 structured committees but Y
The Finance and Audit Committee looks at
without abdicating its own the Risk Frameworks and methodologies
and ensures that unpredictable risks are well
responsibilities management. This is an ongoing process

The Board should ensure that A Risk Register is in place for the purpose of
monitoring/managing all risks.
frameworks and methodologies
The Finance and Audit Committee provides the
4.7 are implemented to increase Y required level of comfort in the evaluation of the
effectiveness of the risk management process
the probability of anticipating
The Board fully understands the importance
unpredictable risks of the information technology governance
and associated risks. The Board has delegated
The Board should ensure the responsibility for IT governance issues to
the Executive Director through appropriate
4.8 continual risk monitoring by Y management personnel.

Management IT is a significant component of the College
operations, most of which are based on IT
The Board should receive platforms. IT infrastructure and processes are
crucial to the Colege’s ability to deliver on the
4.9 assurance regarding the Y core mandate in terms of learning outcomes and
effectiveness of the risk sustainability of the business.

management process COMPLIANCE STATUS AND ADDITIONAL
COMMENTS
5. The Governance of Information Technology (IT)
The responsibility for investing, implementation
The Board should be responsible and managing the IT functions is delegated to
5.1 for information technology (IT) Y Management as well as other functions within
the IT infrastructure.
governance
The responsibility of managing the IT
IT should be aligned with the governance framework is delegated to
5.2 performance and sustainability Y Management. The framework supports
effective and efficient decision making around
objectives of the Company the utilisation of IT resources to facilitate the
achievement of the College’s objectives.
PRINCIPLE DESCRIPTION OF PRINCIPLE COMPLIANCE
The management of IT related risk is the duty
The Governance of Information (IT) Risk Cont’d of management. Risks relating to IT are part of
the overall risk management function within the
The Board should delegate to College. IT management ensures good project
management principles are applied
5.3 management the responsibility Y
for the implementation of an IT

governance framework

The Board should monitor

5.4 and evaluate significant IT Y

investments and expenditure

IT should form an integral

5.5 part of the company’s risk Y

management

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APPENDIX - GOVERNANCE CODES OF BEST PRACTICE cont.

The Board should ensure that IT assets are an integral part of the overall
5.6 information assets are managed Y asset structure of the College and are therefore
adequately managed relative to the needs of
effectively the business

A Finance and Audit Committee IT risk management is part of the overall risk
management profile of the Finance and Audit
5.7 should assist the Board in Y Committee

carrying out its IT responsibilities The College complies with all applicable laws,
codes and standards. To further enhance
Compliance with laws, Rules, Codes and Standards the process, a Compliance Framework to be
monitored by the College Legal Team is being
The Board should ensure that developed.

the Company complies with The induction process for new Board Members
and continuing updates in terms of new
6.1 applicable laws and considers Y developments in the law, continuing education
and training ensures that Board Members are
adherence to non-binding rules, up to date and have a clear comprehension
and understanding of the effect of the
codes and standards applicable laws, rules and regulation on the
business and relative to their fiduciary roles and
The Board and each individual responsibilities.

Director should have a working Compliance to laws and regulations is identified
under different risk dimensions such as market
6.2 understanding of the effect of Y risks, regulatory risk, finance risk and are
the applicable laws, rules, codes adequately addressed.

and standards on the Company The College has an adequate level of
responsibilities ensuring compliance with all
and business applicable laws and regulations. The College
falls under the purview of the umbrella of
Compliance risk should form an companies designated as financial institutions
and therefore subject to periodic audits by
6.3 integral part of the company’s Y applicable regulatory bodies, i.e. BAOA.

risk management process COMPLIANCE DESCRIPTION AND
ADDITIONAL COMMENTS
The Board should delegate
to management the The College has a dedicated Internal Audit
6.4 implementation of an effective Y function responsible for this purpose.
compliance framework and
processes The Internal Audit Plan is risk based.

PRINCIPLE DESCRIPTION OF PRINCIPLE COMPLIANCE Internal Audit reports quarterly to the Finance
and Audit Committee on all audits carried out in
7. Internal Audit Y line the Board approved Internal Audit Plan; to
Y assess the effectiveness of internal controls.
The Board should ensure that Y
7.1 there is an effective risk based

internal audit

7.2 Internal Audit should follow a
risk-based approach to its plan

Internal Audit should provide
a written assessment of the
7.3 effectiveness of the Company’s
system on internal control and
risk management

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APPENDIX - GOVERNANCE CODES OF BEST PRACTICE cont.

The Audit Committee should Y The Finance and Audit Committee is responsible
7.4 be responsible for overseeing for overseeing the internal audit process

internal audit Refer to 7.1 above. Internal Audit has a direct
reporting line to the Board through the Finance
Internal Audit should be and Audit Committee
7.5 strategically positioned to
The Board is aware of reputational risk and its
achieve its objectives potential effect on the company’s operations,
performance and results. The College has
8. Governing Stakeholder Relationships adopted an inclusive approach in managing
stakeholders concerns and requirements to
The Board should appreciate inform decisions and planning. The College
8.1 that stakeholder’s perceptions Y takes reputational issues seriously and these are
discussed regularly at Board meetings
affect a company’s reputation
The College Management structure and
The Board should delegate to organisational responsibility adequately deals
8.2 Management to proactively deal Y with issues relating to the various College
stakeholders
with stakeholder relationships
The College is an equal opportunity employer
Companies should ensure and carries out its activities within ethical
guidelines and with the utmost impartiality. As
8.4 the equitable treatment of Y such, all shareholders are treated equitably and
receive information simultaneously
shareholders
The College has adopted and maintained
Transparent and effective Y responsible practice in communicating
communication with Y transparently and effectively with its various
8.5 stakeholders is essential for stakeholders
building and maintaining their Y
trust and confidence Y The College has a dispute resolution mechanism
with various stakeholders such as Government,
The Board should ensure customers, employees, students, service
providers, the community, and shareholders
8.6 that disputes are recorded
as effectively, efficiently and The Board upholds the highest globally
recognised standards of reporting and ensures
expeditiously as possible the integrity on any data before disclosure for
reporting purposes
Integrated Reporting and Disclosures
Sustainability reporting is included as part of the
The Board should ensure the Annual Report.
9.1 integrity of the Company

integrated report

Sustainability reporting and

9.2 disclosure should be integrated
with the Company’s financial

reporting

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NOTES