Financial Transparency

General Principle

WEQSC is a not-for-profit institution. Its revenues, derived from accreditation fees, examination fees, and grants, are applied solely to the fulfilment of its mandate and to the operation of its support programmes. No surplus is distributed to any private person.

This page sets out the financial disclosure obligations of WEQSC, on the principle that a body that requires transparency of its schools must be transparent itself.

Annual Financial Report

WEQSC publishes an annual financial report, audited by an independent firm of international standing, on its website. The report is published within six months of the end of the WEQSC financial year.

The financial report includes:

• Total revenue;
• Total expenditure;
• Allocation of expenditure by category;
• Surplus or deficit for the year;
• Balance of reserves at the end of the year.

Allocation of Revenue

WEQSC publishes, in addition to the financial report, an annual statement of the allocation of revenue by programme:

The indicative shares may vary from year to year within the aggregate budget approved by the WEQSC Council.

Public Reporting

WEQSC publishes annually:

• The number of accredited schools by jurisdiction and qualification level;
• The number of candidates enrolled in the WISE programme, by level;
• The number of WISE credentials issued;
• The number and aggregate value of scholarships awarded;
• The number of girl students supported and the aggregate value of support provided;
• The number of candidates receiving Elite Support Tier support;
• Anonymised statistics on compliance, audit findings, and remediation.

Public reporting is prepared in accordance with the data protection principles set out in the Data and Technology section of this portal, and does not identify any individual candidate, teacher, or school, save where the school has consented to being identified.

Cost Transparency

A school may submit a written request to WEQSC asking how a particular fee has been applied, or how a category of expenditure has been funded.

WEQSC provides a written response within thirty days of the request, giving such information as can reasonably be provided without disclosing confidential commercial information, personal data, or information that would place WEQSC at a competitive disadvantage.

Requests under this section may be made by the Senior Officer of the school or by the governing body of the school.

Breach — Consequences

The following are classified as indicated:

Conclusion

The financial transparency of WEQSC is a fundamental element of its accountability to its stakeholders. All financial transparency procedures not expressly set out in this portal must follow the Secretariat's official bylaws.