Bermuda College’s 2013 audited financial statements were laid before the House of Assembly yesterday revealing that the college had total assets worth just over $29 million.

Wayne Scott, the Minister of Education, told the House of Assembly: “During the year, the revenue earned from student fees increased by 22.5 per cent to $3,166,014.

“Consequently the college ended the year with a surplus of revenue of $132,881 compared to a loss of $111,880 in 2012.

“During the past year the Bermuda College and the Office of the Auditor-General have been working assiduously to get its audits up to date in order that the Bermuda College can be in compliance with its financial standards for its creditors.”

Mr Scott also provided details of the Bermuda College 2015 Annual Report highlighting the college’s achievements of the last year including its recent re-accreditation and the success of their dual enrolment initiative. The pilot programme has seen 35 students enrolled in college-level courses. His report showed an 11.7 per cent increase in full-time students, while the retention rate advanced from 12 to 63 per cent. Lovitta Foggo, the shadow minister, expressed concern over whether the students’ graduation certificates would “formally reflect” their performance and qualifications. Mr Scott replied: “Any type of college level courses will be reflected as part of the transcripts. It goes without saying.”