The Education and Skills Funding Agency (ESFA), recently published the Financial handbook for independent training providers (ITPs), which comes into effect on Thursday 1 August 2024. It applies to ITPs in receipt of funds provided directly by the Department for Education (DfE) or ESFA, for the duration of providers’ contracts of service with DfE or ESFA. The handbook focuses on these themes:
- governance
- financial management and oversight
- assurance
It outlines requirements and recommendations for ITPs dependent on their level of DfE and ESFA funding. Key areas include the submission of annual accounts, external audit, internal controls, risk management, and compliance with funding rules. Click here for more, here for the Financial Handbook for ITPs webinar and here for the letter sent to ITPs from ESFA’s Chief Executive, David Withey.