ESFA has published the College financial handbook, which comes into effect on Thursday 1 August 2024. It applies to all:
- further education and sixth form college corporations
- designated institutions with an accountability agreement with the Secretary of State for Education
The handbook gives certainty and clarity to colleges by outlining requirements and recommendations for them and their subsidiaries on:
- roles and responsibilities
- financial requirements
- the audit committee
- annual accounts and audit
- delegated financial authorities
- regulation and oversight
A letter from David Withey, ESFA’s Chief Executive, provides more information. ESFA has also produced a webinar which introduces the handbook.