ESFA Update further education: 1 May 2024
Published 1 May 2024
Applies to England
© Crown copyright 2024
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This publication is available at https://www.gov.uk/government/publications/esfa-update-1-may-2024/esfa-update-further-education-1-may-2024
Information: Financial handbook for independent training providers
On Wednesday 28 February, the Education and Skills Funding Agency (ESFA), 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.
Find more information in the Financial Handbook for ITPs webinar, below:
Financial Handbook for ITP’s webinar
You can also find more information in the letter sent to ITPs in February 2024, from ESFA’s Chief Executive, David Withey.
ITPs should use the period up to Thursday 1 August 2024 to familiarise themselves with the contents of the handbook and adapt their procedures as appropriate.
Information: College financial handbook
On Wednesday 20 March, ESFA published the College financial handbook, which comes into effect on Thursday 1 August 2024. It applies to further education and sixth form college corporations, and designated institutions, with an accountability agreement with the Secretary of State for Education.
The handbook includes requirements and recommendations focusing on key roles and responsibilities, financial controls, audit and accounting, delegated authorities, and regulation and oversight.
Find more information in the College financial handbook webinar, below:
College Financial Handbook webinar
You can also find more information in the letter sent to colleges in March 2024, from ESFA’s Chief Executive, David Withey.
Colleges and designated institutions should use the period up to Thursday 1 August 2024 to familiarise themselves with the contents of the handbook and adapt their procedures as appropriate.
Information: Compare your curriculum efficiency benchmarking tool
The ‘compare your curriculum efficiency benchmarking’ tool has now been sent out to all colleges with data updated from the 2022 to 2023 finance record. You should have received this latest version through your view your education data (VYED) account. Login to VYED to access the tool.
The benchmarking tool allows you to compare your college’s performance on a number of financial efficiency measures and curriculum planning metrics within college groups that you select. You can use a range of filters to select your relevant reference group.
These include:
- college type
- provision type
- turnover
- financial health grade
This year, a new filter has also been added for region, which will allow you to select your broad geographical area for comparison. To preserve reasonable confidentiality of data, you will only be able to see your own college data in comparison with filtered groups of at least 5 other colleges. You can provide any feedback or suggestions using the button on the first sheet of the tool.
Information: The Institute for Apprenticeships and Technical Education’s revisions status report for April 2024
The Institute for Apprenticeships and Technical Education (IfATE) has published its latest revisions standards report.
The revisions status report:
- shows apprenticeships that are being revised
- provides a brief overview of the revisions planned for each apprenticeship
- states the stage that each revision has reached
Read the report on the IfATE website.
Information: Publication of the College financial planning handbook and College Financial Forecasting Return (CFFR) 2024
ESFA has published the College financial planning handbook and CFFR for colleges to complete and return, through DfE Sign-in.
The 2024 CFFR and associated documents can be submitted on this portal from Tuesday 18 June 2024 onwards. All colleges must submit a return by Wednesday 31 July 2024.
This is a mandatory return and part of ESFA’s ongoing review of college financial health and budget forecasting.
College financial planning handbook and CFFR includes guidance explaining how to complete and submit the forecasting return and how to access support.
The College financial planning handbook 2024 includes updated information on the completion of the CFFR and the supporting commentary.
If the person responsible for submitting the CFFR documents does not have access to DfE Sign-in, they can make a request to create a DfE Sign-in account.