Financial handbook for independent training providers released

David Withey, Chief Executive of the Education and Skills Funding Agency (ESFA) has written to independent training providers in receipt of direct funding from the Department for Education (DfE) or ESFA. The letter announces the publishing of a financial handbook for independent training providers.

The financial handbook describes a mix of requirements, best practice and discretionary elements that are tiered depending on the organisation’s level of funding.

It covers many aspects of financial management and governance. For many independent training providers, these procedures will already be part of their good financial management. However, there may be some new requirements that need to be adjusted for, such as those involving internal review and audit.

CONTACT OUR WIMBLEDON ACCOUNTANTS

The financial handbook comes into effect on 1 August 2024, which allows a few months to make any needed adjustments. Certain parts of the handbook will be phased in over a longer 2-to-3 year timescale.

The financial handbook can be viewed here: https://www.gov.uk/guidance/financial-handbook-for-independent-training-providers

A webinar that introduces the handbook can be viewed on YouTube at: https://www.youtube.com/watch?v=xyR99SnvkJE

If you need any help reviewing or implementing financial systems, please get in touch with us. We would be very happy to help you!