College management accounts good practice guide
Key principles of good practice to support the FE sector improve the consistency, quality and effectiveness of in-year reporting of financial performance.
Applies to England
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The purpose of this guide is to set out key principles of good practice to support the FE sector improve the consistency, quality and effectiveness of in-year reporting of financial performance. Given the strictly advisory status of this good practice guide, the intention is not to impose prescriptive requirements and should be read in conjunction with the statement of recommended practice: accounting for further and higher education and the requirements of Education and Skills Funding Agency (ESFA).
College finance directors/chief finance officers should periodically review the format and content of their management accounts and consult governors and senior leaders on whether they meet their needs. This guide can serve as a reference point to help inform this process. Reports should be tailored to local requirements, not simply cut and pasted from the exemplars.
Last updated 16 March 2023 + show all updates
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In light of the ONS decision to reclassify colleges as public sector bodies, the FEC team has updated the college management accounts good practice guide to reflect relevant changes arising from reclassification.
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Revised FEC Benchmark Definitions has been added.
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First published.