ESFA: financial planning handbook and financial plan
Guidance for sixth-form and further education colleges on preparing and submitting their financial plan and supporting commentary.
College financial planning handbook
The college financial planning handbook sets out the ESFA’s financial planning requirements for sixth-form and further education colleges.
Colleges must typically prepare a financial plan, including:
- estimated outturn for the year just ended
- approved budget for the new year
- forecast for the subsequent year
Colleges must also prepare a supporting commentary, including:
- strategic and financial objectives
- detail of the assumptions underlying the financial plan
- self-assessment of financial health
- explanations for year-on-year movements and variances
- detail of sensitivity analysis performed
Colleges must submit these documents to ESFA by 31 July 2017.
College financial plan: template
Colleges must prepare their financial plan using the published template.
The financial plan must give a realistic view of financial performance and reflect the cost of implementing the college’s strategy.
College financial plan: guidance
Colleges must refer to this guidance document when preparing their financial plan.