Guidance

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.

Documents

Financial planning handbook

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College financial planning template

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Financial planning template guidance

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Details

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.