The ESFA has issued the College Accounts Direction for 2021-22. The College Accounts Direction 2021 to 2022 (CAD) sets out the Education and Skills Funding Agency’s (ESFA’s) financial reporting requirements for further education and sixth-form college corporations for their financial year ending 31 July 2022.
They have introduced 2 new requirements in the statement of corporate governance and internal control:
o a report on activities undertaken over the year to develop governors and clerks/governance professionals (Annex A)
o a report on whether the corporation has conducted/ commissioned an internal or external review of governance (Annex A) -confirmation that the corporation has conducted an annual self-assessment of governance and, if applicable, that an external governance review (required every 3 years) has taken place. The name of the external reviewer and when the review was conducted must also be disclosed. Corporations should provide a summary of the review findings and any associated action plan in either the statement of corporate governance and internal control or on the college website.