Financial statements: colleges prepare for December deadline

The deadline to submit end of year college financial statements is Tuesday 31 December 2019.

The important deadline must include college financial information from 2018 to 2019, such as:

  • audited financial statements
  • finance record
  • financial statements management letter (including college response),
  • subsidiary company financial statements
  • annual report of the audit committee

College leaders should submit these statements using the Information Management Services (IDAMS), found here.

Reminding institutions about their reporting requirements, the Education and Skills Funding Agency (ESFA) said colleges “concerned” that they may not meet the deadline should speak to the Territorial Team.

Failure to meet this deadline or agree a new deadline can result in action being taken against your college, such as an Early Intervention order.

Under this regime, the ESFA can take control of your financial functions and make independent business decisions to improve the overall financial health or management of a college.

Commenting on the deadline, the Association of Colleges, who publish a college account handbook each year, said: “AoC’s College Accounts Direction Handbook for 2018-19 is based very largely on the 2016-17 handbook with some updated text in a couple of areas and some editing to make it more readable.

“The accounts structure and narrative are advisory and it up to individual colleges to present their financial statements in a way that best presents their activities.”

For help and advice meeting your financial reporting deadlines, please get in touch with our expert academy accounting team.

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