A reminder the College Financial Handbook 2025 becomes effective 1st August

Here are the key changes that colleges need to know:

Expanded Accounting Officer Duties

• New emphasis on compliance with Managing Public Money, including updated definitions of regularity, propriety, and value for money.

Procurement Act 2023

• Updated guidance on procurement and spending decisions, ensuring compliance with the latest legislation.

Governance Changes 

• Notice that the UK Corporate Governance Code will no longer be prescribed from 1 August 2026. Colleges must transition to the Charity Governance Code or the AoC Further Education Code of Good Governance.

Audit and Oversight

• New details on audit committee responsibilities, external audit engagement, and the accounting officer’s review of regularity.

Investment Framework

• Fresh guidance for colleges on investment strategies, aligning with governance and financial sustainability.

Novel Contentious and Repercussive 

• The section on novel, contentious and repercussive transactions now includes a reference to the good practice guide on such transaction.

These updates reinforce the importance of robust governance, financial accountability, and alignment with public sector standards. 

For full details, visit the official publication: College Financial Handbook 2025.