Glossary

Board assurance

The reporting through which governors gain confidence that funding is correctly earned and evidenced.

In full

Governors are accountable for the college's funding position without operating it. Assurance reporting should tell them whether income is on track, whether data quality is controlled and whether audit risk is being managed.

Useful assurance reporting names the risks and the controls, rather than presenting only a forecast.

Where this comes up

scenario

A governor asks what the funding risk actually is

At a board meeting, a governor asks what would have to go wrong for the funding position to be materially misstated. What is a good answer?

module

Working data quality and funding monitoring reports

Reports that flag records for investigation are the most useful assurance tool available, and the most commonly misread. A flag is a question, not a finding.

diagnostic

As Major Source of Tuition Fees 02, 03, 04, 52, 53, 54 has been recorded then the Student Support Number should be returned

For starts on or after 1 August 2021 and the Major Source of Tuition Fees is 'English or Welsh LEA award', 'Student Awards Agency for Scotland (SAAS)', 'DELNI/Northern Ireland Education and Library Boards', 'Mix of learner and SLC’, 'Mix of learner and SAAS/SLC' or 'Mix of learner and DELNI/NIELB' then the Student Support Number should be returned.