FE Governance

Funding

Although colleges receive most of their funding from the LSC (or from 2010 16-19 funding from their Local Authority and adult and apprenticeship funding from the SFA), there are other important sources of funding. These include

• the Higher Education Funding Council for England (HEFCE)
• fees from courses
• the European Social Fund (ESF)
• other European funding
• full cost courses for commerce and industry
• commercial activities e.g. consultancy, training restaurants, farm shops
• college-owned companies
• successful bids for government project funds
• successful bids for Regional Development Agency (RDA) skills development funds

  Governors are responsible for ensuring that funds received from the LSC are used in accordance with the Financial Memorandum agreed with the LSC.

  The Principal, as the Accounting Officer for the college, is answerable to Parliament on matters relating to the college's use of public funds and college funds.