It is a condition of the Training and Development Agency for Schools (TDA) funding, as set out in the financial memorandum, that initial teacher training (ITT) providers submit independently audited accounts each year. Providers should have received a letter dated 23 July 2008, which includes all information found on these pages.
The financial statements must confirm that funds provided by the TDA were used only in accordance with the provision of the Education Act 1994 (as amended by the Education Act 2005 Act), the financial memorandum and all other terms and conditions that the TDA has set. All ITT providers are ultimately responsible to the TDA for the proper stewardship of the funds paid to them.
The specific requirements set out in the financial memorandum:
- i) Providers shall keep proper accounting records and prepare accounts that are consistent with TDA requirements as set out in the financial memorandum and in accordance with UK generally accepted accounting principles (GAAP). The provider shall submit to the TDA a copy of their accounts.
- ii) Providers shall provide the TDA with information on the number of students registered at the institution and on other TDA-funded courses (whether wholly or in part).
Accordingly, all providers are required to submit a completed annual audit grant report for earmarked funds for the year ending 31 July 2008. The report should not be amended once it is signed off by the auditors as it will not be accepted by the TDA. Additionally, Higher Education Institutions (HEIs) and School Centred Initial Teacher Training (SCITT) providers are required to submit audited annual accounts for the year ending 31 July 2008.
You can download the audit report, guidance to the audit report and financial statements template on the right-hand side.
