OfS - the provider is required to “have regard to” the “Higher Education Senior Staff Remuneration Code” published by the Committee of University Chairs.
The ESFA requires colleges to disclose whether they have adopted the AoC’s Governor’s Council’s “The Colleges Senior Staff Remuneration Code”, so the ESFA requirement goes beyond what the OfS requires in terms of disclosure.
However, compliance with either code is not mandatory, so the minimal requirements of both the OfS and the ESFA will be met if colleges have regard to both codes and then disclose whether they have adopted either.
OfS - the provider must disclose the number of staff with a full-time equivalent basic salary of over £100k, broken down into bands of £5k.
The ESFA requires disclosure of the number of staff with a fulltime equivalent basic salary of over £60k, broken down into bands of £5k. The ESFA therefore sets the threshold at a lower level and focuses on total emoluments rather than basic salary, thereby including in the threshold payments that go beyond basic salary such as bonus payments.
Compliance with the ESFA requirements will satisfy the OfS requirements.
Management and governance arrangements.
The OfS requires disclosures about management and governance arrangements. There may be separate statements on corporate governance and internal control respectively, though these may be combined.
The ESFA requires a combined statement on corporate governance and internal control, but the OfS does mandate a considerable additional amount of detail, particularly regarding the setting out of any significant internal control weaknesses or failures that have arisen during the financial year or after the year end, but before the financial statements are signed.
Providers complying with the OfS requirements will meet the ESFA requirements.
Details of fee and grant income
All registered providers must include a note to their audited financial statements that provides detail on sources of grant and fee income in a specific tabulated form. This would include both OfS and ESFA funding but also research grants and student fees, as well as other sources.
The ESFA requires the disclosure of government grants and other grants, but the requirement does not go beyond what would be required under the SORP. The OfS’ detailed requirements reflect the diversity of funding which HEIs often receive from multiple sources.
Providers complying with the OfS requirements will meet the ESFA requirements
Access and participation expenditure
Where a provider has an access and participation plan that has been approved by the OfS’ director of fair access and participation, the provider must include a note in its audited financial statements that sets out its expenditure for each of a number of categories.
The inclusion of this disclosure would only apply if the provider has signed up such a plan with the OfS