The Education and Skills Funding Agency (ESFA) has outlined its 2022/23 academic year guidance for schools managing 16 to 19 bursary funds. Contained within this guidance is the advice that schools can use up to 5% of their academic year’s allocation on administrative costs so long as they specifically relate to managing the 16 to 19 Bursary Fund.
If a school receives a 16 to 19 Bursary Fund and a free meals allocation, they are permitted to use up to 5% of the combined allocation for administration. The sum used towards the administration of the fund must not exceed 5% of the total fund allocated.
Applicaa’s Bursary16+ software manages the post-16 bursary fund online including student requests for expenditure. The platform was devised by former Sixth Form Manager, Amanda Grainger who previously managed the post-16 bursary fund across several schools, and is now Customer Success Director for Applicaa. Her first-hand experience in this work means we are completely confident our platform meets all the needs of school staff and solves the admin issues created by trying to manage the fund with a manual process.
With Bursary16+, schools are able to streamline their bursary fund management, create an easy and confidential process for students and ensure that they meet the ESFA’s audit guidelines.
“The bursary system has been invaluable in managing bursary applications and confidential evidence” – Michelle Burke, Solihull Sixth Form College
To learn more about this important topic and to ensure that your school meets the audit requirements, please attend one of our weekly webinars this term on Bursary16+. We will be sharing more information on this topic and how you can ensure your school meets all of these requirements.
The Full ESFA Guidance
The full advice can be read HERE