Finance & Governance

Finance & Governance

FINANCE

The Institution is currently supported financially in its start-up phase by the Department for Business Innovation and Skills, although the intention is that it will be self-financing as soon as possible. The Chartered corporation was established on 9 October 2015 and has yet to file its first set of accounts. Please click on the links below to access the annual reports and accounts for the Institution for Further Education Ltd.

Annual Report and Accounts 2014-2015

Annual Report and Accounts – 2013-2014

 

 

GOVERNANCE

The Royal Charter, the Bye-Laws and the Regulations The Royal Charter of 9 October 2015 (click here to view text) creates the corporation known as the Chartered Institution for Further Education. It sets out the corporation’s objects, its powers, and who can be Members (ie organisations rather than individuals in the sector). It also creates the Council which governs the Institution, and sets out some detail about the members of the Council and how they are appointed.

The Charter provides that the Institution is to be regulated in accordance with the Bye-Laws. The first set of Bye-Laws (click here to view text) form a schedule to the Charter. They fill out further details of the governance framework. They include procedures relating to admission and management of the Members of the Institution; complaints handling; the running of General Meetings and meetings of the Council; financial control; appointment of key officers, and the creation of Fellows and Honorary Fellows. The Bye-Laws also provide powers for the Council to make further regulations in a number of areas.

Neither the Charter nor the first set of Bye-Laws can be amended without reference back to the Privy Council.

The first set of the Institution’s Regulations can be viewed here. They cover matters such as procedures for admission of member organisations of the Institution; the fees for Review of applications and annual Membership subscriptions; handling of appeals and complaints; Codes of Conduct for Members; the grant of awards, Fellowships and Honorary Fellowships; procedures for meetings of the Council and other Committees of the Institution; and appointments and powers of Officers. The first members of the Institution’s Panel of Reviewers have now been appointed.