The Code of Good Governance for English Colleges states that college governors must:
Adopt a financial strategy and funding plans which are compatible with the duty to ensure sustainability and solvency of the college.
The following resources provides assistance to governors for this including on local enterprise partnerships (LEP), stakeholders, community engagement and local needs.Including annual budget, risk management, funding agencies, audit and annual reports.
This guidance will be of particular interest to governors on audit or finance committees.
AoC West Midlands resources on board assurance, June 2017: