In line with a recommendation in Partnership for the Public Good, providers that had an active Core Funding Contract during the 2022/2023 Programme Year must provide validated Financial Returns as per their Core Funding Partner Service Funding Agreement.
Following constructive engagement with members and nominees of the Early Learning and Childcare Stakeholder Forum (ELCSF), my officials finalised transitional arrangements for financial reporting to cover year 1 and year 2 of the scheme.
Financial reporting requirements in this transitional phase have been significantly simplified and streamlined. Specifically, in this transitional phase, the financial reporting requirement is for an Income and Expenditure Template based on a significantly reduced set of Core Funding Chart of Accounts nominal codes. This Template was shared with providers last December.
This Income and Expenditure Template will need to be submitted onto an online reporting portal by either a qualified accountant from a registered practice or a registered professional (*ICAI, ACCA, CPA, AIA, CIMA).
My Department officials have advised that providers can complete the Income and Expenditure Template in advance of the portal going live. The Template is available to download from the Hive, under the Financial Reporting Requirements for Year 1 tab. The portal is only required to upload and submit the completed Income and Expenditure Template.
My officials will soon be providing guidance to providers on how to upload the completed Income and Expenditure Template and will provide guidance on other supports for providers in preparing and submitting these returns, including training supports and targeted financial supports for those that may need it. Following a recent meeting of the ELCSF members and nominees, my officials committed to reviewing the deadline for submission of Income and Expenditure Template. Any change to this deadline will be included in this communication to the sector.
* Please see list below;
ICAI - Institute of Chartered Accountants in Ireland
ACCA - Association of Chartered Certified Accountants
CPA - Institute of Certified Public Accountants in Ireland
AIA - Association of International Accountants
CIMA - Chartered Institute of Management Accountants
CIPFA - Chartered Institute of Public Finance & Accountancy
