The DfE's annual report and accounts show that while the departmental expenditure limit (DEL) - used for public services and administration costs - was budgeted at £60.57bn, the department actually spent £60.23bn - an underspend of £337m.
The report reveals that the cash underspend is primarily the result of unused budget set aside to "cover volatility in demand-led programmes such as apprenticeships".
The DEL is set by central government in the Spending Review, with departments not allowed to exceed the amount they have been set.
The accounts show that there was also a non-cash DEL underspend of £5.19bn. the report states that this represents budget cover set aside for the volatility of the student loan book and the risk that payments will not be collected.
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