Annual operating statements and financial forecasts 2002

To:	Heads of HEFCE-funded higher education institutions Heads of universities in Northern Ireland
Of interest to those responsible for:	Planning, Finance, Student data
Reference:	02/19
Publication date:	April 2002
Enquiries to:	Higher education advisers (on operating statements) Finance advisers (on financial forecasts)

Executive summary (read on-line)

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Executive summary and main text
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Annex A - Template for 2002 annual operating statement
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Annexes B D E - Financial forecasts 2002
   Annex B - statement of financial strategy and supporting notes to the forecast tables
   Annex D - guidance notes
   Annex E - funding guidance
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Annex C - Financial forecasts 2002 Tables 1 to 18
These tables are not included in the web version of this document

Annex F - Issues arising from HEFCE Audit Service visits to explore HEIs' annual operating statements
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List of abbreviations
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Executive summary

Purpose

1. This document asks higher education institutions to send to us an annual operating statement for the 2001-02 academic year and financial forecasts for the period up to 2005-06.

Key points

2. The information requested will:

Summarise the institution's mission, key objectives and targets, and performance against objectives in strategic areas.
State the institution's priorities for the next operating year.
State the institution's key assumptions about future trends.
Provide a financial forecast for the period 2001-02 to 2005-06 in the context of the institution's financial strategy.
State the student number forecasts which underpin the plans and financial forecasts.

3. We will use this information:

To identify trends across the sector, and so advise the Secretary of State for Education and Skills on the needs and development of the higher education sector.
To monitor the financial prospects of higher education institutions (HEIs), both individually and collectively.
To monitor the use of funds and outcomes relating to our strategic special funding.
As a basis for discussion with institutions about their progress in key areas, their priorities for strategic development, their financial position, and the support which the HEFCE may be able to give.

4. This report also explains the action we will take in cases where institutions have made insufficient progress towards meeting the objectives that they set for themselves, under our strategic special funding initiatives.

5. Please note that disks will be sent, for completion, to heads of finance during May 2002.

Action required

6. All institutions should make returns to Cheryl Stone by Friday 26 July 2002. For further details see paragraph 67.

7. Institutions for which the Teacher Training Agency has lead accounting officer responsibility, should also make returns to the Teacher Training Agency by Friday 26 July 2002 (see paragraph 69).