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HEFCE closed at the end of March 2018. The information on this website is historical and is no longer maintained.

Many of HEFCE's functions will be continued by the Office for Students, the new regulator of higher education in England, and Research England, the new council within UK Research and Innovation.

The HEFCE domain - - will continue to function until September 2018. At this point we will close the site entirely and all its information will only be available from the National Web Archive.


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Liquidity and borrowing 

At the end of 2015-16 the sector had net liquidity (cash and cash equivalents) of approximately £9.6 billion. This was equivalent to 135 days’ expenditure. This is higher than the level reported at the end of 2014-15, which was £8.9 billion.

The sector also reported a rise in borrowing, from £8.3 billion (29.8 per cent of income) at 31 July 2015 to £9.1 billion at 31 July 2016 (equivalent to 31.2 per cent of income). This means the sector’s net cash position (liquid funds less borrowing) fell from about £550 million to £500 million.

The level of borrowing varies across the sector according to an institution’s TRAC peer group (see chapter 1b of the TRAC guidance). Group B institutions, those with research income of 15 per cent or more of total income, borrowed the largest amount as a percentage of their total income (45 per cent), while group F, specialist music or arts teaching institutions, borrowed the least as a proportion of total income (22 per cent).

Page last updated 20 June 2017