2002 Mid-year financial return

To:	Heads of HEFCE-funded higher education institutions Heads of universities in Northern Ireland
Of interest to those responsible for:	Finance
Reference:	02/06
Publication date:	February 2002
Enquiries to:	HEFCE finance advisers (see paragraph 25)

Executive summary (read on-line)

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Annexes A-D
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Executive summary

Purpose

1. This document asks institutions to update their forecasts for the financial year 2001-02, originally submitted to the Council in July 2001, and to provide details of net liquidity and guarantees to third parties. Commentaries are also requested.

2. This information helps us to monitor the financial health of institutions and their compliance with the requirements of the Financial Memorandum.

Key points

3. The format of the mid-year financial return remains largely unchanged, but institutions should note that an additional explanation might be required for movements in discretionary reserves (see paragraph 20).

4. In Annex A, the figures for the 2001 financial forecasts are those submitted to the HEFCE in July 2001. Institutions are asked to explain any significant variances in income and expenditure compared with the July 2001 forecasts.

5. Copies of this document and disks for completion have been sent separately to institutions' directors of finance.

Action required

6. Completed returns should be sent to the institution's HEFCE finance adviser (see paragraph 25) by Friday 22 March 2002.