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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 The information on this website is historical and is no longer maintained.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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About the memorandum of assurance and accountability

The memorandum of assurance and accountability (HEFCE 2017/08) took effect from 26 July 2017.

We use the memorandum to agree funding arrangements with individual institutions each year. The memorandum should be read in conjunction with an individual institution’s own Part 2 of the funding agreement, which gives:

  • conditions specific to the institution
  • the funding available to the institution
  • the educational provision the institution has agreed in return for those funds.

Each institution must have proper systems for managing and controlling its finances, and must submit annual audited financial statements.

Our aim is to minimise our demands on institutions and as far as possible to rely on data and information that they have produced to meet their own needs.

Annual accountability returns

Institutions' finances are monitored through regular financial returns and contact with our staff. This helps us to identify and minimise any risks at an early stage.

As far as possible we concentrate the accountability process between HEFCE and institutions into an exchange of documents and dialogue known as the annual accountability return.

Accounts direction and other publications

We issue an annual 'Accounts Direction' detailing the information institutions must disclose in their annual financial statements.

From time to time we may issue other publications relating to specific aspects of assurance:

Audit Code of Practice

Our Audit Code of Practice sets out our requirements for institutions' internal and external audit arrangements and gives the broad framework in which they should operate.

The code is published as an annex to the memorandum of assurance and accountability.

Page last updated 1 August 2017