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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 The information on this website is historical and is no longer maintained.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 - www.hefce.ac.uk - 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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Achieving value for money (VFM)

At every HEFCE-funded higher education provider there should be effective arrangements for providing assurance to the governing body that value for money is being achieved.

Under the memorandum of assurance and accountability, internal auditors and audit committees are required to give an opinion, addressed to the governing body and the accountable officer, on the provider’s arrangements for ensuring the three elements of value for money: economy, efficiency and effectiveness.

As part of the annual accountability returns for the 2015-16 academic year, all funded providers submitted a report to HEFCE setting out how they were achieving value for money. It was also a requirement that this report was presented to the governing body or a delegated subcommittee.

HEFCE has commissioned an independent review of these reports. The review analyses the nature and volume of the savings reported and the approaches taken to achieve them. It also assesses the extent to which the reports assisted governors in understanding and improving value for money, and suggests what information value for money reports should contain, based on good practice in the sector.

Page last updated 6 October 2017