July 2017 Forecast submission: FAQs
1. What are we expected to submit?
Details are included in HEFCE Circular letter 14/2017 Annual accountability return requirements: Financial forecasts submission, published 23 May 2017, and the letter emailed to institutional heads of finance on 23 May 2017. Institutions are asked to submit forecasts covering:
- 2016-17 projected outturn
- 2017-18, 2018-19 and 2019-20 forecasts.
Commentary should accompany the financial forecasts. The deadline for submissions is noon on Monday 31 July 2017.
2. Why is there no EBITDA table?
We have changed the basis of the calculation of the financial commitments threshold as a consequence of FRS102. The calculation will now be based on adjusted net operating cashflow, rather than earnings before interest, tax, depreciation and amortization (EBITDA). More details can be found in HEFCE Circular letter 14/2017, paragraph 17.
3. There is a new line for apprenticeship fee income. What should we put in here?
Put in any income your institution expects to receive under the new degree apprenticeships. Include all income expected in this category regardless of where it comes from – home or European Union, NHS or international. Include additional commentary on your assumptions in your narrative document.
4. There is a new line for interest rate hedges. What should we put in here?
We have created a new line for derivative instruments (such as interest rate swaps) that hedge against adverse interest rate, to exclude them from financial commitments. If you have included these in bank loans in prior years, move them out and put them against this new line.
5. What EU-related information does HEFCE require?
Last July 2016 we asked for additional data from institutions on their assumptions of the impact of the UK’s forthcoming exit from the European Union. This has now been incorporated within the annual accountability return process, with a new Table 7 included in the finance tables. We are also asking institutions to provide additional commentary in their narratives. Refer to HEFCE Circular letter 14/2017, paragraph 13, for more information.
6. We are having difficulties accessing the extranet templates. What should we do?
Each institution has an extranet user administrator who manages extranet accounts for staff at their institution. You should contact them in the first instance.
Institutional heads of finance were emailed a letter on 23 May 2017 explaining how to access the templates. This included the name of the user group (as managed by the extranet user administrator) who can access the templates.
If you are having difficulties identifying the user administrator at your institution, contact Debbie Bowers, email CRAdmin@hefce.ac.uk, tel 0117 931 7213.
7. We are having difficulties with the HEFCE extranet, including uploading or modifying our documents. What should we do?
If you wish to modify a document, simply upload a revised corrected document. If you upload more than once, the latest document will overwrite the previous version.
For other issues, where your extranet user administrator is unable to help, email email@example.com or call Matthew Eagles, tel 0117 931 7291.