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University sustainability

Mandatory requirements

The Financial Memoranda make reference to further documents which set out detailed mandatory requirements.  


Statement of Recommended Practice for Further and Higher Education (SORP)

Financial forecasts

Institutional Efficiency

Examples of institutional efficiencies [PDF] from previous returns.

Financial statements





Accounts direction

British Universities Finance Directors Group (BUFDG) model financial statements

SORP Model Financial Statements are available on the BUFDG website. You will be required to enter your username and password to gain access to this material.

Early retirement and pensions

See also Institutional finance for colleges.

Transparent Approach to Costing

The Transparent Approach to Costing (TRAC) is the standard methodology used by higher education institutions (HEIs) in the UK for costing their activities. It was established as an approach to identifying the Full Economic Costing (FEC) of all activities to improve the accountability for the use of public funds and inform institutional decision making.