Institutional sustainability
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Register hereOur Strategic Plan states that we will monitor the sustainability of colleges and universities and support them in making the best use of their resources.
We do this by gaining assurance that the governing body of institutions meet the requirements of the Financial Memoranda, as a condition of receiving grant funding. We therefore seek financial management and other information from institutions.
Financial Sustainability
The Scottish Funding Council (SFC) has a key role in ensuring that the institutions we fund continue to plan and manage their activities in a way which ensures their sustainability and financial viability. This contributes to the success of students and researchers, local communities and the wider Scottish economy. Financial sustainability is, therefore, a condition of grant and is set out in our Financial Memorandum.
College sustainability
Mandatory requirements
The Financial Memoranda make reference to further documents which set out detailed mandatory requirements.
Financial sustainability
The Financial Sustainability of Colleges in Scotland 2020-21 to 2025-26 report presents an aggregate picture of the financial health of Scottish institutions based on a review of their latest forecasts.
Incorporated colleges
Incorporated colleges were reclassified as arms-length central government bodies in April 2014. They are now subject to the Scottish Government Regulatory and Reporting Framework which includes compliance with the Scottish Public Finance Manual, Consolidated Budgeting Guidance, Financial Reporting Manual and Whole Government Accounts.
Financial forecasts
Accounts direction
Financial statements
Colleges have agreed to provide a copy of their financial statements (annual accounts) for publication on the SFC website as a central source of information for other stakeholders.
2022-23
2021-22
2020-21
2019-20
2018-19
- College 2018-19 Financial Statements
- Analysis of the 2018-19 Annual Accounts of Scotland’s Colleges and Universities
- College Consolidated Accounts 2018-19 [XLS]
College financial statements published before 2019 on the SFC website are available on our site archive.
The financial statements have been properly prepared in accordance with the Statement of Recommended Practice for Further and Higher Education (SORP)
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 sustainability
The Financial Sustainability of Universities in Scotland 2020-21 to 2024-25 report presents an aggregate picture of the financial health of Scottish institutions based on a review of their latest forecasts.
Financial forecasts
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.
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.
Financial statements
Call for Information: University Financial Statements 2023-24
See full list of financial statements on the British Universities Finance Directors Group website
SFC Strategic Plan 2022-27
Building a connected, agile, sustainable tertiary education and research system for Scotland.