ABSTRACT
All English HEI’s obtain funding from the HEFCE for their HE provision and some also obtain funding from the TTA (where teacher training is provided) and from the LSC (if FE level education is provided). The requirement for funding councils to produce a Financial Memorandum governing the relationship between an institution and itself is incorporated in the 1988 Education Reform Act. The TTA and the LSC both have their own FMs but the fundamental document for English HEIs is the FM produced by HEFCE. It is helpful to set out the accountability chain from Parliament to show where HEFCE and its FM fits into this chain. This is shown in Figure 8.1.
