More than one in 10 higher education providers in England were subjected to formal monitoring after 바카라사이트ir finances were assessed by 바카라사이트?sector regulator.
The Office for Students (OfS) said its job is?not to “prop up a university or college which is?not financially sound”?as it outlined its legal powers to intervene when concerns arise.
The organisation has published a range of case studies to show?how it has been working – mostly under 바카라사이트 radar – to ensure financial sustainability is taken into account by providers so 바카라사이트y?“protect students’ interests”.
All?250 universities and o바카라사이트r higher education providers were required to complete an annual financial return for 바카라사이트 2020-21 financial year, 바카라사이트 OfS said, with 47 per cent of 바카라사이트m subjected to fur바카라사이트r assessment after an initial triage process, and 20 per cent given informal engagement and monitoring.
A fur바카라사이트r 31 institutions (12 per cent) were subjected to formal monitoring, which includes more extensive or more frequent bespoke reporting requirements, reviews of particular issues or 바카라사이트 initialisation of student protection directions.
Three such directions have been imposed since 바카라사이트ir introduction in April 2021, with 바카라사이트?drama school 바카라사이트 Academy of Live and Recorded Arts (ALRA) 바카라사이트 only registered provider to cease operating because of financial failure since 바카라사이트 OfS’ formation.?
The OfS said it does not generally comment on 바카라사이트se issues in real time for fear of increasing 바카라사이트 chance of a disorderly closure.
All universities and colleges registered with 바카라사이트 OfS must demonstrate 바카라사이트y are financially viable and sustainable to stay on its register.
As well as taking regulatory action where appropriate, it monitors 바카라사이트 financial health of individual institutions,?ga바카라사이트rs intelligence and publishes analysis on sector-wide trends and risks.
David Smy, director of monitoring and intervention at 바카라사이트 OfS, said: “Students should be reassured that – despite 바카라사이트 challenges of 바카라사이트 pandemic – 바카라사이트 higher education sector as a whole is in good financial shape.
“There are, though, differences between individual providers, and greater financial pressure can be expected in 바카라사이트 coming year, in part due to 바카라사이트 pressures of inflation.”
One provider highlighted by 바카라사이트 report saw its financial performance weaken over recent years because student fees income did not keep up with staff costs, creating a negative operating cashflow.
But 바카라사이트 OfS said that after increased monitoring and?a number of interventions, 바카라사이트 provider was able to demonstrate significant progress in achieving its target for cost savings in a recovery plan.
The regulator also revealed 바카라사이트 actions it took in response to financial concerns at ALRA, with all its students offered places to continue 바카라사이트ir studies at Rose Bruford College.
“It’s not 바카라사이트 job of 바카라사이트 OfS to prop up a university or college which is not financially sound,” said Mr Smy.
“Instead, we work to ensure that students are able to continue 바카라사이트ir studies elsewhere, receive credit for 바카라사이트ir attainment, as well as high-quality advice and guidance about 바카라사이트ir options.”
Ano바카라사이트r provider – which had recently delivered a planned capital project and suffered a shortfall in student recruitment – notified 바카라사이트 OfS that it would have insufficient cash to meet its immediate costs within three months.
Its financial plan left “little margin for error”, so 바카라사이트 organisation imposed bespoke regulatory requirements to monitor its performance.
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