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The Higher Education Funding Council for Wales (HEFCW) was established in May 1992 under the Further and Higher Education Act 1992.HEFCW's responsibilities for initial teacher training (ITT), including the accreditation of ITT providers, are covered under the Education (School Teachers' Qualifications) (Wales) Regulations 2004 and the Education Act 2005.
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The total consolidated annual income for Welsh universities for 2020–21 was £1.78 billion of which £230.0 million was from research grants and contracts, with an operating surplus of £74.2 million. £332.2 million was received from the Higher Education Funding Council for Wales via grants and £356.7 million was received from tuition fees of Home-domiciled students.
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