This report provides an overview of the financial health of the Higher Education Funding Council for England (HEFCE)-funded higher education sector in England. The analysis covers financial results for the academic year 2013-14, as submitted to HEFCE in December 2014, as well as the outcomes from the sector's Transparent Approach to Costing (TRAC) reporting for 2013-14, as submitted to HEFCE in January 2015. The report provides universities and higher education colleges with feedback on their financial performance in 2013-14. It also provides other stakeholders with information about the current financial health of the sector. The financial results for the higher education sector in 2013-14 show a financially sound position overall. While the financial outturn was stronger than projected by the sector in July 2014, sector financial results were similar to those reported in 2012-13. It should be noted, however, that significant variations continue in the financial performances of individual institutions across the sector, with the main financial strength of the sector remaining in a small number of institutions.