Mr. Michael Casey:

Effectively, it can be spent on anything. The money that comes to the institutions, either by way of the core grant, from ordinary fees, international fees or commercial operations, flows into the universities. With the exception of a few specific projects, there is generally no ring-fencing of funding. The income that comes in is available for institutions to spend, as they see fit. They are within their power to do this. Effectively, the money can be spent on anything. It relates to the annual operating costs of a university and it can be spent on whatever one wants.