Mr. Seamus McCarthy:

The college established a foundation in 2009. We noted in the course of an audit that there was a transfer from the college to the foundation. The resources in the foundation, which is not consolidated in the college's financial statements, came to a total of approximately €1.2 million on 30 September. We established that this consists almost exclusively of transfers from the college to the foundation. The expectation would be that a foundation transfers funds to the college. At the time, there was no clear indication of how the resources would be used, although the foundation obviously exists to benefit the college. We just drew attention to that because it is an item that is outside the balance sheet.