Mr. Seamus McCarthy:

Yes. A number of colleges are paying the expenses of the foundation, such as administration costs, accountancy costs and so on. The argument in favour of so doing is that in general, donors want all the money they donate to be used for capital purposes or for another specified purpose and do not wish to see the money they contribute eroded in administration costs. Consequently, a number of colleges are paying the administration costs of their foundations. We have argued for a disclosure of those payments in the financial statements in order that it is clear what it costs to run the foundation. This can then be balanced against the donations coming through the foundation to the college.