Mr. Diarmuid Collins:

As I said, the new reporting standard, FRS 102, allows for a better visibility of unrestricted reserves on the face of the balance sheet. These funds are restricted for the use of students. To have included them on the balance sheet to date, whereby they would have been in the overall university balance sheet position, would have given the impression that the university had greater reserves available to it. In reality, these reserves are restricted for the use of students. When we consolidate under FRS 102, our reserves will split between general, or unrestricted, reserves and restricted reserves. These funds will be included in restricted reserves. The overall financial health of the university itself as we know it today will not change when we consolidate these amounts of money because they are for students and their support.