Mr. Seamus McCarthy:

I make a distinction between the trust and the foundation. It turns on the question of control. It would be beneficial to consolidate the trust and the foundation, but the college is permitted, under accounting standards, not to consolidate the foundation because it does not control the foundation under the tests that are set in accounting standards. However, that did not apply when we examined the level of control that the college exercised over the trust, albeit with restrictions. Our view is that consolidating the trust would be the appropriate route. That is why I qualified. I would encourage the consolidation of the foundation.