Ms Susanna Lyons:

According to the annual report, 94% of tier 3 organisations now have a sinking fund in place or are able to demonstrate they are generating enough income to provide for those funds. Some 73% of tier 2 organisations have stated that they now have a sinking fund in place, as do 72% of tier 1 organisations. Over the four years that the regulation has been in place, we have seen an improvement. This does not mean we can state that all of the moneys in place are adequate. The next step is to ensure those organisations complete stock conditions surveys. Those surveys will provide organisations with a full and detailed schedule of planned and cyclical maintenance over a period of 25 or 30 years.