Mr. Seamus McCarthy:

No. If a donation comes from a foundation into a college, it should be brought to account just as that, as a form of income and accounted for appropriately. Once it comes into the college it then forms parts of the funds available to it. As to whether one can say that if there are top-ups, it was the donation that funded the top-up, to me, that is splitting hairs. If one has moneys in one's general account and expenditures out of that general account, it forms one fund effectively. All sources of funds effectively then are applied pro rata in the same way.