Mr. Gary Butler:

I would like to update the committee on what we have done in terms of the preparation of the financial statements for 2020-21, which is the year following the one we are looking at this morning. In doing that, we did a review of the assets that the university had on its balance sheet in order to assess whether the carrying value was correct and was not overstated in the financial statements. In undertaking that exercise, we had independent advice on a reinstatement value for insurance purposes on the site as it stands and then a new-build cost if we were to build the equivalent today. Both of those figures came in at around €20 million. That gave us confidence that the amount that we were carrying in the financial statements was not overstated. This is a fairly common approach in terms of reassessing values each year to ensure that the financial statements give a true and fair view. That information was shared with our external auditors, PwC, in order that they could review it and approve the sign-off of the accounts.