We can get you that analysis, but even four years ago, I think the definition of exactly what's meant by reserves, it's really important to look at what are distributable reserves as opposed to the assets that universities have.
Yes, I do understand the difference.
And, there are also differences in the way that universities have secured funding for investing in their estates. So, for example, Cardiff University have had a bond rather than borrowing, which you draw down as you're spending. So, in the short term, the reserves of Cardiff will appear as though they have significant cash balances, but all of those are restricted for investment in the estate and, over the next two or three years, will be utilised for that.
So, overall, you're painting a picture of a sector that's under a significant degree of financial stress, and this is obviously using your key financial indicators. Do you monitor each and every university, or do you wait for them to come back and tell you what their situation is?