I just asked that question because I know that about four years ago, the universities were sitting on substantial reserves and were less than keen to deploy them back into actually using them for the students—it was more about building up the war chest, if you like, of the universities. And I just really wanted to have an understanding of how that picture might have changed over the last four years and are they actually skinnier cats now, rather than before.
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.