I agree with Bethan Sayed that once an institution, whether it's an autonomous body or not, is in receipt of public funds, it has an accountability to this place, either through yourself or through us directly. I just want to follow up on the comments you made about the conversations that you've had with HEFCW, because, actually, I think this is where, as an Assembly, we can be asking some questions. You just said that they have no concerns about the processes that Swansea University has been following during this rather sorry period, and you were happy to take their word for it. Well, the fact that we're standing here asking this question shows that there should be some concerns about those processes. What exactly did they tell you that they had done in order to satisfy themselves of the processes that Swansea had followed? Because it may well be that this seven-month delay in putting the accounts forward is the only thing that they've done wrong, but I would be pretty astounded if anyone just took their word for that. So, perhaps you can give us a bit more detail on that.

The university, of course, in recent years, has done phenomenally well in improving its status and its reputation throughout the world, and the work that it's done has done nothing but impress me in recent years. However, in 2016-17, its income from student sources had already started to fall, which made me wonder whether, perhaps, some of the more recent bad news, if you like, had started to affect confidence in the institution. So, I'm wondering if you've got any views on this issue of confidence in the good name of the university, not least because it is one of the major players in the Swansea bay city deal. So, this is not just about the learners and their individual futures, because it's not just student money that's going into this place at the moment. There's UK Government, Welsh Government and private sector money all being put into the city deal on the basis that this is a fantastic institution with whom they can do business. Obviously, we don't want to undermine that, so perhaps you can give us a little bit of reassurance on that front.

And then finally from me, it's been a stated ambition of the university to make major investment in its estate that will dominate its financial position for the next 10 years. Now, we're talking about long-term investment, particularly in capital estate here. The fact that we haven't got a one-year financial report submitted in time is a cause for concern longer term as well, in that case. And then I just go back to that initial question about what it was that you did ask HEFCW, because if they're not worried about that specific financial question, then I would be worried. Thank you.