All institutions in receipt of funding from the Higher Education Funding Council for England (HEFCE) are required to enter into a Financial Memorandum with the council. It sets out the duties on the institution to properly account for and deploy public funds, and where necessary for the council to provide additional to help to institutions encountering financial problems. The University of Cumbria is going through a period of restructuring at present. HEFCE is providing assistance to the university through this process. We have no reason to lack confidence in either the institution or in HEFCE's handling of the situation. A further inquiry is not therefore required at this stage.