Beards and claret

There is no financial crisis in the Association of University Teachers (Diary, THES, November 13). Like all sensible organisations, we plan for the future. A significant element of that has been the purchase of new headquarters, made possible by healthy surpluses. The purchase has entailed raising a mortgage, and providing for a small budget deficit this year, but our capital standing has not diminished and all of our recurrent activities are financed from income. I wrote to executive members to remind them of the parameters we set when drawing up this year's budget. In that I plead guilty to being a prudent treasurer, in the mould of my predecessors.

Alan Waton,

Honorary treasurer

AUT, London