our expense forecasts were actually going to occur in the way that we expected. There was a lot of uncertainty around when the last /8 policy would be enacted and what the effect would be on membership, so we did take a very conservative approach to forecasting particularly membership revenue and initial application fees. That report was submitted to the EC at the July EC meeting and, as the treasurer will report later, the finances are in good shape for 2011.  The last /8 policy has provided us with a greater level of revenue than we had expected initially and expenses are down, primarily because we had, at the time of developing the budget, included an allowance for rent commitments in the old premises.  When we went through the final financial accounts at the end of last year, the auditors required us to bring forward all costs related to the payment of leases for the old building.  So all those costs were recognized in 2010, so we don't have any of those rent and outgoing commitments going forward. The other project was to undertake a detailed review of APNIC's insurances.  We engaged, after some consideration, a global risk consultancy to provide us with some support in this activity.  We ran a workshop for the key staff from APNIC with this consultant to develop a comprehensive risk register.  In that process, we identified and qualified the risks.  We looked at what sort of risks the Secretariat comes across in its activities