RCA is in the black

Your article on funding for specialist institutions ("Special treatment", 28 February) states that the Royal College of Art had a deficit of £1.1 million in the last financial year. This excludes pension transactions and entries related to the depreciation of buildings. Our published financial statements show a surplus of £998,000 for the year, of which £240,000 arises on the college's operations and £758,000 through movements on the pension scheme.

Nick Cattermole, Director of finance, Royal College of Art.