You're right Steptoe - I have no connection with camsfc. My knowledge of this subject, such as it is, stems from my work in colleges until my retirement about three years ago.
One of the problems with this thread is that it is now so long that it is tending sometimes to go over old ground. However, by using the search function I have unearthed the relavant posts, which were back in August:
I may be able to throw a bit of light on the issue of the funding application by camsfc to the Learning and Skills Council (LSC) in 2008. AFAIK it wasn't really a missed deadline at all. What happened was that the LSC suddenly discovered they had massively over-committed capital funding to college building projects all over the country. That is, they promised far more money than they actually had! It was quite a scandal at the time - there were many colleges whose project planning was at an advanced stage, who were suddenly told they couldn't have any capital funding after all! I gather Aquinas only just got under the wire. This was all very sudden, and until then there was no reason for any college to believe that funds were about to run out. So I think the cock up, if there was one, was probably at the LSC.
This is true, we did a lot of work with colleges and huge swathes of them got cancelled, a lot after significant sums were spent on design fees. The colleges were led to believe that the money was just a formality. Head of LSC lost his jobs, loads of poorer colleges effectively wasted a load of money. A dreadful state of affairs. 
We did the acoustics on Acquinas FWIW 
And as you don't seem to want to believe anything I write, here's a link to the LSC's Wikipedia entry:
http://en.wikipedia.org/wiki/Learning_and_Skills_Council. Scroll down to the section entitled 'Economic Mismanagement in College Rebuilding'.
Having built college buildings myself, I have to say that what camsfc are trying to achieve is far from an 'easy option'. If there had been capital funding still available from government sources, they would have gone for it - they'd have been crazy not to!