'Unsatisfactory, unacceptable and risky': the key findings
l No authorisation was given for 28pc of a sample of €104,417 spent on travel, entertainment, conferences, subscriptions and professional fees.
• A total of €49,000 was spent on credit cards in 2011. Some 86pc of transactions did not have adequate back-up material detailing the business nature of the transactions or receipts that gave the detail of what was purchased.
• Company credit cards were used in 2011 for personal expenditure of €2,550 and later repaid through salary deductions.
• No back-up documentation was found for €703 out of €775 in euro and sterling cash ATM withdrawals using company credit cards in 2011.
• Personal legal expenses of €907 for CEO Dermot McLaughlin, now on secondment in Derry, was paid by TBCT and subsequently repaid to the trust by him the following year.
• No contract was in place for Mr McLaughlin, who was on a €103,730 annual salary.
• Concerns were noted about a bank loan of €1.3m to fund The Meeting House Square project.
• Benefit-in-kind taxation was not applied to €8,212 of rail and Luas tickets bought for staff.
• Salary advances of €5,857 were made to staff in 2011 to accommodate staff "until the next payday". The report said advances should not be provided to staff except in exceptional circumstances.