Wednesday 24 January 2018

'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.

Irish Independent

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editor's Choice

Also in Irish News