Mr. Seamus McCarthy:

These are the financial statements for the academic year 2012 to 2013. Again, there have been delays. There were difficulties in getting the audit completed and in presenting the opinion I have drawn attention to a number of matters. The first is that deficits have been incurred by the institute for a number of consecutive years so there is a funding difficulty there. Second, there were a number of governance issues. The review of the effectiveness of the system of controls was not carried out in respect of the year ended 31 August 2013, and also the institute's audit committee did not issue an annual report, which would normally be expected in respect of the 2012 to 2013 year. It was unable to do that until September 2014 because of concerns it had about the timely provision of key information to allow the institute to present the report.

There was also a question of expenditure to a value of €524,000, which was identified, where procurement rules were not complied with. The final point relates to the restructuring and consolidation of the results of the companies that were established to provide campus services. That resulted in the financial statements for 2012 to 2013 being based on draft financial results only for those companies. The audits had not been completed. I understand now that the companies have become part of the Waterford Institute of Technology group and that for the year 2013 to 2014 they will be consolidating the results, so that will allow us to get a clearer picture of what is the financial situation in relation to Waterford Institute of Technology.