Mr. Seamus McCarthy:

There is a reference to the related parties to that fund because part of the licence fees that are collected by Horse Racing Ireland, HRI, and transferred to IHRB is payable into these charities funds. The amounts for these various charities are set out in a rate card. We can see the money that comes in from HRI that is going to these charities and we can audit the calculation of the amount that is payable into the charity funds. We do not, however, audit the charities and we do not get their normal financial statements. At the end of the year, if there are balances owed between the Irish Horseracing Regulatory Board and the charities, that should be recognised as moneys that have yet to be transferred, and that is included in the related parties note.