Mr. Francis Doherty:

The question of the organisation's financial future really came to a head at the beginning of July when the trade creditors were established to be over €8 million, the debtors were substantially reduced and the bank had said there was no chance of any significant loan and if it was to come, it would be later in the year. I advised the chair and called the emergency board meeting on 11 July. I prepared the briefing, which I asked the chair to share, in relation to all the matters that we discussed over my first few weeks. I put that down in writing and asked for it to be shared to the rest of the board, which it was not. At that meeting on 11 July I reminded the trustees that it is the organisation's responsibility to notify regulatory bodies of these matters. I was advised at that meeting by the chair that it was a matter for me as CEO to decide whether to do that or not, so I did it within a couple of days. There was a delay because the letters were reviewed by our solicitors at the time. On 14 July both regulators were updated by letter to advise that there were abnormal cash flow pressures and abnormal trade creditor liabilities. I wish to reference that a previous iteration of this committee was told that letter did not contain that information by the Charities Regulator. In fact it did contain that.