Mr. Seamus McCarthy:

Údarás na Gaeltachta was established under the Údarás na Gaeltachta Act 1979. Its main function is to preserve and extend the use of the Irish language as the principal medium of communication in the Gaeltacht. In pursuit of that objective, Údarás na Gaeltachta is involved in the funding and fostering of a wide range of enterprise development and job creation initiatives and in supporting strategic language, cultural and community-based activities.

In 2013, Údarás na Gaeltachta recorded a deficit of expenditure over income of €540,000 after a net transfer from the capital account. Údarás na Gaeltachta received Oireachtas grants and other income from State and EU sources totalling €21 million in 2013. It also administered grant funding amounting to €15.67 million on behalf of the Department of Social Protection in relation to employment and social schemes. Its other main source of income was rental income from the renting of properties in its commercial property portfolio.

In 2013, Údarás na Gaeltachta incurred expenditure of €15.6 million on employment and social schemes, including community employment, the rural social scheme and the Tús programme; €4.9 million in grants to enterprise and community bodies; €3.8 million on language, cultural and community development; €7 million in depreciation on its fixed assets; €3.6 million on the maintenance and management of Údarás na Gaeltachta's commercial property portfolio; €6.2 million on administration costs; and €4.8 million on pension costs.

Údarás na Gaeltachta holds a significant investment portfolio. At the end of 2013, three of its investments were wholly owned subsidiaries of Údarás na Gaeltachta and eight were associate companies. It revalues investments based on the value of the company and the share held by Údarás na Gaeltachta. At the end of 2013, Údarás na Gaeltachta had investments with a net book value of €15.8 million.

Since the balance sheet date, Údarás na Gaeltachta has concluded an agreement for the disposal of one of its subsidiaries, Arramara Teoranta, which is a seaweed processor. I expect to examine that disposal in the context of audit of the 2014 financial statements. The financial statements for 2013 received an unqualified opinion.