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APPENDIX 5Mr Matt McNulty Director General Bord Fáilte Éireann Baggot Street Bridge Dublin 2 1 May 1997 Dear Mr McNulty I am directed by the Chairman, Mr Denis Foley T.D. to refer to your recent appearance before the Committee of Public Accounts. During that meeting the Committee requested additional information on the following matters:- 1.The amount of income required from the Celtworld project which would have led to a “breakeven” position. 2.Whether the level of debtors and creditors shown in the cashflow statement reflects a lack of emphasis on debt collection by Bord Fáilte and the way in which the 1995 figures can be compared with 1996 figures. The Committee would be grateful if this information could be provided by 15 May 1997 Yours sincerely
Clíona O Rourke Clerk to the Committee Chairman: Mr Denis Foley T.D.
16th May 1997. Ms. Cliona O Rourke, Clerk to Committee, Committee of Public Accounts, Leinster House, Dublin 2. Dear Cliona, Thank you for your letter on behalf of the Chairman of the Public Accounts Committee, Denis Foley, T.D. The answers to the two questions are as follows:- 1.Amount of income required to achieve break-even at Celtworld. The minimum income requirement to break even on operations, pay, bank interest and opening debt would have been £310,000 (net of VAT). 2.Whether the level of debtors and creditors shown in the cashflow statement reflects a lack of emphasis on debt collection by Bord Failte and the way in which the 1995 figures can be compared with 1996 figures. This question referred to Page 33, note 15 of Bord Failte’s 1995 annual reports and accounts. (Increase)/Decrease in Debtors (other than capital debtors) There is an active debt collection policy in Bord Failte, which is pursued vigorously. The predominant reason behind the increase in debtors at the end of 1995 over 1994 related to the substantial increase in invoices which issued during December. Invoices to a value of over IR£1 million issued during December, which were, in effect, within the thirty days credit category. The 1996 annual accounts show the following figures in the note relating to cashflow statement.
(Decrease)/Increase in Creditors (other than obligations under finance leases and capital creditors). The decrease in creditors figures is dominated by a EU grant obligation of IR£3 million, which appeared in the 1994 accounts and which was discharged in 1995. The 1996 annual accounts show the following figures in the note relating to cashflow statement.
I hope that this information will fully cover both queries, but if we can help further let me know. With best wishes, Yours sincerely,
MATT MCNULTY DIRECTOR GENERAL |
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