The Charities Regulator has found the company behind the art house cinema in Galway recorded "no income" over a ten year period, despite receiving millions in state money and donations.

An investigation has found that Solas - Galway Picture Palace Company CLG - transferred its ownership to a private company - Element Pictures - without conducting an independent valuation of the building.

Solas has since gone into liquidation.

 CEO of the Charities Regulator John Farrelly says it raises serious questions: