Consolidated Financial Statements

DCU Consolidated Financial Statements 2023694.67 KB

	REGISTERED AUDITOR			Mazars
				Chartered Accountants
				Harcourt Centre
				Block 3 Harcourt Road
				Dublin 2


	AUDITOR			The Comptroller and Auditor General
				3A Mayor Street Upper
				Dublin 1


	PRINCIPAL BANKER			Allied Irish Banks Plc
				7/12 Dame Street
				Dublin 2


	PRINCIPAL LEGAL ADVISORS			Arthur Cox
				Arthur Cox Building
				Earlsfort Terrace
				Dublin 2

				Ronan Daly Jermyn
				The Exchange
				George's Dock
				IFSC
				Dublin 1


	TAXATION ADVISORS			PricewaterhouseCoopers
				One Spencer Dock
				North Wall Quay
				Dublin 1

Presidents Report

Scope of the Financial Statements

The financial statements comprise the consolidated results of the University, its subsidiary companies and the results of DCU Educational Trust. The companies in which the University holds an interest are listed in note 13 to the financial statements, together with their principal activities and the University shareholding. DCU Educational Support Services DAC which is 100% owned by the University, is the holding company through which the University channels company activities.

Results for the Year Ended 30 September 2023

The University’s consolidated income, expenditure and results for the year to 30 September 2023 are summarised as follows:

	2023	2022
	€'000	€'000
Income	283,008	283,638
Expenditure Net	(274,087)	(273,092)

Surplus / (Deficit)	8,921	10,546

Total income and expenditure for the Group were broadly in line with the previous year.

The reported net reserves surplus movement for the year was €8.9m with accumulated group reserves standing at €264.9m. These reserves reflect accounting timing differences between non-capital grant funded infrastructural investment and associated depreciation costs, sinking fund requirements related to structured finance arrangements, the accounting treatment of non-government sourced capital funding under FRS102, restricted reserves of the DCU Educational Trust and other longer term initiatives and commitments.

Balance Sheet and Cash Flow Statement

The additions to tangible fixed assets for the year amounted to €54m. Land and building additions for the year including assets under construction reflect campus developments such as the new Polaris building, and the Student Information System project.

Net cash inflows of €8.4m during the financial year have resulted in the group cash and cash equivalents (exclusive of restricted cash balances and term deposits) of €120.1m increasing to €128.5m at year end. The net funds position of the Group at the year end date after adjusting for debt, restricted cash balances, and term deposits, is €46.3m. Cash reserves mainly reflect monies committed to future expenditure; for example, student fees received in advance, student accommodation deposits, and research project income.

The University has approved loan facilities in place with both the European Investment Bank (“EIB”) and the Ireland Strategic Investment Fund (“ISIF”) to fund the University’s Campus Development Plan. The loan covenants under the approved loan facilities were met during the financial year.

DCU launched its new strategic plan in 2023, entitled “DCU Strategy 2023-2028, Transformation For An Unscripted Future”, following extensive engagement with internal and external stakeholders. Through this plan the University continues its founding mission to ‘Transform Lives and Societies’, with a bold vision to be a leading innovative European University, distinguished by the quality of the DCU experience, and the impact of our teaching and research on our stakeholders and on issues of global concern.

The announcement in the Government’s 2024 budget statement of a further phase of additional core funding to the university sector is welcome albeit that the funding amount continues to fall short of the €307m funding gap identified in the Government’s ‘Funding the Future’ programme (2022). It is hoped that the annual core funding will significantly increase in the years to come, to address this significant funding deficit.

On the capital front, the University’s flagship Polaris building reaches completion in 2024, providing capacity to accommodate over 3,000 students. This project, part funded by Government grants and borrowings from the European Investment Bank, will further advance DCU's international reputation for excellence in STEM disciplines. Equally, the multi-year programme of digital transformation across a range of systems, including admissions, registration, assessment and placement, is scheduled to reach completion at the end of 2024. Known as the “Student Information System”, this investment in systems will transform the way in which students and staff interact with each other across a range of academic activities.

Following confirmation of a Government subsidy of more than €40m in 2023, work is planned to commence on the new Phase 1 on-campus student accommodation project in 2024, with delivery of 400 additional student beds in financial year 2026/27. At a time of shortages in on-campus accommodation across the higher education sector in Ireland, this investment is an important step in adding further capacity for DCU's students. It is hoped that progress will be made in 2024 to commence Phase 2 of the development which will deliver an additional 800 student beds.



Prof. Daire Keogh
President / Chief Officer

Date: 12 September 2024

Statement of Governing Authority's Responsibilities

The Governing Authority is required to comply with the Universities Act, 1997, and to keep in such form as may be approved of by An t-Údarás um Ard-Oideachas all proper and usual accounts of money received and expended by it.

In preparing those accounts, the University is required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• assess the University’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern.

The University is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the assets, liabilities, financial position and surplus or deficit for the University and which enable it to ensure that its financial statements comply with the Universities Act, 1997, and are prepared in accordance with FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland” and the Statement of Recommended Practice (“SORP”) - Accounting for Further and Higher Education (2019), issued by the HE/FE SORP Board in the UK.

The University is also responsible for ensuring that the business of the University is conducted in a proper and regular manner and for safeguarding all assets under its operational control and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the Governing Authority of the University:


Prof. Daire Keogh		Ms. Brid Horan
President / Chief Officer		Chancellor

Date:	12 September 2024

Statement on Internal Control

Governing Authority responsibility for system of internal control

The Governing Authority acknowledges that it has overall responsibility for the University’s system of internal control and formally approves this Statement on Internal Control.

Reasonable assurance against material error

The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives or to conduct affairs in an orderly and legitimate manner. To that extent the system therefore provides reasonable rather than absolute assurance of effectiveness.

Key procedures put in place designed to provide effective internal control

The following should be noted in relation to key University procedures, designed to ensure an appropriate control environment including the identification and management of business risks:

The Governing Authority is the main governance and decision making entity within the University, as prescribed by the Universities Act 1997. Under Section 34 of the Universities Act 1997 the Governing Authority approves the strategic plan.

In practice the Governing Authority delegates certain functions to the President and other staff with appropriate reporting and oversight. The President is appointed by the Governing Authority to oversee the management of the University.

The principal academic and administrative officer of the University is the President, who also carries the title of Chief Officer.

Reports are provided by the President and Senior Officers (Director of Finance, Vice-President Academic Affairs, Director of Human Resources and the Chief Operations Officer) at each Governing Authority meeting.

The President is supported by a Senior Management Group which comprises the senior officers of the University who advise and oversee the coordination of University activities and strategic planning.

Members of the Senior Management Group have clearly defined responsibilities.

An Audit Committee, with written terms of reference, operates as a sub-committee of the Governing Authority and reports to it on the work undertaken by the Committee.

An independent Internal Audit function is in place which carries out a number of audits each year with comprehensive audit reports with management comments and agreed action timelines submitted to the Governing Authority’s Audit Committee.

The University has a comprehensive Risk Management Policy in place. A separate Risk Committee operates as a sub-committee of the Governing Authority and it:

monitors the effectiveness of the University’s risk management processes and the effectiveness of the University’s risk management strategy.

The chair of the Risk Committee is also a member of the University Audit Committee.

The risk management process is under the control of the University’s Chief Operations Officer. The process of risk management includes evaluation of the financial implications of business risks, as appropriate.

Risk registers (operational) are compiled for all major units of the University with the most significant risks captured on the Institutional Risk Register which is prepared by the Executive and reviewed by the Risk Committee prior to its approval and adoption by the Governing Authority.

A review of the Strategic Risk Register and the mitigating actions in place for each risk was carried out by the Risk Committee. The University President reports quarterly to the Governing Authority on the status of and mitigating steps taken to address these risks.

In December 2019, the University adopted its first Risk Appetite statement which summarises its tolerance for risk across a range of activities. Consequently, it contributes to the University’s commitment to uphold the highest standards of corporate governance and professional conduct, while also being consistent with, and maintaining, its credibility with a broad range of stakeholder groups.

The Strategic Finance Advisory Committee operates as a sub-committee of the Governing Authority and its role is to assist and advise management in putting in place optimal funding structures to provide the financial resources necessary to support the achievement of the University’s Strategic Plan. The Committee, with written terms of reference, operates as a sub-committee of the Governing Authority and reports to it on the work undertaken by the Committee. This Committee played a central role in reviewing in detail and recommending acceptance to the Governing Authority of the loan finance arrangements with the European Investment Bank and the Ireland Strategic Investment Fund.

The Executive Committee, which is chaired by the President, is the executive decision making group in the University and includes the Senior Management Group, two elected staff members and the President of the Students Union. This group is charged with the task of advising the President and deciding on policy and strategy of the University.

The Executive Committee has a number of sub-committees which assist the Executive Committee in the execution of its functions, which includes:

The Resource Committee recommends to the Executive Committee the details of the University's budget and its allocation, and advises on other resourcing or budgeting issues as appropriate.

The Capital Projects Committee provides oversight to all capital projects (>€500k) and makes recommendations to Executive on major capital project approvals and associate project milestone approvals.

Health and Safety Committee provides oversight to all aspects of health and safety on campus.

The Budgetary Control system ensures that funds are allocated in-line with the approved budget. Spending against these allocations is monitored regularly and where necessary corrective action taken.

Allocated budgets are delegated to Faculty Executive Deans, Heads of School, and Heads of Support Units, all of whom must deliver a balanced outcome against budget each year. This is monitored via monthly financial reports from the financial IT system Agresso.

The University makes extensive use of IT-based information systems to ensure effective controls are in place from financial management and procurement through to student records and exams results. The DCU Finance System, Agresso, provides full user access to all financial information relevant to their role. In addition, monthly budget updates are sent to all units heads showing expenditure to date versus budget.

The Academic Council, subject to the financial constraints determined by the Governing Authority, controls the academic affairs of the University, including the curriculum and instruction and education provided by the University.

The Quality Promotion Unit promotes and facilitates continuous quality improvement activities across academic and administrative units throughout the University. This is undertaken principally through the management of the University’s Quality Review process for Schools, Faculties and Units.

Published policies and procedures are in place in the University in support of the control environment including financial controls, delegation and segregation of duties. These provide reasonable but not absolute assurance for the prevention and detection of fraud.

Internal control procedures are in place in order to safeguard all assets, protect and safeguard the interests of all relevant parties and ensure the production and integrity of the annual financial statements.

An Approved Signing Authority Policy is in place which details the approval process, approval thresholds and the approved institutional signatories for all University documentation and legal contracts.

In line with the introduction of new GDPR legislation in May 2018, the University appointed a Data Protection Officer and introduced a new Data Privacy Policy and associated support information and training to ensure compliance with the new legislation.

The Statement on Internal Control is reviewed by the University’s Audit and Risk Committees before it is submitted to the Governing Authority for approval.

There were no material breaches in control in the financial year ending 30th September 2023.

The University confirms its compliance with the 2019 IUA/HEA Code of Governance in all material matters during the financial year. A Code of Governance for the wholly owned subsidiary companies is being developed in conjunction with the IUA.

Review of the Statement on Internal Control

The Statement on Internal Control is reviewed by the University’s Audit and Risk Committees before it is submitted to the Governing Authority for approval on 24th April 2024.

The review is also informed by the work of senior officers within the University, who have responsibility for the development and maintenance of internal control frameworks. Annual written assurance is provided from each member of the senior management team confirming that to their knowledge, there has been no material deviation from the University’s policies and procedures relating to internal controls in the period concerned.

Following each meeting of the Audit Committee, the Governing Authority receive an update on any matters relating to the effectiveness of Internal Control. On an annual basis, the Head of Internal Audit gives an opinion on the effectiveness of the Internal Control environment. On that basis the Governing Authority satisfies itself as to the effectiveness of the system of Internal Control.

Additional assurance provided on the effectiveness of internal controls includes:

the Internal Audit opinion on the effectiveness and adequacy of the system of internal controls

risk assessments

quality review reports, and

health and safety reports at each Health & Safety Committee meeting and the Annual Health and Safety Report to the Governing Authority.

Procurement

(i)

Procurement Procedures

The University seeks to be compliant with the current procurement legislation and rules, and all appropriate procedures for procurement have been developed, published to all relevant staff and are being carried out, including confirmation that the University is using the services and frameworks of the Office of Government Procurement, and of the Education Procurement Service, whenever applicable.

(ii)

Procurement Non-Compliance

Procedures are in place to detect non-compliance with procurement procedures including confirmation that a database with listings of all Purchase Orders in excess of €25,000 is in place to allow for monitoring and to flag potentially non-compliant procurement. In addition, the University’s financial system (Agresso Business World) workflows purchasing requests over €25,000 for DCU procurement review prior to the Purchase Order being created.

(iii)

Details of Non-Compliant Procurement

The University’s team of internal qualified procurement specialists review expenditure requests over €25,000 from departments within the DCU Group on an on-going basis, as well as conducting an end of year self-compliance review in the format prescribed by the statutory auditor.

In its opinion, and based on the national and sectoral procurement frameworks in place, the University and its subsidiaries report a €Nil amount of non-compliant procurable expenditure for financial year 2022/23. The University continues to avail of a range of national and sectorial frameworks. The University continues to deploy resources to improve procurement processes with the objective of maximising procurement compliance.

In its opinion, and based on the external audits and internal reviews conduced to date, as well as the national and sectoral procurement frameworks in place, the University and its subsidiaries report a €X amount of non-compliant procurable expenditure for financial year 2019/20.

(iv)

Corporate Procurement Plan

The University confirms that the relevant procurement policy and procedures and the development and implementation of the Corporate Procurement Plan are being adhered to where appropriate. The University has put in place procurement policies and procedures for all non-pay expenditure.

(v)

Office of Government Procurement

The University actively works with the Office of Government Procurement (OGP) to ensure that procurement activities are taking place in accordance with the requirements of the operating model that OGP has put in place.

The subsidiaries of the University utilise DCU, OGP and other public procurement frameworks when organising purchasing requirements. Group companies avail of many of the DCU University contracts put in place for goods and services such as utilities and facilities management. In addition, in accordance with the EU Procurement Directive, sectoral related subsidiary company purchasing requirements are organised directly by the companies. Where this arises a private procurement process is followed that reflects the principles of public procurement guidelines.

The University and its subsidiaries seek to optimise value for money on its expenditures, including through the OGP and other frameworks, and aggregation of expenditures where appropriate. Aggregation may take place at a national, sectoral, or institutional level.

Operating Units within the University and its subsidiaries are responsible for their own expenditure and may not have visibility of the expenditure requirement of other Operating Units. In addition, the timing of certain expenditures (e.g. related to research funding awards) is not predictable in a manner which would facilitate aggregation of procurement requirements. For these reasons, it is therefore not always possible to aggregate certain expenditure lines.

Governing Authority Meetings

The DCU Governing Authority met on six occasions in 2022/2023 on the following dates:

•

19th October 2022

•

9th December 2022

•

15th February 2023

•

26th April 2023

•

21st June 2023

•

6th September 2023

The attendance record for each member of the Authority was as follows:

Authority Member

Attendance Record

Ms. Brid Horan (Chancellor)

6/6

Prof. Lisa Looney

3/6

Dr. Declan Raftery

5/6

Mr. Cathal Marley (Chair Audit Committee)

5/6

Prof. Daire Keogh

6/6

Prof. Yvonne Daly

6/6

Prof. James O’Higgins Norman

3/6

Dr. Audrey Bryan

3/6

Dr. Aisling de Paor

6/6

10.

Mr. Justin Doyle

6/6

11.

Ms. Michele Pringle

6/6

12.

Ms. Rachel Hussey (Chair of EDI)

5/6

13.

Mr. David Harney

2/6

14.

Mr. John Darby

2/6

15.

Ms. Carol Hanney

6/6

16.

Ms. Marie Sinnott (Chair of GARC)

5/6

17.

Assoc Prof. Ray Walshe

1/6

18.

Ms. Deirdre O’Connor

5/6

19.

Ms. Marian Corcoran (Chair of DCU Commercial)

5/6

20.

Ms. Kara McGann

6/6

21.

Cllr. Jimmy Guerin

3/6

22.

Ms. Fiona Naughton

5/6

23.

Mr. Seamus Walsh

6/6

24.

Mr. Brian J. Smyth

4/6

25.

Ms. Zainab Boladale

2/6

26.

Mr. Thomas O’Dowd

6/6

27.

Ms. Colette Murphy (term ended 26th Apr 2023)

4/4

28.

Mr. Muhammad Mubashar Saeed (term ended 26th Apr 2023)

4/4

29.

Ms. Sarah Fitzpatrick (appointed 27th Apr 2023)

2/2

Audit Committee Meetings

The Audit Committee met on the following dates in 2022/2023:

•

13th October 2022

•

23rd November 2022

•

24th April 2023

•

8th June 2023

•

20th September 2023

Audit Committee Member

Attendance Record

Resignation Date

Appointment Date

Mr. Cathal Marley (Chair)

5/5

11th Dec 2014 / 9th Sep 2021 (Chair)

Ms. Marie Sinnott

3/5

3rd Nov 2021

Mr. John Darby

4/5

3rd Nov 2021

Mr. Paul Dunne

5/5

3rd Nov 2021

Governing Authority Risk Committee Meetings

The Governing Authority Risk Committee met on the following dates in 2022/2023:

•

5th December 2022

•

22nd February 2023

•

14th June 2023

•

6th September 2023

Governing Authority Risk Committee Member

Attendance Record

Resignation Date

Appointment Date

Ms. Marie Sinnott (Chair)

4/4

22nd Jun 2017 / 9th Sep 2021 (Chair)

Mr. Justin Doyle

3/4

3rd Nov 2021

Ms. Caroline McMullan

2/4

9th Dec 2016

Mr. Padraig McKeon

4/4

23rd Nov 2018

Please note both the Audit and Risk Committees met during the year without University Management being present.

Governance

An oversight agreement is in place between the Higher Education Authority and DCU which sets out the broad governance and accountability required of DCU by the Higher Education Authority.

The Governing Authority and its sub-committees carry out an evaluation of their performance on an annual basis through an anonymous questionnaire, the results of which are presented to the full authority and any agreed actions resulting are captured in the minutes of the meeting.

The Governing Authority of DCU approves the proposed financial budget on an annual basis and receives a detailed briefing on performance against the approved budget at each of its meetings.

The University confirms that the Guidelines on Achieving Value for Money in Public Expenditure in accordance with the Department of Public Expenditure and Reform Public Spending Code are being followed.

Prof. Daire Keogh

Ms. Brid Horan

President / Chief Officer

Chancellor

Date:

12 September 2024

Independent Auditor's Report

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING AUTHORITY OF DUBLIN CITY UNIVERSITY

1	Report on the audit of the financial statements

	Opinion

	We have audited the financial statements of Dublin City University (“the University”) and its consolidated undertakings (“the Group”) for the year ended 30 September 2023, which comprise the consolidated and University statements of comprehensive income, consolidated and University statement of financial position, consolidated and University statement of changes in reserves, consolidated statement of cash flows and the related notes, including the summary of significant accounting policies set out in note 1. The financial reporting framework that has been applied in their preparation is Irish law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice (“SORP”) - Accounting for Further and Higher Education (2019), issued by the HE/FE SORP Board in the UK.

	In our opinion, except for the effects of the matters described in the Basis for qualified opinion section of our report:
	• the financial statements give a true and fair view of the assets, liabilities and financial position of the Group and University as at 30 September 2023 and of the Group’s and University’s result for the year then ended;
	• the financial statements have been properly prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice (“SORP”) - Accounting for Further and Higher Education (2019), issued by the HE/FE SORP Board in the UK.

	Basis for the qualified opinion on financial statements

	As more fully explained in Note 27 to the financial statements, an asset representing a receivable from the State, equivalent to the value of the University’s net pension obligations in relation to its defined benefit pension schemes, has been recognised in the financial statements (and an equivalent amount recognised in the income and expenditure reserves) on the basis that the Governing Authority considers these pension liabilities to have always been guaranteed by the State. In addition, the corresponding movement in the pension assets has been recorded in the consolidated statement of comprehensive income.

	The University has confirmation of this guarantee either through legislation of other contractual confirmation for all schemes in operation with the exception of the Colleges of Education Superannuation Scheme.

	In the absence of the State’s formal acceptance of the obligation to fund deficits associated with the University’s Colleges of Education Superannuation Scheme, it is not, in our view, appropriate to recognise the retirement benefit receivable pertaining to these deficits on the consolidated and University’s balance sheet at 30 September 2023.

	The treatment adopted for the deficits associated with the University’s Colleges of Education Superannuation Scheme is not in accordance with the requirements of FRS 102 Section 21 “Provisions and Contingencies” as the receivable remains contingent in nature until the State formally accepts the obligation.

	Accordingly;

	In respect of the Consolidated and University statement of financial position:
	(i) the retirement benefit receivable, net assets and income and expenditure reserves at 30 September 2023 should be reduced by €124.1 million and;
	(ii) the retirement benefit receivable, net assets and income and expenditure reserves at 30 September 2022 should be reduced by €124.1 million

	In respect of the Consolidated and University statement of comprehensive income:

	(i) the consolidated surplus for the year ended 30 September 2023 should be increased to a consolidated surplus of €72.8 million and;
	(ii) the university surplus for the year ended 30 September 2023 should be increased to a surplus of €70.4 million and;
	(iii) the consolidated surplus for the year ended 30 September 2022 should be increased to a consolidated surplus of €72.8 million and;
	(iv) the university surplus for the year ended 30 September 2022 should be increased to a surplus of €70.4 million and;

	We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with ethical requirements that are relevant to our audit of financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these requirements.

	We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

	Conclusions relating to going concern

	In auditing the financial statements, we have concluded that the Governing Authority’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

	Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s and the University’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

	Our responsibilities and the responsibilities of the Governing Authority with respect to going concern are described in the relevant sections of this report.

	Other information

	The members of the Governing Authority are responsible for the other information presented in the Annual Report together with the financial statements. The other information comprises the information included in the President’s Report, the Statement on Internal Control and Statement of Governing Authority’s Responsibilities other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

	Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.

	If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

	Based solely on our work on the other information:
	·	in our opinion the information given in the President’s Report, the Statement on Internal Control and Statement of Governing Authority’s Responsibilities is consistent with the financial statements;
	·	except for the matter described in the basis for qualified opinion paragraph, we have not identified material misstatements in the other information.

	Supplemental Information
	Our audits were conducted for the purpose on forming an opinion on the financial statements as a whole. The financial responsibility supplemental schedule and disclosures as required by Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, as contained in Note 31 to the financial statements, are present for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to underlying accounting and other records used to prepare the financial statements themselves, and other additional procedures in accordance with the International Standards on Auditing (Ireland) (ISAs (Ireland)). In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

	Opinions on other matters on which we are required to report under the terms of our engagement

	We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

	In our opinion, the accounting records of the University were sufficient to permit the financial statements to be readily and properly audited and except for the matters described in the basis for qualified opinion, the financial statements are in agreement with the accounting records.

	Under the Code of Governance for Irish Universities, we are required to report to you if the statement regarding governance and the system of internal financial control, as included in the Statement on Internal Control on pages 7 to 13, is not consistent with the information of which we are aware from our audit work on the financial statements, and we report if it does not. We have nothing to report in this regard.

	Matters on which we are required to report by exception

	ISAs (Ireland) require that we report to you if, based on the knowledge we acquired during our audit, we have identified information in the annual report that contains a material inconsistency with either that knowledge or the financial statements, a material misstatement of fact, or that is otherwise misleading. We have nothing to report in this regard.

	Respective responsibilities

	Responsibilities of Governing Authority for the financial statements

	As explained more fully in Statement of Governing Authority’s Responsibilities set out on page 6 the members of the Governing Authority are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

	In preparing the financial statements, the members of the Governing Authority are responsible for assessing the University’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the University or the Group or to cease operations, or has no realistic alternative but to do so.

Consolidated and University Statement of Comprehensive Income

CONSOLIDATED AND UNIVERSITY STATEMENT OF COMPREHENSIVE INCOME
	Year Ended 30 September

			Consolidated	University	Consolidated	University
			2023	2023	2022	2022
		Notes	€'000	€'000	€'000	€'000

	State Grants	2	59,374	59,374	53,704	53,704
	Academic Fees	3	105,400	105,463	106,695	106,835
	Research Grants & Projects	4	53,749	52,182	52,070	52,471
	Other Operating Income	5	42,631	11,070	35,426	5,995
	Investment Income	6	1,588	1,768	279	653
	Grant Amortisation	20	5,874	5,413	6,679	6,203
	Pension Funding	27	14,392	14,392	28,785	28,785

	Total Income		283,008	249,662	283,638	254,646


	Staff Costs	7	177,007	165,939	181,712	173,817
	Other Operating Expenses	8	80,201	63,559	72,970	60,026
	Interest & Other Finance Costs	9	1,634	790	1,660	768
	Depreciation	11	15,175	10,736	16,272	11,778
	Amortisation of intangible assets	12	-	-	11	-

	Total Expenditure		274,017	241,024	272,625	246,389
		31

	Surplus before other gains/(losses)		8,991	8,638	11,013	8,257


	Surplus before taxation and non-controlling interest		8,991	8,638	11,013	8,257

	Gain/(Loss) on Investment		279	-	(719)	-
	Gain on disposal of fixed asset investment	13	68	68	533	35
	Taxation	10	(417)	(167)	(281)	(181)

	Surplus for the year		8,921	8,539	10,546	8,111

	Actuarial adjustments in respect of retirement benefits	27	33,421	33,421	329,297	329,297
	Movement on retirement benefits receivable	27	(33,421)	(33,421)	(329,297)	(329,297)

	Surplus for the year		8,921	8,539	10,546	8,111


	All items of income and expenditure related to continuing activities.

Consolidated and University Statement of Financial Position

		Consolidated	University	Consolidated	University
		2023	2023	2022	2022
	Notes	€'000	€'000	€'000	€'000
Non-current Assets
Tangible fixed assets	11	508,654	352,036	469,830	339,703
Intangible fixed assets	12	-	-	-	-
Financial Assets	13	7,414	1	7,137	1

		516,068	352,037	476,967	339,704

Current Assets
Inventories	14	574	246	455	217
Trade and other receivables	15	24,343	113,485	24,901	86,303
Cash at bank	21	128,502	95,750	120,070	87,395
Term Deposits	16	-	-	11,014	11,014
Restricted Cash	22	5,159	-	4,684	-

		158,578	209,481	161,124	184,929

Payables falling due within one year	17	(155,127)	(141,740)	(141,551)	(130,542)

Net current assets		3,451	67,741	19,573	54,387

Total Assets Less Current liabilities		519,519	419,778	496,540	394,091


Payables falling due after one year	18	(83,111)	(66,256)	(89,216)	(69,732)

Deferred government capital funding	20	(171,534)	(164,916)	(151,371)	(144,292)

Provisions for liabilities
Retirement benefit receivable	27	630,004	630,004	631,498	631,498
Retirement benefit provisions	27	(630,004)	(630,004)	(631,498)	(631,498)

Total net assets		264,874	188,606	255,953	180,067

Capital reserves
Income and expenditure account		251,098	188,606	242,637	180,067
Restricted retained reserves		13,776	-	13,316	-

Total reserves		264,874	188,606	255,953	180,067

The financial statements on pages 17 to 53 were approved by the Governing Authority on 11 September 2024 and signed on its behalf on 12 September 2024 by:



Prof. Daire Keogh		Ms. Brid Horan
President / Chief Officer		Chancellor

Consolidated and University Statement of Changes in Reserves

CONSOLIDATED AND UNIVERSITY STATEMENT OF CHANGES IN RESERVES
	Year Ended 30 September

	Consolidated	Income & Expenditure Reserve	Restricted Reserve	Total
		€´000	€´000	€´000

	Balance at 1 October 2021	230,196	15,211	245,407

	Surplus from the income and expenditure account	12,441	(1,895)	10,546


	Balance at 30 September 2022	242,637	13,316	255,953

	Surplus from the income and expenditure account	8,461	460	8,921


	Balance at 30 September 2023	251,098	13,776	264,874


	University	Income & Expenditure Reserve	Restricted Reserve	Total
		€´000	€´000	€´000

	Balance at 1 October 2021	171,956	-	171,956

	Surplus from the income and expenditure account	8,111	-	8,111


	Balance at 30 September 2022	180,067	-	180,067

	Surplus from the income and expenditure account	8,539	-	8,539


	Balance at 30 September 2023	188,606	-	188,606

Consolidated Statement of Cash Flows

CONSOLIDATED STATEMENT OF CASHFLOWS
	Year Ended 30 September 2023	2023	2022
		€'000	€'000
	CASH FLOWS FROM OPERTATING ACTIVITIES
	Surplus for the year	8,921	10,546
	Adjustments for non-cash items
	Depreciation of tangible assets	15,175	16,272
	Amortisation of intangible assets	-	11
	Amortisation of deferred capital grants	(5,874)	(6,679)
	Gain on disposal of equity investment	(68)	(533)
	(Gain)/Loss on investments portfolio	(279)	719
	Income on investment portfolio	(43)	(54)
	Fees on investment portfolio	45	54

	Adjustment for working capital items
	(Increase)/Decrease in inventories	(119)	130
	(Increase)/Decrease in trade receivables	(1,285)	2,038
	Increase in payables and accruals	14,119	15,173

	Adjustments for investing, financing and taxation
	Investment income	(997)	(21)
	Interest payable	1,634	1,660
	Adjustment for capital donations and levies	(541)	(1,806)
	Adjustment for taxation charge	417	281
	Income taxes paid	(448)	(599)
	Net cash inflow from operating activities	30,657	37,192

	CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
	Payments to acquire and/or construct tangible fixed assets	(54,497)	(20,457)
	Transfer from term deposits	11,014	57,986
	Proceeds on sale of investment	660	498
	Government capital grants received	26,036	5,340
	Capital donations & levies	1,791	556

	Net cash (outflow)/inflow from investing activities	(14,996)	43,923

	CASH FLOWS USED IN FINANCING ACTIVITIES
	Interest paid	(1,567)	(1,544)
	Interest received	997	21

	Capital repayments on loans	(6,184)	(1,809)
	Capital element of finance lease payments	(1)	(19)
	Interest element of finance lease payments	-	(3)
	Restricted cash	(474)	(314)
	Net cash outflow from financing activities	(7,229)	(3,668)

	Increase in cash and cash equivalents	8,432	77,447
	Cash and cash equivalents at beginning of year	120,070	42,623
	Cash and cash equivalents at 30 September	128,502	120,070

Notes to the Accounts

1	Statement of Accounting Policies

	Basis of preparation
	The financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice (“SORP”) - Accounting for Further and Higher Education (2019), issued by the HE/FE SORP Board in the UK, which has been voluntarily adopted by the University. The University is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable accounting standards.

	The following exemption(s) has been availed of in these financial statements:
	• The University has taken the exemption under 1.12 (b) of FRS 102 to not produce a cash flow statement for the University as it is the ultimate parent entity.

	Accounting convention
	The consolidated financial statements have been prepared under the historical cost convention, except for certain assets and liabilities which are measured at valuations explained in the accounting policies below.

	Basis of consolidation
	The consolidated financial statements include the University, its subsidiary undertakings and other undertakings in which the University has a financial interest (as indicated in note 13).
	The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the date of acquisition or up to the date of disposal. Intra-group sales and profits are eliminated fully on consolidation. Joint venture undertakings are accounted for on an equity basis.

	Unit of currency
	The financial statements have been presented in Euro (€) which is also the functional currency of the University.

	Recognition of income

	State grants

	Recurrent grants from the Higher Education Authority are recognised in the period in which they are receivable and accounted for on an accruals basis.
	Non-recurrent grants from the Higher Education Authority or other bodies received in respect of the acquisition or construction of fixed assets are treated as deferred capital grants and amortised in line with depreciation over the life of the assets. These grants are included as deferred capital grants to the extent that the grant is receivable. Government grants supporting the acquisition of land are recognised when performance conditions attaching to the grant are met.

	Government Wage Subsidy and Business Support Schemes

	Government wage subsidy schemes are recognised when there is reasonable assurance conditions attaching to the subsidy will be complied with, and are accounted for on an accruals basis. The wage subsidy is recognised against wages and salaries incurred during the period.

	Government business support schemes, such as the COVID Restrictions Support Scheme (CRSS) and the Live Performance Restart Grant Scheme (LPRGS), are recognised as income in the period when there is reasonable assurance conditions attaching to the support scheme will be met, and are accounted for on an accruals basis.

	Academic Fees

	Fee income and all other income is accounted for on an accruals basis.

	Research grants and contracts

	Income from research grants, contracts and other services rendered is included to the extent of the completion of the contract or service concerned. This is generally equivalent to the sum of the relevant expenditure incurred during the year and any related contributions towards overhead costs.

	Donations and Endowments
	Investment income and appreciation of endowments are recorded in income in the year in which they arise, and as either restricted or unrestricted income, according to the terms applied to the individual endowment fund. The types of donations and endowments within reserves include:

	(i) No restrictions
	Donations with no restrictions include amounts given by way of cash or asset with no restriction as to how the donation should be used. Such donations are recorded in the Statement of Comprehensive Income on entitlement to the income.

	(ii) With restrictions
	Donations with restrictions are recorded within the Statement of Comprehensive Income on entitlement to the income. The restricted income received is held in the temporarily restricted reserve until such time that the expenditure is incurred in accordance with the restrictions.

	(iii) Performance Related Conditions
	Non-exchange transactions without performance-related conditions include donations and endowments. Donations and endowments with donor-imposed restrictions are recognised within the consolidated statement of comprehensive income when the University is entitled to the funds. Income is retained within the restricted reserve until such time it is utilised in line with such restrictions at which point the income is released to unrestricted reserves through a reserve transfer.

	Grants with unfulfilled performance related conditions are held as deferred income until such time as the conditions are met, at which point the income is recorded in the Statement of Comprehensive Income.

	Grants with restrictions are recorded within the Statement of Comprehensive Income on entitlement to the income and subsequently retained within a restricted reserve until such time that the expenditure is incurred in line with the restriction.

	Income from short-term deposits

	All income from short-term deposits is credited to the statement of comprehensive income in the period in which it is earned.

	Accounting Estimates and Judgements
	In the preparation of the financial statements various estimates, judgements and assumptions have been made that impact on amounts reported as assets, liabilities, income and expenditure. Estimates and assumptions used are reviewed on an ongoing basis.

	1. Property, Plant and Equipment
	Depreciation is calculated based on estimates and assumptions on the useful economic life and expected residual value of the asset.

	2. Impairments
	Judgement is used to determine whether there has been any indication of impairment to the Group’s assets.

	3. Recoverability of Bad Debts
	The provision for bad debt is calculated based on management’s expectation on the recoverability of debt. In calculating the provision for bad debt the following factors are considered: age of the debt, the default history and current situation of the debtor and current market conditions.

	4. Employee Benefits
	The accrual for holidays earned but not taken is based on estimates of total holiday leave less leave taken.

	5. Pension Provisions
	The pension provision is calculated based on actuarial assumptions provided by an actuary annually. The actuarial assumptions include discount rates, salary increases, pension increases and inflation rates.

	Tangible assets

	(a) Land and buildings
	Land has been stated at cost, and is not depreciated. Buildings, with the exception of those donated are stated on the balance sheet at historical cost less accumulated depreciation, and are depreciated over their expected useful economic life with a full year’s depreciation charge provided for in the year of acquisition.

	Finance, professional fees, and legal costs, which are directly attributable to the construction of land and buildings, are capitalised as part of the cost of those assets.

	Buildings under construction are accounted for at cost, based on the value of architects' certificates and other direct costs incurred to the financial year end. They are not depreciated until they are brought into use.

	Buildings acquired using structured finance (s.843 of the Taxes Consolidation Act, 1997 and section 50 relief as described in s.372AK to s.372AV of the Taxes Consolidation Act 1997) arrangements are accounted for at cost less the investors’ tax break foregone. Although the buildings are in use, they are not depreciated until the option period ceases. Equipment assets within s.843 structured finance arrangements are depreciated over the lesser of the structured finance lease term or useful economic life generally attributable to that asset category.

	The estimated useful life of fixed assets by reference to which depreciation has been calculated on a straight-line basis is as follows:
	Building and building improvements	10 to 50 years
	Leased assets	Years of asset category or lease period if shorter
	Structured Finance Assets	Remaining useful life following cessation of the option period

	Works of art and other valuable artefacts valued at over €150,000 are capitalised and recognised at their cost or value where reasonably obtainable. Heritage assets are not depreciated as their long economic life and high residual value mean that any depreciation would not be material.

	(b) Equipment
	Furniture, Equipment and Motor Vehicles are stated at cost less accumulated depreciation. Leased Equipment, Furniture and Fixtures, and Motor Vehicles are included on the balance sheet at cost and depreciated over the term of the lease. A full year depreciation charge is provided for in the year of acquisition.

	The estimated useful life of fixed assets by reference to which depreciation has been calculated on a straight-line basis is as follows:

	Furniture and Equipment	5 years
	Computer Equipment	3 years
	Motor vehicles	5 years
	Leased Assets	Years of asset category or lease period if shorter

	(c) Donated assets
	The University may receive on occasion benefits in kind such as gifts of equipment or other fixed assets. Items of a significant value donated to the University, which, if purchased, the University would treat as tangible fixed assets, are capitalised at their current value and depreciated in accordance with the policy set out above. The recognition of income is accounted for in accordance with the income policy set out above.

	The current value of other donated items, if significant, is reflected in the statement of comprehensive income as a donation received and also as part of other operating expenses.

	(d) Leased assets
	Leasing agreements that transfer to the University substantially all the benefits and risks of ownership of an asset, are treated as if the asset had been purchased outright. The assets are included in fixed assets and the capital element of the leasing commitments is shown as obligations under finance leases. The lease rentals are treated as consisting of capital and interest elements. The capital element is applied to reduce the outstanding obligations and the interest element is charged to the statement of comprehensive income in proportion to the reducing capital element outstanding.

	Assets held under finance leases are depreciated over the shorter of the lease term or the useful economic lives of equivalent owned assets.

	Assets, which are held under hire purchase contracts, which have the characteristics of finance leases, are depreciated over their useful lives.

	Rental costs under operating leases are charged to the statement of comprehensive income in equal annual amounts over the period of the lease.

	Intangible Assets
	Intangible assets acquired separately from a business are capitalised at cost.
	Subsequent to initial recognition, intangible assets are stated at cost less accumulated amortisation and accumulated impairment. Intangible assets are amortised on a straight line basis over their estimated useful life. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

	The useful economic lives of intangible assets are as follows:

	Intangible assets	3 to 15 years

	Financial assets
	Fixed asset investments, other than investments in joint ventures or start-up companies, are carried at fair market value. Equity investments in start-up companies under commercialisation, entrepreneurial, and/or innovation funding support programmes, are recognised at a nil value given the uncertain nature of any valuation or return.

	Inventories
	Inventories are stated at the lower of their cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective inventory. Expenditure incurred by the University on books and consumable inventory funded from recurrent grants are charged to the statement of comprehensive income.

	Impairments of assets, other than financial instruments
	Where there is objective evidence that the recoverable amount of an asset is less than its carrying value the carrying amount of the asset is reduced to its recoverable amount resulting in an impairment loss. Impairment losses are recognised immediately in the statement of comprehensive income.

	The recoverable amount of tangible fixed assets is the higher of the fair value less cost to sell the asset and its value in use. The value in use of these assets is the present value of the cash flows expected to be derived from those assets.

	Foreign currency translation
	Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into Euro at the rates of exchange at the year-end Balance Sheet date. The resulting exchange differences are dealt with in the determination of income and expenditure for the financial year.

	Borrowings
	Borrowings are initially recognised at fair value, net of transaction costs, and subsequently accounted for on an amortised cost basis using the effective interest method. Under the effective interest method, the difference between the redemption value of the borrowing and the initial proceeds (net of related issue costs) is amortised through the statement of comprehensive income to the date of maturity.

	Taxation
	As an exempt charity, the University is not liable for Corporation Tax or Income Tax on any of its charitable activities in Ireland. University activities undertaken outside of Ireland may be subject to tax which is calculated at rates enacted or substantially enacted by the Balance Sheet date. The University is registered for Value Added Tax but as a partially exempt organisation for VAT purposes it is not entitled to recover input tax on the vast majority of its purchases.
	Certain trading activities undertaken by the University are administered through its subsidiary companies, which as commercial organisations are liable to Corporation Tax. Some of the subsidiary undertakings are registered charities for taxation purposes and are not liable for Corporation Tax or Income Tax on any of their charitable activities in Ireland. All subsidiary companies are registered for Value Added Tax but some carry on exempt activities on which no output tax is charged. They are unable to recover input tax on the majority of their purchases.

	Deferred Taxation
	In subsidiary companies, who do not hold a charitable status, deferred taxation is provided on all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

	Timing differences are temporary differences between profits as computed for taxation purposes and profits as stated in the financial statements, which arise because certain items of income and expenditure in the financial statements are dealt with in different periods for taxation purposes.

	Deferred tax is measured at the tax rates that are expected to apply in the years in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is not discounted.

	Financial instruments
	Cash includes cash in hand, deposits repayable on demand and overdrafts.

	Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value. An investment qualifies as a cash equivalent when it has a maturity of 3 months or less from the date of acquisition.

	Provisions
	Provisions are recognised when the University has a present legal or constructive obligation as a result of a past event and it is probable that a transfer of economic benefit will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

	Retirement benefits
	Superannuation benefits are conferred by the National Institute For Higher Education Dublin, Superannuation Scheme 1985 and the Spouses' and Children's Pension Scheme 1985 which are approved under the National Institute for Higher Education, Dublin Act 1980 and the Dublin City University Act, 1989. The schemes, which provide for defined benefits, are non-funded and benefits are met from current revenue as they arise. The University holds a commitment from the Higher Education Authority to meet the liabilities of this scheme.

	There are no employee contributions paid into the unfunded scheme. In accordance with the Employment Control Framework, employer contributions are made in respect of employees who are funded by research income and similar projects, or self-funded. These employer and related employee contributions are payable to the HEA. The Public Service Pensions (Single Scheme and Other Provisions) Act 2012 became effective on 1 January 2013. Pensionable staff recruited on or after the effective date will be members of the Single Public Service Pension scheme. Single scheme member contributions are remitted monthly to the Department of Public Expenditure and Reform. The employer and employee funding contributions are reclassified to the pension asset and liability on the Balance Sheet recognised as part of accounting for defined benefit pension schemes.

	Following the incorporation project, on 1 October 2016 DCU commenced administration of the Colleges of Education Scheme as it pertains for staff incorporating from St. Patrick’s College Drumcondra and the Church of Ireland College of Education Rathmines. The scheme, which provides for defined benefits, is non-funded and benefits are met from current revenue as they arise.

	Retirement benefits (continued)
	Retirement benefit liabilities represent the present value of future retirement benefit payments earned by staff to date. Deferred retirement benefit funding represents the corresponding asset which will be recovered in future periods from the Higher Education Authority.

	As further explained in note 27 to the financial statements, DCU has recognised a deferred pension asset in respect of the listed defined benefit pension schemes, on the basis that it anticipates that funding will be provided by the State to meet retirement benefit obligations as they fall due. This accounting treatment assumes that any income generated by DCU will in the first instance be applied towards current expenses and that State funding will meet any shortfall in resources to fund future retirement benefit liabilities.

	Actuarial gains or losses arising on the scheme liabilities are reflected in the statement of comprehensive income and a corresponding adjustment is recognised in the amount recoverable from the Higher Education Authority.

	Retirement benefits provided to employees in subsidiary undertakings are met by payments to a defined contribution fund, which is independent and held separately from the undertakings. Contributions are charged to the statement of comprehensive income in the year in which they fall due.

2	State Grants	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	State	59,374	59,374	53,704	53,704

	The above grant income was received from the Higher Education Authority.

	HEA Core Grant Income Analysis:	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Opening deferral	630	630	(266)	(266)
	Grants received	60,975	60,975	54,600	54,600
	Amounts recognised as income	(59,374)	(59,374)	(53,704)	(53,704)

	Closing deferral	2,231	2,231	630	630


3	Academic Fees	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Academic fee income	104,120	104,183	105,858	105,998
	Miscellaneous fee income	1,280	1,280	837	837

	Total	105,400	105,463	106,695	106,835


	Fee income includes payments on behalf of students from the following authorities:

	Higher Education Authority	51,123	51,123	39,742	39,742
	Department of Health	396	396	339	339

	The amount of grant in lieu of fees funding from the HEA recognised in the year represents the cash received in that year by the University, and therefore no closing grant deferral position arises.


4	Research grants and projects	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	State and semi state	34,220	34,220	35,176	35,176
	European Union	6,984	6,984	6,759	6,759
	Industry	5,334	5,334	5,192	5,192
	Other	7,211	5,644	4,943	5,344

	Total	53,749	52,182	52,070	52,471


5	Other operating income	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Retail and office supplies	4,215	-	3,228	-
	Catering	4,440	-	3,438	-
	ELT and translation services	8,554	-	5,627	-
	Arts Centre	2,586	-	1,504	-
	Rental and related income	4,106	1,328	3,921	1,585
	Residences	12,449	-	12,311	-
	Sports facilities	2,113	-	1,494	-
	Other income	3,627	5,702	2,097	3,160
	Capital Donation & Levies	541	4,040	1,806	1,250

	Total	42,631	11,070	35,426	5,995


	The Student Centre (the U Building) redevelopment was completed in September 2018. The project is funded by philanthropic donations and annual student levy contributions (as voted for by the Student Body). The current year student levies recognised amounted to €540,470 (2022: €555,835).

6	Investment income	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Interest income	997	789	21	21
	Income from investment fund	43	-	54	-
	Intercompany interest	-	431	-	428
	Net return on retirement benefit scheme	548	548	204	204

	Total	1,588	1,768	279	653


7	Staff costs	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Wages and salaries	145,436	135,670	139,122	130,848
	Social security costs	14,714	13,669	13,150	12,381
	Employment Wage Subsidy	-	-	(1,526)	-
	Other retirement benefit costs	16,624	16,428	30,641	30,458
	Termination benefits	233	172	325	130

	Total	177,007	165,939	181,712	173,817

	The remuneration (excluding amounts payable under the DCU Model public sector pension scheme) of the University President in the financial year is €238,039. The University Chancellor received a stipend of €20,000 in the period. No other fees or expenses were paid to external Governing Authority members in the year ending 30 September 2023.

	Total staff costs includes an amount of variable pay totalling €208,696 (2022: €218,230) payable to certain subsidiary company staff as part of incentivisation plans to deliver non-exchequer income generation within the DCU commercial group of companies. Wages and salaries for the University and the subsidiary undertakings includes an amount of €Nil for approved allowances (2022: €8k) and overtime of €200k (2022: €140k).

7	Staff costs (continued)

	Key management compensation

	Key management personnel are persons having authority and responsibility for planning, directing and controlling the activities of the University. The University’s “key management personnel” are members of the senior management team. The total remuneration (including any approved allowances) for key management personnel (excluding amounts payable under pension schemes) amounted to €2.32m (2022: €2.15m).

	Higher paid staff

	The University has adopted a starting value of €60,000 to identify higher paid staff. Group staff remuneration (excluding employer’s pension contributions, and employer’s PRSI) in bands of €10,000 for the year is provided as follows:


		Consolidated	University	Consolidated	University
		2023	2023	2022	2022
	Salary bands	Number	Number	Number	Number

	€60,000 - €69,999	229	218	182	171
	€70,000 - €79,999	163	160	185	175
	€80,000 - €89,999	168	157	128	123
	€90,000 - €99,999	224	221	238	234
	€100,000 - €109,999	133	129	101	97
	€110,000 - €119,999	37	36	36	34
	€120,000 - €129,999	40	37	40	38
	€130,000 - €139,999	11	9	10	9
	€140,000 - €149,999	9	8	8	8
	€150,000 - €159,999	12	11	20	19
	€160,000 - €169,999	53	53	37	37
	€170,000 - €179,999	5	5	1	1
	€180,000 - €189,999	3	2	-	-
	€190,000 - €199,999	1	1	1	1
	€200,000+	1	1	1	1

	Total	1,089	1,048	988	948


	The average weekly number of persons (including senior post holders) employed by the Group during the year, expressed as full-time equivalent, was:

		Consolidated	University	Consolidated	University
		2023	2023	2022	2022

	Teaching	741	741	730	730
	Research	457	457	473	473
	Technical, central administration and services	634	634	605	605
	Subsidiary entities	279	-	241	-

	Total	2,111	1,832	2,049	1,808

8	Other operating expenses	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Travel & Subsistence	3,753	3,756	2,544	2,607
	Facility Management, Cleaning, Security & Insurance	16,000	9,364	15,833	9,970
	Catering and Retail	5,412	1,292	3,881	606
	Scholarships, Student Activities & Course Materials	15,889	15,802	15,234	14,736
	Equipment, Hardware, Software & Licenses	7,592	7,389	7,117	6,869
	Library, Books, E-Resources & Periodicals	1,648	1,651	1,642	1,645
	Memberships, Intermediary & Commission Fees	2,862	2,198	3,012	2,479
	Postage, Print and Stationery Supplies	1,429	1,321	1,260	1,167
	Rent, Rates & Property Tax	2,032	632	1,176	642
	Employee Related	1,650	1,539	1,349	1,247
	Events, Advertising & Marketing	3,266	2,527	2,401	1,895
	Professional Fees including Consultancy	5,078	4,762	4,640	4,284
	Research Materials & Equipment	2,533	2,535	2,940	2,942
	Heat, Light, Water, Power	4,519	3,023	3,826	2,593
	Other expenses	6,538	5,768	6,115	6,344

	Total	80,201	63,559	72,970	60,026


	Other operating expenses above includes the following expenditure:

	(i) Auditors' remuneration
		Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Comptroller and Auditor General statutory audit	44	44	40	40
	Registered auditor financial audit of group	116	63	116	63
	Registered auditor other services	45	20	46	18

		205	127	202	121


	Auditor remuneration disclosed above is exclusive of VAT, where appropriate. The university has an Internal Audit function and the associated payroll costs for the financial year have been reported within staff costs.


8	Other operating expenses (continued)

	(ii) Professional fees and consultancy expenditure (excluding auditor remuneration, research grants and projects audit fees, and other audit fees)


	In supporting the University’s strategic objectives as stipulated in the Universities Act 1997, as well as ensuring the University is in compliance with all of its regulatory, legal, tax, health & safety and other requirements (both domestic and international), the University and its subsidiary companies engage with third party service providers as required and where the appropriate specific skills sets are not available within the organisation. Expenditure incurred on such external professional service fees (inclusive of VAT where appropriate) in the financial year was as follows:





		Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Domestic & international taxation services	323	253	180	140
	Legal including patent filings**	1,537	1,509	1,029	955
	IT infrastructure support & design, and business process improvement/consolidation	693	668	852	832
	Research and Technology Transfer	233	233	620	620
	Estate including Energy Efficiency	327	362	92	58
	Other professional services*	1,733	1,595	1,615	1,532

	Amounts recognised as revenue expenditure	4,846	4,620	4,388	4,137


	Professional fees relating to, and capitalised, as part of capital projects includes:

	Building and System implementation related professional services	2,636	1,491	2,740	1,715

	Amounts recognised as capital expenditure	2,636	1,491	2,740	1,715
	Total professional fees	7,482	6,111	7,128	5,852


	* Other professional services include transnational education programme support which contributes to enabling the University to generate non-exchequer sources of income, as well as a wide range of other general professional services.



	** The University and its subsidiary companies engage legal firms to provide a range of services, including to ensure that the group is compliant with laws both in a domestic and international setting, to protect the group in its commercial engagements with third parties, as well as to defend claims made by third parties.



	The total expenditure on professional fees (excluding audit fees) recognised through the statement of comprehensive income amounted to €4.8m (2022: €4.4m), of which consultancy fees amounted to €0.4m (2022: €0.5m).


	Equally, in the normal course of business, claims against the University and subsidiary company insurance policies may arise. These claims are assessed in conjunction with insurance companies, and may as a result require the engagement of legal firms.



	The aggregated amount of any settlements (including any third party legal fees borne) on legal cases, excluding any such amounts that may arise in the normal course of operation of the insurance policies and the industrial relations frameworks, made during the financial year by the University and its subsidiaries, did not exceed €50,000.




8	Other operating expenses (continued)

	(iii) Travel

		Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Domestic travel	1,328	1,360	905	984
	UK and international travel	2,425	2,396	1,639	1,623

	Amounts recognised as revenue expenditure	3,753	3,756	2,544	2,607


	Travel expenditure reflects approved business travel undertaken by staff and third parties. It includes the cost of accommodation, conference fees (including on-line conference fees), and VAT where appropriate. As a University involved in research consortiums with domestic and international partners, staff exchange programmes, delivering educational programmes abroad, as well as undertaking student work placement reviews as part of programme requirements, approved business travel is an essential part of the operational delivery of the University’s objectives as described within the Universities Act 1997.




	(iv) Staff hospitality
		Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Staff hospitality	61	60	50	50

	Total	61	60	50	50


	Any hospitality costs including catering required as part of the delivery of services to students and customers, such as the hosting of academic conferences, the running of residential programmes for students or the delivery of research programmes, is excluded from the above disclosure in line with the definition and reporting requirements of staff hospitality provided by the Department of Public Expenditure and Reform.




9	Interest payable	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Interest and similar charges on bank overdraft and other facilities	2	1	(84)	(49)
	Loan interest	1,632	789	1,741	814
	Finance lease interest	-	-	3	3

	Total	1,634	790	1,660	768

10	Taxation	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000
	Current Tax - subsidiary companies	250	-	100	-
	Foreign taxation	167	167	181	181
	Total current tax	417	167	281	181

	Tax on surplus on ordinary activities	417	167	281	181


		Consolidated	University	Consolidated	University
		2023	2023	2022	2022
	Reconciliation of effective tax rate:	€'000	€'000	€'000	€'000

	Surplus for the year	8,921	8,539	10,546	8,111
	Total tax expense	417	167	281	181

	Surplus excluding taxation	9,338	8,706	10,827	8,292


	Irish Corporation Tax 12.5%	1,167	1,088	1,353	1,037
	Profits charged at higher rates of tax	69	-	72	-
	Activities not subject to taxation	(1,047)	(995)	(1,305)	(938)
	Differences in effective overseas rates	74	74	82	82
	Non-deductible expenses	68	-	35	-
	Depreciation in advance of capital allowances	152	-	145	-
	Capital allowances in excess of depreciation	3	-	(2)	-
	Trading losses carried forward	(69)	-	(100)	-

	Total Tax expense	417	167	280	181


	The university holds Irish tax exempt status as do several subsidiary companies which have charitable exemption for tax purposes under Section 207 and 208 TCA 1997. The university recognises a foreign tax charge during the year €166,899 (2022: €181,458) in relation to overseas activities. The subsidiary undertakings with charitable tax exemption include, DCU Educational Support Services DAC, Campus Residences DAC, Campus Property DAC, Dublin Business School Fund DAC and the DCU Educational Trust.

	The subsidiary companies group has not recognised a potential deferred tax asset of €262,479 (2022: €332,652) to the extent it cannot be considered more probable than not that it will be recovered. The deferred tax asset relates primarily to losses carried forward.

11	Tangible fixed assets	Land	Buildings	Equipment	Assets in course of construction
	Consolidated	€´000	€´000	€´000	€´000
	Cost or Valuation
	As at 01 October 2022	91,621	513,836	112,404	27,772
	Additions	-	1,608	6,567	45,824
	Disposals	-	(851)	-	-
	Transfer	-	10,951	-	(10,951)

	As at 30 September 2023	91,621	525,544	118,971	62,645


	Depreciation

	As at 01 October 2022	-	170,224	105,579	-
	Charge for the year	-	11,708	3,467	-
	Disposals	-	(851)	-	-
	As at 30 September 2023	-	181,081	109,046	-


	Net Book Value

	At 30 September 2023	91,621	344,463	9,925	62,645

	At 30 September 2022	91,621	343,612	6,825	27,772


	Loan finance provided by the Ireland Strategic Investment Fund (“ISIF”) in relation to Student Accommodation Facilities is secured against residences on the Glasnevin Campus, and as a condition subsequent against student accommodation residences on the All Hallows and St. Patrick’s campuses.

	Assets with a VAT inclusive cost of €12.4m (2022: €7.1m) completed during the year are reclassified from “Assets in course of Construction”, (with a VAT exclusive construction cost of €11.0m), they are regarded as additions in the year and depreciated from the date when brought into use.

11	Tangible fixed assets
		Land	Buildings	Equipment	AUC
	University	€´000	€´000	€´000	€´000
	Cost or Valuation
	As at 01 October 2022	83,502	351,933	95,611	11,268
	Additions	-	10,944	6,313	5,812
	Disposals	-	(851)	-	-
	As at 30 September 2023	83,502	362,026	101,924	17,080


	Depreciation

	As at 01 October 2022	-	113,664	88,947	-
	Charge for the year	-	8,044	2,692	-
	Disposals	-	(851)	-	-
	As at 30 September 2023	-	120,857	91,639	-


	Net Book Value

	At 30 September 2023	83,502	241,169	10,285	17,080

	At 30 September 2022	83,502	238,269	6,664	11,268

11	Tangible fixed assets - continued

	The University holds and maintains certain heritage assets, such as paintings, sculptures and other artworks. There are no heritage assets capitalised in the financial statements as each individual item is valued at less than the €150,000 threshold. The University conserves these assets for research and teaching, and for interaction between the University and its staff and the public. All costs in relation to preservation, conservation and protection are expensed as incurred. There were no additions or disposals in this period.

	The University operates an on-going preservation programme in respect of the different formats and media under its curation, with relevant items held in secure locations. The University library maintains a secure vault for archival materials. The University holds the personal archive of former Taoiseach Charles J Haughey and the archives of Professor Colum Kenny which contains correspondence from Patrick Pearse, Roger Casement, Arthur Griffith and other prominent figures from Irish history. The archives were donated to the University. It is considered that the uniqueness and historical significance of such assets is such, that no meaningful valuation can be attributed to them.

12	Intangible assets		Consolidated	University	Consolidated	University
			2023	2023	2022	2022
			€'000	€'000	€'000	€'000

	At 01 October		-	-	11	-
	Additions		-	-	-	-
	Amortisation		-	-	(11)	-

	At 30 September		-	-	-	-


13	Financial assets

			Consolidated	University	Consolidated	University
			2023	2023	2022	2022
			€'000	€'000	€'000	€'000

	Investment Fund		7,414	-	7,137	-
	Investment in Subsidiaries		-	1	-	1

	Total		7,414	1	7,137	1


	The investment fund represents the investments held by the DCU Educational Trust. All investments are carried at their fair value.

			Consolidated	University	Consolidated	University
			2023	2023	2022	2022
	The investment fund is represented by:		€'000	€'000	€'000	€'000

	Cash		288	-	426	-
	Bonds		2,728	-	2,374	-
	Multi asset strategies, absolute return and structured products funds
			1,049	-	735	-
	Property		369	-	426	-
	Commodities		153	-	151	-
	Equity		2,827	-	3,025	-

	Total		7,414	-	7,137	-


	The University held the following subsidiary and associate undertakings at the balance sheet date:

	Subsidiary undertakings	Principal activity		Interest %	Registered office/place of business

	Incorporated (Direct subsidiary undertaking)
	DCU Educational Support Services DAC	Holding Company & Facility Operator		100%	George's Dock, Dublin 1
	Dunroamin Properties DAC	Not Trading		100%	George's Dock, Dublin 1
	DCU Educational Trust	Promotion of Education		0%	Dublin City University

	Holding Company Incorporated Subsidiaries of DESS (Indirect subsidiary undertakings)
	Campus Property DAC	Retail & Property		100%	George's Dock, Dublin 1
	Campus Residences DAC	Student Residences		100%	George's Dock, Dublin 1
	DCU Executive Education DAC	Not Trading		100%	George's Dock, Dublin 1
	DCU Healthy Living Centre DAC	Not Trading		100%	George's Dock, Dublin 1
	The DCU Ryan Academy DAC	Entrepreneurship		100%	George's Dock, Dublin 1
	DCULS DAC	ELT & Translation Services		100%	George's Dock, Dublin 1
	Dublin Business School Fund DAC	Support Campus Developments		100%	George's Dock, Dublin 1
	Dublin Software Park DAC	Campus Infrastructure Development		100%	George's Dock, Dublin 1
	DCU Invent DAC	Office space and facilities rental		100%	George's Dock, Dublin 1
	Trispace DAC	Catering & Sports		100%	George's Dock, Dublin 1
	UAC Management DAC	Arts Centre		100%	George's Dock, Dublin 1

	While DCU does not hold a direct equity interest in DCU Educational Trust, it is accounted for as a subsidiary undertaking in accordance with the requirements of FRS 102 and the SORP.

	The following associated undertakings are not consolidated.

	Subsidiary undertakings	Principal activity		Interest %	Registered office/place of business
	Centre for Software Engineering Ltd	Software Training		25%	Earlsfort Terrace, Dublin 2



	Other equity interests held in third parties

	DCU Invent is the university’s commercialisation and technology transfer unit which works with companies to bring university research to the marketplace. DCU Invent provides supports to start-up companies through the Invent Centre facility on the Glasnevin Campus. Under the patron funding arrangement in place for the Invent Centre facility, where DCU Invent takes an equity stake in companies located in the facility, the relevant percentage of the equity is allocated to the patrons, and held in trust for the patrons by DCU Invent DAC. All such investments are recognised for the purposes of these accounts at nil value, given the uncertain nature of any valuation or return. During the year one of these investments that was disposed of gave rise to a gain of €5k (2022: €35K).

	The DCU Ryan Academy DAC provides supports to start-up companies through the entrepreneurial programmes that it provides. Through these programmes, the company may be assigned an equity stake in the participating start-up companies. All such investments are recognised for the purposes of these accounts at nil value, given the uncertain nature of any valuation or return. During the year one of these Investments that was disposed of gave rise to a gain of €63k (2022: €498k).

	In addition to the interests outlined above within note 13, the University is also a member of a number of sectoral related companies limited by guarantee with no shareholding.

14	Inventories	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Raw materials and consumables	246	246	217	217
	Finished goods for resale	328	-	238	-

	Total	574	246	455	217


	There is no material difference between the balance sheet amount of inventory and its replacement cost.

15	Trade and other receivables	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Trade receivables, prepayments, other receivables	8,632	5,645	9,905	6,618
	Research grants and contracts receivable	12,877	12,877	11,671	11,671
	State recurrent grants receivable	-	-	570	570
	State capital grants receivable	2,671	2,671	2,671	2,671
	Taxation Debtors	163	-	84	-
	Amounts due from subsidiary companies	-	92,292	-	64,773

	Total	24,343	113,485	24,901	86,303


16	Term deposits	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Short Term Deposits	-	-	11,014	11,014

	Total	-	-	11,014	11,014


	Term deposits with more than 3 months to maturity at inception are held with financial institutions licensed by the Central Bank. The interest rates for these deposits are typically fixed for the duration of the deposit at time of placement.
	The fair value of these deposits is not materially different from the book value. Fixed term deposits of 3 months or less to maturity at inception are recognised as ‘Cash at Bank’ on the balance sheet.
	The deposits shown in this note exclude accrued interest, which is included within trade receivables, prepayments, other receivables in note 15.

17	Payables: amounts falling due within one year

		Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Research grants and contracts in advance	50,612	50,612	47,087	47,087
	Bank loans	4,192	3,497	4,203	3,460
	Obligations under finance leases	-	-	1	1
	State recurrent grants in advance	4,428	4,428	5,754	5,754
	Deferred Income	15,083	9,397	15,608	10,682
	Trade creditors, accruals, other creditors	34,389	28,570	29,573	25,037
	Taxation creditors	5,609	4,867	4,671	4,000
	Student Fees in advance	38,374	38,374	32,605	32,605
	Security Deposits	2,440	-	2,049	-
	Amounts due to subsidiary companies	-	1,995	-	1,916

	Total	155,127	141,740	141,551	130,542

18	Payables: amounts falling due after one year

		Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Bank loans	83,111	66,256	89,216	69,732

	Total	83,111	66,256	89,216	69,732

19	Borrowings	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
	Bank loans and overdrafts	€'000	€'000	€'000	€'000

	Amounts due within one year	4,192	3,497	4,203	3,460
	Amounts due after one year	83,111	66,256	89,216	69,732

	Total	87,303	69,753	93,419	73,192


	The weighted average effective interest rate during the financial year of Group loans was 2.23% (2022 2.12%).

	Net finance lease obligations	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Lease amounts due within one year	-	-	1	1

	Total	-	-	1	1


20	Deferred government capital grants	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	At 01 October	151,371	144,292	153,646	146,089
	Additions / (transfers)	26,037	26,037	4,404	4,406
	Amortisation release	(5,874)	(5,413)	(6,679)	(6,203)

	At 30 September	171,534	164,916	151,371	144,292


	At 30 September 2022 an amount of €5.9m (University €5.4m) is due for release to the consolidated statement of comprehensive income during the next financial year as grant amortisation.

21	Cash and cash equivalents (Consolidated)


			1 Oct 2022	Cashflows	30 Sep 2023
			€'000	€'000	€'000
	Cash at Bank		120,070	8,432	128,502

	Total		120,070	8,432	128,502

22	Restricted cash	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	At 01 October	4,684	-	4,372	-
	Interest	1	-	(3)	-
	Additions to DCU Educational Trust	474	-	315	-

	At 30 September	5,159	-	4,684	-


	Under the terms of the ISIF loan facility agreement, Campus Residencies DAC is required to maintain a sinking fund of €2m at the reporting date. These funds are not available to the company for current purposes.
	The funds held by DCU Educational Trust are not available to the University for current purposes, until such funds are distributed to the University to fund projects and initiatives.

23	Contingencies

	There are no contingent liabilities except on certain bank borrowings.
	In relation to working capital facilities, the University has given a negative pledge to Allied Irish Banks plc that it will not create, agree to create or permit any mortgage, charge or other encumbrance of any nature over any of its assets, without first discussing it with Allied Irish Banks plc. The University has undertaken not to dispose of the shareholding in DCU Educational Support Services DAC, the holding company, without the prior written consent of Allied Irish Bank plc.

24	Capital commitments	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Contracted but not provided for	45,120	43,232	74,291	73,619
	Authorised but not contracted for	17,821	16,963	28,101	26,618

	Total	62,941	60,195	102,392	100,237


	Capital commitments reflect the University’s campus development plan, which provides the capital investment required to grow and enhance campus facilities. This investment ensures the University can cater for continued growth in student numbers and research activities.

25	Financial commitments	Consolidated	University	Consolidated	University
		2023	2023	2022	2022
		€'000	€'000	€'000	€'000

	Operating lease commitments	25,098	25,089	25,230	25,217

	As part of the process of incorporation with St. Patrick’s College Drumcondra (SPD), DCU entered into a 150 year lease with the Dublin Archdiocese for the St. Patrick’s campus with effect from 1 October 2016. Under the operating lease arrangement an annual amount of €175,000 is payable by DCU, and the associated future lease commitments are included in the values provided in this disclosure note.

26	Related parties

	Transactions with subsidiaries of the University have been eliminated on consolidation and no disclosure of these transactions has therefore been given. The University had no other material related party transactions which require disclosure under FRS 102.

27	Retirement benefits

	University

	(a) Defined benefit pension scheme

	The university operates the following defined benefit pension schemes which are unfunded:

	1. DCU Superannuation Scheme
	2. Single Public Service Pension Scheme
	3. Colleges of Education Superannuation Scheme (following completion of the incorporation process)

	The valuation used for the FRS102 disclosure has been based on the actuarial valuation at 30 September 2023 by a qualified independent actuary to take account of the requirements of FRS102 in order to assess the schemes liabilities at 30 September 2023.


	The financial assumptions used to calculate scheme liabilities at 30 September 2023 are:

	DCU Superannuation Scheme and the Single Public Service Pension Scheme

			2023	2022		2021

	Rate of increase in salaries		4.10%	3.85%		3.35%
	Rate of increase in pensions in payment		3.10%	2.85%		2.35%
	Discount rate		4.65%	4.15%		1.65%
	Revaluation in deferment		3.10%	2.85%		2.35%
	Price Inflation		2.60%	2.35%		1.85%

	The weighted average life expectancy for mortality tables used to determine benefit obligations are as follows:

			2023	2022		2021
			Years	Years		Years
	Pensioners- implied life expectancy for a 65 year old

	Male member age 65 (current life expectancy)		22.60	22.50		22.40
	Female member age 65 (current life expectancy)		24.30	24.20		24.10

	Actives / deferrals - implied life expectancy for a 45 year old retiring in 25 years' time at age 65

	Male member age 45 (life expectancy at age 65)		24.30	24.20		24.10
	Female member age 45 (life expectancy at age 65)		26.10	26.00		26.00
					DRAFT
	Dublin City University		Consolidated Financial Statements 2023

	NOTES TO THE ACCOUNTS - continued

27	Retirement benefits (continued)

	Colleges of Education Superannuation Scheme (St. Patrick's College Drumcondra)

			2023	2022		2021

	Rate of increase in salaries		4.10%	3.85%		3.35%
	Rate of increase in pensions in payment		3.10%	2.85%		2.35%
	Discount rate		4.65%	4.15%		1.65%
	Revaluation in deferment		3.10%	2.85%		2.35%
	Price Inflation		2.60%	2.35%		1.85%

	Weighted average life expectancy for mortality tables used to determine benefit obligations:

			2023	2022		2021
	Pensioners- implied life expectancy for a 65 year old		Years	Years		Years

	Male member age 65 (current life expectancy)		22.60	22.50		22.40
	Female member age 65 (current life expectancy)		24.30	24.20		24.10

	Actives / deferrals - implied life expectancy for a 45 year old retiring in 20 years' time at age 65

	Male member age 45 (life expectancy at age 65)		24.30	24.20		24.10
	Female member age 45 (life expectancy at age 65)		26.10	26.00		26.00

	Colleges of Education Superannuation Scheme (Church of Ireland Education Rathmines)

			2023	2022		2021

	Rate of increase in salaries		4.10%	3.85%		3.35%
	Rate of increase in pensions in payment		3.10%	2.85%		2.35%
	Discount rate		4.65%	4.15%		1.65%
	Revaluation in deferment		3.10%	2.85%		2.35%
	Price Inflation		2.60%	2.35%		1.85%

	Weighted average life expectancy for mortality tables used to determine benefit obligations:

			2023	2022		2021
			Years	Years		Years
	Pensioners- implied life expectancy for a 65 year old

	Male member age 65 (current life expectancy)		22.60	22.50		22.40
	Female member age 65 (current life expectancy)		24.30	24.20		24.10

	Actives / deferrals - implied life expectancy for a 45 year old retiring in 20 years' time at age 65

	Male member age 45 (life expectancy at age 65)		24.30	24.20		24.10
	Female member age 45 (life expectancy at age 65)		26.10	26.00		26.00

27	Retirement benefits (continued)

	Changes in the present value of defined retirement obligations

		Consolidated	University	Consolidated		University
		2023	2023	2022		2022
		€'000	€'000	€'000		€'000

	Obligation at start of the period	631,498	631,498	925,501		925,501
	Current service cost	16,428	16,428	30,458		30,458
	Interest cost	25,841	25,841	15,132		15,132
	Contributions by scheme participants	7,278	7,278	6,577		6,577
	Benefits paid	(17,620)	(17,620)	(16,873)		(16,873)
	Effect of experience adjustments	(391)	(391)	(280)		(280)
	Change in financial assumptions	(33,030)	(33,030)	(329,017)		(329,017)

	Obligations at end of period	630,004	630,004	631,498		631,498


	Changes in the present value of defined retirement reimbursement rights:

		Consolidated	University	Consolidated		University
		2023	2023	2022		2022
		€'000	€'000	€'000		€'000

	Reimbursements at start of the period	631,498	631,498	925,501		925,501
	Interest income	26,389	26,389	15,336		15,336
	Employer contributions	19,108	19,108	18,342		18,342
	Contributions by scheme participants	7,278	7,278	6,577		6,577
	Benefit payments from employer	(17,620)	(17,620)	(16,873)		(16,873)
	Pension income rights recognised	15,880	15,880	30,254		30,254
	Change in actuarial assumptions reflected in reimbursement rights	(52,529)	(52,529)	(347,639)		(347,639)

	Reimbursements at end of the period	630,004	630,004	631,498		631,498

27	Retirement benefits (continued)

	Analysis of the present value of defined retirement obligations by scheme:

		Consolidated	University	Consolidated		University
		2023	2023	2022		2022
		€'000	€'000	€'000		€'000

	DCU Superannuation Scheme	480,125	480,125	480,736		480,736
	Single Public Service Pension Scheme	31,283	31,283	26,634		26,634
	Colleges of Education Superannuation Scheme	118,596	118,596	124,128		124,128

	Total	630,004	630,004	631,498		631,498

	The University recognises amounts owing from the State for the unfunded deferred liability for pensions on the basis of a number of past events. These events include the statutory backing for the superannuation schemes, and the policy and practice in relation to funding public service pensions including the annual estimates
	process. In addition, the University holds a commitment from the Higher Education Authority to meet the liabilities of the DCU superannuation scheme.

				Consolidated		Consolidated
				2023		2022
				€'000		€'000

	Amounts included in pension funding income			14,392		28,785
	Amounts included Staff Costs			(16,428)		(30,458)
	Amounts included in Investment Income			548		204
	Contributions adjustment			1,488		1,469

	Subsidiary Undertakings

	Defined contribution pension scheme

	The total pension payments made by subsidiary undertakings in respect of the defined contribution funds were as follows:
		Consolidated	University	Consolidated		University
		2023	2023	2022		2022
		€'000	€'000	€'000		€'000

	Pension costs	196	-	183		-


28	Subsequent Events

	There are no events between the year end date and the date on which these financial statements were approved that would require either adjustment to, or disclosure in, these financial statements.

29	Circular 13/2014 - Management of and Accountability for Grants from Exchequer Funds - continued

	Capital Grants

	The University received capital grant income of €18.9m for the Polaris Building, €2.8m under both the Devolved Capital Grants and Energy Efficiency and Decarbonisation Pathfinder programmes, as well as €4.3m in equipment funding. Returns are made by DCU to Funding Bodies based upon the actual expenditure incurred. All such expenditure incurred is in line with the specific terms and conditions of the capital grant.

	All exchequer capital and research funding received by the University is treated in line with the specific terms and conditions as set out by the relevant Government Department/Body and is also in line with Government policies and guidelines.

30	US Department of Education Financial Responsibility Supplemental Schedule

	In satisfaction of its obligations to facilitate students’ access to US federal financial aid, the University is required, by the US Department of Education, to present the following Supplemental Schedule in a prescribed format. The values in the schedule are presented in accordance with the FRS102 accounting framework.

				Consolidated
	Primary reserve ratio			2023	2022
	Expendable Net Assets:			€'000	€'000
	Statement of Financial Position	Statement of Financial Position – Unrestricted Reserves	Net assets without donor restrictions	251,098	242,637
	Statement of Financial Position	Statement of Financial Position – Restricted Reserves	Net Assets with donor restrictions	13,776	13,316
	N/A	N/A	Secured and Unsecured related party receivable	-	-
	N/A	N/A	Unsecured related party receivable	-	-
	11	Statement of Financial Position – Tangible Assets, net	Property, plant and equipment, net (includes Construction in progress)	508,654	469,830
	N/A	N/A	Property, plant and equipment – post- implementation with outstanding debt for original purchase	-	-
	11	Statement of Financial Position – Tangible Assets, net	Construction in progress	62,645	27,772
	N/A	N/A	Lease right-of-use asset, net	-	-
	N/A	N/A	Lease right-of- use asset pre-implementation	-	-
	N/A	N/A	Lease right-of- use asset post-implementation	-	-

30	US Department of Education Financial Responsibility Supplemental Schedule - continued
				Consolidated
				2023	2022
	Expendable Net Assets (continued):			€'000	€'000
	12	Statement of Financial Position – Intangible Assets	Intangible assets	-	-
	27	Statement of Financial Position – Post-employment and Pension Liabilities	Post-employment and pension liabilities	-	-
	18	Statement of Financial Position– Loans	Long-term debt – for long term purposes	87,303	93,419
	N/A	N/A	Line of Credit for CIP	-	-
	N/A	N/A	Lease right-of-use asset liability	-	-
	N/A	N/A	Pre-implementation right-of-use leases	-	-
	N/A	N/A	Post-implementation right-of-use leases	-	-
	N/A	N/A	Annuities with donor restrictions	-	-
	N/A	N/A	Term endowments with donor restrictions	-	-
	N/A	N/A	Life income funds with donor restrictions	-	-
	Statement of Financial Position	Statement of Financial Position– Endowment Reserve	Net assets with donor restrictions: restricted in perpetuity	13,776	13,316
	Total Expenses and Losses:
	Statement of Compre- hensive Income	Statement of Comprehensive Income – Total Expenditure Total expenditure (€274,017k) less restricted reserve expenditure (€6,046k)	Total expenses without donor restrictions	267,971	266,806
	Statement of Compre- hensive Income	Statement of Comprehensive Income – (Investment Income (€1,588k), plus Gain on Investments (€279k), plus Profit on disposal of investments (€68k), plus Deferred Funding for Pension (€14,392k) less Pension service cost (€16,428k), plus Employer Contributions (€19,108k) less Pension Interest expense (€25,841k)	Non-Operating and Net Investment (loss)	(6,834)	1,630

30	US Department of Education Financial Responsibility Supplemental Schedule - continued
				Consolidated
				2023	2022
	Total Expenses and Losses: (continued)			€'000	€'000
	Statement of Compre- hensive Income	Statement of Comprehensive Income – Gains/(Losses) on investments	Net investment Gains/(Losses)	279	(719)
	N/A	Statement of Comprehensive Income and Expenditure – Actuarial loss in respect of pension scheme – pension gains are not included	Pension -related changes other than net periodic costs	-	-
			Total Expenses and Losses:	261,416	267,717
	Equity Ratio
	Modified Net Assets
	Statement of Financial Position	Statement of Financial Position – Unrestricted Reserves and Non- Controlling Interest	Net assets without donor restrictions	251,098	242,637
	Statement of Financial Position	Statement of Financial Position – Restricted Reserves	Net assets with donor restrictions	13,776	13,316
	12	Statement of Financial Position – Intangible Assets	Intangible assets	-	-
	N/A	N/A	Secured and Unsecured related party receivable	-	-
	N/A	N/A	Unsecured related party receivables	-	-
	Statement of Financial Position	Statement of Financial Position – Total Assets	Total assets	674,646	638,091
	N/A	N/A	Lease right-of- use asset pre- implementation	-	-
	N/A	N/A	Pre-implementation right-of-use leases	-	-
	12	Statement of Financial Position– Intangible Assets	Intangible assets	-	-
	N/A	N/A	Secured and Unsecured related party receivable	-	-
	N/A	N/A	Unsecured related party receivables	-	-
			Total Modified Net Assets:	939,520	894,044

30	US Department of Education Financial Responsibility Supplemental Schedule - continued
				Consolidated
	Net Income Ratio			2023	2022
	Change in Net Assets without Donor Restrictions:			€'000	€'000
	Statement of Compre- hensive Income	Statement of Comprehensive Income – Total Comprehensive Income and Revaluation Reserve Income (€8,921k) less Restricted Comprehensive Income (€460k)	Change in Net Assets Without Donor Restrictions	8,461	12,441
			Total Change in Net Assets without Donor Restrictions:	8,461	12,441
	Total Revenue and Gains without donor restrictions:
	Statement of Compre- hensive Income	Statement of Comprehensive Income and Expenditure – Total income (€283,008k), less Investment Income (€1,588k), plus Property Revaluation Gain of property €Nil, Gain on Sale of Tangible Fixed Assets €Nil, Unrealised Gain on Revaluation of Land and Buildings €Nil, less Deferred Funding for Pensions (€14,392k) Losses are not included.	Total Revenues and Gains	267,028	254,574
			Total Revenue and Gains without donor restrictions:	267,028	254,574

31	Comparatives

	Comparative amounts have been restated, where necessary, on the same basis as those for the current year.


32	Approval of financial statements

	The financial statements were approved by the Governing Authority on 11th September 2024, and signed on its behalf on 12th September 2024.

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Consolidated Financial Statements - 2023