2024 Consolidated Financial Statements - Ráitis Airgeadais Chomhdhlúite

Leagan Gaeilge

Is féidir leagan Gaeilge den Ráiteas Airgeadais Comhdhlúite OCBÁC don Bhliain dar Chríoch 30 Meán Fómhair 2024 a fháil ag an nasc thíos.

The Irish language version of the DCU Consolidated Financial Statements for the Year Ended 30th September 2024 may be accessed at the link below.

DCU Accounts (Irish Language) 2024

PDF Copy of Consolidated Financial Statements

DCU Consolidated Financial Statements 2024997.58 KB

General Information

Dublin City University		Consolidated Financial Statements 2024


	GENERAL INFORMATION


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

			ByrneWallace LLP
			88 Harcourt Street
			Dublin 2


	TAXATION ADVISORS		PricewaterhouseCoopers
			One Spencer Dock
			North Wall Quay
			Dublin 1

Presidents Report & Future Outlook

PRESIDENT'S 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 2024

	The University’s consolidated income, expenditure and results for the year to 30 September 2024 are summarised as follows:

		2024	2023
		€'000	€'000
	Income	297,716	283,008
	Expenditure Net	(289,625)	(274,087)

	Surplus	8,091	8,921

	Total income and expenditure for the Group increased broadly by a similar amount, with an increase of approximately 5% over the previous year.

	The reported net reserves surplus movement for the year was €8.1m with accumulated group reserves standing at €273m. 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 €44.4m. 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 outflows of €33.9m during the financial year have resulted in the group cash and cash equivalents (exclusive of restricted cash balances and term deposits) of €128.5m decreasing to €94.6m 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 €25.5m. 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.

	Future Outlook

	The University will continue to build on the successes achieved in financial year 2023/24, as it responds to and aligns with the objectives within its strategic plan, "DCU Strategy 2023-2028, Transformation For An Unscripted Future". The achievement of EQUIS accreditation by the University’s Business School, represents a significant milestone for the School, as it joined the top 1% of Business Schools worldwide in 2024 that are triple accredited. Equally, the University has risen in the 2025 Times Higher Education (THE) World University Rankings and is now ranked among the top 400 universities in the world, providing welcome affirmation that the University is delivering on its enduring mission to ‘transform lives and societies’. As always, continued achievements and delivery of strategic objectives are underpinned by the contributions and commitment of all DCU staff.

	The announcement by Government in the national budget for 2025 of further funding provision under the Funding the Future programme is a welcome development. The Government recognised in 2022 that there was an annual core funding shortfall of €307m across the third level sector. Budget 2025 provides for a further €50m instalment in 2025, with a multi-year funding pledge by Government to the sector to bring the annual funding amount to €264m by 2029, and further closing the gap on the recognised annual €307m shortfall. Core funding shortfalls, uncertainty over the level of pay award funding for national public sector pay agreements, as well as continued accumulated inflationary impacts on the operating cost base (including energy and building services costs), provides a challenging funding context for the third level sector in Ireland.

	In 2025 the Polaris building moves from construction to completion stage, and commences use by staff and students. This flagship building project will further advance DCU's international reputation for excellence in STEM disciplines, and provides a state of the art facility to support realisation of the University’s strategic plan. Equally the Phase 1 student residences project (c.400 beds) continues to progress through the capital approval stages in accordance with the Public Spending Code, and with grant funding support from Government, is scheduled for completion in 2028. 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.

	Prof. Daire Keogh
	President / Chief Officer

	Date: 16 June 2025

Statement of Governing Authority's Responsibilities

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:	Date: 16 June 2025

Statement on Internal Control

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, Vice-President People, Equality, Diversity and Inclusion 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 Strategic 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.

The 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 actions 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 30 September 2024.

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

The Statement on Internal Control was reviewed by the University's Audit Committee before it was submitted to the Governing Authority for approval on 16 April 2025.

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 receives 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 2023/24. The University continues to avail of a range of national and sectoral 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 seven occasions in 2023/2024 on the following dates:

•

18th October 2023

•

10th November 2023

•

8th December 2023

•

14th February 2024

•

24th April 2024

•

19th June 2024

•

11th September 2024

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

Authority Member

Attendance Record

Prof. Dáire Keogh (President)

7/7

Ms. Brid Horan (Chancellor)

6/7

Mr. Cathal Marley (Chair, Audit Committee)

6/7

Ms. Marie Sinnott (Chair, Risk Committee)

5/7

Mr. Brian J. Smyth (Chair, Strategic Finance Advisory Committee)

7/7

Mr. Seamus Walsh (Chair, Equality, Diversity and Inclusion Committee)

6/7

Ms. Marian Corcoran (Chair, Educational Support Services DAC)

4/7

Mr. John Darby

4/7

Mr. Justin Doyle

5/7

10.

Ms. Carol Hanney

6/7

11.

Mr. David Harney

2/7

12.

Ms. Fiona Naughton

7/7

13.

Prof. James O'Higgins Norman

4/7

14.

Ms. Michele Pringle

7/7

15.

Dr. Audrey Bryan (membership is subject to rotation for transition period)

3/3

16.

Dr. Aisling de Paor (membership is subject to rotation for transition period)

5/5

17.

Prof. Yvonne Daly (membership is subject to rotation for transition period)

7/7

18.

Mr. Josh King (appointed 1st Jun 2024)

1/2

19.

Ms. Aoife Butler (appointed 1st Jun 2024)

1/2

20.

Mr. Karl Ormsby (appointed 1st Jun 2024)

2/2

21.

Ms. Sarah Fitzpatrick (appointed 1st Jun 2024)

5/5

22.

Prof. Lisa Looney (term ended 9th Nov 2023)

1/1

23.

Dr. Declan Raftery (term ended 9th Nov 2023)

1/1

24.

Ms. Rachel Hussey (term ended 9th Nov 2023

1/1

25.

Ms. Deirdre O’Connor (term ended 9th Nov 2023)

1/1

26.

Assoc. Prof. Ray Walshe (term ended 9th Nov 2023)

0/1

27.

Ms. Kara McGann (term ended 9th Nov 2023)

1/1

28.

Cllr. Jimmy Guerin (term ended 9th Nov 2023)

1/1

29.

Ms. Zainab Boladale (term ended 9th Nov 2023)

0/1

Mr. Thomas O’Dowd (term ended 31st May 2024)

5/5

Mr. Anubhav Anandind (term ended 1st Jun 2024)

2/6

Audit Committee Meetings

The Audit Committee met on the following dates in 2023/2024:

•

7th November 2023

•

8th February 2024

•

16th April 2024

•

13th June 2024

•

3rd September 2024

Audit Committee Member

Attendance Record

Resignation Date

Appointment Date

Mr. Cathal Marley (Chair)

5/5

10th Nov 2023 (reappointed)

Ms. Marie Sinnott

5/5

10th Nov 2023 (reappointed)

Mr. John Darby

1/5

10th Nov 2023 (reappointed)

Mr. Paul Dunne

4/5

10th Nov 2023 (reappointed)

Governing Authority Risk Committee Meetings

The Governing Authority Risk Committee met on the following dates in 2023/2024:

•

11th October 2023

•

9th February 2024

•

17th April 2024

•

25th September 2024

Governing Authority Risk Committee Member

Attendance Record

Resignation Date

Appointment Date

Ms. Marie Sinnott (Chair)

4/4

10th Nov 2023 (reappointed)

Mr. Justin Doyle

4/4

10th Nov 2023 (reappointed)

Ms. Caroline McMullan

3/4

10th Nov 2023 (reappointed)

Mr. Padraig McKeon

4/4

10th Nov 2023 (reappointed)

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, NDP Delivery and Reform Public Spending Code are being followed

Prof. Daire Keogh

Ms. Brid Horan

President / Chief Officer

Chancellor

Date:

Date: 16 June 2025

Independent Auditor's Report

Ard Reachtaire Cuntas agus Ciste
Comptroller and Auditor General

Report for presentation to the Houses of the Oireachtas

Dublin City University

Opinion on the financial statements

I have audited the financial statements of Dublin City University for the year ended 30 September 2024 as required under the provisions of the Universities Act 1997. The financial statements comprise

 the consolidated and University statement of comprehensive income
 the consolidated and University statement of financial position
 the consolidated and University statement of changes in reserves
 the consolidated statement of cash flows, and
 the related notes, including a summary of significant accounting policies.

In my opinion, the financial statements give a true and fair view of the assets, liabilities and financial position of the University and of the University group at 30 September 2024 and of the income and expenditure of the University and the University group for the year then ended in accordance with Financial Reporting Standard (FRS) 102 — The Financial Reporting Standard applicable in the UK and the Republic of Ireland.

Basis of opinion
I conducted my audit of the financial statements in accordance with the International Standards on Auditing (ISAs) as promulgated by the International Organisation of Supreme Audit Institutions. My responsibilities under those standards are described in the appendix to this report. I am independent of the University, and have fulfilled my other ethical responsibilities in accordance with the standards.

In conducting my audit, I seek to rely on evidence from an audit of the financial statements by auditors engaged by the University.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Report on information other than the financial statements, and on other matters

The University has presented certain other information together with the financial statements. This comprises the President’s report, a statement of the Governing Authority’s responsibilities, and a statement on internal control.

My responsibilities to report in relation to such information, and on certain other matters upon which I report by exception, are described in the appendix to this report.

I have nothing to report in that regard.

Seamus McCarthy
Comptroller and Auditor General
23 June 2025

Appendix to the report

Responsibilities of the Governing Authority members

The members of the Governing Authority are responsible for

 the preparation of annual financial statements in the form prescribed under the Universities Act 1997
 ensuring that the financial statements give a true and fair view in accordance with FRS102
 ensuring the regularity of transactions
 assessing whether the use of the going concern basis of accounting is appropriate, and
 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.

Responsibilities of the Comptroller and Auditor General

I am required under the Universities Act 1997 to audit the financial statements of the University and to report thereon to the Houses of the Oireachtas.

My objective in carrying out the audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud or error. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the ISAs, I exercise professional judgment and maintain professional scepticism throughout the audit. In doing so,

 I identify and assess the risks of material misstatement of the financial statements whether due to fraud or error;
design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 I obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls.

 I evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures.

 I conclude on the appropriateness of the use of the going concern basis of accounting and, based on the audit evidence obtained, on whether a material uncertainty exists related to events or conditions that may cast significant doubt on the University’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my report. However, future events or conditions may cause the University to cease to continue as a going concern.

 I evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

I report by exception if, in my opinion,

 I have not received all the information and explanations I required for my audit, or
 the accounting records were not sufficient to permit the financial statements to be readily and properly audited, or
 the financial statements are not in agreement with the accounting records.

Information other than the financial statements

My opinion on the financial statements does not cover the other information presented with those statements, and I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, I am required under the ISAs to read the other information presented and, in doing so, consider whether the other information is materially inconsistent with the financial statements or with knowledge obtained during the audit, or if it otherwise appears to be materially misstated. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.

Reporting on other matters

My audit is conducted by reference to the special considerations which attach to bodies in receipt of substantial funding from the State in relation to their management and operation. I report if I identify material matters relating to the manner in which public business has been conducted.

I seek to obtain evidence about the regularity of financial transactions in the course of audit. I report if I identify any material instance where public money has not been applied for the purposes intended or where transactions did not conform to the authorities governing them.

Consolidated and University Statement of Comprehensive Income

CONSOLIDATED AND UNIVERSITY STATEMENT OF COMPREHENSIVE INCOME
	Year Ended 30 September

			Consolidated	University	Consolidated	University
			2024	2024	2023	2023
		Notes	€'000	€'000	€'000	€'000

	State Grants	2	68,200	68,200	59,374	59,374
	Academic Fees	3	112,346	112,409	105,400	105,463
	Research Grants & Projects	4	55,777	55,313	53,749	52,182
	Other Operating Income	5	43,119	5,168	42,631	11,070
	Investment Income	6	1,812	1,903	1,588	1,768
	Grant Amortisation	20	5,896	5,444	5,874	5,413
	Pension Funding	27	10,566	10,566	14,392	14,392

	Total Income		297,716	259,003	283,008	249,662


	Staff Costs	7	189,154	177,094	177,007	165,939
	Other Operating Expenses	8	84,464	65,427	80,201	63,559
	Interest & Other Finance Costs	9	1,512	784	1,634	790
	Depreciation	11	15,334	11,265	15,175	10,736

	Total Expenditure		290,464	254,570	274,017	241,024
		31

	Surplus before other gains/(losses)		7,252	4,433	8,991	8,638


	Surplus before taxation and non-controlling interest		7,252	4,433	8,991	8,638

	Gain on Investment		1,055	-	279	-
	Gain on disposal of fixed asset investment	13	114	-	68	68
	Taxation	10	(330)	(180)	(417)	(167)

	Surplus for the year		8,091	4,253	8,921	8,539

	Actuarial adjustments in respect of retirement benefits	27	(66,085)	(66,085)	33,421	33,421
	Movement on retirement benefits receivable	27	66,085	66,085	(33,421)	(33,421)

	Surplus for the year		8,091	4,253	8,921	8,539


	All items of income and expenditure related to continuing activities.

Consolidated and University Statement of Financial Position

CONSOLIDATED AND UNIVERSITY STATEMENT OF FINANCIAL POSITION
	Year Ended 30 September
			Consolidated	University	Consolidated	University
			2024	2024	2023	2023
		Notes	€'000	€'000	€'000	€'000
	Non-current Assets
	Tangible fixed assets	11	537,769	359,021	508,654	352,036
	Intangible fixed assets	12	-	-	-	-
	Financial Assets	13	10,479	1	7,414	1

			548,248	359,022	516,068	352,037

	Current Assets
	Inventories	14	585	281	574	246
	Trade and other receivables	15	25,493	132,213	24,343	113,485
	Cash at bank	21	94,574	66,679	128,502	95,750
	Term Deposits	16	11,253	11,253	-	-
	Restricted Cash	22	2,851	-	5,159	-

			134,756	210,426	158,578	209,481

	Payables falling due within one year	17	(159,127)	(147,986)	(155,127)	(141,740)

	Net current (liabilities)/assets		(24,371)	62,440	3,451	67,741

	Total Assets Less Current liabilities		523,877	421,462	519,519	419,778


	Payables falling due after one year	18	(78,882)	(62,739)	(83,111)	(66,256)

	Deferred government capital funding	20	(172,030)	(165,864)	(171,534)	(164,916)

	Provisions for liabilities
	Retirement benefit receivable	27	725,888	725,888	630,004	630,004
	Retirement benefit provisions	27	(725,888)	(725,888)	(630,004)	(630,004)

	Total net assets		272,965	192,859	264,874	188,606

	Capital reserves
	Income and expenditure account		258,820	192,859	251,098	188,606
	Restricted retained reserves		14,145	-	13,776	-

	Total reserves		272,965	192,859	264,874	188,606

	The financial statements on pages 16 to 52 were approved by the Governing Authority on 16 June 2025 and signed on its behalf on 16 June 2025 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 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

	Surplus from the income and expenditure account	7,722	369	8,091


	Balance at 30 September 2024	258,820	14,145	272,965


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

	Balance at 1 October 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

	Surplus from the income and expenditure account	4,253	-	4,253


	Balance at 30 September 2024	192,859	-	192,859

Consolidated Statement of Cash Flows

CONSOLIDATED STATEMENT OF CASHFLOWS
	Year Ended 30 September 2024		2024	2023
			€'000	€'000
	CASH FLOWS FROM OPERATING ACTIVITIES
	Surplus for the year		8,091	8,921
	Adjustments for non-cash items
	Depreciation of tangible assets		15,334	15,175
	Amortisation of deferred capital grants		(5,896)	(5,874)
	Gain on disposal of equity investment		(114)	(68)
	Gain on investments portfolio		(1,055)	(279)
	Income on investment portfolio		(65)	(43)
	Fees on investment portfolio		55	45

	Adjustment for working capital items
	Increase in inventories		(11)	(119)
	Increase in trade receivables		(1,150)	(1,285)
	(Decrease)/increase in payables and accruals		(544)	14,119

	Adjustments for investing, financing and taxation
	Investment income		(1,052)	(997)
	Interest payable		1,512	1,634
	Adjustment for capital donations and levies		(560)	(541)
	Adjustment for taxation charge		330	417
	Income taxes paid		(401)	(448)
	Net cash inflow from operating activities		14,474	30,657

	CASH FLOWS USED IN INVESTING ACTIVITIES
	Payments to acquire and/or construct fixed assets		(44,387)	(54,497)
	Transfer (to)/from term deposits		(11,253)	11,014
	Proceeds on sale of investment		114	660
	Government capital grants received		6,392	26,036
	Capital donations and levies		5,361	1,791

	Net cash outflow from investing activities		(43,773)	(14,996)

	Dublin City University	Consolidated Financial Statements 2024
	CONSOLIDATED STATEMENT OF CASHFLOWS (continued)
	Year Ended 30 September 2024		2024	2023
			€'000	€'000
	CASH FLOWS USED IN FINANCING ACTIVITIES
	Interest paid		(1,489)	(1,567)
	Interest received		1,052	997

	Capital repayments on loans		(4,192)	(6,184)
	Capital element of finance lease payments		-	(1)
	Restricted cash		-	(474)
	Net cash outflow from financing activities		(4,629)	(7,229)

	(Decrease)/increase in cash and cash equivalents		(33,928)	8,432
	Cash and cash equivalents at beginning of year		128,502	120,070
	Cash and cash equivalents at 30 September		94,574	128,502

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.

	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

	Recognition of income (continued)

	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.

	Going concern

	The University maintains healthy cash balances and continued cost control to ensure it continues operations.

	The University has prepared cash flow forecasts based on its anticipated capital expenditure and annual recurrent budget outturns for the financial years 2024/25 and 2025/26 and based on these forecasts, the Governing Authority is satisfied that the University has adequate resources to meet its obligations as they fall due for the foreseeable future. Thus, the Governing Authority continues to adopt the going concern basis of accounting in preparing the annual financial statements.
	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

	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.
	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

	Tangible assets (continued)

	(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.
	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

	Intangible Assets (continued)

	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.
	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

	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, NDP Delivery 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.
	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

	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.

NOTES TO THE ACCOUNTS - continued

2	State Grants	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	State	68,200	68,200	59,374	59,374

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

	Grantor	1 Oct 2023	Grant received	Amount taken	30 Sept 2024
		€'000	€'000	To Income	€'000
				€'000

	Higher Education Authority Core Grant	2,006	55,511	(57,764)	(247)
	Higher Education Authority Other Grants	225	11,164	(10,436)	953


	Total	2,231	66,675	(68,200)	706


3	Academic Fees	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Academic fee income	111,117	111,180	104,120	104,183
	Miscellaneous fee income	1,229	1,229	1,280	1,280

	Total	112,346	112,409	105,400	105,463


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

	Higher Education Authority	53,761	53,761	51,123	51,123
	Department of Health	333	333	396	396

	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
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	State and semi state	33,995	33,995	34,220	34,220
	European Union	9,466	9,466	6,984	6,984
	Industry	5,270	5,270	5,334	5,334
	Other	7,046	6,582	7,211	5,644

	Total	55,777	55,313	53,749	52,182


5	Other operating income	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Retail and office supplies	4,595	-	4,215	-
	Catering	4,538	-	4,440	-
	ELT and translation services	8,920	-	8,554	-
	Arts Centre	2,610	-	2,586	-
	Rental and related income	4,619	1,556	4,106	1,328
	Residences	12,542	-	12,449	-
	Sports facilities	2,340	-	2,113	-
	Other income	2,395	3,612	3,627	5,702
	Capital Donation & Levies	560	-	541	4,040

	Total	43,119	5,168	42,631	11,070


	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 €559,755 (2023: €540,470).

6	Investment income	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Interest income	1,052	782	997	789
	Income from investment fund	65	-	43	-
	Intercompany interest	-	426	-	431
	Net return on retirement benefit scheme	695	695	548	548

	Total	1,812	1,903	1,588	1,768


7	Staff costs	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Wages and salaries	160,028	149,313	145,436	135,670
	Social security costs	16,081	14,944	14,714	13,669
	Other retirement benefit costs	12,968	12,761	16,624	16,428
	Termination benefits	77	76	233	172

	Total	189,154	177,094	177,007	165,939


	The remuneration (excluding amounts payable under the DCU Model public sector pension scheme) of the University President in the financial year is €248,541. 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 2024.

	Total staff costs includes an amount of variable pay totalling €205,750 (2023: €208,696) 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 (2023: €Nil) and overtime of €215,901 (2023: €200,174).
	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

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 €2.46m (2023: €2.32m).

	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
		2024	2024	2023	2023
	Salary bands	Number	Number	Number	Number

	€60,000 - €69,999	274	264	229	218
	€70,000 - €79,999	160	150	163	160
	€80,000 - €89,999	173	167	168	157
	€90,000 - €99,999	255	252	224	221
	€100,000 - €109,999	92	91	133	129
	€110,000 - €119,999	106	101	37	36
	€120,000 - €129,999	29	27	40	37
	€130,000 - €139,999	42	42	11	9
	€140,000 - €149,999	4	3	9	8
	€150,000 - €159,999	7	5	12	11
	€160,000 - €169,999	11	11	53	53
	€170,000 - €179,999	49	49	5	5
	€180,000 - €189,999	5	5	3	2
	€190,000 - €199,999	-	-	1	1
	€200,000 - €209,999	1	1	-	-
	€210,000 - €219,999	1	1	-	-
	€220,000 - €229,999	-	-	-	-
	€230,000 - €239,999	-	-	1	1
	€240,000 - €249,999	1	1	-	-

	Total	1,210	1,170	1,089	1,048


	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
		2024	2024	2023	2023

	Teaching	754	754	741	741
	Research	514	514	457	457
	Technical, central administration and services	643	643	634	634
	Subsidiary entities	293	-	279	-

	Total	2,204	1,911	2,111	1,832


8	Other operating expenses	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Travel & Subsistence	3,900	3,891	3,753	3,756
	Facility Management, Cleaning, Security & Insurance	18,875	10,595	16,000	9,364
	Catering and Retail	5,389	1,065	5,412	1,292
	Scholarships, Student Activities & Course Materials	17,413	17,189	15,889	15,802
	Equipment, Hardware, Software & Licenses	8,419	8,119	7,592	7,389
	Library, Books, E-Resources & Periodicals	1,609	1,617	1,648	1,651
	Memberships, Intermediary & Commission Fees	3,865	3,198	2,862	2,198
	Postage, Print and Stationery Supplies	1,413	1,300	1,429	1,321
	Rent, Rates & Property Tax	1,949	600	2,032	632
	Employee Related	1,041	935	1,650	1,539
	Events, Advertising & Marketing	3,387	2,541	3,266	2,527
	Professional Fees including Consultancy	3,759	3,345	5,078	4,762
	Research Materials & Equipment	2,050	2,068	2,533	2,535
	Heat, Light, Water, Power	5,758	3,622	4,519	3,023
	Other expenses	5,637	5,342	6,538	5,768

	Total	84,464	65,427	80,201	63,559


	Other operating expenses above includes the following expenditure:

	(i) Auditors' remuneration
		Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Comptroller and Auditor General statutory audit	44	44	44	44
	Registered auditor financial audit of group	116	63	116	63
	Registered auditor other services	39	13	45	20

		199	120	205	127


	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.


	In addition, research grants and projects are subject to regular reviews and audits by independent auditors appointed by, or on behalf of, an external funding authority.

	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

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
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Domestic & international taxation services	369	279	323	253
	Legal including patent filings**	792	697	1,537	1,509
	IT infrastructure support & design, and business process improvement/consolidation	232	210	693	668
	Research and Technology Transfer	497	497	233	233
	Estate including Energy Efficiency	242	222	327	362
	Other professional services*	1,397	1,300	1,733	1,595

	Amounts recognised as revenue expenditure	3,529	3,205	4,846	4,620


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

	Building and System implementation related professional services	3,552	1,612	2,636	1,491

	Amounts recognised as capital expenditure	3,552	1,612	2,636	1,491
	Total professional fees	7,081	4,817	7,482	6,111


	* 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 €3.5m (2023: €4.8m), of which consultancy fees amounted to €0.2m (2023: €0.4m).


	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.



	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

8	Other operating expenses (continued)

	(iii) Travel

		Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Domestic travel	1,473	1,501	1,328	1,360
	UK and international travel	2,427	2,390	2,425	2,396

	Amounts recognised as revenue expenditure	3,900	3,891	3,753	3,756


	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
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Staff hospitality	77	75	61	60

	Total	77	75	61	60


	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, NDP Delivery and Reform.




9	Interest payable	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Interest and similar charges on bank overdraft and other facilities	44	35	2	1
	Loan interest	1,468	749	1,632	789

	Total	1,512	784	1,634	790

10	Taxation	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000
	Current Tax - subsidiary companies	151	-	250	-
	Adjustments in respect of prior periods - subsidiary	(1)	-	-	-
	Foreign taxation	180	180	167	167
	Total current tax	330	180	417	167

	Tax on surplus on ordinary activities	330	180	417	167


		Consolidated	University	Consolidated	University
		2024	2024	2023	2023
	Reconciliation of effective tax rate:	€'000	€'000	€'000	€'000

	Surplus for the year	8,091	4,253	8,921	8,539
	Total tax expense	330	180	417	167

	Surplus excluding taxation	8,421	4,433	9,338	8,706


	Irish Corporation Tax 12.5%	1,053	554	1,167	1,088
	Profits charged at higher rates of tax	15	-	69	-
	Activities not subject to taxation	(973)	(460)	(1,047)	(995)
	Differences in effective overseas rates	86	86	74	74
	Non-deductible expenses	90	-	68	-
	Over provided in prior years	(1)	-	-	-
	Depreciation in advance of capital allowances	104	-	152	-
	Prior year losses previously unrecognised	(1)	-	-	-
	Capital allowances in excess of depreciation	(9)	-	3	-
	Other timing differences	3	-	-	-
	Trading losses carried forward	(37)	-	(69)	-

	Total Tax expense	330	180	417	167


	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 of €180,010 (2023: €166,899) 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 group has not recognised a potential deferred tax asset of €251,098 (2023: €262,479) 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
	Consolidated	€´000	€´000	€´000
	Cost or Valuation
	As at 01 October 2023	91,621	525,545	118,971
	Additions	-	1,668	2,861
	Disposals	-	(1,716)	(860)
	Transfer	-	8,513	262

	As at 30 September 2024	91,621	534,010	121,234


	Depreciation

	As at 01 October 2023	-	181,082	109,046
	Charge for the year	-	11,462	3,872
	Disposals	-	(1,716)	(860)
	As at 30 September 2024	-	190,828	112,058


	Net Book Value

	At 30 September 2024	91,621	343,182	9,176

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


	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 €10.0m (2023: €12.4m) completed during the year are reclassified from “Assets in course of Construction”, (with a VAT exclusive construction cost of €8.8m), they are regarded as additions in the year and depreciated from the date when brought into use.

11	Tangible fixed assets
		Land	Buildings	Equipment
	University	€´000	€´000	€´000
	Cost or Valuation
	As at 01 October 2023	83,502	362,027	101,924
	Additions	-	8,689	2,923
	Disposals	-	(1,716)	(860)
	As at 30 September 2024	83,502	369,000	103,987


	Depreciation

	As at 01 October 2023	-	120,858	91,639
	Charge for the year	-	8,035	3,230
	Disposals	-	(1,716)	(860)
	As at 30 September 2024	-	127,177	94,009


	Net Book Value

	At 30 September 2024	83,502	241,823	9,978

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

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
			2024	2024	2023	2023
			€'000	€'000	€'000	€'000

	At 01 October		-	-	-	-
	Additions		-	-	-	-
	Amortisation		-	-	-	-

	At 30 September		-	-	-	-


13	Financial assets

			Consolidated	University	Consolidated	University
			2024	2024	2023	2023
			€'000	€'000	€'000	€'000

	Investment Fund		10,479	-	7,414	-
	Investment in Subsidiaries		-	1	-	1

	Total		10,479	1	7,414	1


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

	Dublin City University			Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

13	Financial assets - continued

			Consolidated	University	Consolidated	University
			2024	2024	2023	2023
	The investment fund is represented by:		€'000	€'000	€'000	€'000

	Cash		865	-	288	-
	Bonds		4,026	-	2,728	-
	Multi asset strategies, absolute return and structured products funds
			1,511	-	1,049	-
	Property		326	-	369	-
	Commodities		236	-	153	-
	Equity		3,515	-	2,827	-

	Total		10,479	-	7,414	-


	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 DCU ESS DAC (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	Not Trading		100%	George's Dock, Dublin 1
	DCULS DAC	ELT & Translation Services		100%	George's Dock, Dublin 1
	Dublin Business School Fund DAC	Not Trading		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.
	Dublin City University			Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

13	Financial assets - continued

	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 DAC is the university’s commercialisation and technology transfer unit which works with companies to bring university research to the marketplace. DCU Invent DAC provides supports to start-up companies and takes an equity stake in such companies. All such investments are recognised for the purposes of these accounts at nil value, given the uncertain nature of any valuation or return. No investments were disposed of during the year (2023: Gain of €5k).

	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 €94,976 (2023: €63,228).

	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
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Raw materials and consumables	281	281	246	246
	Finished goods for resale	304	-	328	-

	Total	585	281	574	246


	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
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Trade receivables, prepayments, other receivables	9,784	7,256	8,632	5,645
	Research grants and contracts receivable	12,386	12,386	12,877	12,877
	State recurrent grants receivable	494	494	-	-
	State capital grants receivable	2,671	2,671	2,671	2,671
	Taxation Debtors	158	-	163	-
	Amounts due from subsidiary companies	-	109,406	-	92,292

	Total	25,493	132,213	24,343	113,485


	The intercompany balances primarily reflect capital projects. Once capital projects are completed and invoiced to the relevant entity within the University group, the intercompany balances are settled and reduce accordingly.

16	Term deposits	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Short Term Deposits	11,253	11,253	-	-

	Total	11,253	11,253	-	-


	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.
	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued


17	Payables: amounts falling due within one year

		Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Research grants and contracts in advance	51,213	51,213	50,612	50,612
	Bank loans	4,258	3,534	4,192	3,497
	State recurrent grants in advance	3,009	3,009	4,428	4,428
	Deferred Income	17,995	12,789	15,083	9,397
	Trade creditors, accruals, other creditors	34,717	28,585	34,389	28,570
	Taxation creditors	5,620	5,074	5,609	4,867
	Student Fees in advance	39,610	39,610	38,374	38,374
	Security Deposits	2,705	108	2,440	-
	Amounts due to subsidiary companies	-	4,064	-	1,995

	Total	159,127	147,986	155,127	141,740



18	Payables: amounts falling due after one year

		Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Bank loans	78,882	62,739	83,111	66,256

	Total	78,882	62,739	83,111	66,256

19	Borrowings	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
	Bank loans and overdrafts	€'000	€'000	€'000	€'000

	Amounts due within one year	4,258	3,534	4,192	3,497
	Amounts due after one year	78,882	62,739	83,111	66,256

	Total	83,140	66,273	87,303	69,753


	The weighted average effective interest rate during the financial year of Group loans was 2.10% (2023 2.23%).

20	Deferred government capital grants	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	At 01 October	171,534	164,916	151,371	144,292
	Additions	6,392	6,392	26,037	26,037
	Amortisation release	(5,896)	(5,444)	(5,874)	(5,413)

	At 30 September	172,030	165,864	171,534	164,916


	At 30 September 2024 an amount of €5.7m (University €5.2m) 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 2023	Cashflows	30 Sep 2024
			€'000	€'000	€'000

	Cash at Bank		128,502	(33,928)	94,574

	Total		128,502	(33,928)	94,574

22	Restricted cash	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	At 01 October	5,159	-	4,684	-
	Interest	5	-	1	-
	Transfers (from)/additions to DCU Educational Trust	(2,313)	-	474	-

	At 30 September	2,851	-	5,159	-


	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 Banks plc.

24	Capital commitments	Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Contracted but not provided for	11,627	9,910	45,120	43,232
	Authorised but not contracted for	10,860	9,731	17,821	16,963

	Total	22,487	19,641	62,941	60,195


	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
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Operating lease commitments	25,029	25,024	25,194	25,185

	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 2024 by a qualified independent actuary to take account of the requirements of FRS102 in order to assess the schemes liabilities at 30 September 2024.


	The financial assumptions used to calculate scheme liabilities at 30 September 2024 are:

	DCU Superannuation Scheme and the Single Public Service Pension Scheme

			2024	2023	2022

	Rate of increase in salaries		3.60%	4.10%	3.85%
	Rate of increase in pensions in payment		2.60%	3.10%	2.85%
	Discount rate		3.60%	4.65%	4.15%
	Revaluation in deferment		2.60%	3.10%	2.85%
	Price Inflation		2.10%	2.60%	2.35%

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

			2024	2023	2022
			Years	Years	Years
	Pensioners- implied life expectancy for a 65 year old

	Male member age 65 (current life expectancy)		22.60	22.60	22.50
	Female member age 65 (current life expectancy)		24.40	24.30	24.20

	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)		24.40	24.30	24.20
	Female member age 45 (life expectancy at age 65)		26.20	26.10	26.00
	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

27	Retirement benefits (continued)

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

			2024	2023	2022

	Rate of increase in salaries		3.60%	4.10%	3.85%
	Rate of increase in pensions in payment		2.60%	3.10%	2.85%
	Discount rate		3.60%	4.65%	4.15%
	Revaluation in deferment		2.60%	3.10%	2.85%
	Price Inflation		2.10%	2.60%	2.35%

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

			2024	2023	2022
	Pensioners- implied life expectancy for a 65 year old		Years	Years	Years

	Male member age 65 (current life expectancy)		22.60	22.60	22.50
	Female member age 65 (current life expectancy)		24.40	24.30	24.20

	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)		24.40	24.30	24.20
	Female member age 45 (life expectancy at age 65)		26.20	26.10	26.00

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

			2024	2023	2022

	Rate of increase in salaries		3.60%	4.10%	3.85%
	Rate of increase in pensions in payment		2.60%	3.10%	2.85%
	Discount rate		3.60%	4.65%	4.15%
	Revaluation in deferment		2.60%	3.10%	2.85%
	Price Inflation		2.10%	2.60%	2.35%

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

			2024	2023	2022
			Years	Years	Years
	Pensioners- implied life expectancy for a 65 year old

	Male member age 65 (current life expectancy)		22.60	22.60	22.50
	Female member age 65 (current life expectancy)		24.40	24.30	24.20

	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)		24.40	24.30	24.20
	Female member age 45 (life expectancy at age 65)		26.20	26.10	26.00
	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

27	Retirement benefits (continued)

	Changes in the present value of defined retirement obligations

		Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Obligation at start of the period	630,004	630,004	631,498	631,498
	Current service cost	12,761	12,761	16,428	16,428
	Interest cost	28,828	28,828	25,841	25,841
	Contributions by scheme participants	8,300	8,300	7,278	7,278
	Benefits paid	(20,090)	(20,090)	(17,620)	(17,620)
	Effect of experience adjustments	7,602	7,602	(391)	(391)
	Change in financial assumptions	58,483	58,483	(33,030)	(33,030)

	Obligations at end of period	725,888	725,888	630,004	630,004


	Changes in the present value of defined retirement reimbursement rights:

		Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Reimbursements at start of the period	630,004	630,004	631,498	631,498
	Interest income	29,523	29,523	26,389	26,389
	Employer contributions	21,590	21,590	19,108	19,108
	Contributions by scheme participants	8,300	8,300	7,278	7,278
	Benefit payments from employer	(20,090)	(20,090)	(17,620)	(17,620)
	Pension income rights recognised	12,066	12,066	15,880	15,880
	Change in actuarial assumptions reflected in reimbursement rights	44,495	44,495	(52,529)	(52,529)

	Reimbursements at end of the period	725,888	725,888	630,004	630,004



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

		Consolidated	University	Consolidated	University
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	DCU Superannuation Scheme	535,579	535,579	480,125	480,125
	Single Public Service Pension Scheme	62,645	62,645	31,283	31,283
	Colleges of Education Superannuation Scheme	127,664	127,664	118,596	118,596

	Total	725,888	725,888	630,004	630,004


	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

27	Retirement benefits (continued)

	The University recognises amounts owing from the State for both funded liabilities (based on written commitment) the unfunded 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 University’s superannuation scheme
	The University has recently obtained legal advice in relation to the Colleges of Education Superannuation Scheme liabilities, and although not specified under law, the University is of the opinion that the State will also meet future retirement benefit liabilities for the Colleges of Education Superannuation Scheme on a pay-as-you-go basis.
	While the University itself is exposed to the actuarial risk associated with the full period of employment of the Colleges of Education Superannuation Scheme liabilities, this exposure is accepted on the basis that the State will fund the full obligation: practice has been that funding is provided for payment obligations.
	The University is of the view that under FRS102 it is virtually certain that a reimbursement asset exists for the Colleges of Education Superannuation Scheme liabilities and accordingly a reimbursement asset (matching asset) is recognised in the Statement of Financial Position.

				University	University
				2024	2023
				€'000	€'000

	Amounts included in pension funding income			10,566	14,392
	Amounts included Staff Costs			(12,761)	(16,428)
	Amounts included in Investment Income			695	548
	Contributions adjustment			1,500	1,488

	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
		2024	2024	2023	2023
		€'000	€'000	€'000	€'000

	Pension costs	207	-	196	-


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

		Research and Other Project Grant Funding		Grant Deferred/ (Due)	Cash Received	Taken to income	Grant Deferred/ (Due)
				Grant Deferred/ (Due)	Cash Received	Taken to income	Grant Deferred/ (Due)
				01/10/2023	2023/24	2023/24	30/09/2024
	Grantor		Government Funding Department	€´000	€´000	€´000	€´000

	Dept of Agriculture, Food and the Marine		Dept of Agriculture, Food and the Marine	620	524	796	348
	Dept of Arts, Heritage, Regional, Rural and Gaeltacht Affairs		Dept of Arts, Heritage, Regional, Rural and Gaeltacht Affairs	199	2,057	2,195	61
	Dept of Communications, Climate Action and Environment		Dept of Communications, Climate Action and Environment	611	450	722	339
	Dept of Education		Dept of Education	28	1,297	1,109	216
	Development & InterCultural Education		Dept of Foreign Affairs	141	0	105	36
	Enterprise Ireland		Dept of Enterprise, Trade and Employment	4,253	4,286	7,753	786
	HEA		DFHERIS	10,245	8,933	9,475	9,703
	Health Research Board		Dept of Health	490	693	543	640
	Health Service Executive		Dept of Health	567	112	190	489
	IRC *		DFHERIS	1,132	3,802	3,349	1,585
	Other Irish Government/State Agencies		Various Departments	641	392	284	749
	Science Foundation Ireland *		Dept of Enterprise, Trade and Employment	1,238	11,717	12,216	739
	The Marine Institute		Dept of Agriculture, Food and the Marine	(23)	194	133	38

	Total Exchequer Funding			20,142	34,457	38,870	15,729
	Total Non-Exchequer Funding			55,744	24,747	28,467	52,024

	Total per Research and Project Accounts			75,886	59,204	67,337	67,753
	Other Adjustments			(38,151)	(2,800)	(12,025)	(28,926)

	Research Grants and Contracts per Consolidated Financial Statements			37,735	56,404	55,312	38,827

	* Research Ireland was established in August 2024, following an amalgamation of Science Foundation Ireland (SFI) and the Irish Research Council (IRC). Research Ireland is an agency of the Department of Further and Higher Education, Research Innovation and Science.

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

	Capital Grants

	The University received capital grant income of €2.4m for the Polaris Building, €2.5m under both the Devolved Capital Grants and Energy Efficiency and Decarbonisation Pathfinder programmes, as well as €1.7m 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			2024	2023
	Expendable Net Assets:			€'000	€'000
	Statement of Financial Position	Statement of Financial Position – Unrestricted Reserves	Net assets without donor restrictions	258,820	251,098
	Statement of Financial Position	Statement of Financial Position – Restricted Reserves	Net Assets with donor restrictions	14,145	13,776
	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)	537,769	508,654
	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	93,790	62,645
	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	-	-

	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

30	US Department of Education Financial Responsibility Supplemental Schedule - continued
				Consolidated
				2024	2023
	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	-	-
	19	Statement of Financial Position– Loans	Long-term debt – for long term purposes	83,140	87,303
	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	14,145	13,776
	Total Expenses and Losses:
	Statement of Compre- hensive Income	Statement of Comprehensive Income – Total Expenditure Total expenditure (€290,464k) less restricted reserve expenditure (€6,098k)	Total expenses without donor restrictions	284,366	267,971
	Statement of Compre- hensive Income	Statement of Comprehensive Income – (Investment Income (€1,812k), plus Gain on Investments (€1,055k), plus Profit on disposal of investments (€114k), plus Deferred Funding for Pension (€10,566k) less Pension service cost (€12,761k), plus Employer Contributions (€21,590) less Pension Interest expense (€28,828k)	Non-Operating and Net Investment (loss)	(6,452)	(6,834)

	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

30	US Department of Education Financial Responsibility Supplemental Schedule - continued
				Consolidated
				2024	2023
	Total Expenses and Losses: (continued)			€'000	€'000
	Statement of Compre- hensive Income	Statement of Comprehensive Income – Gains/(Losses) on investments	Net investment Gains/(Losses)	1,055	279
	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:	278,969	261,416
	Equity Ratio
	Modified Net Assets
	Statement of Financial Position	Statement of Financial Position – Unrestricted Reserves and Non- Controlling Interest	Net assets without donor restrictions	258,820	251,098
	Statement of Financial Position	Statement of Financial Position – Restricted Reserves	Net assets with donor restrictions	14,145	13,776
	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	683,004	674,646
	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:	955,969	939,520

	Dublin City University		Consolidated Financial Statements 2024

	NOTES TO THE ACCOUNTS - continued

30	US Department of Education Financial Responsibility Supplemental Schedule - continued
				Consolidated
	Net Income Ratio			2024	2023
	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 (€8,091k) less Restricted Comprehensive Income (€369k)	Change in Net Assets Without Donor Restrictions	7,722	8,461
			Total Change in Net Assets without Donor Restrictions:	7,722	8,461
	Total Revenue and Gains without donor restrictions:
	Statement of Compre- hensive Income	Statement of Comprehensive Income and Expenditure – Total income (€297,716k), less Investment Income (€1,812k), 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 (€10,566k) Losses are not included.	Total Revenues and Gains	285,338	267,028
			Total Revenue and Gains without donor restrictions:	285,338	267,028

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 16 June 2025, and signed on its behalf on 16 June 2025.

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