Is féidir leagan Gaeilge den Ráiteas Airgeadais Comhdhlúite OCBÁC don Bhliain dar Chríoch 30 Meán Fómhair 2025 a fháil ag an nasc thíos.

The Irish language version of the DCU Consolidated Financial Statements for the Year Ended 30th September 2025 may be accessed at the link below. 

DCU Accounts (Irish Language) 2025 

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 2025

The University’s consolidated income, expenditure and results for the year to 30 September 2025 are summarised as follows:

Total income for the Group increased by 14.9%. Adjusting for capital donation income as part of the funding of a building project, income increased by 11% overall. Expenditure increased by 12.7% year on year. The surplus for the year funds capital investment which has long term benefits for the Group.

The reported net reserves surplus movement for the year was €15.5m with accumulated group reserves standing at €288.5m. 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 €26.5m. 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, which were both completed during the year.

Net cash inflows of €5.1m during the financial year have resulted in the group cash and cash equivalents (exclusive of restricted cash balances and term deposits) of €94.6m increasing to €99.7m 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 €57m. 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

As we continue to work on delivery of the University’s strategic objectives, we see the impact this has both nationally and internationally. From an international rankings perspective, the university has climbed to between 301 and 350 in the 2026 Times Higher Education (THE) World University Rankings. Equally, at a national level, the university has been awarded funding under the Higher Education Authority’s performance funding framework, for its accomplishments, impact on communities, and contributions to the delivery of national priorities. This performance funding provides the opportunity for the university to implement initiatives in 2026 including leveraging the use of technology to further enhance the student and staff experience, as well as develop additional opportunities for student innovation and entrepreneurship.

Building on the successful increase in research funding awards, and research intensity including citations, the university will continue in collaboration with national and international funding bodies, as well as industry partners, to grow its research impact for the benefit of society and Ireland’s economy. The investment available from the latest Research Ireland Centres Programme funding call will support the national and international research eco-system in areas of national priority over the coming eight years. DCU seeks to build on its established legacy over many decades at national research centre level, and most recently on its research achievements through Insight, one of Europe’s largest data science centres, including AI research.

Core funding shortfalls and accumulated inflationary cost pressures remain across the third level sector in Ireland, and this is reflective of many higher education systems across the world at this time. The announcement by Government in the national budget for 2026 of funding for pay awards and investment in research under the revised National Development Plan are welcome developments. However legacy shortfalls in core funding, including as identified under the Government’s Funding the Future framework in 2022 remain and have yet to be fully addressed. The provision of grant funding to bridge the current annual shortfall is important to maintaining the resilience and financial sustainability of the sector.

Following the opening of the new Polaris building by An Taoiseach Micheál Martin and Minister James Lawless, in 2025, this state of the art facility commences its first full academic year of operation in 2025/26. Polaris is the new home for DCU’s School of Health & Human Performance and includes a High Performance Lab focused on sports research, a Life Lab to help students develop improved health literacy, and a Movement Lab that will use state-of-the-art indoor sport facilities to help the local community access data analytics and visualisation techniques. The building is designed as an immersive eco-system that actively breaks down boundaries, sparking collaboration across subjects and between groups, inside and outside the university. We welcome students, staff and visitors to this world class facility in 2025/26, and recognise that this is an investment that will pay dividends for generations of students to come.

Prof. Daire Keogh President / Chief Officer

26 June 2026

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                                            Mr. Cathal Marley

President / Chief Officer                                 Chancellor Date: 26 June 2026

1.    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 for monitoring its overall effectiveness. The Governing Authority formally approves this Statement on Internal Control.

2.    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.

3.    System of Internal Control
In order to discharge its responsibilities in respect of internal control, the Governing Authority has established an organisational structure with clear operating and reporting procedures, lines of responsibility, authorisation limits, segregation of duties and delegated authority. Independent and
objective assurance and advice on the adequacy and effectiveness of internal control is provided by Internal Audit (IA) and the external auditors.

4.    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 (Chief Financial Officer, 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 (now and Audit & Risk Committee from November 2025), 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 and co-sourced 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:
o    monitors the effectiveness of the University's risk management processes and the effectiveness of the University's risk management strategy.
o    The chair of the Risk Committee is also a member of the University Audit Committee.
o    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.
·    The University has a 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:
o    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.
o    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.
o    The Health and Safety Committee provides oversight to all aspects of health and safety on campus.
o    IS Governance Committee with oversight of IT systems, policies and cybersecurity.

·        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 accordance with GDPR legislation, the University has 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 2025.
·    The University confirms its compliance with the Code of Governance for State Bodies in all material matters during the financial year. A Code of Governance for the wholly owned subsidiary companies is being developed in conjunction with the IUA.

5.    Review of the Statement on Internal Control
·    The Statement on Internal Control was reviewed by the University's Audit & Risk Committee (a new combined committee met for the first time on 19 November 2025) before it was submitted to the Governing Authority for approval on 5 December 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:
a)    the Internal Audit opinion on the effectiveness and adequacy of the system of internal controls
b)    risk assessments
c)    quality review reports, and
d)    health and safety reports at each Health & Safety Committee meeting and the Annual Health and Safety Report to the Governing Authority.

6.    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 2024/25.
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.
Following review by the University’s external registered auditors as part of the annual audit of financial year 2024/25, no non-compliant procurable expenditure was identified.
Following review by the University’s statutory auditors, the Office of the Comptroller and Auditor General identified 5 supplier contracts totalling €283k that require the existing procurement approach to be updated and therefore have been deemed non-compliant, and work to address these contracts is already underway.
(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.

7    Governing Authority Meetings
The DCU Governing Authority met on seven occasions in 2024/2025 on the following dates:
•    16th October 2024    • 2nd July 2025
•    6th December 2024    • 30th July 2025 (To elect the new Chancellor)
•    26th February 2025    • 11th Sept 2025
•    16th April 2025

The attendance record for each member of the Authority was as follows noting that the term of the previous Governing Authority expired on July 28th 2025:

Please note that the Governing Authority met on two separate occasions without University management present.

8.    Audit Committee Meetings
The Audit Committee met on the following dates in 2024/2025:
•    20th November 2024    • 3rd June 2025
•    19th February 2025
•    26th March 2025

Members Attendance

* Member of the Governing Authority also
Please note the term of the Governing Authority expired on 28 July 2025. At the 11 of September meeting of the Governing Authority a new Audit & Risk Committee was established with its first meeting scheduled for November 2025.

9.    Governing Authority Risk Committee Meetings
The Governing Authority Risk Committee met on the following dates in 2024/2025:
•    27th November 2024    • 2nd April 2025
•    5th February 2025    • 11th June 2025

Please note both the Audit and Risk Committees met during the year without University Management being present. Please note the term of the Governing Authority expired on 28 July 2025. At the 11 of September meeting of the Governing Authority a new Audit & Risk committee was established with its first meeting scheduled for November 2025.

10.    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. In 2025 the Governing Authority carried out a detailed external evaluation of its effectiveness in conjunction with Governance Ireland.

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              Mr. Cathal Marley
President / Chief Officer    Chancellor  

Date:    26 June 2026

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 2025 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 2025 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.

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.

Capital expenditure write-off

Notes 8 and 11 to the financial statements disclose that the University wrote off expenditure amounting to €4.38 million (including VAT) incurred on professional fees for a proposed project to construct a new student accommodation building following a decision not to proceed with the development.

Seamus McCarthy

Comptroller and Auditor General 30 June 2026

Appendix to 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.

Reporting on other matters

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.

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.

Year Eended 30th September

All items of income and expenditure related to continuing activities.

Year Ended 30 September

The financial statements on pages 17 to 54 were approved by the Governing Authority on 26 June 2026 and signed on its behalf on 26 June 2026 by:

Prof. Daire Keogh                                            Mr. Cathal Marley

President / Chief Officer                                   Chancellor

Year Ended 30 September

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 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.

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:

1. 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.

2. 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.

3. 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 sufficient 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 2025/26 and 2026/27 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.

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

1. 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.

2. 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

3. 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.

4. 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.

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.

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.

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.
 

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

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

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.

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 €610,085 (2024: €559,755).

The remuneration (excluding amounts payable under the DCU Model public sector pension scheme) of the University President in the financial year is €243,933. The University Chancellor, who completed their term of office on 29 July 2025, received a stipend of €16,505 in the period. No other fees or expenses were paid to external Governing Authority members in the year ending 30 September 2025.

Due to an administrative calculation error linked to FEMPI restoration and subsequent pay award application, a salary overpayment of the University’s President role has arisen. Once the calculation error was identified and confirmed in June 2026, the salary was adjusted for future payments and an immediate repayment plan was put in place for the amount of monies received by the President totalling €18.9k and covering approximately a 4-year period. Under the repayment plan, all amounts received will be repaid by the President by 31 July 2026.

Total staff costs includes an amount of variable pay totalling €186,538 (2024: €205,750) 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 €18,464 for approved allowances (2024: €18,100) and overtime of €191,472 (2024: €215,901).€215,901).

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 €2.64m (2024: €2.45m).

7. Staff costs (continued) Higher paid staff

   The University has 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 as follows:

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

Other operating expenses above includes the following expenditure:

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.

(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:

Professional fees relating to, and capitalised, as part of capital projects includes: Building and System implementation related

The total expenditure on professional fees (excluding audit fees) recognised through the statement of comprehensive income amounted to €5.8m (2024: €3.5m), of which consultancy fees amounted to €0.2m (2024: €0.2m).

* 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.

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.

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.

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.

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 €190k (2024: €180k) 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 €218k (2024: €251k) 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.

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.

On a prudent basis, a provision for impairment of an asset (ex VAT €3.86m: incl VAT €4.38m) has been recognised from non-exchequer sources against expenditures incurred to date at approved decision gates on the new on-campus student accommodation project. Due to construction inflation, the project is awaiting a funding solution that can deliver affordable accommodation for students. The provision may be reversible in a future financial year, should the project proceed to delivery. The University continues to work with all stakeholders in seeking to increase the supply of affordable purpose-built accommodation for students, with planning permission in place for developments at the University's Glasnevin campus until 2029. In May 2026, the University provided projects with planning permission for 1,235 beds to the Higher Education Institutions Student Accommodation Programme, under the recently launched Department’s “National Student Accommodation Strategy 2026-2035".

* Group assets with a VAT inclusive cost of €81.6m (2024: €10.0m) completed during the year are reclassified from “Assets in course of Construction” (with a VAT exclusive construction cost of €73.8m). They are regarded as additions in the year and depreciated from the date when brought into use.

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.

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

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

Incorporated (Direct subsidiary undertaking)

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

The following associated undertakings are not consolidated.

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 (2024: Nil).

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. No investments were disposed of during the year (2024: disposal gain of €94,976).

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.
 

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

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.

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.

The weighted average effective interest rate during the financial year of Group loans was 2.10% (2024 2.10%).

At 30 September 2025 an amount of €6.2m (University €5.9m) is due for release to the consolidated statement of comprehensive income during the next financial year as grant amortisation.

Under the terms of the ISIF loan facility agreement, Campus Residences 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.

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.

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 €176,750 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:

28. DCU Superannuation Scheme
29. Single Public Service Pension Scheme
30. 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 2025 by a qualified independent actuary to take account of the requirements of FRS102 in order to assess the

schemes liabilities at 30 September 2025.

The financial assumptions used to calculate scheme liabilities at 30 September 2025 are:

DCU Superannuation Scheme and the Single Public Service Pension Scheme

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

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

Changes in the present value of defined retirement obligations

The University recognises amounts owing from the State for both funded liabilities (based on written commitment) and 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.

Subsidiary Undertakings

Defined contribution pension scheme

The total pension payments made by subsidiary undertakings in respect of the defined contribution funds were as follows: