Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697804241003.pdf (Ireland)
THE CHURCH OF IRELAND COLLEGE OF EDUCATION FINANCIAL STATEMENTS FOR THE 9 MONTH PERIOD ENDED 30 SEPTEMBER 2016 Church of Ireland College of Education Financial Statements 2016 GENERAL INFORMATION: EXTERNAL AUDITORS INTERNAL AUDITOR BANKERS LEGAL ADVISORS The Comptroller and Auditor General 3A Mayor Street Upper Dublin 1 Ms. Clare O’Meara O’Meara Consulting ‘Foxhollow’ Navan Co Meath Ulster Bank 63 Ranelagh Dublin 6 Millett & Matthews Solicitors Main Street Baltinglass Co Wicklow 2 Church of Ireland College of Education Financial Statements 2016 CONTENTS CHAIRMAN’S STATEMENT STATEMENT OF GOVERNORS’ RESPONSIBILITIES STATEMENT ON INTERNAL FINANCIAL CONTROL AUDITORS REPORT STATEMENT OF INCOME & EXPENDITURE AND RETAINED REVENUE RESERVES STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION STATEMENT OF CASHFLOWS Page 4 5 6 7 - NOTES TO THE FINANCIAL STATEMENTS 13 - 22 Church of Ireland College of Education 3 CHAIRMAN’S STATEMENT Scope of the Financial Statements The Financial Statements comprise of the results of the College.
Results for the 9 month period ended 30 September 2016 The College was incorporated into Dublin City University on October 2016.

The College’s Statement of Income and Expenditure and Results for the 9 month period to 30 September 2016 are summarised as follows: Income Expenditure (Deficit)/Surplus 9MTHS 2016 € 2,496,066 2,821,446 (325,380) 12 MTS 2015 € 3,598,333 3,538,773 59,560 The College’s overall Income decreased by 7.52 % in the period with a reduction in state grants.
There was no significant rate of decrease in expenditure.

Statement of Financial Position and Statement of Cashflows Fixed asset purchases were veiy small during the period, with no substantial purchases.

Cash outflows during the period resulted in the cash position decreasing by €590,322 by the end of the period.

Future Outlook The future direction of the College is dictated by the published policy of the Department of Education and Skills and the Higher Education Authority.
Its policy is to cease funding small stand-along third level colleges (Hunt Report 2011) and to reconfigure the provision of initial teacher education into 6 university settings on a national basis (Sahiberg Report 2012).
It was agreed that the Church of Ireland Centre for Education would be established within DCU and that this Centre will have an oversight and provision role to ensure the appropriate preparation of teachers to work in primary schools under Church of Ireland, Methodist, Presbyterian and Society of Friends patronage.

Incorporation agreement was signed on 30*’’ September 2016, the Incorporation took effect from U* October 2016.
Chairman of the Board of Governors: + Dr. Michael Jackson, Archbishop of Dublin Date: Church of Ireland College of Education 4 STATEMENT OF GOVERNORS’ RESPONSIBILITIES The Governors are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Church of Ireland College of Education and of the Income and Expenditure Account for that year.

The accounts of the Church of Ireland College of Education Endowment Funds are presented separately.
In preparing these financial statements, the Governors are required to; select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Church of Ireland College of Education will continue in operation; state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements.
The Governors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the College.

They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Audit Committee met three times during the 9 month period.
Governor: + Dr. Michael Jackson, Archbishop of Dublin Church of Ireland College of Education 5 STATEMENT ON INTERNAL FINANCIAL CONTROL Responsibility for system of Internal Financial Control The ChaiiTnan and Board members acknowledge that the Board of Governors of the Church of Ireland College of Education is responsible for ensuring that an effective system of internal financial control is maintained and operated.
The Chairman and Board members also acknowledge that such a system of internal financial control can provide only reasonable and not absolute assurance that assets are safeguarded, transactions authorised and properly recorded, and that material errors or irregularities are either prevented or would be detected in a timely manner.
Key Control Procedures Taking into account the size of the organisation, the number of administrative staff employed (2) and the annual budget, the Board members have set out the following key procedures designed to provide effective internal control within the College: • The Principal and the Bursar/Registrar are responsible for operational matters; • There are defined procedures for the authorisation of expenditure; • Formal procedures have been established for reporting significant control failures and ensuring appropriate corrective action; • An Audit Committee is in place to support quality assurance of financial procedures and to report to the Board; • The College has established procedures to identify and evaluate business risks; • The College has adopted the principles of corporate governance contained in the Code of Practice for the Governance of State Bodies; • The Board’s monitoring and review of the effectiveness of the system of internal financial control is infonned by the work of the Internal Auditor and the Audit Committee.
Annual review of Controls • A review of the effectiveness of the systems of Internal Financial Controls was carried out by the Internal Auditor on behalf of the Audit Committee in respect of the period ended 30 June 2016 in July 2016, and was reviewed by the Board onl2th December 2017.

No weaknesses in internal control have been identified that have resulted in material losses, contingencies or uncertainties which require disclosure in the financial statements.

Chairman of the Board of Governors.

+Dr.


Michael Jackson, Archbishop of Dublin 6 Comptroller and Auditor General Report for presentation to the Houses of the Oireachtas Church of Ireland College of Education I have audited the financial statements of the Church of Ireland College of Education for the period ended 30 September 2016 under the Comptroller and Auditor General (Amendment) Act 1993.
The financial statements comprise the statement of income and expenditure and retained revenue reserves, the statement of comprehensive income, the statement of financial position, the statement of cash flows and the related notes.

The financial statements have been prepared in a form derived from Section 23 of the 1887 Scheme made under the Educational Endowments (Ireland) Act (1885), and in accordance with generally accepted accounting practice.
Incorporation of the Church of Ireland College of Education into Dublin City University The Dublin City University Incorporation Programme involves the incorporation of the Church of Ireland College of Education, St Patrick’s College Drumcondra, and the Mater Dei Institute of Education into the University.

The incorporation came into effect on 1 October 2016.
Responsibilities of the Members of the Board of Governors The Governors are responsible for the preparation of the financial statements, for ensuring that they give a true and fair view and for ensuring the regularity of transactions.

Responsibilities of the Comptroller and Auditor General My responsibility is to audit the financial statements and to report on them in accordance with applicable law.
My audit is conducted by reference to the special considerations which attach to State bodies in relation to their management and operation.

My audit is carried out in accordance with the International Standards on Auditing (UK and Ireland) and in compliance with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements, sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of • whether the accounting policies are appropriate to the College's circumstances, and have been consistently applied and adequately disclosed • the reasonableness of significant accounting estimates made in the preparation of the financial statements, and • the overall presentation of the financial statements.

I also seek to obtain evidence about the regularity of financial transactions in the course of audit.
In addition, I assess the consistency of the other information presented with the financial statements.

If I become aware of any apparent material misstatements or inconsistencies, I consider the implications for my report.
Opinion on the financial statements In my opinion, the financial statements: • • give a true and fair view of the assets, liabilities and financial position of the College as at 30 September 2016 and of its income and expenditure for the period then ended; and have been properly prepared in accordance with generally accepted accounting practice.

In my opinion, the accounting records of the College were sufficient to permit the financial statements to be readily and properly audited.
The financial statements are in agreement with the accounting records.

Emphasis of matter- deferred pension funding Without qualifying my opinion on the financial statements, I draw attention to Note 17 Retirement Benefits and to the recognition as at 30 September 2016 of an asset of €18.1 million in respect of deferred pension funding.

The recognition of the deferred pension funding asset anticipates that funding will be provided by the State to meet pension liabilities as they fall due.
Inherent in this accounting treatment is an assumption that any income generated by the College will in the first instance be applied towards current expenses and that State funding will meet any shortfall in resources required to meet future pension liabilities.
Report of the Comptroller and Auditor General (ctd) Matters on which I report by exception I report by exception if I have not received all the information and explanations I required for my audit, or if I find • • • any material instance where money has not been applied for the purposes intended or where the transactions did not conform to the authorities governing them.
the statement on internal financial control does not reflect the College’s compliance with the Code of Practice for the Governance of State Bodies, or there are other material matters relating to the manner in which public business has been conducted.
Review of the system of internal financial control The statement on internal financial control discloses that a review of the effectiveness of the internal financial control system, covering the period to 30 June 2016, was carried out by the internal auditor in July 2016.

The review did not cover the entire financial period and was only reviewed by the Board of Governors in December 2017, some 15 months after the end of the financial period.
Seamus McCarthy Comptroller and Auditor General /S' December 2017 CHURCH OF IRELAND COLLEGE OF EDUCATION Statement of Income and Expenditure and Retained Revenue Reserves for the 9 month period ended 30 September 2016 9 Months 2016 12 Months 2015 Notes € € INCOME Oireachtas Grant Tuition Fees - College Registration Fees - College Other Income Deferred Funding for Retirement Benefits Transfer from Capital Account 3 2 2 4 17(c) 14 EXPENDITURE Establishment expenses Operating expenses Administration expenses Retirement Benefit Costs Bank interest and charges Special Education Needs Development and Intercultural Education Depreciation of Property, Plant & Equipment 5 6 7 17(a) 9 10 11 DEFICIT/SURPLUS FOR YEAR BALANCE AT 1 JANUARY 1,750,527 157,687 184,500 256,163 (8,918) 156,107 2,496,066 184,148 1,754,808 166,325 522,933 704 16,302 20,119 156,107 2,821,446 (325,380) 358,562 BALANCE AT 30 SEPTEMBER _______ 33,182 The results of the year relate to continuing operations.
The Statement of Cash Flows and the Notes 1-24 form part of these Financial Statements.
Governor: +Michael Jackson, Archbishop of Dublin Governor: Geoffrey Perrin Principal: Dr. Anne Lodge Date: 1,710,173 333,561 357,750 517,227 450,956 228,666 3,598,333 252,232 1,983,017 193,172 825,235 873 28,872 26,706 228,666 3,538,773 59,560 299,002 358,562 9 CHURCH OF IRELAND COLLEGE OF EDUCATION Statement of Comprehensive Income for the 9 month period ended 30 September 2016 Notes (DeficitySurplus for the year Actuarial loss/gain on Retirement Benefit Obligations 17(b) Adjustment to Deferred Retirement Benefit Funding 17(e) Total recognised Gains/Losses for the year 9 Months 2016 12 Months 2015 € (325,380) 721,000 (721,000) (325,380) € 59,560 6,757,000 (6,757,000) 59,560 The results of the year relate to continuing operations.
The Statement of Cash Flows and the Notes 1-24 form part of these Financial Statements.
Governor: +Michael Jackson, Archbishop of Dublin Governor: Geoffrey Perrin Principal: Dr. Anne Lodge Date: 10 CHURCH OF IRELAND COLLEGE OF EDUCATION Statement of Financial Position for the 9 month period ended 30 September 2016 Notes 9 Months 2016 12 Months 2015 FIXED ASSETS Property, Plant & Equipment CURRENT ASSETS Receivables Cash & Cash Equivalents CURRENT LIABILITIES Amounts falling due within one year; NET CURRENT ASSETS NET ASSETS BEFORE PENSIONS 11 12 13 € € 777,179 930,672 173,889 65,274 239,163 205,981 33,182 810,361 376,592 655,596 1,032,188 673,626 358,562 1,289,234 17,397,365 (17,397,365) Deferred Funding Asset for Retirement Benefit Retirement Benefit Obligations 17(c) 17(b) 18,109,448 (18,109,448) NET ASSETS 810,361 1,289,234 REPRESENTED BY:- CAPITAL ACCOUNT 14 INCOME & EXPENDITURE ACCOUNT 777,179 33,182 810,361 The results of the year relate to operations during the 9 month period.
The Statement of Cash Flows and the Notes 1-24 form part of these Financial Statements.
Governor: 7^41 +Michael Jackson, Archbishop of Dublin Governor: Geoffrey Perrin Principal: Dr. Anne Lodge Date: 11 930,672 358,562 1,289,234 'i CHURCH OF IRELAND COLLEGE OF EDUCATION Statement of Cash Flows for the 9 month period ended 30 September 2016 9 Months 2016 12 Months 2015 € € Net Cash Flows from Operating Activities Excess/(Shortfall) Income over/under expenditure Depreciation and impairment of fixed assets (Decrease)/increase in receivables lncrease/(decrease) in payables Bank interest received Net Cash Inflow from Operating Activities Cash Flows from Investing Activities Payments to acquire property, plant & equipment Amortisation in line with property, plant & equipment depreciati Net Cash Flows from Investing Activities Cash Flows from Financing Activities Bank interest received Oireachtas Grant spend on property, plant & equipment Net Cash inflow from Financing Activites Net (Decrease)/lncrease in Cash and Cash Equivalents Cash and Cash equivalents at 1 January 2016 Cash and cash equivalents at 30 September 2016 Notes 11 12 13 11 11 11 (325,380) 156,107 202,703 (467,645) (146) (434,361) (2.614) (156,107) (158,721) 146 2,614 2,760 (590,322) 655,596 65,274 59,560 228,666 (31,535) 32,458 (769) 288,380 (7,111) (228,666) (235,777) 769 7,111 7,880 60,483 595,113 655,596 Signed on behalf of the Governing Body Governor: +Michael Jackson, Archbishop of Dublin Governor: Geoffrey Perrin Principal: Dr. Anne Lodge Date: 3“ CHURCH OF IRELAND COLLEGE OF EDUCATION Notes to the Financial Statements for the 9 month period ended 30 September 2016 1.
Accounting Policies Statement of Compliance The financial statements of The Church of Ireland College of Education for the period ended 30 September 2016 have been prepared in accordance with FRS 102, the financial reporting standard applicable in the UK and Ireland issued by the Financial Reporting Council (FRC).
Basis of Preparation The financial statements have been prepared using the accruals method of accounting and in accordance with generally accepted accounting principles under the historical cost convention.

Financial Reporting Standards recommended by the recognised accountancy bodies are adopted as they become operative.

Financial Statements These financial statements deal with the teaching operations of the College.
In this context the term 'teaching' is intended to refer to the activities of the College which are primarily funded by grants from the Department of Education and Skills.

The financial statements of the College's Endowment Funds are presented and audited separately.

State Grants state Grants for recurrent expenditure are included in the income of the year in which they are received.
Special Education Needs grant, and a grant for Development and InterCultural Education are included in the income of the year to the extent that related expenditure has been incurred.

State grants for capital expenditure (including grants for recurrent purposes utilised for the purpose of equipment and minor works) are included in the Capital Account in the year in which the expenditure is incurred and are credited to income over the estimated useful lives of the related assets.
Tuition Income Tuition fee income is credited to the income and expenditure account in the period to which it relates.

Property, Plant & Equipment Property, plant & equipment are stated at cost less accumulated depreciation, adjusted for any provision for impairment.
Depreciation is provided on all property, plant & equipment, other than freehold land and artwork, at rates estimated to write off the cost less the estimated residual value of each asset on a straight line basis over their estimated useful lives, as follows: Buildings Fixtures & Equipment Computers 2% 20% 33.33% No depreciation has been charged on land Capital Account The Capital Account represents the unamortised value of funding applied for capital purposes.
Retirement Benefits The College operates defined benefit pension schemes for staff which are funded annually on a pay as you go basis from monies available to it, including monies provided by the Department of Education and Skills and from contributions deducted from staff salaries.

Retirement benefit obligations are measured on an actuarial bais using the projected unit method.
Retirement benefit costs reflect retirement benefits earned by employees in the period and are shown net of staff pension contributions, which are retained by the Department of Education and Skills.

An amount corresponding to the pension charge is recognised as income to the extent that it is recoverable, and offset by grants received in the year to discharge pension payments.
Actuarial gains or losses arising from changes in actuarial assumptions in the period and from experience surpluses and deficits are recognised in the Statement of Comprehensive Income for the year in which they occur and a corresponding adjustment is recognised in the amount recoverable from the Department of Education and Skills.

Retirement benefit liabilites represent the present value of future retirement benefit payments earned by staff to date.
Deferred pension funding represents the corresponding asset to be recovered in future periods from the Department of Education and Skills.

The new Single Public Service Pension ('Single Scheme') commenced with effect from 1 January 2013.

All new entrants to pensionable public service employment on or after 1 January 2013 are, in general members of the Single Scheme.

Monies received from employees under this scheme are returned to the Department of Public Expenditure and Reform.
13 CHURCH OF IRELAND COLLEGE OF EDUCATION Notes to the Financial Statements for the 9 month period ended 30 September 2016 Critical Accounting Judgements and Estimates The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.
However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Impairment of Property, Plant and Equipment Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

The recoverable amount is the higher of an asset's fair value less cost to sell and value in use.

For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units).

Non-financial assets that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
Depreciation and Residual Values The Governors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives and residual values are appropriate.
Retirement Benefit Obligation The assumptions underlying the actuarial valuations for which the amounts recognised in the financial statements are determined (including discount rates, rates of increase in future compensation levels, mortality rates and healthcare cost trend rates) are updated annually based on current economic conditions, and for any relevant changes to the terms and conditions of the pension and post-retirement plans.
The assumptions can be affected by: (i) the discount rate, changes in the rate of return on high-quality corporate bonds (ii) future compensation levels, future labour market conditions (iii) health care cost trend rates, the rate of medical cost inflation in the relevant regions 14 CHURCH OF IRELAND COLLEGE OF EDUCATION Notes to the Financial Statements for the 9 month period ended 30 September 2016 2.

Tuition Fees/Registration Fees All tuition fees are In respect of the College of Education.
A portion of fees charged to fulltime undergraduate students was met by the State.

In this regard, the amount received by the Church of Ireland College of Education in the 9 month period ended 30 September 2016 was €155,122 (2015 €326,901).

The balance of €2,565 was received directly from students.

(2015 €6,660) Registration Fees received in the period were €184,500 (2015 €357,750).

3.
Oireachtas Grants Oireachtas grant for recurrent purposes Less:- Utilised for capital purposes SPSPS deductions returned to Exchequer Development and Intercultural Education Unused grant from 2015 Grant received in 2016 Less: Deferred at 30 September 2016 Special Education Needs Unused grant from 2015 Grant received in 2016 NCCA Unused grant from 2015 Realised to income in 2016 Arts Council Unused grant from 2015 Grant returned to Arts Council 2016 HEA SAF Fund Unused grant from 2015 Grant received in 2016 Adjustment Less: Deferred at 30 September 2016 HEA Disability Fund Unused grant from 2015 Less: Deferred at 30 September 2016 Note 14 4,797 17,931 (2,609) 3,063 13,239 1,675 (1,675) 12,252 (4,990) 9,178 4,200 9 (5,990) 5,268 (3,813) DCU Incorporation Grant Grant received in 2016 180,679 Total Grants for Development and InterCultural Education are funded by Irish Aid, Department of Foreign Affairs and Trade.
Grants for Special Education Needs are funded from the European Social Fund.

9 Months 2016 12 Months 2015 € € 1,520,466 (2,614) (539) 1,517,313 1,537,522 (7,111) (4,276) 1,526,135 20,119 26,706 16,302 28,872 15,885 7,262 12,959 7,397 6,823 1,455 4,356 180,679 88,437 1,750,527 1,710,173 4.
Other Income 9 Months 12 Months Accommodation and Meals Letting of facilities MA Fees Bank interest Other 2015 € 406,639 38,136 19,800 769 51,883 517,227 2016 € 185,630 6,187 43,997 146 20,203 256,163 15 CHURCH OF IRELAND COLLEGE OF EDUCATION Notes to the Financial Statements for the 9 month period ended 30 September 2016 5.
Establishment Expenses Furniture and equipment Building repairs, maintenance, Alterations and construction Property Tax Legal Fees Professional Fees Water and Bin Charges Insurance Security of premises Fuel and light:- Gas Electricity 6.
Operating Expenses Salaries, wages and pensions:- Teaching staff Matron and cooks Domestic staff Maintenance engineer and assistant Library Chaplain Other Operating Expenses:- Agency Staff - Domestic Laundry Food and Provisions Books and Aparatus Arts & Crafts Fees paid to Trinity College Fees paid to DCU Student and staff travelling expenses Bad debt written off Medical costs Student Services Cleaning MA Costs Incidentals DCU Incorporation Costs - Legal & Tax advice.
Employee expenses Library 9 Months 2016 € 12 Months 2015 € 2,567 33,349 5,113 7,433 15,378 8,708 31,276 36,552 17,394 26,378 13,625 42,228 5,113 7,321 2,768 15,224 32,410 56,203 32,194 45,146 _______184,148 252,232 9 Months 12 Months 2015 € € 2016 918,833 44,688 154,955 49,751 58,375 16,828 14,483 152 25,944 100 39,724 (2,970) CHURCH OF IRELAND COLLEGE OF EDUCATION Notes to the Financial Statements for the 9 month period ended 30 September 2016 7.
Administration Expenses Salaries Agency Staff - Administration Printing and stationery Postage and telephone Audit fees - external Audit fees - internal Computer costs 8.

Bank Interest and Charges Bank Interest paid Bank Interest received Bank Charges 9.
SPECIAL EDUCATION NEEDS PAY:- Lecturers Fees OTHER EXPENSES:- T ravelling ■ Expenses Accommodation and administration Resources and Materials 9 Months 2016 12 Months 2015 € € 81,848 17,930 14,981 6,769 11,200 7,028 26,569 106,633 15,096 17,268 7,519 17,600 6,683 22,373 166,325 193,172 9 Months 2016 12 Months 2015 € - (146) 704 558 € - (769) 873 104 9 Months 2016 12 Months 2015 € 5,296 6,552 3,311 1,143 € 8,189 9,854 5,860 4,969 16,302 28,872 9 Months 2016 12 Months 2015 10.
DEVELOPMENT AND INTERCULTURAL EDUCATION € € PAY:- Salaries 19,688 26,250 OTHER EXPENSES:- Resources & Materials 431 20,119 456 26,706 17 CHURCH OF IRELAND COLLEGE OF EDUCATION Notes to the Financial Statements for the 9 month period ended 30 September 2016 11.
PROPERTY, PLANT AND EQUIPMENT Fixed Asset Schedule Land & Buildings € 1,779,806 - Fixtures & Equipment € 1,848,629 2,614 Computers Total € 110,424 € 3,738,859 2,614 COST At 1 January 2016 Additions for the year Disposals for the year At 3o September 2016 1,779,806 1,851,243 110,424 3,741,473 DEPRECIATION At 1 January 2016 Charge for the year Disposals for the year 1,035,715 30,517 1,668,451 119,187 104,021 6,403 At 30 September 2016 1,066,232 1,787,638 110,424 NET BOOK VALUE At 30 September 2016 At 31 December 2015 Prior Year Comparatives: COST At 1 January 2015 Additions for the year Disposals for the year At 31 December 2015 DEPRECIATION At 1 January 2015 Charge for the year Disposals for the year At 31 December 2015 NET BOOK VALUE At 31 December 2015 713,574 744,091 63,605 180,178 0 6,403 Land & Buildings Fixtures & Equipment Computers Total € 1,779,806 - - 1,779,806 1,005,197 30,518 - 1,035,715 € 1,841,518 7,111 - 1,848,629 1,476,686 191,765 - 1,668,451 € 113,710 - (3,286) 110,424 100,924 6,383 (3,286) 104,021 _______ 744,091 _______ 180,178 _______ 6,403 _______ 930,672 2,808,187 156,107 - 2,964,294 777,179 930,672 € 3,735,034 7,111 (3,286) 3,738,859 2,582,807 228,666 (3,286) 2,808,187 Note: The Land and Buildings are owned by the College Trust, which is a Corporate Body.
Upkeep, refurbishment and associated overheads are paid by the College.

Land and Buildings transferred to the Representative Church Body upon Incorporation 18 CHURCH OF IRELAND COLLEGE OF EDUCATION Notes to the Financial Statements for the 9 month period ended 30 September 2016 12.

Receivables 9 Months 2016 12 Months 2015 Student fees Other Debtors Prepayments 13.
Payables Student fees: Refunds Deferred grants Accruals Refundable deposits to students Other creditors Payable to DCU Deferred Grants: Note 13a Deferred grants at 1st January Correction re Hardship/ Arts Council Grant Grants received in year Grants expended in year Grant returned to Grant provider Deferred grants at 30th September 14.

Capital Account Balance at 1 January Allocated from State recurrent grant Property.
Plant & Equipment purchased Property, Plant & Equipment disposed Release to Income Amortisation in line with asset depreciation Release on disposal of Property, Plant And Equipment Balance at 30 September € - 173,889 - 173,889 9 Months 2016 832 12,413 18,217 - 162,935 11,584 205,981 9 Months 2016 36,232 9 35,371 (54,209) (4,990) 12,413 9 Months 2016 930,672 2,614 - (156,107) - 777,179 19 € 287,676 73,866 15,050 376,592 12 Months 2015 - 36,232 96,804 20,194 520,396 673,626 12 Months 2015 35,905 140 95,788 (95,601) - 36,232 12 Months 2015 1,152,227 7,111 (3,286) (228,666) 3,286 930,672 CHURCH OF IRELAND COLLEGE OF EDUCATION Notes to the Financial Statements for the 9 month period ended 30 September 2016 Note 15 Board Members' Fees and Principal's Remuneration Board Members' Payments The Board operates on a voluntary basis and no payments were made to the Board members in the period to 30 September 2016.
Expenses paid to Mr. Geoffrey Perrin were €642 (2015: €674), and were incurred as a result of Incorporation and refurbishment work.

Principal's Remuneration During the period 1 January 2016-30 September 2016 the Principal's renumeration was €84,870 (2015 €113,160).

No bonus payments were paid to the Principal in the period to 30 September 2016 and expenses paid to the Principal in the period totalled €2,679 (2015 €10,702).

Under the terms of her contract, the Principal was obliged to live on Campus.
Therefore she had the use of a residence on campus.

The residence is not subject to Benefit in Kind, which has been verified by a Revenue determination.

The Principal is a member of an unfunded defined benefit public sector scheme and her pension entitlements do not extend beyond the standard entitlements available under such a scheme.

Note 16 Board Members Attendance at Board Meetings There were three Board Meetings during 2016, in February, June, and September.
Board Member___________________________________________________ February June September Most Reverend M. Jackson V Ms. S. Parkes Ms. R. Handy Mr. Geoffrey Perrin Dr. S. Hood Archbishop R. Clarke Reverend G. Wharton Right Reverend M. Burrows Archdeacon D. Pierpoint Dr. A.
Pierce Glenn Kilroy Mr. Owen Driver Right Reverend P. Rooke Ms. Debbie Wheeler - Retired October 2015 V V V V V V V V V V V V V V V V V V V V V V V V V V V 20 CHURCH OF IRELAND COLLEGE OF EDUCATION Notes to the Financial Statements for the 9 month period ended 30 September 2016 17 - RETIREMENT BENEFITS (a) Analysis of total retirement benefit costs charged to the Statement of Income and Expenditure and Retained Revenue Reserves Current service costs Interest on Retirement Benefit Scheme Liabilities Employee Contributions 9 Months 2016 € 274,000 305,000 (56,067) 522,933 (b) Movement in Net Retirement Benefit obligations during the financial year Net Retirement Benefit Obligation at 1 January Current Service Cost Interest Costs Actuarial Loss Benefits paid in the year 9 Months 2016 € 17,397,365 274,000 305,000 721,000 (587,917) 12 Months 2015 € 320,000 600,000 (94,765) 825,235 12 Months 2015 € 10,189,409 320,000 600,000 6,757,000 (469,044) Net Retirement Benefit Obligation at 30 September 18,109,448 17,397,365 Deferred Funding for Retirement Benefits The College recognises these amounts as an asset corresponding to the unfunded deferred liability for retirement benefits on the basis of the set of assumptions described above and a number of past events.
These events include the statutory basis for the establishment of the retirement benefit scheme, and the policy and practice currently in place in relation to funding public service pensions including contributions by employees and the annual estimates process.

The College has no evidence that this funding policy will not continue to meet such sums in accordance with current practice.
The Net Deferred Funding for Retirement Benefits recognised in the Income and Expenditure Account was as follows: Funding Recoverable in respect of current year retirement benefit cost State Grant applied to pay retirement benefits 9 Months 2016 12 Months 2015 € € 579,000 (587,918) 920,000 (469,044) (8,918) 450,956 The deferred funding asset for retirement benefits as at 30 September 2016 amounted to €18,109,448 (2015: €17.397 million).
(d) History of experience gains and losses 2016 2015 2014 2013 2012 Scheme Liability Experience (gains)/losses on Scheme Liabilities amount Percentage of Scheme Liabilities 18,109,448 17,397,365 10,189,409 10,600,000 10,900,000 (847,000) (205,000) (2%) (8%) 721,000 6,757,000 (39%) (721,000) (7%) (4%) The cumulative actuarial gain recognised in the Statement of Comprehensive Income amounted to- €6,007,000 (2015 -€5,286,000).
21 CHURCH OF IRELAND COLLEGE OF EDUCATION Notes to the Financial Statements for the 9 month period ended 30 September 2016 (e) General Description of the Schemes The Church of Ireland College of Education operates an unfunded defined benefit superannuation scheme for staff.
Superannuation entitlements arising under the Scheme are paid out of current Income and are charged to the Statement of Income and Expenditure Account and Retained Revenue Reserves, net of employee superannuation contributions, in the year in which they become payable.

The Scheme Is a defined benefit final salary pension arrangement with benefits and contributions defined by reference to current ’model’ public sector scheme regulations.
The Scheme provides a pension (eightieths per year of service), a gratuity or lump sum (three eightieths per year of service) and spouses's and children’s pensions.

Normal Retirement Age Is a member's 65th birthday, and pre 2004 members have an entitlement to retire without actuarial reduction from age 60.

Pensions in payment (and deferment) increase on a discretionary basis in line with general public sector salary Inflation.
With effect from 1 January 2013, new entrants become members of the Single Public Service Pension Scheme.

This provides career*average revalued earnings related benefits revalued in line with increases in the Consumer Price Index.

The Scheme’s minimum retirement age will be linked to the Stale Pension age.

The results set out below are based on an actuarial valuation of the pension liabilities in respect of the serving, retired and deferred staff of the College as at 31 December 2015.
This valuation was carried out by a qualified independent actuary for the purposes of the accounting standard, Financial Reporting Standard No.

102 - Retirement Benefits (FRS 102).


The main financial assumptions were as follows: Discount Rate Rate of increase In salaries Rates of increase in pensions Inflation 2016 1.10% 2.20% 1.20% 1.20% 2016 2.35% 2.50% 2.50% 1.75% The mortality assumptions used in estimating the actuarial value of the liabilities are based on: for a male aged 65,21 years for a female aged 65,24 years.

18.
18.

Employee Benefits Breakdown Range of total employee benefits From To______________________ €60,000 - €69,999 €70,000 - €79,999 €80,000 < €89,999 €90,000 - €99,999 €100,000 - €110,000 - €120,000 - Number of Employees 9 Months 12 Months _________ 2016__________ 2015 3 11 3 11 1 1 19.

Contingent Liabilities The College may have contingent liabilities in respect of obligations arising under the Protection of Employee (Part - Time Work) Act 2001.
At the balance sheet date it was not possible to make a re!table estimate of such liabilities and as a result no provision has been Included in the financial statements for the period ended 30 September 2016.

In the event of such a contingency arising, the cost will be recovered from the Department of Education and Skills.
The College may also have a contingent liability arising from an employee who had a staff house as part of his employment, if that employee is required to give up the house (the College ceased to hold the property after 30th September 2016).

Cy Pres permitting transfer of trusteeship of property was sealed by the Charity Regulator on 30th June 2016.

20.

NUMBER OF WHOLETIME EQUIVALENT EMPLOYEES (W.T.E.)

EMPLOYED Full-time Part-time Total 21.


PENSION LEVY 2016 19 9 28 2015 19 9 28 €64,889 was deducted by way of pension levy, and was paid over to the Department of Education & Skills (2015 €101,956).

22.

GOING CONCERN The financial statements for the Church of Ireland College of Education have been prepared on a going concern basis.

However it should be noted that the College signed an Incorporation Agreement on 30th September 2016, the Incorporation took effect on 1st October 2016 23.
POST BALANCE SHEET EVENT The College signed an Incorporation Agreement on 30th September 2016, the Incorporation took effect on 1st October 2016.

24.

APPROVAL OF FINANCIAL STATEMENTS These financial statements were approved by the Board of Governors on 12th December 2017 22