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Annual Report 2022 Table of Contents Governors and Other Information President’s Report Chief Finance & Performance Officers Review Statement of Governing Authority Responsibilities Annual Statement of Governance Statement on the Systems of Internal Control Auditors’ Report Consolidated and University Statement of Comprehensive Income Consolidated and University Statement of Changes In Reserves Consolidated and University Statement of Financial Position Consolidated Statement of Cash Flows Notes to the Financial Statements 2 4 14 26 28 44 52 56 58 59 60 61 Appendix not forming part of the University’s Financial Statements and not audited by the Comptroller and Auditor General - University of Limerick Foundation Financial Statements 109 Celebrating & reflecting on our first 50 years Governors and Other Information Members of Governing Authority See Appendix 1 of Annual Statement of Governance Chancellor Ms. Mary Harney Deputy Chairperson Ms. Rose Hynes President Professor Kerstin Mey Provost and Deputy President Professor Shane Kilcommins Governing Authority appointed Auditors PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Bank Place Limerick Auditor Comptroller & Auditor General 3A Mayor Street Upper Dublin 1 Secretary and Registered Office John Kelly University of Limerick Limerick Registered Charity Number 20009274 Solicitor Caroline Keane University of Limerick Limerick Principal Bankers Bank of Ireland 125 O’Connell Street Limerick European Investment Bank 100 boulevard Konrad Adenauer Luxembourg L-2950 Luxembourg Sustainability is at the core of our thinking & actions President’s Report Introduction I am pleased to introduce the 2021-22 University of Limerick Annual Report, incorporating the
 consolidated financial statements for the year ended 30 September 2022.
Our previous year, 2020-21, was a challenging year for the university, as we worked to fulfil our educational, research and knowledge exchange mission while dealing with the Covid 19 pandemic.

2021- 22 marked the return to in person teaching and the lifting of all pandemic restrictions towards the end of the academic year.
With the phased relaxation of public health requirements from January 2022, campus life steadily returned to normal, culminating with in person graduation ceremonies for students and their families.

Over the summer the campus was host to a diversity of national and international sports events, conferences, gatherings, and an annual Summer School showcasing its natural beauty and UL’s amazing facilities.
We welcome the government’s initiative to enrol and support Ukrainian undergraduate students who wish to continue their higher education studies in Ireland.

UL has opened its Sanctuary programme to Ukrainian students as well as earmarked support for PhD studentships amongst a range of measures.

The shortage of student housing has emerged as a significant issue for the university sector.
The lack of student accommodation may have an adverse impact on the student academic experience and, in time, on progression and retention.

It is clear that the accommodation shortage is the confluence of structural, long-term issues aggravated by the temporary impact of Covid19 on the housing sector.

Accommodation is a key challenge that non-EU students face - this is most keenly felt amongst incoming, one-semester study abroad and Erasmus students.
University of Limerick has announced the addition of a new 20-house/80 bed student village to its portfolio in a bid to address the current significant shortfall in student accommodation.

We continue to explore other opportunities as part of the UL Capital Development Framework and Physical Project Development that will further increase our accommodation stock.
In May, the University commenced a year long commemoration of its fiftieth anniversary, holding events and projects that not only reflect on the past, but highlight the success of the University in transforming today’s society, while considering what the next fifty years might hold.
UL Strategy The UL@50 Strategic Plan was recalibrated in response to changes in the external operating environment (Government strategy, establishment of DFHERIS, Brexit, C19) and, internally, to reflect the change in leadership.
Underpinned by a campus-wide, bottom-up consultation process, it has resulted in adjustments of priorities and objectives strengthening the transformation of education, focusing on being a research- led, advancing the internationalisation at home, enhancing the cultural dimension in our civil and civic mission, supporting the professional development of staff and creating a more inclusive and empowering institutional culture, and embedding sustainability in everything UL does.
Discussions are underway with the Higher Education Authority on a new System Performance Framework for the period 2023-2027.

A series of strategic plans are under development for research; learning, teaching and assessment; global engagement and the faculties building on the recalibrated strategic plan and aligning with the HEA Systems Performance Framework criteria and timelines.
A culture audit has been initiated to gather data from staff to provide senior management with information needed to direct a transformational process for the University’s organisational culture.

The university strives for excellence in research and education and to be a catalyst of change by addressing societal challenges regionally, nationally, and globally and by shaping a thriveable world.
A thriveable world means a world which enables the future evolution of humankind and the respective stewardship for the planet, all life on earth and the ‘common good’.

The UL Sustainability Framework 2030 is a ground-breaking new initiative to drive the vision of the institution’s future.

It is intended to shape strategic decision making in UL, to 2030 and beyond.

UL was ranked the 21st most sustainable university in the UI Green Metric World University Rankings 2021.
The rankings are based on education and research, setting and infrastructure, energy and climate change, waste, water, and transportation.

Education UL is focused on the quality of the students’ learning experience, the transformational impact of its academic programmes and the importance of providing support to enable all students to succeed.
The University continues to transform its educational pedagogies and programme offerings, embracing the challenges and opportunities in the ever-evolving higher education sector and through the partnership with industry, government and civil society/communities of interest.

Supported by additional government funding and through leveraging our own resources we are increasing support around Counselling and Guidance services as well as towards the cost of living for students in need.
The impact of the pandemic, while placing greater workload on our staff and systems, has accelerated our efforts to embrace and meet the challenges of our times.

The learnings from this period have informed the recalibration of the UL@50 Strategic Plan, which places Transforming Education and leading through research at the heart of UL’s strategy, to drive a challenge-based, research-led approach to curriculum design.
A review of UL’s current and future virtual learning needs has been completed and a new institutional Virtual Learning Environment (VLE), Brightspace, commissioned.

All teaching and learning will be migrated to the new VLE, which will underpin the development of UL as a Digital University through its feature-rich toolset including market leading learning analytics tools and the ability to integrate with existing and future infrastructure.

It will form the foundation for Transforming Education at UL.
The university has launched its micro-credentialling offerings of bite-sized, accredited, enterprise- powered qualifications that allow learners to gather skills and competencies in a flexible, fast and affordable way.

Micro-credentials are designed so that enterprises can recognise and integrate critical skills into their workforce, while also facilitating individuals’ career growth in a highly customisable way.
It forms part of the growing institutional efforts to establish a dual education and research model marked by an enhanced partnership with industry, government and civil society (quintuple helix of innovation).

Such a model is strongly reflected in our new Learning, Teaching, and Assessment Strategy 2022-2027, which was recently approved by Governing Authority’.
UL continues to collaborate closely with regional bodies in developing and delivering industry focused upskilling programmes, including the Mid-West Skills Forum, Limerick for IT and Skillnets.
The HEA funded, five year major UL@Work initiative incudes a range of new programmes at the heart of digital transformation processes co-designed by industry and UL to up and reskill employees in areas such as Communications, Law, Employment, Strategic Leadership, Industry 4.0, Data, Robotics, AI, Software Development etc.

UL has led the Irish universities in its development of industry-led New Apprenticeships.
Seven programmes have been developed and more than 200 apprentices registered at UL to date, including 152 on masters level programmes and 12 on a Level 10 Principal Engineer executive apprenticeship.

Furthermore, UL continues to prepare the commencement of innovative Immersive Software Engineering programme co-designed and co-delivered with industry, an intensively taught four year combined Bachelor and Masters programme with a focus on creativity and extended challenge-based internships in industry.
It has broadened its philanthropic support and underpinned its innovative research dimension.

We have embedded entrepreneurship in the UG and PG level curriculum in a four-fold approach: through dedicated modules, specific projects, the design of programmes of study and through co- curricular activities delivered by the UL Enactus Social Entrepreneurship Society and the Consulting and Entrepreneurship Society.

Those activities are underpinned by an annual university-wide entrepreneurship competition.
The Co-op placement programme proved to be resilient throughout the pandemic.

It is notable that many graduates continue to secure graduate employment through their Co-op placement employers.

Reflecting employability as a cornerstone of UL, our graduate employment rate is 5% above the national average.
The KBS has been accredited by the prestigious EFMD Global quality system (EQUIS) adding to its existing international accreditations the Association to Advance Collegiate Schools of Business (AACSB) and the Association of MBAs (AMBA).
The triple accreditation from the three centres of business and academic excellence now places the KBS within the top 1% of business schools in the world and the third Irish business school to achieve the accolade alongside the Smurfit Business School in UCD and the Trinity Business School in TCD.

Research The new Research Strategy 2022-27 “Wisdom for Action” was approved by Governing Authority in summer 2022.
2 2 0 2 t r o p e R l a u n n A 8 Research excellence with impact continues to play a key role in UL’s organisational strategy, with the University ranked in 50th place globally in the Times Higher Research Impact Ranking.

UL’s Research Impact programme is in line with international best practice and has embedded the UN Sustainable Development Goals as its framework for addressing grand challenges.
The Government announced the approval of ten more SALI posts at senior academic level in higher education, two of which were awarded for UL.

The new senior academic posts approved for UL are Chair of Biochemical Engineering and Chair of Digital Engineering and brings the total of UL SALI posts to four.

The Government also announced significant new investment in the University of Limerick hosted Dairy Processing Technology Centre.
The €14m investment will see the DPTC focus on key challenges for the sector over the next five years.

Two new interdisciplinary Research centres were approved during the period.

The Centre for Study of Popular Music and Popular Culture which brings together faculty expertise from Sociolinguistics, Creative Writing, Journalism, Languages, Cultural Studies, and Popular Music, Psychology and the Irish World Academy of Music and Dance.
The Sport and Human Performance Research Centre is dedicated to innovative, interdisciplinary research in sport and human performance and aims to inform national and international best practice and through the creation of national and international networks, achieve global recognition for the quality of its research outputs and graduate students.

UL has committed to establishing Ireland’s first Doctoral College from 2023 onwards, which will facilitate increased support for research students.
UL research is addressing a number of global challenges including affordable and clean energy, sustainable cities and communities, climate action and public health.

The strategy is aligned with the UN Sustainable Development Goals and sets out four strategic mission-orientated challenges in which research will continue to make an impact for a sustainable, smart, healthy and inclusive society.
UL has continued to strengthen its research ecosystem as evidenced in the growth of talent and research performance across the organisation.

In the year 2021/22 over €41.4m in research income was secured from national and EU funders with UL now home to six European Research Council Award holders.

New research areas have emerged with a particular growth in data science, modelling, energy, and piezoelectricity.
Outputs continue to strengthen with 30% of 2022 publications to September 2022 increasing by 27% over the whole of 2021.

Innovation continued its strong profile with 37 invention/software disclosures, 12 new patents filed, 13 new patents licensed and one 1 new spin-out established during 2021.
UL has improved performance in the Shanghai Global Rankings of Academic Subjects across several subjects including Education, Chemical Engineering (both first in Ireland), Political Science and Hospitality/ Tourism Management (joint first in Ireland) and Sport Science.

Law and English also performing strongly in the international subject rankings.

Internationalisation International student recruitment continues to recover following the impact of the pandemic.
UL’s international full degrees student recruitment nears pre pandemic levels.

This is driven by the continued effort to diversify our reach.

For example, UL takes the highest proportion of Nigerian international students across the Irish HEIs.

Also, our region-specific working groups with a targeted focus on strategic partnership building with India and China are having an impact.
The i-barometer survey of international students shows that UL has retained its position as the top University in Ireland for international student satisfaction.

UL is a national exemplar in Erasmus+ and in establishing a dedicated Erasmus+ projects office we have further enhanced our ability to deliver strategic partnerships, to draw down significant income and to advance capacity building projects.
The coordination of UL’s involvement in YERUN (Young European Research Universities Network) has moved from the Research Office to UL Global.

UL Global will take this opportunity to engage with the 22 YERUN partners to enhance our engagement in funded European projects as well as student and staff mobility.

Our initial focus is to build partnerships for dual and joint PhD programmes.
10 i k c i r e m L f o y t i s r e v n U i Access UL has a longstanding commitment to civic and community engagement, and to social justice and the transformation of education through the implementation of access, equality, diversity and social inclusion measures and practices that support our students to success.
The new National Access Plan: A Strategic Action Plan for Equity of Access, Participation and Success in Higher Education 2022-2028 was launched in August 2022 by the Minister of Further and Higher Education, Innovation and Science and will inform UL’s strategy and approach to embedding equity of access, participation and success for under-represented student groups in the coming years.
The Plan challenges us to think about socio-economic disadvantage in a much broader way than heretofore and has identified priority groups who continue to be underrepresented in higher education and who need additional focus and support.
The Student Affairs Division, in collaboration with our academic and professional support colleagues, look forward to aligning our work and strategy for the coming years with this new National Access Plan and to engaging in forthcoming consultations with the campus community.

City Centre Campus The Spring Semester has begun with a major milestone being achieved: the opening of the UL City Centre campus through the completion of the 1st phase of the use of the existing building.
It brings together the UL Fab Lab with the LCCC Citizen Engagement hub and a public collaboration area.

Students from Architecture and Design programmes have commenced practice-focused modules in the new facilities.

A section of the building has been retrofitted for use in the shorter term, while a longer-term master plan for the site is developed in partnership with Limerick City and County Council as part of the World Class Waterfront project.
The initial use pilot approaches and initiatives across learning and teaching, research, knowledge exchange and UL’s civic mission that will safeguard the creation of significant footfall for use of the city campus as UL’s Engagement hub and towards the regeneration of the heart of Limerick.

Operating Model With effect of 1 July 2022, Prof. Shane Kilcommins was appointed as Provost and Deputy President.
Professor Nigel Healey returned to his substantive role as Vice President Global and Community Engagement.

Thanks are due to Professor Mairead Moriarty for her engagement as Interim VP Global and Community Engagement and to Professor Nigel Healey for fulfilling the role of Interim Provost and Deputy President.

UL has continued to review and revise its policies and procedures to consolidate and further strengthen its governance.
Aligned to the recalibration of UL@50 Strategic Plan, internal structures are reviewed on an ongoing basis.

With the departure of the Chief Operation Officer at the end of 2021, the portfolios of the Chief Financial and Performance Officer and the Chief Corporate Officers were revised to incorporate IT into the former and Building and Estates into the latter.

The TTO Office reverted to the Office of the Vice President of Research.
Preparatory work has also included the shaping of the new functional areas of the portfolio of the Chief Financial and Performance Officer, which in its structure is innovative for the Irish HE sector; as well as the structural alignment of Graduate Professional Studies in the context of the establishment of a Doctoral College.
Institutional efforts in regard to further enhance cybersecurity and data protection have continued with mandatory staff training being developed and rolled out amongst other measures.

UL places signifiant focus on digital transformation.

In order to strategically prioritise significant infrastructure and capability projects across the organisations, the IT governance structure was revised and a transparent process adopted to ensure clarity around the strategic allocation of resources.
The efforts committed towards the advancement of our Operating Model aim to ensure the long term financial viability and thriving of the University.

An institutional workload allocation framework has been developed.

It was recently agreed by the Executive Committee and is now subject to a broader consultation process.

The student centre is a key requirement to meet the needs of the wider student body and is an overdue facility.
It was re tendered in 2022 and the Governing Authority gave approval for the appointment of the successful developer at its December meeting.

When completed in 2024 it will transform the facilities available to the student representatives and allow for the appropriate servicing of the student needs.
2 2 0 2 t r o p e R l a u n n A 11 i k c i r e m L f o y t i s r e v n U i Equality and Diversity The UL Physics Department was the first Irish academic department awarded Athena Swan Silver accreditation in late 2021.

The university has also worked on and now submitted for an Athena Swan institutional Silver award, the first higher education institution in Ireland to do so.

We have established an Ethnic Diversity Forum, which will lead UL’s ongoing efforts to advance inclusion on campus.
The purpose of the Forum is to understand and advocate for a positive campus culture in relation to ethnicity, equality, diversity, and inclusion, to make recommendations, and progress actions that aim to make UL an equitable, safe, and respectful work and study environment for all.

UL has designed and delivers a postgraduate diploma in equality, diversity and inclusion, the first of its kind in the country.
The PhD student-led Limerick Irish Algerian Friendship Group continues to strengthen relations between Ireland and Algeria and to support the multicultural drive of Limerick City and County.

It follows best practice in PhD education and internationalisation, realising that international student integration is not only a university issue, but a community one.
The new Gender Identity and Gender Expression Policy for the institution was developed through wide internal and external consultation and clearly sets out the steps to follow should a student or staff member wish to have their identity (name/gender) changed on formal records.

An awareness campaign including training for staff and students has been rolled out following the launch of this policy.
Recognising its achievements and forward-looking institutional action plan, University of Limerick has been re-accredited as University of Sanctuary for the period 2022-2025.

2 2 0 2 t r o p e R l a u n n A 12 2 2 0 2 t r o p e R l a u n n A 13 i k c i r e m L f o y t i s r e v n U i Conclusion As we celebrate, and reflect on our first fifty years, we must look ahead to the challenges and opportunities of the next fifty.
The period since March 2020 has brought into even sharper focus the many global challenges we now face: climate change and the mitigation of its impacts and a rapidly declining planetary health, a war in Europe adding to the many military conflicts worldwide, occurrences, which fuel mass migration.

At the same time we continue to face extreme changes to energy, water and food security while and the continued impacts of severely disrupted supply chains.
Therefore, we need both: viable long-term plans as well as concrete actions in the here and now that develop and implement sustainable approaches, processes and practices.

We take this responsibility very seriously at UL and by putting sustainability at the core of our thinking and actions as evident in our Sustainability Framework to 2030.
We can harness the strengths of our institution, our staff, our students, our alumni, and the communities we serve to be change agents, to make a real differences locally and regionally, which radiate out nationally and globally.
Professor Kerstin Mey President 2 March 2023 Developing & implementing sustainable approaches, processes and practices i k c i r e m L f o y t i s r e v n U i Chief Finance & Performance Officer’s Review Financial Review I am pleased to present my report on the University’s financial affairs for 2021/22.

During the year while the impact of the COVID-19 pandemic was still with us the financial challenges it presented for the University reduced as we returned to life on campus.
The University community continued to pull together to support our staff and students as well as our various partners and stakeholders.

The University achieved a surplus of €10.8m for the Financial Year 2021-22.

This was a significant improvement on the Budget that was approved by the Governing Authority due to savings in pay costs and growth in income which was 5% better than budgeted income.
As the campus returned to full on-site delivery operating costs began to return to pre Covid levels, however, due to continued restrictions in the early part of the financial year the expenditure on travel and hospitality remains well below pre Covid levels.

It is expected that operating costs will increase further in 2022-23.

The University acknowledges the continued state support towards COVID-19 related costs.
This enabled the University to continue to prioritise measures to protect the safety, health and well-being of our students and staff, and make further investment in the delivery of high-quality online education and remote working.

2 2 0 2 t r o p e R l a u n n A 14 i k c i r e m L f o y t i s r e v n U i The table below provides a summary of the financial performance during 2021-22.
FINANCIAL YEAR Consolidated State Grant Covid State Grants Academic Fees Research grants and contracts Ancillary income Other Income Donations Deferred pension funding Total Income Staff costs Other operating expenses FRS17 adjustment pensions 2021-22 2020-21 2019-20 2018-19 €’m 70.2 1.5 124.4 36 11.6 56.1 0 45.3 €’m 59.3 3.1 120.1 34.7 9.0 41.9 0.0 34.5 €’m 52.1 3.5 €’m t r o p e R l a u n n A 15 i k c i r e m L f o y t i s r e v n U i Total operating expenses 319.5 279.4 263.4 260.6 EBITDA - Earnings before interest, tax, depreciation and amortisation Interest payable/(receivable) (net) Depreciation net of amortisation Surplus for the year before other gains and losses Gain/(Loss) on investment Surplus/(Deficit) for the year Cash flow generated from operations Fixed asset investment and loan funding Movement in cash and cash equivalents 25.6 23.2 1.4 13.1 11.1 -0.3 10.8 39.6 -10.0 29.6 1.2 13.6 8.4 -0.5 7.9 40.5 -14.0 26.5 17.4 1.1 13.2 3.1 0.8 3.9 11.4 1.2 12.7 -2.5 0.4 -2.1 29.0 39.4 -22.3 -28.6 6.7 10.8 Net asset at end of year 274.5 263.7 255.8 251.9 2 2 0 2 t r o p e R l a u n n A 16 i k c i r e m L f o y t i s r e v n U i Key Performance Metrics Academic Fees The table below includes some key metrics around the University’s financial performance.
These highlight the improvement in financial performance during 2021/22.

Key Financial Ratios as a % of income 21/22 20/21 19/20 EBITDA Operating Surplus/(Deficit) Surplus/(Deficit) Staff Costs Operating Cash EBITDA 7.3% 3.2% 3.1% 62.6% 11.2% €’000 25,581 7.5% 2.7% 2.5% 64.3% 13.1% €’000 23,122 6.0% 1.1% 1.4% 64.4% 10.0% €’000 17,382 18/19 4.1% -0.9% -0.8% 60.3% 14.2% €’000 11,390 Academic fee income grew by €5m in 2021-22 when compared to 2020-21.
In prior years the restrictions related to the pandemic had a very material impact on the income from Non EU students.

In 2021-22 income from Non EU students grew by €3.9m and performed better than expected.

The University also increased the number of CAO places in response to a government decision to provide additional Exchequer support for the higher education system to support additional costs for these places.

The fee income from EU undergraduate students increased by €1.7m in 2021-22.
The University has been growing the income from Masters taught programmes over recent years with a growth in fee income between 2018-19 and 2020-21 of 69%.

In 2021-22 this growth was not maintained as the re-opening of the economy created greater employment opportunities for graduates.

The fee income from EU Masters taught fell by 2% in 2021-22.

It is planned to continue efforts to grow Masters taught numbers in future years.
The University remains reliant on Undergraduate programmes as the primary source of fee income and the following graph shows the % make up of overall fee income by student type.

Operating Cash Generated 39,601 40,531 28,698 39,495 Mix of Academic Fee Income Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) is a measure of operational financial performance as this removes any non-cash figures.
EBITDA is a way of measuring an institution’s financial performance without having to factor in financing decisions, accounting decisions or tax environments.

The percentage of operating cash against Income is a measure of the institution’s ability to generate cash, which is arguably even more important than generating a surplus.

10% upwards is considered to be an indicator of good performance.

For the 2021-22 financial year operating cash generated was 11.2% which is a positive outcome.
Income The University has continued to grow its income compared to prior years as highlighted in the analysis below.
Income Comparison 4 years to 21/22 18/19 €'000 19/20 €'000 20/21 €'000 21/22 €'000 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 State Grants Academic fees Research Ancillary Amortisation Other income FRS17 income adjustment 18/19 % 19/20 % 20/21 % 21/22 % 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Other Research PhD Research Masters Masters Taught Study Abroad UG Honours State grant income The state grant income to the University for 2021-22 grew by 21% when compared to 2020-21.
This increase is attributable to the grant for additional CAO places, the Human Capital Initiative grant, the devolved grant and a supplementary grant of €1.6m to fund pay awards that were agreed in response to cost of living pressures.

The University received a grant under the Human Capital Initiative (HCI) during 2020-21.

The total award to the University of Limerick as lead institution for the UL@Work project amounts to €16.3m.
This grant will be received over the next four years as the initiative is implemented.

During 2021-22 grant income related to HCI amounted to €2.3m.

During 2020-21 the devolved grant was not spent in full as the projects were delayed due to Covid.

In 2021-22 a total of €3.1m was received for devolved grant.

This included approximately €1m that related to the prior year grant that was delayed.
2 2 0 2 t r o p e R l a u n n A 17 i k c i r e m L f o y t i s r e v n U i Research Grants and Contracts Research Income has increased by c. 4% to c.€ 36m compared to c.€ 34.7m in prior year.

During the financial year the University was notified of new research funding awards totalling c. €41.4m.
Additional advanced Income has been received and will be recognised in future financial years as projects are delivered, in total research advance funding at end of the financial year amounted to €81.05m while €12.02m was due from research funders.

Income is recognised in the financial statements in line with delivery and it is not unusual for funding to be deferred and recognised in future years.
Research Awards Mix 18/19 % 19/20 % 20/21 % 21/22 % 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% State and Semi State European Union Industry Other 2 2 0 2 t r o p e R l a u n n A 19 2 2 0 2 t r o p e R l a u n n A 18 i k c i r e m L f o y t i s r e v n U i Supporting our staff, students, partners & stakeholders Research Income Mix 18/19 % 19/20 % 20/21 % 21/22 % 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% State and Semi State European Union Industry Other Ancillary Income Ancillary income includes activities that are self-funding but not core teaching and research activities.
The main income sources include National Forum for Teaching and Learning, the Education Procurement Service, The National Centre for STEM education, Erasmus and other international mobility funding, Language Centre, other faculty and support activities (conferences etc.)

and student aid/European social funding.

During 2021-22 income from ancillary activities increased by €2.7m.

This reflects the return to campus with increased activity in the Language Centre and in Erasmus activities.
20 i k c i r e m L f o y t i s r e v n U i As with research much of ancillary activities are externally funded under grant/agreements and income is recognised in line with delivery/expenditure.

A small number of activities are self-funded from its own operation e.g.

Language Centre, conference and other events income in those case income is recognised in the period to which it relates.
Other Operating Income Other operating income increased by c.33% from €41.9M in 2020-21 to €56.1M in 2021-22.

Unijobs accounts for a c.€3.9M increase in income year on year.

This growth in Unijobs is mainly attributable to placement of staff with the HSE.

Unijobs, was established in 2013, and is a wholly owned subsidiary of the University of Limerick.
The business model sees dedicated specialist resources recruited in Unijobs in order to manage and centralise this temporary recruitment activity for its clients.

Unijobs then second their employees to the client for the duration of the short-term contract on cost recoupment basis only Income for Residences performed very strongly during 2021-22 with actual income exceeding the pre Covid income from residences.

There was also a good recovery in income from Sports and Concert Hall activities.
The subsidiary operations returned to profitability in 2021-22 following two challenging years where Covid resulted in a complete shutdown of activities.
The chart below highlights the impact that COVID-19 has had on the other areas of income that the University generates in 2019-20 and 2020-21 and demonstrates the recovery in these income sources in 2021-22 Other Income Comparison 4 years to 21/22 18/19 €'000 19/20 €'000 20/21 €'000 21/22 €'000 0 10,000 20,000 30,000 40,000 50,000 60,000 Residences Rental and concessions Sports facilites Contract labour services Research overheads Funded posts Concert Hall Interest income Other Pay costs Pay costs have increased by c. €13.9m (7.9%) from the prior year.
The increase includes the impact of the Building Momentum pay agreement which increased rates of pay by 1% in October 2021, 1% in February 2022 and a further 3% agreed in response to cost of living challenges which was back dated to February 2022.

Pay costs within Unijobs which are up c.€3.9m on prior year and this accounts for 2.2% of the increase of 7.9%.

This growth in Unijobs is mainly attributable to placement of staff with the Health Service Executive (HSE).
The remaining increase in pay costs relates to University where whole time equivalents increased by FTE73 to FTE1,992.

Operating costs As noted in last year’s financial statements the closure of the campus during the financial year led to a significant reduction in operating costs.

These temporary operating cost savings were mostly eliminated in 2021-22 with operating costs increasing across all categories of expenditure by €15.5m to €83.5m.
The most significant increases were in hospitality, advertising and promotion, audit and professional, ancillary and research.

The chart below highlights a breakdown of other operating costs by category over the last four years.
Other Operating costs 4 years to 21/22 18/19 €'000 19/20 €'000 20/21 €'000 21/22 €'000 0 20,000 40,000 60,000 80,000 100,000 Facilities management & B&E costs Consumables Travel and entertainment Advertising and communication Software and licences Low value equipment Subscriptions Professional fees Staff development Scholarships and financial aid Capitation Books and periodicals Agents commission Ancillary activities Research expenditure Other costs Deferred Pension Income The University operates a defined benefit pension scheme, the University of Limerick Superannuation (Amendment) Scheme, which is funded annually on a “pay as you go” basis from monies provided by the HEA and from contributions deducted from staff salaries.
Since January 2013 the University also operates the Single Public Service Pension Scheme (the “Single Scheme”).

The new Single scheme came into effect for all new entrants to pensionable public service employment on or after 1 January 2013.

The Single Scheme changes the basis of assessing the pension benefits on retirement to assessing on career average earnings and increasing the minimum retirement age.
The legislation establishing the Single Scheme provides that pension contributions are deducted from employee pay and these are remitted by the employing organisation directly to the Department of Public Expenditure and Reform.

Funding for pension in payment will be provided separately from the Exchequer through the Central Fund or a separate vote.
2 2 0 2 t r o p e R l a u n n A 21 i k c i r e m L f o y t i s r e v n U i Balance Sheet Due to careful financial management the University balance sheet has remained strong throughout the duration of COVID-19.

Consolidated additions to fixed assets totalled €3.171m of which €1.834m relates to computer and other equipment and €1.337m on land and buildings.

Funding from State capital grants for equipment of €0.881m was received.
During the year cash and cash equivalents increased from c.€160m to c.€189.4m.

A delay in the construction of a new student centre has partly impacted on the increase in the cash balances as has the receipt of advance research funding.

The net cash flow from operating activities was c. €39.5m compared to €40.5m in 2020/21.

The chart below highlights the Operating Cash and Capital Investments and financing activities of the last three financial years.
Other cash and capital investment and financing activities 18/19 €'000 19/20 €'000 20/21 €'000 21/22 €'000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Capital investment and financing activities Operating cash In the prior financial year the Finance, HR & Asset Management Committee (FHRAMC) reviewed the Framework for Physical Development and the Physical Development Plan.
The consideration of these plans by Governing Authority was deferred because of COVID-19 restrictions impacting on meetings of Governing Authority and the general uncertainty around the financial impact of COVID-19.

This remains the case in 2021/22.

However, the plans are being revised to reflect changes to the operating model arising from the impact of COVID-19 and to reflect the recalibration of the Strategic Plan.
The University faces increasing pressure due to a shortage of student accommodation and a need for more teaching and research space to ensure that it can meet the needs of the desire to increase student numbers and to also realise its ambitions to be regarded as a research led University.
During 2021-22 the University submitted a funding application for the development of additional teaching and research space along with refurbishment of existing space under the Higher Education Strategic Investment Fund (HESIF).

The outcome of the evaluation process is awaited.

The University of Limerick regards that under both schemes defined benefits are being provided and accordingly these should be accounted for as defined benefit obligations under FRS 102, Para 28.10(b).
The University does not, in substance, bear actuarial risk for the plans and the University’s obligation is, in effect, acting as an agent in paying pension payments to the pensioners based on the amount confirmed and advised to the University and funded to the University by the HEA.

In addition (i) the establishment of newer schemes gives a statutory basis for what in practice was happening on the older schemes, i.e.
the new Single scheme provides that pension deductions are to be remitted and separate funding will be provided by the Exchequer for pensions (and lump sums) in payment.

(ii) The University is not exposed to the actuarial risk; this is because the structure of the Superannuation Scheme is such that the final pension will be paid from the last employer regardless of the level of service provided by the member.
For example, if a lecturer provides 39 years of pensionable service to another Irish University and joins UL and later retires, then the entire lump sum and monthly pension payment will be paid by UL.

The University of Limerick would not take on this liability without being certain that the State will reimburse all of the expenditure required to settle this employee’s pension entitlements.
In practice the University has always received an allocation as part of their funding to cover the cost of pensions and in the event of differences a ‘top-up’ from the HEA is received or the University refund the excess to the HEA.

(iii) The University’s role in relation to the pension schemes is administrative in nature.
The University is of the view that under FRS102 it is virtually certain that a reimbursement asset exists and accordingly a reimbursement asset (match asset) is recognised in the accounts.

2 2 0 2 t r o p e R l a u n n A 22 23 i k c i r e m L f o y t i s r e v n U i The Student Fee Debt portion of academic fees outstanding at the year ended 30 September 2022 amounted to c. €10.13m cumulatively.
In recognition of the very challenging economic environment for students and their families, University of Limerick has: • Offered flexible payment terms during the COVID-19 pandemic • Ensured that no student is financially penalised for a COVID-19 related issue • Extended payment terms to progressing students.

To offset the possibility of not collecting the remaining student debt there is a bad debt provision of c.€6.9m.
This provision covers 68% of the total student debt and is deemed to be adequate for requirements.

During the financial year the University repaid bank loans of c. €6.7m leaving a balance of €81.7M (€88.4m in 2020-21).

Total net assets increased from c.€263.7m to c.€274.5m.

Revenue reserves as at 30 September 2022 are c.€274.5m.

2 2 0 2 t r o p e R l a u n n A 24 Summary The financial year 2021-22 shows a welcome return to on campus activity.
This has resulted in the subsidiary operations returning to profitability and this combined with the prudent management of resources in the University has resulted in a surplus for the year.

The University cash and balance sheet positions remain strong.

2 2 0 2 t r o p e R l a u n n A 25 i k c i r e m L f o y t i s r e v n U i The University’s long-term forecasts show a continued healthy liquidity position and incorporate investment in its new strategy.
There are still a number of risks and uncertainties including the longer- term impact of the pandemic and the impact of the cost of living and accommodation crisis on student enrolment and retention.

The University’s financial plan seeks to maintain its financial strength and provide ongoing capacity to invest in order to deliver against the ambitions in its recalibrated strategic plan.
The University’s recalibrated strategy and values will guide its plans over the next period as it embarks on a new period of investment which will be focused on transforming the way in which it delivers excellent research, education and student experience in a digitally transformed world, and ensuring that it strives to make a positive difference in the world.
Mr. Gary Butler Chief Financial & Performance Officer 2 March 2023 Transforming the way in which we deliver an excellent research, education and student experience i k c i r e m L f o y t i s r e v n U i 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 expanded by it.
In preparing those accounts, the Governing Authority is required to: • select suitable accounting policies and apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statement; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the University will continue in operation.
The Governing Authority is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the University and which enable it to ensure that its financial statement comply with the Universities Act, 1997, the Statement of Recommended Practice for Further and Higher Education Institutions and are prepared in accordance with FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
The Governing Authority is 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.

The Governing Authority considers that the financial statements of the University to be a true and fair view of the University’s financial performance and its financial position at the end of the year.
On behalf of Governing Authority Ms Mary Harney Chancellor 2 March 2023 Professor Kerstin Mey President 2 March 2023 Statement of Governing Authority Responsibilities 2 2 0 2 t r o p e R l a u n n A 27 26 i k c i r e m L f o y t i s r e v n U i Annual Statement of Governance 2 2 0 2 t r o p e R l a u n n A 28 i k c i r e m L f o y t i s r e v n U i This constitutes the University of Limerick’s Annual Governance Statement for year ended 30 September 2022.
1.

Code of Governance and Codes of Conduct The University has adopted the 2019 Code of Governance for Irish Universities.

The Governing Authority approved the “UL Code of Governance” in December 2021, that reflects the requirements of the 2019 Code.

In accordance with the Code of Governance requirements the Governing Authority has approved the matters reserved to it for decision to ensure the proper management and control of the University.
The Matters Reserved to Governing Authority is published on the University’s website.

The Governing Authority approved a revised Code of Conduct for Members of Governing Authority in October 2022.

The Governance Committee considered amendments to the Code of Conduct at their meeting in September 2022.

The Governing Authority approved a revised Code of Conduct for Members of Governing Authority in October 2022.
The Code will be reviewed during Q1 2023 given the governance changes effected by the Higher Education Authority Act 2022.

The Governing Authority Governance Committee regularly considered a comprehensive gap analysis of conformity in the operations of the University with the provisions of the 2019 Code.

Where conformity was not in place, an action plan and associated deadline for completion was submitted to the Committee.
Based on these reports, the Governance Committee at a meeting in September 2022 agreed that all the actions arising from the 2019 Code of Governance are in place in the University and reported accordingly to the Governing Authority in October 2022.

A Code of Conduct for Employees including clear conflict of interest and ethics in public office policies was in place during the year in review.

The existing Code of Conduct for Employees was reviewed and approved by Governing Authority on 16 February 2022.
Should any updates or amendments be required before the next scheduled review date, this can be done through the policy approvals process set out in the University’s Policy Management Framework.

As part of the Induction process, the Code of Conduct is circulated to all employees and is available for reference via the Policy Hub.

The provisions of the Code pertaining to external work are supplemented by the University’s Policy for Private Consultancy and External Commercial Work.
The University’s Policy for Conflicts of Interests further requires all employees to declare any potential, perceived or actual conflict of interest arising in the context of external consultancy work.

2.

Commercially Significant Developments The University submits quarterly reports submitted to the HEA for the reporting period included updates on financial, capital, and strategic matters.

• • During the reporting period the University re-tendered the completion contract for the new Student Centre.
Following a competitive procedure with negotiation, in December 2022 the Governing Authority authorised additional cost relating to the completion of the Student Centre which will increase the overall costs by a further €4.815m.

The Governing Authority at its meeting in August 2022 approved the proposal to secure 80 beds for use by September 2023 and approved the President to enter binding contracts with the developer.
The new student village at Rhebogue will be constructed by a private developer and purchased by the University through UL subsidiary Plassey Campus Centre.

2 2 0 2 t r o p e R l a u n n A 29 30 i k c i r e m L f o y t i s r e v n U i • • In September the GA FHRAMC agreed to recommend to GA the proposal to establish Global Digital Aviation Limited as a wholly owned subsidiary of the University.
A company was incorporated after the reporting period.

The subsidiary was established for the purpose of the development in partnership with industry of a global digital registry in aircraft maintenance.

There have been material changes to interest rates over recent months arising from changes in ECB policy and further rate increases are likely.

The University borrowing is protected from these increases as the EIB loan was moved to fixed rates during the low interest rate period.
It is likely that rate increases will benefit the University in the short term as interest income on deposits is earned.

Details of the engagement and associated costs of external consultancy firms and investigators contracted to carry out investigations and enquiries on internal matters.
Procedure/Policy Investigation – Dignity and Respect Policy Investigation – Grievance procedure Investigation – PCC Group Equal Opportunities, Diversity, Dignity and Respect Mediation – Dignity and Respect Policy Mediation – Students Complaints Policy Total Total € 14,206 5,130 5,671 4,545 7,046 36,598 3.
Pay & Pensions The University is complying with Government Policy on Pay and the Framework for Departure from Approved Levels of Remuneration as agreed with the HEA under Section 25 of the Universities Act, 1997.

The University is complying with Government Policy on pensions.

Any pension agreements with the Higher Education Authority, Department of Education, Department of Further and Higher Education, Research, Innovation and Science or any other Government Department were complied with.
Any severance payments made during the year in review were made with the consent of the Department of Further and Higher Education, Research, Innovation and Science, and were in compliance with the requirements of Circular 09/2018: Consolidation of arrangements for the offer of severance terms in the civil and public service.

4.
4.

Financial Reporting The production of the University’s Consolidated Financial Statement for year ended 30 September 2022 complies with the 2019 Code of Governance for Irish Universities.

An annual report, including audited financial statements, was published in June 2022 in respect of the institutions activities for year ended 30 September 2021.
The University is subject to annual audit by both the Office of the Comptroller & Auditor General and by the Governing Authority appointed External Auditors, PricewaterhouseCoopers.

Appropriate procedures to produce the University’s financial statements for year ended 30 September 2022 have been followed in line with the Code of Governance for Irish Universities and audited financial statements are prepared for all legal entities under the control of the University.

5.

6.

7.
5.

6.

7.

Off Balance Sheet Transactions The University arranged through Bank of Ireland, drawn on Wells Fargo, an irrevocable Letter of Credit in the amount of US$167,476, which expires on 30 September 2023, to the US Department of Education in respect of commitments under the US Federal Aid Loan programme.
Except for this letter of credit, the University has not entered into any off-balance sheet transactions such as leases, letters of credit, guarantees, derivatives, sale of receivables, debit or debt like instruments of non- consolidated equity interest or joint ventures which give rise to or may give rise to an asset or liability in excess of €10m or 2% of the total net assets of the University (€5.5m).
Trusts and Foundations Details summarising the transactions between the University of Limerick and the University of Limerick Foundation are included as a note and an appendix to the financial statements.

Internal Audit The University has all appropriate procedures in place for internal audit.

The Internal Auditor performs their functions on an independent basis, reporting functionally to the Chairperson of the Governing Authority Audit & Risk Committee and administratively to the Corporate Secretary.
The Internal Audit plan is approved by the University’s Audit and Risk Committee.

The Audit & Risk Committee meets annually with the External Auditors appointed by Governing Authority, the Internal Auditor, and with representatives of the Office of the Comptroller & Auditor General (C&AG) without members of the Executive present.
During the period 1 October 2021 to 30 September 2022 a total of five Internal Audit Reviews were completed and were approved in accordance with the provisions of the University’s Internal Audit Charter.
The Internal Audit Reviews completed are: • • • • • Starters and Leavers Signing Authority Review ULA Funding Review Non-Pay Expense Review – Library & Information Services Division Non-Pay Expense Review – UL Global The University’s Audit and Risk Committee (ARC), being a committee of the Governing Authority, reviewed the Internal Audit Plan for the Financial Year 2021/2022 and considered it appropriate as part of the process to monitor the internal control environment.
The Internal Audit Plan was approved by the ARC in April 2022.

The Audit Plan was endorsed by the Governing Authority.
2 2 0 2 t r o p e R l a u n n A 31 i k c i r e m L f o y t i s r e v n U i (iii) Details of Non-Compliant Procurement above €25,000: Service/Commodity Value Reason Power query project evolved from a procured training provided by the vendor, contract in place is for training, costs related to development work not covered by the contracted services Graphic design 42,198 Extension of service beyond procured contracted training services 8,500 3 quote process was not followed Event facilities AV, security 16,550 3 quote process was not followed Production and fitting of signage - multiple work orders 53,766 Multiple users and complex service requirements Promotional materials 38,267 Driven by an increased level of spend Status Under review Training to address Training to address Running a procurement process in 2023 Running a procurement process in 2023 2 2 0 2 t r o p e R l a u n n A 33 Seeds, turf and other landscaping supplies Graphic design and video editing 33,374 Identified as an issue during 2022, procurement process underway to address Tender process underway 30,978 Multiple small engagements for different projects/ requirements i k c i r e m L f o y t i s r e v n U i Staff counselling services 27,469 OGP framework available - same vendor Total 251,102 Framework is under development Currently finalising (iv) Non-Competitive Procurement above €25,000: During the reporting period the University spent €1.962M with suppliers where the procurement process was non-competitive.
These include maintenance/support contracts on previous tendered competitions for systems and equipment, exclusive rights for library journals, repairs and parts for specialist research equipment, continuity of research and article publishing costs in exclusive journals/databases etc.
These are single source compliant procurements where the University’s purchase approval process requires a completed supplier selection justification setting out details of the circumstances such as exclusive rights, replacement parts or accessories, technical services etc.

2 2 0 2 t r o p e R l a u n n A 32 i k c i r e m L f o y t i s r e v n U i 8.
Procurement (i) Procurement procedures Policies and procedures for the procurement of all non pay expenditure are in place and communicated to staff and published on the University website.

The University operates an online purchase requisition workflow.

Requisitions with a value in excess of €5,000 are automatically work flowed to procurement for checking and approval of the procurement process followed.
During the financial year functionality has been developed on the finance system to track contract details, create a tracking system for contract expiry and a live contract register which will be available online to staff, these will be deployed in early 2023 to all staff.

Non-compliance with these procedures is noted under section 8 (iii).
The University actively engages with the services and frameworks of the Office of Government Procurement and the Education Procurement Service (EPS), which are used when applicable and available.

There are a significant number of instances where the OGP cannot deliver a procurement request and the University must complete the process with its own resources.

The University may not have the resources available to it to complete in a timely manner.
The University continues to deploy its procurement resources to minimise this risk.

The University maintains a database of all contracts and payments in excess of €25,000.

In addition, the University undertakes a post factum review annually on aggregate spend on suppliers.

This review informs whether a revised procurement strategy is required for such suppliers as aggregate annual spend has exceeded the €25,000 threshold for tendering.
Functionality has been developed to identify aggregate spend exceeding €25,000 with individual suppliers.

This enables monitoring of spends approaching threshold and thereby ensure where there is an ongoing requirement a procurement process can be progressed at the earliest opportunity subject to available framework and or resources.

(ii) Corporate Procurement Plan The University annually reviews and updates it Corporate Procurement Plan, it is presented to GA FHRAMC for review on an annual basis.
The University submitted its completed Multi Annual Procurement Planning (MAPP) to the EPS in November 2022 and has engaged with the EPS its sectoral analysis of HEI MAPP’s.

9.

Asset Disposals The disposal of assets by the University during the reporting period was carried out in line with the University’s Policy for the Disposal of Assets.

The policy is in compliance with the requirements of the 2019 Code of Governance for Irish Universities for the disposal of assets.
The University confirms there was no disposal of assets in any form above the threshold of €150,000 in the period under review.

10.

Management of Capital Projects During the reporting period, policies and procedures for the management of capital projects and property transactions were compliant with the Public Spending Code and the Capital Works Management Framework, relevant Circulars and Code of Governance.
Policies and procedures for the management of capital projects and property transactions are reviewed every 3 years and as required and updated where appropriate.

2 2 0 2 t r o p e R l a u n n A 34 Policies and procedures for the management of capital projects and property transactions have been approved via the appropriate governance structures of the Institution and are subject to external review periodically.
All capital projects and property transactions are managed and delivered in compliance with Institution’s approved policies and procedures as well as relevant principles, requirements and guidelines of the current Public Spending Code and the Capital Works Management Framework, relevant Circulars and Code of Governance.

The Governing Authority approved all significant capital and property transactions during the financial year in excess of €2m.

i k c i r e m L f o y t i s r e v n U i 11.


Travel Policy The University implements Government travel policy requirements through its Travel and Subsistence Policy approved by Governing Authority.

The Policy was revised in September 2022 and came into effect on 6 October 2022.

The University is satisfied that there are robust controls in place in relation to the payment of travel related expenses.

12.
12.

Guidelines on Achieving Value for Money in Public Expenditure The requirements of the Guidelines on Achieving Value for Money in Public Expenditure, both current and capital expenditure, as set out in the Department of Public Expenditure and Reform Public Spending Code were complied with during the year in review.

13.

Tax Laws The University seeks to be compliant with taxation laws and is committed to ensuring that all known tax liabilities are paid by the relevant due dates.

14.
14.

Legal Disputes Details of all legal disputes (including costs to date) involving other State bodies, incurring expenditure of €25,000, were reported to the HEA by 30th June 2022.

15.

Confidential Disclosure Reporting – Protected Disclosures Act 2014 Procedures were in place for the making of Protected Disclosures in accordance with S.21(1) of the Protected Disclosures Act 2014.

The University’s Annual Report was published in June 2022 as required under the Act.
There were two protected disclosures received during the financial year 1 October 2021 to 30 September 2022.

16.

Governing Body meetings Ten meetings of Governing Authority were held between October 2021 and September 2022 of which seven were scheduled meetings.

The University confirms that a quorum was maintained at all meetings.

The Chair of the Governing Authority confirmed that she was satisfied that the number of meetings was sufficient to discharge the duties of the Governing Authority.
The Governing Authority met without any executive members present in December 2021.

In October 2022 all executive committee members who were “in attendance” left the meeting, but those who were members of both the executive or management and Governing Authority remained.

17.

Audit and Risk Management Committee meetings There were six Audit & Risk Committee meetings held during the financial year under review.

The Governing Authority was satisfied with the functioning of the Audit & Risk Committee.
18. Review of Governing Body performance The annual self-assessment evaluation questionnaire of the Governing Authority’s performance and that of its committees was undertaken in Q2 of 2022.

The Corporate Secretary, following discussion with the Chair, presented a report to Governing Authority outlining the main themes emerging from the self-assessment.

Following that discussion, the follow-on work was referred at the request of the Chancellor to the Governance Committee.
These actions will be used to inform the induction and training requirements of the next (sixth) Governing Authority of the University.

An external review of the effectiveness of the Governing Authority was completed in January 2021.

19.

Data provided to HEA The University is satisfied as to the integrity and robustness of any data on student numbers and programmes provided to the HEA in the reporting period.

Staff numbers are provided to the HEA each quarter.
The data is automatically generated based on a suite of reports from the Core HR System.

A review of the data as it compares across each quarter is completed as part of the detailed check of same.

A single point of contact manages the data gathering and reporting as a safeguard to the integrity and robustness of the staff numbers provided.

20.
20.

Ending Sexual Violence and Harassment in Irish Higher Education Institutions Work is advancing on the implementation of the ‘Framework for Consent’ through appropriate structures i.e.

the Consent Framework Steering Committee (chaired by the Provost/Deputy President) and the subgroups i.e., The Consent Framework Policy Review Group and the Sexual Health and Wellbeing Group.

The committed actions as set in institution action plan are progressing.
The institution appointed a Sexual Harassment and Sexual Violence Prevent and Support Officer in 2022 to act as a key first point of contact for staff and students who may experience harassment or violence of a sexual nature.

The Sexual Harassment & Sexual Violence Policy for Staff and Students is nearing completion and will be launched in Q1 2023.

2 2 0 2 t r o p e R l a u n n A 35 36 i k c i r e m L f o y t i s r e v n U i 23.
Fees and Expenses The University confirms that Government guidelines were complied with on the payment of fees and expenses to Governing Authority members.

No payment made to external members of Governing Authority for attendance on interview panels.

Details of all other expenses as set out below.


Details of all payments to Governing Body members (honoraria/ remuneration/ fees/ expenses) in the reporting period Payments by Category: Expenses* Honoraria Remuneration Fees Total € 19,853 0 0 0 19,853 * This includes the costs of flights / accommodation of the Minister’s nominees, who are resident in the United States of America.

24.
24.

Governing Body Gender Balance The University confirms there was a minimum of 40% representation of each gender for the year in review.

25.

Subsidiaries, joint ventures and interests in external companies Subsidiaries of the University of Limerick (and any subsidiary thereof) continued to operate solely for the purpose for which it was established and remained in compliance with the terms and conditions of the consent under which it was established.
Codes of Governance are in place for all of the University’s trading subsidiaries, other than University Concert Hall, where a draft code is due to be approved by the University’s Finance, HR and Asset Management Committee at its next meeting (early February 2023).
The University has some outstanding concerns in relation to procurement, and these were highlighted as part of the previous year’s AGS but is satisfied with the commitments given by the subsidiaries in relation to the remediation measures that are currently under way (and almost complete).

The Audit and Risk Committee, and Governing Authority will be keeping the situation under review during the course of the current financial year.
The University of Limerick disclosed details of all shareholdings and interests held by the University in external companies (spin outs, joint ventures and all other shareholdings in companies) in the audited financial statements.
There was no cost to the Exchequer for any financing arrangements attaching to any joint venture or other similar arrangements (including loans, dividends or other forms of funding provided by the University at the point of establishment of the joint venture / arrangement and thereafter).

Any costs incurred by the University associated with joint ventures (SDZ) are funded from non-exchequer sources.

Progress on the action plan is advancing well.


Quarterly updates are presented at the Governing Authority sub-committee i.e.

Access, Equality and Student Affairs Committee, monthly to the Provost & Deputy President Management Meetings and regularly to the Executive Committee and Governing Authority.

A recent staff ASEDI Culture Survey provided quantitative and qualitative data highlighting the need for additional supports.
The findings from the survey have been presented to Governing Authority, Executive Committee and Governing Authority sub-committees and to all staff.

A new Student Designated Contact Persons Panel has been established to provide students with additional supports.

21.

Child Protection Policy The University of Limerick’s Child Safeguarding Statement complies with the Children First Act 2015 and is being implemented.
The University’s associated organisations have local Child Safeguarding Statements in place that conform to Children First and are being implemented as confirmed in writing to the University’s Designated Liaison Person.

22.

Disability Act 2005 Older buildings and infrastructure are substantially compliant and are upgraded and modified for compliance on a continuous basis subject to available funds.
Except for these older buildings the University confirms that it met its obligations under the Disability Act 2005 during the year in review.

The University confirms that all new buildings and infrastructure comply with the provisions of the Disability Act 2005 and Part M Building Regulations.

2 2 0 2 t r o p e R l a u n n A 37 i k c i r e m L f o y t i s r e v n U i 26.
Intellectual Property (IP) and Conflict of Interest The University has a single IP Policy that is published on its external website and reflects the management requirements of the national IP Protocol.

The University of Limerick IP Policy is reviewed in accordance with the Policy Management Framework and approved by GA.

Under the Policy, the decision to make any payments of benefits provided for within the policy is delegated to the Vice President Research.
All payments are made in accordance with the IP policy.

The Governing Authority was made aware of IP commercialisation metrics via memo and incorporated into Annual Research Performance Report.

IP commercialisation metrics are verified by Knowledge Transfer Ireland.
The Governing Authority received the names of any spin-out companies from which the Institution received revenue in the relevant financial year from (i) equity sale (ii) dividends (iii) any milestone related (or similar) event not covered in (i) or (ii).

The University’s Policy for Conflicts of Interest was last reviewed and approved by Governing Authority in 2020.

This is published on the UL Policy Hub.


All staff have a duty to ensure that potential conflicts of interest are documented and managed with regard to the best interests of the University.

Where appropriate, Declaration of Interest Forms are completed by staff members and signed off by their line manager before submission to the Director of Human Resources.
Conflict of Interest Briefing Sessions take place throughout the year and the Director Human Resources briefs Governing Authority once yearly on declarations returned.

The Director, Human Resources presented to Governing Authority in January 2022 on conflicts of interests declared to his office in the previous 12 months.

2 2 0 2 t r o p e R l a u n n A 38 2 2 0 2 t r o p e R l a u n n A 39 i k c i r e m L f o y t i s r e v n U i 27.
HEA Principles of Good Practice in Research in Irish Higher Education Institutions The University affirms that it has adhered to the principles of good research practice as set out in the HEA Framework.

The Office of the Vice President Research is responsible for the implementation of the University’s policy and procedures in the area of Research Integrity.

The University has had an appointed Research Integrity Officer who reports to the President.
In addition, the Office of the Vice President Research supports the University’s Research Ethics governance, as well as providing support as appropriate in the areas of research data management (in collaboration with other University units).

The University is represented on relevant national bodies such as the National Research Integrity Forum through the Office of the Vice President Research.
Ms Mary Harney Chancellor 2 March 2023 Professor Kerstin Mey President 2 March 2023 Building partnerships for dual and joint PhD programmes 40 i k c i r e m L f o y t i s r e v n U i Appendix 1 Attendance at Governing Authority meetings 1 October 2021 – 30 September 2022.

The Governing Authority met 10 times during the period under review.

Governing Authority Member No.

of Meetings Attended No.
of Meetings Eligible to Attend Chief Officer: Chancellor: Senior Officer of University: Professors/Associate Professors: (elected by such staff) Academic & Research Staff: (elected by such staff) Support Staff: (elected by such staff) Professor Kerstin Mey Ms Mary Harney Professor Nigel Healey Professor Shane Kilcommins Professor Sean Arkins Professor Edmond Magner Professor Kevin M Ryan Dr David Fleming Dr Seamus Gordon* Dr Fergal O’Brien Dr Jennifer Schweppe* Dr Bob Strunz Ms Michelle Breen Ms Kim O’Mahony Elected officers of the Students’ Union: Mr Cillian O’Donohue Nominees of Organisations: Ms Maeve Rutledge Mr Seán Ó Maoilchiaráin Ms Maeve Gilmore Ms Rania Shadeed Ms Joan Aherne Mr Kevin Fleming* Nominees of Minister for Education & Skills: Ms Grainne Barron Persons appointed having regard to Artistic/ Cultural Interests: Graduates of the University of Limerick: (elected by such graduates) Dr Garret A FitzGerald Ms Aibhlín McCrann Ms Trish Long Ms Judith Woodworth Mr Liam Carroll Mr Colin Clarke* * Cathaoirleach of the City & County of Limerick: Cllr Catherine Slattery Cllr Olivia O’Sullivan * Mayor of the Metropolitan District of Limerick: Cllr Daniel Butler Cllr Francis Foley University of Limerick Foundation Nominees: Ms Rose Hynes (Deputy Chairperson) President, MIC: *See notes below: Mr Eddie Sullivan Professor Eugene Wall – Dr Seamus Gordon retired October 2021 – Dr Jennifer Schweppe resigned May 2022 – Mr Kevin Fleming appointed December 2021 – Mr Colin Clarke resigned May 2022 – Cathaoirleach of the City & County of Limerick and Mayor of the Metropolitan District of Limerick new terms commenced June 2022 – Mr Gary Butler was in attendance 10 of 10 meetings – Professor Norelee Kennedy was in attendance 9 of 10 meetings – Mr Andrew Flaherty was in attendance 8 of 10 meetings Sub-committee meeting attendance period 1 October 2021- 30
 September 2022 Audit & Risk Committee (ARC) The Audit & Risk Committee met on 6 occasions and the attendance record is detailed below: Members of Governing Authority and ARC members Mr Kevin Fleming – attended 6 of 6 meetings Mr Eddie Sullivan (Chair) – attended 6 of 6 meetings External Committee members who are not members of Governing Authority Mr Chris Cullen – attended 1 of 1 meetings Ms Eva O’Keeffe – attended 5 of 5 meetings Mr Andrew Flaherty was in attendance 6 of 6 meetings Finance, Human Resources & Asset Management Committee (FHRAMC) The Finance, Human Resources & Asset Management Committee met on 6 occasions and the attendance record is detailed below: Members of Governing Authority and FHRAMC members Mr Liam Carroll - attended 3 of 6 meetings Ms Rose Hynes (Chair) – attended 4 of 6 meetings Ms Aibhlín McCrann – attended 5 of 6 meetings Dr Fergal O’Brien – attended 6 of 6 meetings Mr Cillian O’Donohue – attended 4 of 4 meetings Ms Kim O’Mahony – attended 6 of 6 meetings Mr Louis Pemble – attended 1 of 1 meeting Professor Kevin M Ryan – attended 6 of 6 meetings Ms Maeve Rutledge – attended 2 of 2 meetings Ms Rania Shadeed – attended 2 of 3 meetings Ms Judith Woodworth – attended 6 of 6 meetings Members of Governing Authority in attendance Mr Gary Butler – attended 4 of 4 meetings Mr Andrew Flaherty - attended 4 of 4 meetings Professor Kerstin Mey – attended 1 of 6 meeting Mr Gerry O’Brien - attended 2 of 2 meetings External Committee members who are not members of Governing Authority Mr Ambrose Loughlin – attended 4 of 6 meetings Mr Mark Kennelly – attended 5 of 6 meetings 2 2 0 2 t r o p e R l a u n n A 41 42 i k c i r e m L f o y t i s r e v n U i Governance Committee (GC) The Governance Committee met on 4 occasions and the attendance record is detailed below: Members of Governing Authority and GC members Professor Seán Arkins – attended 3 of 4 meetings Mr Liam Carroll – attended 4 of
 4 meetings Mr Colin Clarke (Chair) – attended 3 of 3 meetings Ms Trish Long – attended 2 of 4 meetings Ms Kim O’Mahony – attended 4 of 4 meetings Ms Aibhlín McCrann (Chair) – attended 1 of 1 meeting Dr Bob Strunz – attended 2 of 2 meetings Sub-committee meeting attendance period 1 October 2021- 30 September 2022 Access, Equality & Student Affairs Committee (AESAC) The Access, Equality & Student Affairs Committee met on six occasions and the attendance record is detailed below: Members of Governing Authority and AESAC members Ms Joan Aherne – attended 5 of 6 meetings Ms Michelle Breen – attended 6 of 6 meetings Ms Maeve Gilmore – attended 1 of 1 meeting Professor Nigel Healey – attended 4 of 5 meetings Professor Shane Kilcommins – attended 1 of 1 meeting Ms Trish Long (Chair) - attended 5 of 6 meetings Professor Edmond Magner – attended 3 of 4 meetings Professor Kerstin Mey - attended 3 of 6 meetings Mr Cillian O’Donohue – attended 5 of 5 meeting Mr Seán Ó Maoilchiaráin – attended 5 of 5 meeting Mr Louis Pemble – attended 0 of 1 meeting Ms Maeve Rutledge – attended 1 of 1 meeting Dr Jennifer Schweppe – attended 3 of 4 meeting Ms Rania Shadeed – attended 3 of 5 meeting Dr Bob Strunz – attended 1 of 1 meeting Member of AESAC but not Governing Authority Dr Marie Connolly – attended 1 of 6 meetings Ms Siobhan Long – attended 3 of 6 meetings Dr Shivaun Quinlivan – attended 4 of 6 meetings In attendance Mr Jordan Cassells – attended 1 of 1 meeting Ms Rhona McCormack – attended 6 of 6 meetings Ms Orfhlaith McLoughlin - attended 1 of 3 meetings Ms Lucy Smith - attended 1 of 3 meetings Providing support to enable all students to succeed 2 2 0 2 t r o p e R l a u n n A 43 44 i k c i r e m L f o y t i s r e v n U i Statement on the Systems of Internal Control 1.
2.

3.

System of Internal Controls An effective system of internal financial control was maintained and operated in the reporting period.

The control environment is appropriate to the scale and complexity of the University.

The President acknowledges that Governing Authority has overall responsibility for the University’s system of internal control, including that of its subsidiary companies.
The system covers all material controls including financial, operational and compliance controls and risk management systems that support the achievement of the University’s Strategic Plan, the achievement of the Strategic Plans/objectives of its subsidiary companies and the implementation of university policies and procedures while safeguarding the public and other funds and assets for which the University is responsible.

The Statement of Internal Controls is reviewed by the Audit and Risk committee.
Aa review of the effectiveness of internal controls was undertaken by the Governing Authority for the period to which this Statement relates and that such review was completed on 4 November 2022, within two months of the end of the reporting period.

Reasonable assurance against material error The University is aware and acknowledges that its system of internal controls is designed to minimise risk thereby managing it to an acceptable level.
However, it is acknowledged that the system of internal controls does not eliminate risk and therefore cannot provide absolute assurance that the assets are safeguarded, transactions are appropriately authorised and recorded, and that material error or irregularities are either prevented or detected in a timely manner.

It is confirmed that the University’s system of internal controls has been in place for the year ended 30 September 2022 and up to the approval of the financial statements.
Review of the Statement of Internal Control It is confirmed that the Statement on the Systems of Internal Controls is reviewed by the University’s Auditors as part of their consideration of the Financial Statements.

The Auditors are required to include a statement in the Financial Statements Audit Report indicating whether or not the Statement of Internal Controls is consistent with the information of which they are aware as a result of their work.

4.

5.
4.

5.

IT Security During the financial year ended 30th September 2022, UL was not compromised by any major IT security events.

UL are satisfied that the IT security controls that were in place for the reporting period prevented any major cyber security breaches.

UL has invested in IT Security Enhancement initiatives and resources since 2019 to improve the University’s IT Security posture.

Further IT security enhancement projects were implemented during the reporting period under review.
UL remains acutely aware of the external cyber threat landscape and continues to proactively monitor the external threat environment.

The UL IT Security team respond to new external cyber threats on an ongoing basis as new risks are identified.
UL has additional IT Security Enhancement initiatives and investments planned over the coming years to further enhance the IT security controls within the institution, so that UL is prepared to deal with future cyber security threats in an increasingly complex IT Security threat environment.

Risk Management The University has a robust Risk Management Framework in place that is subject to regular review to ensure it reflects best practice.
The Framework includes clearly defined process for the identification of new risks and process for evaluating and managing existing risks.

The University hosts its Fundamental Risk Register on a bespoke software solution, which enables risk owners to evaluate and update both risks and mitigations.
The University’s Risk Appetite Statement and Risk Management Plan were reviewed during the period, and its approach to risk was considered by Executive Committee in September 2022, by Audit & Risk Committee in November 2022 and approved by Governing Authority in November 2022.

During the period, the Fundamental Risk Register was reviewed to align with the new senior management structure and any new risks that have emerged.
The revised Fundamental Risk Register was considered by Executive Committee in, by Audit & Risk Committee in June 2022 and approved by Governing Authority in June 2022.

In September 2022 the Risk Management Plan (RMP) was presented and approved by Executive Committee and approved by Governing Authority in November 2022.

The RMP includes a detailed review process for the Fundamental Risk Register and a revised FRR is due in February 2023.
The University has a robust Risk Management Framework in place that is subject to regular review to ensure it reflects best practice.

The Framework includes clearly defined process for the identification of new risks and process for evaluating and managing existing risks.

2 2 0 2 t r o p e R l a u n n A 45 i k c i r e m L f o y t i s r e v n U i 6.
Key procedures in place designed to provide effective internal control The following ensure that there is an appropriate control environment in place in the University: • • • • • • • • • The University has put in place a senior management structure designed to ensure best governance practice throughout the University.
With the departure of the Chief Operation Officer at the end of 2021, the portfolios of the Chief Financial and Performance Officer and the Chief Corporate Officers were revised to incorporate IT into the former and Building and Estates into the latter.

The University’s Executive Committee has written terms of reference that clearly set out the role and responsibilities of the Committee.
The Executive Committee also established a number of sub-committees with written terms of reference that provide for clear levels of authority and reporting structures to Executive Committee.

An annual strategic budgeting process involving key individuals within the University takes place that informs the development of the University’s budget.
Vice Presidents, Executive Deans, Divisional Directors and Heads of Academic Departments/ Administrative Units, in fulfilling their functions, operate with clear staff structures and appropriate assignment of duties within their respective areas of responsibility.

In addition, their respective units have appropriate committee/group structures in place to support the development and work of the units.
These units operate in accordance with internal policies and procedures as well as corporate-level policies approved by the Governing Authority on the recommendation of its sub-committees.

The University undertakes an update to its Annual Governance Statement and Statement of Internal Control on an annual basis.

This update is secured through the circulation of a questionnaire to a wide range of functional managers throughout the University.
The questionnaire has been the subject of external review to ensure it is fit for purpose.

In addition, external experts provided specific training to all members of Management Council on their responsibilities in responding to the questionnaire and the type and level of information required.
Senior executives of the University are appointed as directors on all subsidiary company boards, and they provide advice as requested by management and/or the respective Boards of Directors of these companies on the impact of the University’s strategy, policies and procedures on the work of the company.

The Matters Reserved to Governing Authority and terms of reference of its Finance, HR & Asset Management Committee provide for oversight of subsidiary activities.
The University has established a Policy Management Framework that ensures consistency in the development and implementation and monitoring of implementation of corporate level statutes and policies.

All new policies and revised existing policies must conform to the requirements of the Framework prior to approval by the Governing Authority.
The implementation of the requirements of the Policy Management Framework is supported by an online Policy Hub which is the single authoritative source of all University statutes and policies.

Procedural manuals and guidelines on academic, financial, IT, research and HR management are available to all managers.
The University’s Academic Council, composed in accordance with the Universities Act, 1997, meets regularly and has a range of sub-committees in place to ensure the development, review and implementation of academic related policies, regulations and procedures.

These sub- committees report regularly to the Academic Council.
• • • • • • • • • There is a robust Quality Review process in place that operates in accordance with statutory requirements that ensures regular quality reviews of the academic, professional service and affiliate units across the University and the implementation of agreed recommendations arising from such reviews where practicable.

The outcomes of these reviews (Quality Review Group Report) and the respective quality implementation plan are presented to the UL Quality Committee for approval.
Outputs from quality reviews are reported to Governing Authority by the Provost.

All review reports are published on the Quality Support Unit website, along with review schedules, guidelines and summary implementation reports.

The University of Limerick is focused on providing the optimum student experience and in this regard, conducts institutional module satisfaction and student exit surveys and participates in ISSE to elicit where the University can improve its offerings to the students.
The outcomes of these surveys are considered in detail and acted upon where practicable.
Additionally, the University’s Centre for Transformation & Learning works to enhance teaching and learning processes through supporting students’ transition into university (First Seven Weeks), offering staff development programmes in learning, teaching and scholarship, heightening the profile and value of teaching activities including through Teaching Excellence Awards, collaboratively engaging in related research nationally and internationally and enabling key teaching innovations including technology assisted learning.
The Intellectual Property Policy provides for procedures to be laid down from time to time for the appropriate management of the University’s IP arising out of research activities.

Procedures are in place for management of intellectual property and for the formation of UL Campus Companies.

The Research Commercialisation Committee (RCC) provides oversight and guidance to the VPR on matters pertaining to research commercialisation, campus company formation and management of the Nexus Centre.
The University Research Committee, reporting to the University Executive Committee, advises and reports on University research priorities, strategy, and policy.

The Research Ethics Governance Committee (ULREG), supported by the Research Governance Officer, reports to Academic Council and in turn is reported to by five standing Research Ethics Committees: one each from the University’s four faculties, and a separate Animal REC.
ULREG is responsible for research ethics governance, setting standards for research ethics scrutiny, defining mechanisms to deliver these standards and overseeing associated monitoring and assessment arrangements.

ULREG is supported in this role by research ethics committees (RECs).

All research ethics applications are submitted to and considered by the relevant REC, whose decisions are reported to and ratified by ULREG.
The Governing Authority has a sub-committee structure with clear terms of reference that are reviewed regularly.

Membership of these committees provides for additional external expertise relevant to the sub-committee.

The Audit & Risk Committee, supported by the Internal Auditor, reviews the scope and effectiveness of the University’s internal controls and those of its subsidiaries, including financial, operational and compliance controls and reports regularly to the Governing Authority.
Regular reporting to the relevant Governing Authority sub-committees and the Governing Authority on the financial aspects of major projects being proposed and/or completed.

Regular reporting to the relevant Governing Authority sub-committee on the physical design of capital projects to ensure they complement surrounding buildings on the Campus.
2 2 0 2 t r o p e R l a u n n A 46 47 48 i k c i r e m L f o y t i s r e v n U i • • • • • • The terms of reference of the Governing Authority sub-committees include the oversight of major initiatives within their remit and they report regularly to Governing Authority on such matters.
The University of Limerick Governing Authority operates in accordance with legislation.

The requirements of the 2019 national Code for the Governance of Irish Universities have been implemented by the University.

While the University works to the provisions of the 2019 Code of Governance, the University’s own Code of Governance has been updated to comply with the 2019 national Code and reflect other updated practices within the University and was approved by Governing Authority in December 2021.
Codes of Governance are in place for all of the University’s trading subsidiaries.

The latest revision Matters Reserved to Governing Authority reflects requirements of the 2019 Code of Governance for Irish Universities and recommendations arising from review by the IPA.

Organisational and technical measures have been put in place in the University to enable compliance with data protection law.

In the period under review, two data breaches were reported to the Data Protection Commission (“DPC”).
In July 2019, the DPC initiated a statutory inquiry into the University’s handling of certain phishing incidents.

The University has co-operated fully with the DPC and their report is awaited.

Information Systems • The University has established a resource allocation and budgeting system.

It carries out an annual strategic budgeting process and the resulting Annual Budget is approved by the FHRAMC and then the Governing Authority.

Budgets are reviewed against actual expenditure during the year.
Monthly reports are issued to budget-holders and financial reports are reviewed by the FHRAMC on a quarterly basis.

Subsidiary companies carry out an annual budgeting process and the budget is approved by the board of directors.

Budgets are reviewed against actual during the year and quarterly reports are reviewed by the board.

The subsidiary companies report on their performance to the Governing Authority through the FHRAMC.
The University recruited a Chief Finance & Performance Officer who took up his role in September 2021.

A key part of the role is to build on existing information systems in the University through the development of a data and reporting capability that enables data driven decision making, will drive business reporting, benchmarking and performance analysis and interpretation, resource optimisation and process improvement across the University.
• • Financial Implications of Major Business Risks • A revised Contract Signing Policy was approved by Governing Authority in October 2022.

The University has a structured authorisation process matching the monetary limits for the signing authority on financial transactions, within specified accounts, to the appropriate grade within each area.

The Head of Department/Function has overall responsibility for the delegation of signing authority within his/her area.
In a devolved financial structure, the Executive Dean/ Divisional Director is accountable to the Governing Authority, through its FHRAMC, for all financial matters of his/her Faculty/Division.

The Finance Division works in partnership with and advises areas of the University in relation to compliance with legislative and other obligations on the University.
A devolved financial structure also operates within subsidiary companies and the executive management are accountable to the board of directors for all financial matters.

• • • • Detailed procedures on handling financial transactions are published on the University website by the Finance Division.

This Division also provides training to staff on a regular basis.

Policies and procedures are regularly reviewed and updated as appropriate.
Staff in subsidiary companies are trained as required and policies and procedures specific to the subsidiary are reviewed on a regular basis and updated where needed.

Finance or legal professionals are members of the following Governing Authority Sub- Committees: – – – Members of the Finance Division/subsidiary companies attend meetings of the Audit & Risk Committee as and when required by the Committee.
Finance Division staff and finance staff of subsidiary companies provide direct advice and support to the campus communities in relation to financial matters.

Audit & Risk Committee Finance, HR and Asset Management Committee Boards of subsidiary companies.

Monitoring the Effectiveness of the Internal Control System • • • • • • A programme of external quality reviews of academic and support areas, the results of which feed into the risk registers of the individual areas.
The University’s financial statements are audited by external independent auditors who express an Audit Opinion.

The University has in place an Internal Audit Charter that is considered on a regular basis to ensure it continues to reflect best practice in the area of Internal Audit.

The Internal Audit process is carried out in accordance with the Charter.

The Audit & Risk Committee approves an internal audit plan on an annual basis.
This plan provides for internal audit review of a range of functional areas throughout the University, including its subsidiary companies.

The subsequent Internal Audit Reports are submitted to the Executive Committee for consideration and approval in the first instance.

Subsequently, the reports are submitted to the Audit & Risk Committee for information and reporting to Governing Authority.
These Internal Audit Reports are based on the status of internal controls within the respective functional areas and the Internal Auditor meets with the head of the functional area/ subsidiary to which the reports relate to ensure the accuracy of the report and to secure the management responses to recommendations for inclusion in the report.

The Audit & Risk Committee reports to the Governing Authority on a regular basis on the outcome of such reviews.
As part of its internal audit process, the University has established an Internal Audit Review Group comprising senior executives of the University whose remit is to monitor the implementation of recommendations arising from any Internal Auditor review of controls in the various functional areas.

The Review Group operates in accordance with a remit set down by the Governing Authority through its Audit & Risk Committee.

The remit is also provided for in the University’s Internal Audit Charter.
The Review Group reports regularly to the Audit & Risk Committee and interacts with the Internal Auditor on the status of implementation of recommendations arising from the Internal Audit reviews.

In turn the Internal Auditor undertakes a follow-up review of a sample of recommendations deemed implemented and reports to the Audit & Risk Committee to provide assurances on the implementation of recommendations.
2 2 0 2 t r o p e R l a u n n A 49 50 i k c i r e m L f o y t i s r e v n U i 8.
Disclosure of non-compliance, breaches in Internal Control, weakness in internal control and/or material losses or frauds, and actions to address Disclosure of details regarding instances where breaches in control occurred and a description of the action taken, or intended to be taken, to correct any non-compliance or weaknesses in internal control identified, together with the timeframes within which this will be done, or an explanation of why no action is considered necessary, are reported in the table below.
Due date Completed Description of the action taken to correct non-compliance, breaches in Internal Control, weakness in internal control and/ or material losses or frauds Details are set out in pages 32 and 33 A new solution has been implemented for Retirees, whereby system access is removed by default unless an exception is approved by a member of the University Executive.

All retirees have been removed from Active Directory as of June 30 2022.
Q1 2023 A significant project is underway to comprehensively deal with this matter.

The Project will deal with Leaver Access to ITD when leaving the employment of the University or through retirement.

Disclosure of non-compliance, breaches in Internal Control, weakness in internal control and/or material losses or frauds Procurement Retiree Email: Review the current practise where retirees retain their Active Directory email access.
Consideration should be given to transfer new email address @r.ul.ie or similar and linkage to Active Directory staff email address should cease on the same date as employment by UL ceases.

This will remove the implied authority of the University to individuals who are no longer employees associated with having an Active Directory account which is the key control to accessing key UL systems.
CORE HR should issue one leavers report to key systems owners – Agresso & Email (Active Directory) to ensure timely removal of access to these systems.

Leavers should be removed from key business systems in line with best practise which dictates that removal is on date of departure.

Removal from key business systems on a timely basis will remove the risk of unauthorised access to key systems, therefore eliminating the risk of compromising the security and integrity of key systems and data.
It will also remove the implied authority acting on behalf of the University and remove any associated reputational risk.

We confirm, on behalf of the Institution, that we are satisfied with the confirmations, explanations and information provided in this Annual Governance Statement return.

Ms Mary Harney Chancellor 2 March 2023 Professor Kerstin Mey President 2 March 2023 7.
General governance and accountability Issues As per the Oversight Agreement between the Institution and the HEA, the President kept the HEA informed, on a timely basis, of any governance issues, concerns, or major risks that arose for the University in the reporting period.

In addition to that, the University returned a quarterly review of matters pertaining to its governance during the financial year in question.

These were submitted to the CEO of HEA via the President’s Office.
The University has not published the KPMG Report into the purchase of the former Dunnes Stores Site (now the City Campus).

However, the recommendations in the Report and the remediation actions taken by the University, have been shared with key stakeholders (including the Governing Authority, the HEA, the C&AG and the PAC).

Legal proceedings have been initiated against the University by its former Chief Operations Officer on foot of the contents of this Report.
Pending the determination of these proceedings, the University has been advised by counsel that it is precluded from publishing the Report, as to do so risks compromising its ability to defend the proceedings.

The University is on notice that the PAC may seek to acquire powers to legally compel production of the Report, and if production is sought pursuant to those powers, the University will comply.
2 2 0 2 t r o p e R l a u n n A 51 i k c i r e m L f o y t i s r e v n U i Auditors’ Report 2 2 0 2 t r o p e R l a u n n A 52 i k c i r e m L f o y t i s r e v n U i Ard Reachtaire Cuntas agus Ciste Comptroller and Auditor General Report for presentation to the Houses of the Oireachtas University of Limerick Opinion on the financial statements I have audited the financial statements of the University of Limerick for the year ended 30 September 2022 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 changes in reserves the consolidated and University statement of financial position 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 2022 and of the income and expenditure of the University and of the University group for the year then ended in accordance with Financial Reporting Standard (FRS) 102 — The Financial Reporting Standard applicable in the UK and the Republic of Ireland.
Basis of opinion I conducted my audit of the financial statements in accordance with the International Standards on Auditing (ISAs) as promulgated by the International Organisation of Supreme Audit Institutions.

My responsibilities under those standards are described in the appendix to this report.

I am independent of the University and have fulfilled my other ethical responsibilities in accordance with the standards.
In conducting my audit, I seek to rely on evidence from an audit of the financial statements by auditors engaged by the University.

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

Report on information other than the financial statements, and on other matters The University has presented certain other information together with the financial statements.
This comprises the President’s report, the Chief Finance and Performance Officer’s review, a statement of governing authority responsibilities, an annual statement of governance, a statement on the systems of internal control, and the financial statements of the University of Limerick Foundation for the year ended 31 August 2022.

My responsibilities to report in relation to such information, and on certain other matters upon which I report by exception, are described in the appendix to this report.
I have nothing to report in that regard.
Seamus McCarthy Comptroller and Auditor General 12 May 2023 2 2 0 2 t r o p e R l a u n n A 53 54 i k c i r e m L f o y t i s r e v n U i Appendix to the report Responsibilities of Governing Authority members The members 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.

from material misstatement due My objective in carrying out the audit is to obtain reasonable assurance about whether the financial statements as a whole are free 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.
to 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 including any significant findings, deficiencies in internal control that I identify during my audit.
I report by exception if, in my opinion, • • • I have not received all the information and explanations I required for my audit, or the accounting records were not sufficient to permit the financial statements to be readily and properly audited, or the financial statements are not in agreement with the accounting records.
Information other than the financial statements My opinion on the financial statements does not cover the other information presented with those statements, and I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, I am required under the ISAs to read the other information presented and, in doing so, consider whether the other information is materially inconsistent with the financial statements or with knowledge obtained during the audit, or if it otherwise appears to be materially misstated.

If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.
Reporting on other matters My audit is conducted by reference to the special considerations which attach to bodies in receipt of substantial funding from the State in relation to their management and operation.

I report if I identify material matters relating to the manner in which public business has been conducted.

I seek to obtain evidence about the regularity of financial transactions in the course of audit.
I report if I identify any material instance where public money has not been applied for the purposes intended or where transactions did not conform to the authorities governing them.
Our graduate employment rate is 5% above the national average 2 2 0 2 t r o p e R l a u n n A 55 56 i k c i r e m L f o y t i s r e v n U i Consolidated and University Statement of Comprehensive Income Financial Year Ended 30 September 2022 Consolidated University Notes 30 Sept. 2022 €’000 30 Sept. 2021 €’000 30 Sept. 2022 €’000 30 Sept. 2021 €’000 Income State grants Academic fees Research grants and contracts Ancillary services and other self-funded income Amortisation of deferred capital grants Other operating income Interest income Net deferred funding for retirement benefits Total income Expenditure Staff costs Retirement benefit service cost Other operating expenses Interest payable and similar charges Retirement benefit interest cost Depreciation Total expenditure Surplus before other gains and losses (Loss)/gain on investment property Surplus for the year before taxation Taxation Surplus for the year Actuarial gain/(loss) in respect of retirement benefit scheme (344) 10,804 (11) 10,793 8,358 (495) 7,863 (9) 7,854 4,181 50 4,231 - 8,403 150 8,553 - 4,231 8,553 340,595 (54,752) 340,595 (54,752) Adjustment to deferred retirement benefit funding 27 (340,595) 54,752 (340,595) Total comprehensive income for the financial year 10,793 7,854 4,231 Represented by: Restricted comprehensive income for year Unrestricted comprehensive income for year - 10,793 10,793 - 7,854 7,854 - 4,231 4,231 54,752 8,553 - 8,553 8,553 All items of income and expenditure relate to
 continuing activities.
The financial statements on pages 56 to 107 were approved by the Governing Authority on 2 March 2023 and were signed on its behalf by: On behalf of Governing Authority Ms Mary Harney Chancellor 2 March 2023 Professor Kerstin Mey President 2 March 2023 2 2 0 2 t r o p e R l a u n n A 57 58 i k c i r e m L f o y t i s r e v n U i Consolidated and University Statement of Changes in Reserves Financial Year Ended 30 September 2022 Consolidated and University Statements of Financial Position Financial Year Ended 30 September 2022 Consolidated Balance at 1 October 2020 Surplus from statement of comprehensive income Release of restricted capital funds spend in year Balance at 30 September 2021 Balance at 1 October 2021 Surplus from statement of comprehensive income Release of restricted capital funds spend in year Balance at 30 September 2022 University Balance at 1 October 2020 Surplus from statement of comprehensive income Release of restricted capital funds spend in year Balance at 30 September 2021 Balance at 1 October 2021 Surplus from statement of comprehensive income Release of restricted capital funds spend in year Balance at 30 September 2022 €’000 255,813 7,854 - 263,667 263,667 10,793 - 274,460 163,899 8,553 - 172,452 172,452 4,231 - 176,683 Non-current assets Tangible assets Investment property Current assets Trade and other receivables Cash and cash equivalents Consolidated University Notes 30 Sept. 2022 €’000 30 Sept. 2021 €’000 30 Sept. 2022 €’000 30 Sept. 2021 €’000 15 16 18 19 439,377 456,501 320,870 332,234 9,000 9,231 4,700 4,650 448,377 465,732 325,570 336,884 31,548 34,600 65,976 73,442 189,416 159,828 164,473 145,023 220,964 194,428 230,449 218,465 Creditors: amounts falling due within one year 20 (193,549) (182,667) (179,719) (171,223) Net current assets 27,415 11,761 50,730 47,242 Total assets less current liabilities 475,792 477,493 376,300 384,126 Creditors: amounts falling due after one year Provisions: Retirement benefit
 receivable Retirement benefit provisions 21 27 27 (201,332) (213,826) (199,617) (211,674) 708,108 1,003,429 708,108 1,003,429 (708,108) (1,003,429) (708,108) (1,003,429) Total net assets 274,460 263,667 176,683 172,452 Unrestricted reserves: Revenue reserves Total reserves 274,460 263,667 176,683 172,452 274,460 263,667 176,683 172,452 The financial statements on pages 56 to 107 were approved by the Governing Authority on 2 March 2023 and were signed on its behalf by: On behalf of Governing Authority Ms Mary Harney Chancellor 2 March 2023 Professor Kerstin Mey President 2 March 2023 2 2 0 2 t r o p e R l a u n n A 59 i k c i r e m L f o y t i s r e v n U i Consolidated Statement of Cash Flows Financial Year Ended 30 September 2022 Consolidated Notes 15 23 15 Cash flow from operating activities Surplus for the year Taxation paid Loss on disposal of fixed assets Adjustment for non-cash items Depreciation Amortisation of deferred capital grants Transfer from tangible assets to investment property Revaluation loss Investment income Interest payable Operating cash flow before movement in working capital Adjustment for working capital items Decrease/(increase) in trade and other receivables 2 2 0 2 t r o p e R l a u n n A 60 i k c i r e m L f o y t i s r e v n U i Increase in trade payables Other movements Capital grants received (note 23) Adjustment for investing or financing activities Investment income Interest payable Net cash inflow from operating activities Cash flows from investing activities Purchase of investment property Proceeds on sale of assets Purchase of tangible fixed assets Net cash (outflow) from investing activities Cash flows from financing activities Debt due within one year: (Decrease) in short term borrowings Debt due after one year: Decrease in long term borrowings Decrease in long term liabilities Net cash outflow from financing activities Increase in cash and cash equivalents in the year Cash and cash equivalents at beginning of year Cash and
 cash equivalents at end of year 19 2022 €’000 10,804 (11) 67 20,176 (7,061) 53 344 (53) 1,371 25,690 3,052 11,296 2021 €’000 7,863 (9) 16 20,659 (7,049) - 495 (6) 1,154 23,123 (3,168) 19,931 881 1,793 53 (1,371) 39,601 (113) (1) (3,171) (3,285) 6 (1,154) 40,531 (6) 1 (5,729) (5,734) (94) (1,380) (6,634) (6,883) - (6,728) 29,588 159,828 189,416 - (8,263) 26,534 133,294 159,828 Notes To The Financial Statements Financial Year Ended 30 September 2022 1 General information The mission of the University of Limerick is to be a distinctive, pioneering and connected university that shapes the future through educating and empowering people to meet the real challenges of tomorrow.
Our vision is to be internationally recognised as a distinctively progressive, research led university that provides an engaging student experience, conducts world-class research renowned for its translational impact and is globally and locally connected in terms of its contribution to economic, social and cultural life.
Reinforced by an abiding commitment to the principles of academic freedom, we will be guided by six core values in the realisation of our vision: excellence, creativity, ethics, sustainability, community and global focus.

2 3 Statement of compliance The entity financial statements have been prepared on a going concern basis and in accordance with Irish GAAP (accounting standards issued by the Financial Reporting Council of the UK and the Companies Act 2014).
The entity financial statements comply with Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2014 and the Statement of Recommended Practice – Accounting for Further and Higher Education.

Summary of significant accounting policies The significant accounting policies used in the preparation of the entity financial statements are set out below.
These policies have been consistently applied to all financial years presented, unless otherwise stated.

(a) Basis of preparation The entity financial statements have been prepared under the historical cost convention, as modified by the measurement of certain financial assets and liabilities at fair value through the statement of comprehensive income, and the measurement of freehold land and buildings at their deemed cost on transition to FRS 102 issued by the Financial Reporting Council.
The preparation of financial statements in conformity with FRS 102 requires the use of certain key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the financial year.

It also requires the Governing Authority to exercise its judgement in the process of applying the university’s accounting policies.
The areas involving a higher degree of judgement or areas where assumptions and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed in note 4.

The functional currency of the University is considered to be Euro because that is the currency of the primary economic environment in which the University operates.

The consolidated financial statements are stated in Euro.
Foreign operations are included in accordance with the policies set out below.

2 2 0 2 t r o p e R l a u n n A 61 i k c i r e m L f o y t i s r e v n U i (b) Basis of consolidation The university’s consolidated financial statements include the financial statements of the university and all of its subsidiary undertakings made up to 30 September 2022.

Subsidiaries are all entities over which the group has the power to exercise control.
University of Limerick Foundation The financial statements of the University of Limerick Foundation are excluded from these financial statements as the Foundation is not controlled by the University of Limerick.

Details of activity with the University of Limerick Foundation is set out in note 26.

(c) Going concern The University and its subsidiaries incurred a surplus of €10.793m for the year and is in a net asset position of €274.460m at 30 September 2022.
The consolidated cash and cash equivalents balance at 30 September 2022 is €189.416m.

2 2 0 2 t r o p e R l a u n n A 62 The University meets its day-to-day working capital requirements through its bank facilities.

The University and its subsidiaries have prepared forecasts under various scenarios.
Based on these forecasts and after making further enquiries, the governors have a reasonable expectation that the University and its subsidiaries have adequate resources to continue in operational existence and meet their obligations as they fall due for the 12-month period following the approval of these financial statements based on its current cash balances and existing facilities.
Thus, the Governing Authority continues to adopt the going concern basis of accounting in preparing the annual financial statements.

(e) Tangible fixed assets Tangible fixed assets are carried at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.
Cost includes the original purchase price, costs directly attributable to bringing the asset to the location and condition necessary for its intended use, applicable dismantling, removal and restoration costs and borrowing costs capitalised.

(i) Land and buildings The University’s buildings are valued at cost or deemed cost for land and buildings measured at valuation at the date of transition to FRS102 less accumulated depreciation and accumulated impairment losses on buildings, furniture and fittings.
Tangible fixed assets are not depreciated until they are brought into use.

Freehold land and buildings are stated in the statement of financial position at cost as they are specialised buildings and therefore it is not appropriate to value them on the basis of open market value.

Freehold land is not depreciated.

Freehold buildings are depreciated over their expected useful economic lives to the University of between 33 and 50 years.
Where land and buildings are acquired with the aid of specific state grants, they are capitalised and depreciated as above.

The related state grants are credited to a deferred capital grant account and are released to the Statement of Comprehensive Income over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.
Finance costs where applicable, which are directly attributable to the construction of land and buildings, are not capitalised as part of the cost of those assets.

2 2 0 2 t r o p e R l a u n n A 63 i k c i r e m L f o y t i s r e v n U i (d) Foreign currency (i) Functional and presentation currency The university’s functional and presentation currency is the euro, denominated by the symbol “€” and unless otherwise stated, the financial statements have been presented in thousands (‘000).
(ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At the end of each financial year foreign currency monetary items are translated to euro using the closing rate.
Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at exchange rates at the end of the financial year of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within ‘interest receivable and similar income’ or ‘interest payable and similar charges’ as appropriate.

All other foreign exchange gains and losses are presented in the statement of comprehensive income within ‘other expensing expenses’.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable.

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.
(ii) Equipment and minor works Equipment costing less than €25,000 per individual item is written off to the income and expenditure account in the year of acquisition.

All other equipment is capitalised at cost.
Capitalised equipment is depreciated over its useful economic life as follows: Leased assets Computer equipment Equipment and minor works All weather pitches 5 years or primary lease period, if shorter 3 years Up to 10 years 20 years Where equipment is acquired with the aid of specific grants it is capitalised and depreciated in accordance with the above policy, with the related state grant being credited to a deferred capital grant account and released to the income and expenditure account over the expected useful economic life of the related equipment.
(iii) Donations The University receives on occasion benefits in kind such as gifts or equipment.

Items of significant value donated to the University, which if purchased, the group 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 policy set out below.
i k c i r e m L f o y t i s r e v n U i (f) Heritage assets The University of Limerick has acquired many assets of unqualified historic and cultural importance to the State.

This collection includes a period house (Plassey House), artworks and other paintings and artefacts.

Plassey House is part of the working infrastructure of the University campus and as such is capitalised in the statement of financial position in line with Section 17 FRS 102.
All artwork purchased for the benefit of the University is capitalised in the statement of financial position at original cost and is not depreciated.

Donated archives and printed books are not capitalised in the financial statements.

All costs incurred in relation to preservation and conservation are expensed as incurred.
(g) Investment properties Investment properties comprise of properties held by the group for rental, capital appreciation or both, rather than for use in the group’s primary activity of teaching and research.

Investment properties are initially measured at cost.

Cost comprises the purchase price plus any directly attributable expenditure.

Investment properties are subsequently measured at fair value, with all changes in fair value being recognised in the statement of comprehensive income.
Fair value deficits are reflected in the revenue reserve.

2 2 0 2 t r o p e R l a u n n A 64 i k c i r e m L f o y t i s r e v n U i (h) Financial instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.

The university has chosen to apply the provisions of Section 11 and 12 of FRS102 to account for all of its financial instruments.
(i) Financial assets Basic financial assets, including trade and other receivables, cash and cash equivalents, short-term deposits and investments in corporate bonds, are initially recognised at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction.
Where the arrangement constitutes a financing transaction the resulting financial asset is initially measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Trade and other receivables, cash and cash equivalents, investments in corporate bonds and financial assets from arrangements which constitute financing transactions are subsequently measured at amortised cost using the effective interest method.
At the end of each financial year financial assets measured at amortised cost are assessed for objective evidence of impairment.

If there is objective evidence that a financial asset measured at amortised cost is impaired an impairment loss is recognised in the statement of comprehensive income.

The impairment loss is the difference between the financial asset’s carrying amount and the present value of the financial asset’s estimated cash inflows discounted at the asset’s original effective interest rate.
If, in a subsequent financial year, the amount of an impairment loss decreases, and the decrease can be objectively related to an event occurring after the impairment was recognised the previously recognised impairment loss is reversed.

The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment loss not previously been recognised.

The impairment reversal is recognised in the statement of comprehensive income.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.
Such financial assets are subsequently measured at fair value and the changes in fair value are recognised in the statement of comprehensive income, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are subsequently measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of ownership of the financial asset are transferred to another party or (c) control of the financial asset has been transferred to another party who has the practical ability to unilaterally sell the financial asset to an unrelated third party without imposing additional restrictions.
2 2 0 2 t r o p e R l a u n n A 65 66 i k c i r e m L f o y t i s r e v n U i (ii) Financial liabilities Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.
Where the arrangement constitutes a financing transaction the resulting financial liability is initially measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Trade and other payables, bank loans, loans from fellow group companies, preference shares and financial liability from arrangements which constitute financing transactions are subsequently carried at amortised cost, using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down.

In this case, the fee is deferred until the draw-down occurs.

To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is treated as a prepayment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade payables are classified as due within one year if payment is due within one year or less.

If not, they are presented as falling due after more than one year.

Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting FRS102, 11.38A, 12.25A Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
(i) Taxation As an exempt charity, the University is not liable for Corporation Tax or Income Tax on any of its charitable activities.

It is registered for Value Added Tax, but since the supply of education is an exempt activity on which no output tax is charged, it is unable to recover input tax on the majority of its purchases.
Trading activities undertaken by the University are administered through its subsidiary companies, which as commercial organisations are liable to Corporation Tax where applicable.

Where applicable current tax is provided at amounts to be paid (or recovered) under current tax legislation.
(i) 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 statement of financial position 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 statement of financial position date.
Timing differences are temporary differences between surpluses as computed for taxation purposes and surpluses 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 statement of financial position date.

Deferred tax is not discounted.


(j) Revenue recognition (i) State grants Grant from the Higher Education Authority and other government bodies are recognised based on the accrual model and are measured at fair value of the asset received or receivable.

Grants are classified as relating either to revenue or assets.

Recurrent and non-recurrent grants relating to revenue are recognised in income over the period in which the related costs are recognised.
Grants from the Higher Education Authority or other government bodies received in respect of the acquisition or construction of fixed assets are recognised over the expected useful life of the asset.

Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

(ii) Academic fees Academic fees are recognised in the period to which they relate.
Academic fees received in advance are deferred and credited to the income and expenditure account once the service is deemed to have been performed.

(iii) Research grants and contracts Income from research grants and contracts from government sources is recognised based on the performance/accrual model.

Income from research grants and contracts from non-government sources is recognised based on the performance model i.e.
income is recognised to the extent that performance-related conditions have been met.

Research grants from non-government sources Income from grants from non-government sources is recognised in the Statement of Comprehensive Income when performance related conditions are met.

If a restriction in use but no performance related condition exists, the income is recorded in the Statement of Comprehensive Income.
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 of the income and subsequently retained within a restricted reserve until such time that the expenditure is incurred in line with the restriction.
2 2 0 2 t r o p e R l a u n n A 67 i k c i r e m L f o y t i s r e v n U i (iv) Donations The most common classes of such transactions are: 1) Donations with no restrictions Donations with no restrictions include amounts given to the University 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) Donations with restrictions Donations with restrictions are recorded in 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.

2 2 0 2 t r o p e R l a u n n A 68 (v) Income from short-term deposits All income from short-term deposits is credited to the income and expenditure account in the period in which it is earned.
(vi) Rental income and other rental charges Rental income arising on rent and other charges relating to the student villages and sports facilities is recognised on an accruals basis and as the service is provided.

(vii) Other income Other income is recognised in the financial statements on an accrual’s basis.

(k) Leasing (i) Finance leases Finance leases transfer substantially all the risks and rewards incidental to ownership to the lessor.
At the commencement of the finance lease term the university recognises its right of use and obligation under a finance lease as an asset and a liability at the amount equal to the fair value of the leased asset, or if lower, at the present value of the minimum lease payments calculated using the interest rate implicit in the lease.

Where the implicit rate cannot be determined the university’s incremental borrowing rate is used.
Incremental and directly attributable costs incurred in negotiating and arranging a finance lease are included in the cost of the asset.

Assets under finance leases are depreciated over the shorter of the lease term and the estimated useful life of the asset.

Assets are assessed for impairment at the end of each financial year.
The minimum lease payments are apportioned between the outstanding liability and finance charges, using the effective interest method, to produce a constant periodic rate of interest on the remaining balance of the liability.

(ii) Operating leases Operating leases do not transfer substantially all the risks and rewards of ownership to the lessor.

Payments under operating leases are recognised in the statement of comprehensive income on a straight-line basis over the period of the lease.
2 2 0 2 t r o p e R l a u n n A 69 (l) Investments Investments are stated at cost less any permanent diminution in value.

Investment income is recognised on an accrual’s basis.

Investments included in current assets have a maturity of 12 months or less.
(m) Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those qualifying assets, until such time as the qualifying assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in the statement of comprehensive income in the financial year in which they are incurred.

(n) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- term highly liquid investments with original maturities of three months or less.

Bank overdrafts are shown within borrowings in current liabilities.
Cash and cash equivalents are initially measured at transaction price and subsequently measured at amortised cost.

Bank deposits which have original maturities of more than three months are not cash and cash equivalent and are presented as current asset investments.
2 2 0 2 t r o p e R l a u n n A 70 i k c i r e m L f o y t i s r e v n U i (o) Employee benefits The university provides a range of benefits to employees, including short term employee benefits such as annual bonus arrangements and paid holiday arrangements and post- employment benefits (in the form of defined benefit or defined contribution retirement benefit plans).

A subsidiary company operates a performance related bonus up to an agreed monetary value (see note 10).
(i) (ii) Short term employee benefits Short term employee benefits, including paid holiday arrangements and other similar non- monetary benefits, are recognised as an expense in the financial year in which employees render the related service.

The university operates an annual bonus plan for employees.
An expense is recognised in the statement of comprehensive income when the university has a present legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.

Post-employment benefits Defined contribution plan The university operates a defined contribution plan for certain employees.
A defined contribution plan is a retirement benefit plan under which the university pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further contributions or to make direct benefit payments to employees if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.

The assets of the plan are held separately from the university in independently administered funds.
The contributions to the defined contribution plan are recognised as an expense when they are due.

Amounts not paid are shown in accruals in the statement of financial position.

Defined benefit pension schemes UL Superannuation scheme (iii) The pension benefits for employees are governed by the University of Limerick Superannuation (Amendment) Scheme (UL Superannuation Scheme).
The University operates an unfunded defined benefit pension scheme, the University of Limerick Superannuation (Amendment) Scheme, which is funded annually on a pay as you go basis from monies provided by the Higher Education Authority and from contributions deducted from staff salaries.

The University believes that it operates as an agent in the operation of the Scheme and does not contribute formally to the Scheme.
The University believes that the liability in respect of the benefits payable to employees who are under UL Superannuation Scheme will be repaid in full by the HEA/State.

In accordance with FRS 102 Section 28.28, the University believes that it is virtually certain that the HEA/State will reimburse all of the expenditure required to settle the defined benefit obligation, and it recognises a reimbursable asset (plan asset), an amount corresponding to the unfunded deferred liability for pensions.
Defined benefit pension scheme liabilities are measured on an actuarial basis using the projected unit method.

The defined benefit pension charge to operating surplus comprises the current service cost and past service costs.

The excess of the matching deferred asset is presented in the income and expenditure account as net deferred funding for pensions.
Actuarial gains and losses arising from changes in actuarial assumptions and from experience surpluses and deficits are recognised in the other comprehensive income for the year in which they occur.

(iv) The Single Public Service Pension Scheme The Single Public Service Pension Scheme commenced with effect from 1 January 2013.
Most new employees after this date in the University will be members of the Single Scheme, which is an unfunded defined benefit scheme, funded annually on a pay as you go scheme from monies provided by the HEA.

Pension contributions are remitted to the Department of Public Expenditure and Reform.

The University is prescribed in S.I.

No 584 of 2012 as a relevant authority for the purposes of the single Scheme.
Future benefits accruing to Scheme members have been provided for in these financial statements.

It is the University’s opinion (in accordance with Section 44 of the 2012 Act) that any liability in respect of the Single Scheme would be offset by an equivalent asset in respect of future State funding.

Accordingly, the University recognises an asset, an amount comprising the unfunded deferred liability for pensions as the liabilities are considered to be guaranteed by the State.
(p) Provisions and contingencies (i) Provisions Provisions are liabilities of uncertain timing or amount.

Provisions are recognised when the university has a present legal or constructive obligation as a result of past events, it is probable that a transfer of economic benefits will be required to settle the obligation and the amount of the obligation can be estimated reliably.
Provisions are measured at the present value of the best estimate of the amount required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

Provisions are reviewed at the end of each financial year and adjusted to reflect the current best estimate of the amount required to settle the obligation.
The unwinding of the discount is recognised as a finance cost in the statement of comprehensive income, presented as part of ‘interest payable and similar charges’ in the financial year in which it arises.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole.
In particular: (i) Restructuring provisions are recognised when the university has a legal or constructive obligation at the end of the financial year to carry out the restructuring.
The university has a constructive obligation to carry out a restructuring when there is a detailed, formal plan for the restructuring and the university has raised a valid expectation in those affected by either starting to implement the plan or announcing its main features to those affected; and (ii) Provision is not made for future operating losses.
(ii) Contingencies 2 2 0 2 t r o p e R l a u n n A 71 72 i k c i r e m L f o y t i s r e v n U i Contingent liabilities, arising as a result of past events, are not recognised as a liability because it is not probable that the university will be required to transfer economic benefits in settlement of the obligation, or the amount cannot be reliably measured at the end of the financial year.
Possible but uncertain obligations are not recognised as liabilities but are contingent liabilities.

Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised.

Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
(q) Grants Capital government grants (other than Land) are treated as deferred income, which is credited to the income and expenditure account on the same basis as the related assets are depreciated.

Non-government Capital Grants are accounted for under the performance model and are recognised in the Statement of Comprehensive Income when the performance related conditions have been met.
(r) Impairment of non-financial assets At the end of each financial year date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired.

If there is such an indication the recoverable amount of the asset (or asset’s cash- generating unit) is estimated.

The recoverable amount of the asset (or cash-generating unit) is the higher of its fair value less costs to sell and its value in use.
Value in use is the present value of the future cash flows expected to be derived from continuing use of the asset (or cash-generating unit) and from its ultimate disposal.

In measuring value-in-use pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks specific to the asset for which the future cash flow estimates have not been adjusted.
If the recoverable amount of the asset (or cash-generating unit) is less than the carrying amount of the asset (or cash-generating unit) the carrying amount is reduced to its recoverable amount.

An impairment loss is recognised in the statement of comprehensive income, unless the asset has been revalued.

If the asset has been revalued the impairment loss is recognised in other comprehensive income to the extent of the revaluation gains accumulated in equity in respect of that asset.
Thereafter any excess is recognised in the statement of comprehensive income.

If an impairment loss reverses (the reasons for the impairment loss have ceased to apply), the carrying amount of the asset (or asset’s cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior financial years.
A reversal of an impairment loss is recognised in the statement of comprehensive income, unless the asset is carried at a revalued amount.

4 Critical accounting judgements and key sources of estimation uncertainty Estimates and judgements made in the process of preparing the entity financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting estimates and assumptions The governors make estimates and assumptions concerning the future in the process of preparing the University financial statements.
The resulting accounting estimates will, by definition, seldom equal the related actual results.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) (ii) Useful economic lives of tangible fixed assets The annual depreciation on tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets.
The useful economic lives and residual values are reviewed annually.

They are amended when necessary to reflect current estimates, based on future refurbishment plans, economic utilisation and the physical condition of the assets.

See note 15 for the carrying amount of the tangible fixed assets and note 3(e) for the useful economic lives for each class of tangible fixed assets.
2 2 0 2 t r o p e R l a u n n A 73 Impairment of receivables The governors make an assessment at the end of each financial year of whether there is objective evidence that a trade or other debtor is impaired.

When assessing impairment of trade and other receivables, the directors consider factors including the current credit rating of the debtor, the age profile of outstanding invoices, recent correspondence and trading activity, and historical experience of cash collections from the debtor.
i k c i r e m L f o y t i s r e v n U i (iii) University of Limerick Foundation The financial statements of the University of Limerick Foundation are excluded from these financial statements as the Foundation is not controlled by the University of Limerick.

Details of activity with the University of Limerick Foundation is set out in note 26.

(iv) 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.

Critical accounting judgement (i) Pension As further explained in note 27 to the financial statements, the University of Limerick has recognised a deferred pension asset in respect of the University of Limerick Superannuation (Amendment) Scheme 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 the University of Limerick 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.
5 State grants Consolidated and University 7 Research grants and contracts State grant allocated for recurrent purposes Covid grant State grant pension* 2022 €’000 54,100 1,502 16,133 71,735 2021 €’000 42,425 3,128 16,816 62,369 State and semi-state European Union Industry Other All of the above grant income was received from the Higher Education Authority.
Consolidated and University 2021 €’000 2022 €’000 26,123 4,606 2,844 2,431 23,524 4,860 4,154 2,111 36,004 34,649 * State grant pension includes members’ contributions of €6.887m (2021: €6.380m).
8 Other operating income Consolidated University 2 2 0 2 t r o p e R l a u n n A 74 State grant received in respect of current year State grant deferred from prior accounting year State grant deferred to subsequent accounting years Consolidated and University 2022 €’000 73,948 9,512 (11,725) 71,735 2021 €’000 65,458 6,423 (9,512) 62,369 i k c i r e m L f o y t i s r e v n U i State funding is allocated on a calendar year basis.
The University financial year is based on the academic year from October to September.

In accordance with the University’s accounting policies recurrent grants have been recognised on an accruals basis.

In any accounting year, therefore an element of funding will be deferred to subsequent accounting periods in order to match the funding to the related expenditure.
6 Academic fees Consolidated and University Academic fee income Miscellaneous fee income 2022 €’000 122,083 2,278 2021 €’000 117,099 3,040 Total fees paid by or on behalf of individual students 124,361 120,139 A total of €37,221,586 (2021: €36,022,510) included in academic fee income was paid directly by the Higher Education Authority.
2 2 0 2 t r o p e R l a u n n A 75 i k c i r e m L f o y t i s r e v n U i Residences Other rental and concession income Sports facility income Retail and visitor centre 2022 €’000 20,441 2,819 3,570 221 2021 €’000 Restated 11,516 2,346 1,624 180 Contract labour services 18,139 14,935 Car park income Research overheads Funded post income Concert Hall 402 2,072 1,556 962 337 2,369 2,426 367 2022 €’000 2021 €’000 - - 2,254 2,126 - - - 402 2,072 1,556 - - - - 337 2,369 2,426 - Other self-funded income 2,678 2,049 2,678 2,049 Gain on disposal of asset - - - - Other income 3,276 3,735 2,453 2,252 56,136 41,884 11,415 11,559 2021 consolidated other self-funded income restated upwards by €627k and 2021 other income restated downwards by €627k due to change in method of eliminating intercompany income.
9 Interest income Consolidated University Interest income 2022 €’000 53 2021 €’000 6 2022 €’000 53 2021 €’000 6 2 2 0 2 t r o p e R l a u n n A 76 i k c i r e m L f o y t i s r e v n U i 10 Staff costs (i) The average weekly number of persons (including senior post-holders) employed by the University (including its subsidiaries) during the year, expressed as full-time equivalents was: Staff employed (WTE) 2,634 2,394 1,992 1,919 Consolidated University 2022 Number 2021 Number 2022 Number 2021 Number Salaries Overtime Allowances Consolidated 2022 Number 2021 Number University 2022 Number 2021 Number 158,663 145,248 138,807 130,161 870 476 811 617 235 476 196 617 Short term employee benefits 160,009 146,676 139,518 130,974 Social welfare 14,257 13,447 12,347 11,825 Defined contribution employers’ cost 306 232 - - Pensions in payment (note 27) 16,133 16,450 16,133 16,450 190,705 176,805 167,998 159,249 Total staff costs include payments for all full and part time staff and any other costs in respect of their employment relationship with the University, including employer pension contributions cost of €9.246m (2021: €10.436m) (note 27).
Termination and severance payments (including statutory redundancy) amounted to €67,016 were paid to two staff members (2021 €30,380 paid to two staff members).

In respect of severance payments there were no professional added year agreements entered into in current or prior year.

Following a board approved restructure, a redundancy settlement was made in a subsidiary of the University, the total cost was €176,835.
The board of a subsidiary, Plassey Campus Centre CLG, following a review of the year ahead and review of performance of current year put in place an annual fund of €50,000 to provide for performance related pay for staff involved in the development of summer business in the residences and visitor centre.

This is a highly competitive market.

During 2022, €30,000 (2021: €3,400) of this fund was awarded to staff.

In prior years, a misapplication of circular 07/2019 to 123 staff occurred.
Details were submitted to the Department of Further and Higher Education, Research, Innovation and Science (DFHERIS) which outlines the detail of the issue, how the matter is to be rectified and the steps put in place to ensure that an issue such as this does not occur in the future.

A process is underway to engage with the staff impacted and to agree corrective action.
Following a full review additional increments amounting to total gross pay of €580,995, of which €175,751 relates to 2021 were misapplied.

A process is underway with the staff impacted to ensure an agreed corrective action to recover the full amount.

(ii) Governors No payments were made in the current or previous year to any Governor for work undertake in their role as Governor.
Of the 29 members of the current Governing Authority, whose term commenced on 1 December 2017, 11 are members of University Staff 3 of whom (2021: 3) are key management personnel.

Their salaries are therefore included in the key management note below, while the other 8 (2021: 8) members’ salaries are stated separately below.

There were 2 vacancies on the Governing Authority at 30 September 2022.
(iii) Key management compensation The costs below reflect the salaries for the period which staff served on Executive while the number for senior management reflects the number on Executive at the end of the year.
Key management personnel are both the Governing Authority and Senior Managers, the compensation of both split out as follows: Governing Authority (staff members) Governing Authority (non-staff members) Senior management Consolidated 2022 Number 2021 Number University 2022 Number 2021 Number 8 17 11 36 8 17 11 36 8 17 11 36 8 17 11 36 2 2 0 2 t r o p e R l a u n n A 77 i k c i r e m L f o y t i s r e v n U i Key management are members of the University’s pension schemes and their post-employment benefits arising from their appointments do not extend beyond the terms of the relevant schemes.
The total salary paid to the President for the period from 1 October 2021 to 30 September 2022 was €208,525.

The President is a member of the Single Pension Scheme, and the post- employment benefits arising from her appointment do not extend beyond the terms of that scheme.
Governing Authority (staff members) Governing Authority (non-staff members) Consolidated 2022 €’000 886 - 2021 €’000 786 - University 2022 €’000 2021 €’000 886 - 786 - Senior management 1,918 1,956 1,918 1,956 2,804 2,742 2,804 2,742 2 2 0 2 t r o p e R l a u n n A 78 i k c i r e m L f o y t i s r e v n U i The University has adopted a starting value of €60,000 to identify higher paid staff.

Staff remuneration, in salary bands of €10,000 using €60,000 as the starting value is as follows.
Consolidated University Number of employees 30 September 2022 Number of employees 30 September 2021 Number of employees 30 September 2022 Number of employees 30 September 2021 Salary bands €60,000 to €69,999 €70,000 to €79,999 €80,000 to €89,999 €90,000 to €99,999 €100,000 to €109,999 €110,000 to €119,999 €120,000 to €129,999 €130,000 to €139,999 €140,000 to €149,999 €150,000 to €159,999 €160,000 to €169,999 €170,000 to €179,999 €180,000 to €189,999 €200,000 to €209,999 €210,000 to €219,999 €220,000 to €229,999 €230,000 to €239,999 €250,000 to €259,999 €280,000 to €289,999 €330,000 to €339,999* 179 127 150 117 75 34 64 14 4 59 8 1 - 1 1 1 1 1 1 - 168 124 164 103 72 64 17 10 7 52 7 1 1 3 - 1 - 1 - 1 176 125 148 115 74 33 63 13 4 59 8 1 - 1 1 1 1 1 1 - 167 120 162 103 71 63 17 9 7 52 7 1 1 3 - 1 - 1 - 1 Total 838 796 825 786 * A Professor in the School of Medicine on HSE consultant professor pay scale received a retrospective pay award arising from a settlement following a High Court decision on a number of lead cases.
The salary band data does not include the impact of the 3% pay arrears back dated to 2 February 2022.
While the cost of the pay award has been provided for in the financial statements, it was not paid to staff until November 2022 University of Limerick has been re-accredited as University of Sanctuary for the period 2022-2025 2 2 0 2 t r o p e R l a u n n A 79 i k c i r e m L f o y t i s r e v n U i 11 Other operating expenses Consumables Heat, light, water and power Consolidated University 2022 €’000 2,232 4,105 2021 €’000 Restated 1,820 3,961 2022 €’000 2,188 2,601 2021 €’000 Restated 1,800 2,660 Repairs and general maintenance 5,922 5,799 5,602 5,798 Advertising, promotions, and publications 2,286 1,346 1,969 Ancillary and other self-funded programmes 7,189 4,972 7,189 4,972 Research expenditure 15,848 14,557 15,848 14,557 2 2 0 2 t r o p e R l a u n n A 80 i k c i r e m L f o y t i s r e v n U i Buildings, maintenance and renewal costs Travel Hospitality Student village management and maintenance Equipment maintenance Security Telephone and administration Subscriptions Software licences Audit and professional Rent and rates Capitation Other expenses Books and periodicals Contract cleaning Agent commission Low value equipment Scholarships and financial aid Recruitment costs Postal services External examiner fees Staff development and course fees Module delivery Loss on disposal of fixed assets Insurance 3,494 612 877 2,132 1,561 281 668 114 1,782 1,874 3,494 608 877 - 281 668 114 - Other operating expenses include: Auditors’ remuneration: • External audit - management auditor • C&AG • Internal audit Other services from either external or internal audit service providers
 Consolidated University 2022 €’000 2021 €’000 2022 €’000 2021 €’000 201 52 - 116 149 44 87 63 125 52 - 116 80 44 - 59 2021 figures restated as Travel and Hospitability now shown separately while additional category of Buildings, maintenance and renewal costs added, having previously been included in Other expenses.
External audit fee includes the audit fee paid in respect of the audit of Plassey Campus Centre Limited and its subsidiaries and the audit of the University of Limerick.

Travel and hospitality costs, including these costs included in research expenditure and ancillary and other self-funded programmes are Travel €2,110k (2021 €872k) and Hospitality €877k (2021 €114k).
Details of advisory fees paid by the University are set out below: University 2022 €’000 2021 €’000 Implementation fees for digital transformation of student records 1,917 1,832 Legal services Professional fees associated with capital and refurbishment projects IP, patents and technology transfer Strategic development Website Health and safety Pensions Public relations Futures and foresights GDPR Valuation Recruitment Athena Swan IT Governance Archives 490 404 403 185 139 94 64 51 30 - 21 17 - 9 - - 542 356 349 9 - 97 41 31 25 28 7 70 10 29 3 1 3,824 3,430 2 2 0 2 t r o p e R l a u n n A 81 82 i k c i r e m L f o y t i s r e v n U i 12 Interest payable and similar charges On bank loans: Wholly repayable within 5 years, not by instalments Wholly repayable within 5 years, by instalments Wholly repayable in more than 5 years Total Consolidated 2022 €’000 2021 €’000 University 2022 €’000 2021 €’000 225 2 1,144 1,371 284 9 861 173 2 1,144 167 9 861 1,154 1,319 1,037 Interest is payable on loans taken out to build new residential accommodation for students.
This activity is carried out by a subsidiary undertaking: Plassey Campus Centre Limited.
13 Taxation (a) Current taxation: Irish corporation tax on surplus/(deficit) for the year Adjustments in respect of prior years Current tax charge for the year Deferred tax: Origination and reversal of timing differences Effect of reduction in tax rate on opening liability Deferred tax charge for the year Consolidated 2022 €’000 2021 €’000 University 2022 €’000 2021 €’000 11 - 11 - - - 11 9 - 9 - - - 9 - - - - - - - - - - - - - - (b) The total tax charge for the year differs from the charge that would result from applying the standard rate of Irish corporation tax to the surplus for the year.
The differences are explained below: Consolidated 2022 €’000 2021 €’000 University 2022 €’000 2021 €’000 Surplus after depreciation of assets before taxation 10,804 7,863 4,231 8,553 Surplus before tax multiplied by the average rate of Irish corporation tax for the year of 12.5% 1,351 983 529 1,069 Effects of: Surplus not subject to Irish corporation tax (1,340) (974) (529) (1,069) Total tax charge for the year 11 9 - - Provision for taxation has not been made in the University or its relevant subsidiary companies as they were established for charitable and educational purposes only.
The income of subsidiary companies is exempt from taxation once it is applied in furthering the charitable objectives of the companies.

The income of Plassey Campus Arena Limited is exempt from taxation also once it is applied to the sole purposes of promoting athletic or amateur games or sports.
14 Surplus for the year The surplus for the year is made up as follows: University’s surplus for the year Surplus/(Deficit) generated by subsidiary undertakings Consolidated surplus for the year 2022 €’000 4,231 6,562 10,793 2021 €’000 8,553 (699) 7,854 2 2 0 2 t r o p e R l a u n n A 83 i k c i r e m L f o y t i s r e v n U i 15 Tangible assets Consolidated Land and buildings €’000 Minor works €’000 Computer equipment €’000 Equipment €’000 Leased assets €’000 Total €’000 University Land and buildings €’000 Minor works €’000 Computer equipment €’000 Equipment €’000 Leased assets €’000 Total €’000 2 2 0 2 t r o p e R l a u n n A 84 i k c i r e m L f o y t i s r e v n U i At 1 October 2020 578,428 3,106 8,264 101,303 536 691,637 Additions Disposals 2,177 - - - 512 3,040 (2,145) (850) - - 5,729 (2,995) At 30 September 2021 580,605 3,106 6,631 103,493 536 694,371 Accumulated depreciation At 1 October 2020 149,783 2,367 6,357 61,146 536 220,189 Charge for year Disposals 12,770 - - - 575 7,314 (2,135) (843) - - 20,659 (2,978) At 30 September 2021 162,553 2,367 4,797 67,617 536 237,870 Net book value At 30 September 2021 At 30 September 2020 Consolidated 418,052 428,645 739 739 1,834 35,876 1,907 40,157 - - 456,501 471,448 At 1 October 2021 580,605 3,106 6,631 103,493 536 694,371 Transfers Additions Disposals - 1,337 - - - - - (53) 454 1,380 (1,360) (1,955) - - - (53) 3,171 (3,315) At 30 September 2022 581,942 3,106 5,725 102,865 536 694,174 Accumulated depreciation At 1 October 2021 162,553 2,367 4,797 67,617 536 237,870 Charge for year Disposals 12,653 - - - 333 7,190 (1,339) (1,910) - - 20,176 (3,249) At 30 September 2022 175,206 2,367 3,791 72,897 536 254,797 Net book value At 30 September 2022 At 30 September 2021 406,736 418,052 739 739 1,934 29,968 1,834 35,876 - - 439,377 456,501 At 1 October 2020 440,745 3,106 8,264 66,701 536 519,352 Additions Disposals 2,177 - - - 512 (2,145) 1,982 (613) - - 4,671 (2,758) At 30 September 2021 442,922 3,106 6,631 68,070 536 521,265 Accumulated depreciation At 1 October 2020
 126,088 2,367 6,357 41,669 536 177,017 Charge for year Disposals 9,122 - - - 575 5,058 (2,135) (606) - - 14,755 (2,741) At 30 September 2021 135,210 2,367 4,797 46,121 536 189,031 Net book value At 30 September 2021 At 30 September 2020 University 307,712 314,657 739 739 1,834 21,949 1,907 25,032 - - 332,234 342,335 At 1 October 2021 442,922 3,106 6,631 68,070 536 521,265 Additions Disposals 1,311 - - - 454 1,251 (1,360) (1,858) - - 3,016 (3,218) At 30 September 2022 444,233 3,106 5,725 67,463 536 521,063 Accumulated depreciation At 1 October 2021 135,210 2,367 4,797 46,121 536 189,031 Charge for year Disposals 9,148 - - - 333 4,833 (1,339) (1,813) - - 14,314 (3,152) At 30 September 2022 144,358 2,367 3,791 49,141 536 200,193 Net book value At 30 September 2022 At 30 September 2021 299,875 307,712 739 739 1,934 18,322 1,834 21,949 - - 320,870 332,234 2 2 0 2 t r o p e R l a u n n A 85 86 i k c i r e m L f o y t i s r e v n U i Plassey Village, Kilmurry Village, Thomond Village, Dromroe Village, Cappavilla Village Residences, Quigley Residences and William Brennan Court were stated at open market value, which was determined following a formal independent valuation by DTZ Sherry Fitzgerald Limited at 30 September 2014.
The university applied the transition exemption in Section 35 of FRS102 and used this previous valuation as the deemed cost for certain freehold land and buildings on transition to FRS102.

The deemed cost of the freehold land and buildings will be depreciated over the remaining useful lives of the freehold land and buildings.

As the assets are depreciated or sold an appropriate transfer is made from the revaluation reserve to the statement of comprehensive income.
The remaining portion of the Park Point asset €2,205k was transferred to investment property during the prior year.

The investment property was stated at open market value, which was determined following a formal independent valuation by Savills at 30 September 2021.

Management are satisfied that there has been no material change in value since that date.
Heritage assets Period house Plassey House is part of the working infrastructure of the University campus and as such is capitalised in the statement of financial position in line with FRS 102 section 17.

Artwork, archives and printed books Artwork purchased for the benefit of the University is capitalised in the statement of financial position at original cost and is not depreciated.

The value of artwork capitalised in the statement of financial position is €2,164k (2021: €2,164k).
Archives, printed books and other artefacts donated to the University have not been capitalised as these are, in effect, inalienable, held in perpetuity, are mostly irreplaceable and are not readily realisable.

They are neither disposed of for financial gain nor encumbered in any manner.

Artwork, archives and printed books have been valued for insurance purposes at €12.59m (2021: €12.41m).
• • • Artwork The University is the permanent home of several art collections, including: • • • • • • The National Self-Portrait Collection of Ireland The Watercolour Society of Ireland Collection The O’Malley Sculpture Collection The Irish American Cultural Institute’s O’Malley Collection The Armitage Collection The Medical Art Collection The University’s own Arts Collection includes outdoor sculptures by international artists including Michael Warren, Peter Logan, Alexandra Wejchert, James McKenna, Tom Fitzpatrick, Antony Gormley and Sean Scully.
These sculptures have added significantly to the artistic and cultural ambience of the University and the region.

The University of Limerick seeks to acquire, preserve and provide access to unique and distinct materials including rare books, manuscripts and other primary sources, as well as strong collections of supporting published materials.
Archives The University of Limerick houses a range of archival collections of private origin, including estate collections, the papers of noted literary and political figures, as well as collections of local interest.

The archives are made available for consultation in the Reading Room.
Printed Books The University of Limerick seeks to acquire, preserve and provide access to unique and distinct materials including rare books, manuscripts and other primary sources, as well as strong collections of supporting published materials.
Four-year summary of Consolidated and University heritage assets 2022 €’000 2021 €’000 2022 €’000 2021 €’000 Artwork Opening balance - valuation Additions – cost Closing balance Archives Opening balance - valuation Additions – valuation Change in valuation Closing balance - valuation Printed books Opening balance - valuation Additions – valuation Change in valuation Closing balance - valuation 3,852 2 3,854 1,592 - (50) 1,542 6,965 325 (100) 7,190 3,846 6 3,852 1,550 8 34 1,592 7,047 1 (83) 6,965 3,836 10 3,846 3,784 52 3,836 1,547 1,529 2 1 7 11 1,550 1,547 6,867 180 - 7,047 6,863 - 4 6,867 2 2 0 2 t r o p e R l a u n n A 87 88 i k c i r e m L f o y t i s r e v n U i 16 Investment property Munster training centre Park Point Closing balance Consolidated University 2022 €’000 2021 €’000 2022 €’000 2021 €’000 4,700 4,650 4,700 4,650 4,300 4,581 - - 9,000 9,231 4,700 4,650 The Munster training centre is leased to Munster Rugby on a 15-year lease, commencing from September 2016.
The investment property is stated at open market value, which was determined by a formal valuation by Cushman Wakefield as at 30 September 2022.

This resulted in a revaluation gain of €50k.

The Park Point asset includes two units that were transferred to investment property in 2017, with the rest of the building transferred to investment property in the prior year.

The investment property was stated at open market value following a formal independent valuation by Savills at 30 September 2022.
At beginning of year Transfer from tangible assets (note 15) (Loss)/gain on revaluation Additions At end of year 2022 €’000 2021 €’000 4,581 5,220 53 - (394) (645) 60 6 4,300 4,581 All other units in Park Point are included in consolidated fixed assets land and buildings at their original cost.
17 Financial instruments The carrying values of the Group’s and University’s financial assets and liabilities are summarised by category below: Consolidated University 2022 €’000 2021 €’000 2022 €’000 2021 €’000 Financial assets Measured at undiscounted amount receivable - Trade and other receivables 9,012 6,726 5,734 4,563 - Amounts due from subsidiary undertakings Equity instruments measured at cost less impairment - Fixed asset investments in unlisted equity instruments - Current asset unlisted investments - - - - 39,358 42,545 - - - - - - Financial liabilities Measured at amortised cost Loans payable Obligations under finance leases 73,079 79,713 71,364 77,561 Measured at undiscounted amount payable Bank loans Trade and other payables 8,611 8,705 8,199 13,842 8,526 12,517 Amounts owed to subsidiary companies - - 1,910 8,316 7,757 1,764 2 2 0 2 t r o p e R l a u n n A 89 i k c i r e m L f o y t i s r e v n U i The Group’s income, expense, gains and losses in respect of financial instruments are summarised below: 2022 €’000 2021 €’000 Interest income and expense Total interest income for financial assets at amortised cost 53 6 Total interest expense for financial liabilities at amortised cost 2,007 1,781 Fair value gains and losses On financial assets (including listed investments), measured at fair value through statement of comprehensive income 2 2 0 2 t r o p e R l a u n n A 90 Impairment losses On financial assets measured at amortised cost On unlisted equity instruments measured at cost less impairment Investments at the year-end were held as follows: Management funds - - - - - - - - All the subsidiary companies are incorporated in the Republic of Ireland and their registered offices are at Plassey House, University of Limerick, Limerick with the exception of UL & Clare Economic Development Agency DAC whose registered office is Holmes, Bishopsgate, Henry Street, Limerick.
The University holds minority shareholdings in a number of Campus Companies.

Campus companies are created predominantly from University of Limerick research results and approved in accordance with UL Campus company procedures.

The University does not operate any investment fund, nor does it invest any University funds into campus companies.

The equity holding is a return for the intellectual property arrangements.
These arrangements are covered by legal agreement between the University and the campus company including a provision that the University does not provide any warranties or assurance in relation to the use of the intellectual property by the campus company.

In addition, the University will generally seek an indemnity from the company around its use of the intellectual property.
In initial shareholder agreements the University may reserve the right to appoint a director or observer to the board, this option has not been exercised.

The right to a board seat is generally impacted by the various funding rounds which result in a dilution of the University shareholding and loss of right to a board appointment.

The carrying value of such investments in the University financial statements is €Nil.
Campus Company Name Activity Shareholding LearnOpt Ltd Software solutions for CPD organisations Crescent Diagnostics Ltd Bio –medical i k c i r e m L f o y t i s r e v n U i The University held an interest in the following subsidiary and associate undertakings: Bearna Medical Ltd Development of novel bone cements and grafts Subsidiary undertaking name % Control Activity Incorporated Plassey Campus Centre CLG 100% Property holding and rental Plassey Trust Company CLG 100% Property holding and rental Plassey Campus Developments Limited 100% Construction contracting Kilmurry Village CLG (dissolved 15 January 2020) 100% Property rental (non-trading) Plassey Campus Arena CLG 100% Operating the university arena University Concert Hall CLG 100% Venue for artistic performances and other activities Unijobs DAC 100% Recruitment company University of Limerick Alumni Association DAC 100% Alumni relationships UL & Clare Economic Development Agency DAC (incorporated 19 January 2022) 50% Joint venture application for a south Clare UL Strategic Development Zone Poly Pico Ltd Printing high density protein/antibody/ DNA microarrays ALR Innovations Manufacture and sale of LCD recycling equipment Class Medical Ltd Medical device design and manufacture Transgero Ltd Risk management services Farmhedge On-farm weather risk information Ostoform Hook Bio Pharmaceutical technology and discovery Pharmaceutical technology and discovery MicaNanotech Novel materials 2 2 0 2 t r o p e R l a u n n A 91 i k c i r e m L f o y t i s r e v n U i 15% 1.70% ~15% ~ 4% ~15% ~5% ~5% ~8% ~7% ~10% ~10% 2 2 0 2 t r o p e R l a u n n A 92 18 Trade and other receivables Trade receivables Consolidated University 2022 €’000 7,326 2021 €’000 5,692 2022 €’000 4,209 2021 €’000 3,583 i k c i r e m L f o y t i s r e v n U i Research grants and contracts receivable (note 30) 12,023 15,712 12,023 15,712 Ancillary and other self-funded receivable (note 30) 786 717 786 717 State grant receivable - HEA Academic fees receivable Prepayments 1,799 1,516 1,799 4,374 6,819
 4,374 3,554 2,972 1,902 1,516 6,819 1,570 Amounts due from subsidiary undertakings - - 39,358 42,545 Other receivables 1,686 1,172 1,525 980 31,548 34,600 65,976 73,442 Amounts due from subsidiary undertakings on 30 September 2022 include intercompany loans of €36.178m (2021 €38.960m) falling due after more than one year.
These loans are unsecured and interest bearing at rates from 0.739% to 1.739% per annum.
19 Cash and cash equivalents Cash at bank including balances held on short term deposit Consolidated University 2022 €’000 2021 €’000 2022 €’000 2021 €’000 189,416 159,828 164,473 145,023 Restricted bank balances - - - - 189,416 159,828 164,473 145,023 20 Creditors: Amounts falling due within one year Trade payables Consolidated University 2022 €’000 2021 €’000 2022 €’000 2021 €’000 3,123 3,301 1,805 2,553 Research grants and contracts in advance (note 30) 81,054 79,385 81,054 79,385 Ancillary and other self-funded in advance (note 30) 10,618 8,422 10,618 8,422 Academic fees received in advance 24,664 29,682 24,664 29,682 State grant received in advance - HEA 11,725 9,512 11,725 9,512 Accruals Deferred income Bank loans (note 22) 25,691 20,958 17,326 13,472 5,076 5,415 - 1,451 8,611 8,705 8,199 8,316 Amounts owed to subsidiary undertaking - - 1,910 1,764 Other taxation and social security 5,571 5,045 5,009 4,445 Other payables 10,719 5,225 10,712 5,204 Deferred capital grants (note 23) 6,697 7,017 6,697 7,017 193,549 182,667 179,719 171,223 21 Creditors: Amounts falling due after one year Bank loans (note 22) Consolidated University 2022 €’000 2021 €’000 2022 €’000 2021 €’000 73,079 79,713 71,364 77,561 Deferred capital grants (note 23) 128,253 134,113 128,253 134,113 201,332 213,826 199,617 211,674 2 2 0 2 t r o p e R l a u n n A 93 94 i k c i r e m L f o y t i s r e v n U i 22 Borrowings (a) Bank loans Bank loans are repayable as follows: Consolidated 2022 €’000 2021 €’000 University 2022 €’000 2021 €’000 Amounts due within one year 8,611 8,705 8,199 8,316 Due between one and two years 6,557 6,586 6,145 6,197 Due between two and five years 19,210 19,130 18,386 18,391 Due after more than five years 47,312 53,997 46,833 52,973 Total 81,690 88,418 79,563 85,877 (b) Security details The borrowings of the subsidiary companies are secured as follows: Bank of Ireland hold: (a) A legal charge over Plassey Village Phase 1, Phase 2 and Phase 3.
(b) A legal charge over Brennan Court Apartments.

(c) A first legal charge over the leasehold interest in property at the Medical School Residences.

The European Investment Bank provided part of the funding necessary for the University’s capital expenditure programme.

The facility is repayable over a maximum of 20 years (2036) and currently incurs interest at Euribor plus a margin.
23 Deferred Capital Grants – State Consolidated and University At beginning of year Buildings Equipment Total Received during the year Buildings Equipment Total Amortised to income and expenditure account Buildings Equipment Total At 30 September Buildings Equipment Total University 2022 €’000 2021 €’000 125,855 129,642 15,275 16,744 141,130 146,386 - 881 881 - 1,793 1,793 (3,757) (3,787) (3,304) (3,262) (7,061) (7,049) 122,098 125,855 12,852 15,275 134,950 141,130 2 2 0 2 t r o p e R l a u n n A 95 i k c i r e m L f o y t i s r e v n U i 24 Analysis of changes in net funds 26 Related parties Consolidated Cash Bank loans Bank loans Total University Cash Bank loans Bank loans Total 2 2 0 2 t r o p e R l a u n n A 96 At 1 October 2021 €’000 Cash Flow €’000 At 30 September 2022 €’000 159,828 (8,705) 151,123 (79,713) 71,410 145,023 (8,316) 136,707 (77,561) 59,146 29,588 94 29,682 6,634 36,316 19,450 117 19,567 6,197 25,764 189,416 (8,611) 180,805 (73,079) 107,726 164,473 (8,199) 156,274 (71,364) 84,910 i k c i r e m L f o y t i s r e v n U i 25 Capital commitments Contracted for but not provided 25,916 4,372 25,916 2022 €’000 2021 €’000 2022 €’000 2021 €’000 4,372 Consolidated University Authorised but not contracted out 4,539 20,513 4,539 20,513 30,455 24,885 30,455 24,885 Following a procurement procedure, in December 2022 the University Governing Authority authorised additional cost relating to the completion of the student centre which will increase the overall costs by a further €4.815m, this increased the authorised but not contracted value post year end to €9.354m.
The University has availed of exemptions permitted under Section 33.1.A FRS 102.

University of Limerick Foundation During the year the University contributed €378k (2021: €368k) towards the running costs of the Foundation.

During the year the University received funding from the University of Limerick Foundation of €1,507k (2021: €3,257k).
This funding was received for the following purposes: Funding completed capital projects included in other income Funded posts Research grants and contracts Ancillary projects included in other operating income Scholarships included in student fee income 2022 €’000 256 970 25 57 199 1,507 2021 €’000 22 1,339 1,472 102 322 3,257 The net assets of the University of Limerick Foundation at 31 August 2022 were €9,765k (2021: €9,500k).
Plassey Campus Developments Plassey Campus Developments was the principal contractor associated with ongoing property development contracts totalling €4,655,452 in the year (2021: €2,063,747) on behalf of the University of Limerick.

Representatives of the University are members of Plassey Campus Centre Company Limited by Guarantee.

At the statement of financial position date €1,527,855 (2020: €1,593,093) was outstanding in respect of such work.
Plassey Campus Arena CLG Income: University of Limerick Receivable at 30 September: University of Limerick 2022 €’000 2021 €’000 562 557 233 110 University Concert Hall CLG The University Concert Hall Limited provides lecture facilities to the University of Limerick as part of its normal trading activities.

The value of the facilities provided during the year amounted to €36,987 (2021: €36,987).

The balance due to the University of Limerick at the year-end amounted to €1,757 (2021: €2,569).
The balance due by University of Limerick at the year-end amounted to €23,471 (2021: €39,586).

2 2 0 2 t r o p e R l a u n n A 97 i k c i r e m L f o y t i s r e v n U i 27 Retirement benefits The University operates both defined benefit and defined contribution retirement benefit schemes.

Defined contribution retirement benefit scheme The University operates a defined contribution scheme to cater for the specific circumstances of its employees.
This scheme seeks to ensure that both the requirements of the relevant employees and the responsibilities of the University are properly addressed.

The retirement benefit charge for the period represents contributions payable by the University to the scheme and amounted to €306k (2021: €232k) – note 10.
Defined benefit pension scheme The University operates a defined benefit pension scheme, the University of Limerick Superannuation (Amendment) Scheme, which is funded annually on a “pay as you go” basis from monies provided by the Higher Education Authority and from contributions deducted from staff salaries.
The scheme provides for a retirement benefit and retirement lump sum based on pensionable pay on the date of retirement (average salary used if promoted within the last 3 years of service), and spouse’s and children’s pensions.

Staff employed prior to 1 January 2006 must retire when they reach the age of 65.

For staff employed after that date, there is no compulsory retirement age; an employee may retire at any time after reaching age 65.
The scheme includes an actuarially reduced early retirement facility from age 55.

Single public service retirement benefit scheme The Single Public Service Pension Scheme (Single Scheme), which the University operates on behalf of the Department of Public Expenditure & Reform, is the defined benefit pension scheme for pensionable public servants appointed on or after 1 January 2013 in accordance with the Public Service Pension (Single Scheme and Other Provisions) Act 2012.
The scheme provides for a retirement benefit and retirement lump sum based on career-average pensionable remuneration, and spouse’s and children’s pensions.

The minimum pension age is 66 years (rising in line with State pension age changes).

It includes an actuarially reduced early retirement facility from age 55.

Pensions in payment increase in line with the consumer price index.
The valuation prepared under FRS 102 Section 28 has been based on an actuarial valuation on 13 December 2022 by a qualified independent actuary to take account of the requirements of FRS 102 in order to assess the scheme liabilities at 30 September 2022 and 2021.
The financial assumptions used to calculate scheme liabilities are: Discount rate Inflation rate Salary increases Pension in-creases At 30 September 2022 Projected unit % At 30 September 2021 Projected unit % 4.15 2.35 3.85 2.85 1.55 1.90 3.40 2.40 On foot of EU Directive, the Protection of Employee Acts 2001 and 2003 extended pension benefits to part-time and fixed term workers.
The University immediately entered into negotiations with the University Sector and relevant Government Departments in relation to the funding of these statutory liabilities.

Unfunded liability for retirement benefits The University recognises an asset, an amount corresponding to the unfunded deferred liability for retirement benefits.

The University believes that it operates as an agent in the operation of the UL Superannuation Scheme and does not contribute financially to the Scheme.
The University believes that it is virtually certain that the State will reimburse all of the expenditure required to settle the defined benefit obligation, and in accordance with FRS 102 recognises a reimbursable amount.

The University also recognises a reimbursable asset value under FRS102 in respect of the Single Scheme as the obligations and liabilities under the Single Scheme are guaranteed by the State.
2 2 0 2 t r o p e R l a u n n A 99 98 i k c i r e m L f o y t i s r e v n U i Analysis of amount charged to operating profit: Analysis of movement in pension receivable during the year: Consolidated and University 2021 €’000 2022 €’000 Consolidated and University 2021 €’000 2022 €’000 Current service cost * Past service cost Total operating charge Analysis of the amount credited to other finance income: Expected return on scheme assets Interest on scheme liabilities Net return Analysis of the amount recognised in statement of total recognised gains and losses: 39,092 32,701 - - 39,092 32,701 - (15,428) (15,428) - (12,225) (12,225) Actual less expected return on scheme assets - - 2 2 0 2 t r o p e R l a u n n A 100 Experience gain i k c i r e m L f o y t i s r e v n U i Changes in assumptions Actuarial gain/(loss) recognised in Statement of comprehensive income Movement in present value of defined benefit obligation At beginning of year Current service cost Interest cost Plan members - contributions Actuarial (gain)/loss Insurance premium for risk benefits Benefits paid At 30 September (24,563) 22,684 365,158 (77,436) 340,595 (54,752) 1,003,429 913,822 39,092 15,428 6,924 (340,595) - 32,701 12,225 6,520 54,752 - (16,170) (16,591) 708,108 1,003,429 Pension receivable at beginning of year 1,003,429 913,822 Actuarial (gain)/loss Incremental pension cost underwritten by the State * State underwritten finance charge Employer contributions * Members contributions Insurance premium for risk benefits Benefits paid (note 10) At 30 September (340,595) 29,846 15,428 9,246 6,924 - 54,752 22,265 12,225 10,436 6,520 - (16,170) (16,591) 708,108 1,003,429 In accordance with the accounting policy (Note 3(o)), the total amount required to fund the retirement benefit deficit at 30 September 2022 amounts to €708,108,000 (2021: €1,003,429,000).
Within this figure, €39.4m (2021: €58.9m) relates to the accrued liability for the single Public Service Pension Scheme (Single Scheme).

* Current service cost comprises employer contributions and incremental pension cost underwritten by the State.
History of actuarial gains and losses: 2022 €’000 2021 €’000 2020 €’000 2019 €’000 2018 €’000 Difference between expected and actual return on scheme assets Expressed as a percentage of scheme assets - 0% - 0% - 0% - 0% - 0% Experience gains and losses on scheme liabilities (24,563) 22,684 1,451 (2,903) 21,603 Expressed as a percentage of scheme liabilities (3.47%) 2.26% 0.01% (0.03%) 2.9% Total amount recognised in statement of comprehensive income 340,595 (54,752) 39,717 (127,428) 61,758 Expressed as a percentage of scheme liabilities 48.1% (5.5%) 4.3% (13.9%) 8.2% 2 2 0 2 t r o p e R l a u n n A 101 i k c i r e m L f o y t i s r e v n U i 28 US Department of Education Financial Responsibility Supplemental Schedule In satisfaction of its obligations to facilitate students’ access to US federal financial aid, the University is required, by the US Department of Education, to present the following Supplemental Schedule in a prescribed format.
The amounts presented within the schedules have been: • • prepared under the historical cost convention, subject to the revaluation of certain fixed assets; prepared using Irish generally accepted accounting practice, in accordance with Financial Reporting Standard 102 (FRS102) and the Statement of Recommended Practice: Accounting for Further and Higher Education (2019 edition); and, presented in Euro.

• The schedules set out how each amount disclosed has been extracted from the financial statements.
As set out above, the accounting policies used in determining the amounts disclosed are not intended to and do not comply with the requirements of accounting principles generally accepted in the United States of America.
Primary Reserve Ratio Note/Schedule Term used in the Financial Statements Term used in US Department of Education Financial Responsibility Supplemental Schedule Expendable Net Assets: 2022 €’000 2022 €’000 2021 €’000 2021 €’000 Consolidated and University Statements of Financial Position Income and expenditure – unrestricted reserve Net assets without donor restrictions 274,460 263,667 2 2 0 2 t r o p e R l a u n n A 102 i k c i r e m L f o y t i s r e v n U i N/A N/A N/A 15,23 15 15 15 N/A N/A N/A N/A N/A N/A Net Assets with donor restrictions Secured and Unsecured related party receivable Unsecured related party receivable - - - - - - Tangible Fixed assets €439,377k less Deferred Capital Grants €134,950k Property, plant and equipment, net (includes Construction in progress) 304,427 315,371 Property, plant and equip- ment – pre- implementation 301,256 309,642 Note 15 of the Financial Statements – Analysis of non-current assets for US Financial Re-sponsibility Supplement Schedule N/A Property, plant and equip- ment – post- implementa- tion with outstanding debt for original purchase Note 15 of the Financial Statements – Analysis of non-current assets for US Financial Responsibility Supplement Schedule Property, plant and equipment – post implementation without outstanding debt for original purchase N/A N/A N/A Construction in progress Lease right-of-use asset, net Lease right-of- use asset pre-implementation - - 3,171 5,729 - - - - - - Term used in US Department of Education Financial Responsibility Supplemental Schedule Lease right-of-use asset post-implementation Intangible assets Post-employment and pension liabilities Long-term debt – for long term purposes Long-term debt – for long term purposes pre- implementation Long-term debt – for long term purposes post-implementation Line of Credit for CIP Lease right-of-use asset liability Pre-implementation right-of-use leases Post- implementation right-of-use leases Annuities with donor restrictions Term endowments with donor restrictions Life income funds with
 donor restrictions Net assets with donor restrictions: restricted in perpetuity Total Expenses and Losses: Total expenses without donor restrictions – taken directly from Statement of Activities 2022 €’000 2022 €’000 2021 €’000 2021 €’000 - - - - - - 81,690 88,418 81,690 88,418 - - - - - - - - - - - - - - - - - - 288,720 259,650 Expendable Net Assets: Non-Operating and Net Investment (loss) (355) (504) Note/Schedule Term used in the Financial Statements N/A N/A N/A N/A Consolidated and University Statements of Financial Position Retirement benefit receivable €708,108k less re-tirement benefit provisions €708,108k 22 22 22 N/A N/A N/A N/A N/A N/A N/A N/A Total bank loans 2021 Total bank loans €88,418k N/A N/A N/A N/A N/A N/A N/A N/A N/A Consolidated and University Statement of Comprehensive Income Consolidated and University Statement of Comprehensive Income Consolidated Statement of Comprehensive Income and Expenditure - Total expenditure €341,122k less Pension service cost €29,846k less Pension Interest cost €15,428k less Amortisation of deferred grants income €7,061k less loss on Sale of Fixed Assets €67k Consolidated Statement of Comprehensive Income and Expenditure – Loss on investments (€344k) less Taxation (€11k) plus Deferred funding for pensions €45,274k less Pension service cost (€29,846k) less Pension Interest expense (€15,428k).
2 2 0 2 t r o p e R l a u n n A 103 i k c i r e m L f o y t i s r e v n U i Note/Schedule Term used in the Financial Statements Term used in US Department of Education Financial Responsibility Supplemental Schedule Total Expenses and Losses: 2022 €’000 2022 €’000 2021 €’000 2021 €’000 Note/Schedule Term used in the Financial Statements Term used in US Department of Education Financial Responsibility Supplemental Schedule 2022 €’000 2022 €’000 2021 €’000 2021 €’000 Total Revenues and Gains 299,524 267,513 2 2 0 2 t r o p e R l a u n n A 104 i k c i r e m L f o y t i s r e v n U i Consolidated and University Statement of Comprehensive Income (Loss)/Gain on investments Net investment gains/ (344) (495) (losses) N/A N/A Consolidated and University Statements of Financial Position Revenue reserves N/A N/A N/A N/A N/A N/A N/A N/A Pension -related changes other than net periodic costs Modified Net Assets: Net assets without donor restrictions Net assets with do-nor restrictions Intangible assets Secured and Unse-cured related party receivable Unsecured related party receivables Modified Assets: - - 274,460 263,667 - - - - - - - - Consolidated and University Statements of Financial Position Consolidated Statement of financial position – Non- current assets €448,377k plus Current assets €220,964k less Deferred Grants(Note 23) €134,950k N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Consolidated and University Statement of Comprehensive Income Consolidated Statement of Comprehensive Income and Expenditure – Surplus for the year Total assets 534,391 519,030 Lease right-of- use asset pre- imple-mentation Pre-implementation right- of-use leases Modified Assets: Intangible assets Secured and Unse-cured related party receivable Unsecured related party receivables Net Income Ratio: Change in Net Assets Without Donor Restrictions - - - - - - - - - - 10,793 7,854 Consolidated and University Statement of Comprehensive Income Consolidated Statement of Comprehensive Income and Ex-penditure – total income Total income €352,270k less
 investment loss €344k, less loss on sale of tangible fixed assets €67k less net deferred funding for retire-ment benefits €45,274k less Amortisation of deferred capital grants €7,061k 29 Events after the reporting period There were no significant events since the reporting period which could have implications for these financial statements.
30 Circular 13/2014 - Management of and accountability for grants from exchequer funds This information is required by circular 13/2014 issued on 26 September 2014 by the Department of Expenditure and Public Reform.

It is not a requirement under FRS 102.
Grant deferred/ (due) 1/10/2021 €’000 Cash received 2021-22 Taken to income 2021-22 Grant deferred 30/09/22 Grant due 30/09/22 €’000 €’000 €’000 €’000 RESEARCH GRANTS Exchequer Funding Science Foundation Ireland 25,965 15,782 13,194 31,498 Enterprise Ireland Department of Agriculture, Food and Marine Health Research Board Irish Research Council Higher Education Authority State – other Environment Protection Agency Teagasc 2,014 (256) 1,477 2,050 3,973 6,117 (143) (4) 7,243 734 1,153 1,394 (958) (1,434) 503 48 6,631 431 1,136 2,370 1,711 406 196 48 4,300 789 1,845 1,173 1,305 4,852 460 25 (2,945) (1,674) (742) (351) (99) (1) (575) (296) (29) Sub-total Exchequer 41,193 24,465 26,123 46,247 (6,712) 2 2 0 2 t r o p e R l a u n n A 105 i k c i r e m L f o y t i s r e v n U i Non-Exchequer Funding Industry European Commission Other Sub-total Non-Exchequer Total Research Grants Grant deferred/ (due) 1/10/2021 €’000 10,948 7,448 4,084 22,480 63,673 Cash received 2021-22 Taken to income 2021-22 Grant deferred 30/09/22 Grant due 30/09/22 €’000 €’000 €’000 €’000 3,833 8,482 4,582 16,897 41,362 2,844 4,606 2,431 9,881 13,826 13,200 7,781 34,807 (1,889) (1,876) (1,546) (5,311) 36,004 81,054 (12,023) Other self-funded and ancillary activities 7,705 13,773 11,646 10,618 (786) Total other self-funded and Ancillary Grants 7,705 13,773 11,646 10,618 (786) 2 2 0 2 t r o p e R l a u n n A STATE GRANT RECURRENT Higher Education Authority Total State Grant Recurrent 9,512 9,512 73,948 73,948 71,735 71,735 11,725 11,725 STATE CAPITAL GRANT BUILDINGS & EQUIPMENT 106 Higher Education Authority Total State Capital Grant - - 881 881 881 881 - - - - - - 2 2 0 2 t r o p e R l a u n n A 107 i k c i r e m L f o y t i s r e v n U i In order to provide further clarity to users of these financial statements, other self-funded and ancillary activities which was previously included within other operating income is now shown separately on the face of the Statement of Comprehensive Income.
Other self-funded and ancillary income comes from a variety of sources.

31 Approval of financial statements The financial statements were approved by the Governing Authority on 2 March 2023.
Addressing societal challenges regionally, nationally, and globally 108 i k c i r e m L f o y t i s r e v n U i Appendix University of Limerick Foundation Financial Statements Financial Year Ended 31 August 2022 DIRECTORS AND OTHER INFORMATION DIRECTORS’ REPORT INDEPENDENT AUDITORS’ REPORT INCOME AND EXPENDITURE ACCOUNT BALANCE SHEET STATEMENT OF CHANGES IN EQUITY CASH FLOW STATEMENT NOTES TO THE FINANCIAL STATEMENTS 110 111 114 117 118 119 120 121 2 2 0 2 t r o p e R l a u n n A 109 i k c i r e m L f o y t i s r e v n U i The University of Limerick Foundation The University of Limerick Foundation DIRECTORS AND OTHER INFORMATION DIRECTORS' REPORT 2 2 0 2 t r o p e R l a u n n A 110 i k c i r e m L f o y t i s r e v n U i Board of Directors Loretta Brennan Glucksman (USA) Harry Fehily (Chairman) Rose Hynes Paul Kimball (USA) Dr James McCarron (USA) Michael O'Keefe (USA) Paul O'Connell Ralph Parkes Daniel Tierney Michael Tiernan Dr Edward Walsh Patrick Gerard Boland Kathleen O'Toole (USA) Richard Meaney Mary Harney James Normile (USA) Michael Noonan Mark Kennelly Daniel Geary Kerstin Mey Anne Alexis Cote Taylor (USA) Chief Executive Officer Harvey Duthie Secretary and Registered Office Niall Murphy Plassey House University of Limerick Plassey Technological Park Limerick Registered Number: 147116 Charitable Status Number: CHY 9688 Registered Charity Number: 20024260 Independent Auditors PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm One Bank Place Charlotte’s Quay Limerick Solicitors Holmes O’Malley Sexton Bishopsgate Henry Street Limerick Bankers Bank of Ireland International Banking Division Baggott Street Dublin 4 Bank of Ireland University Branch Plassey Limerick The directors present Foundation ("the company") for the financial year ended 31 August 2022. their report and the audited financial statements of The University of Limerick Statement of directors’ responsibilities The directors are responsible for preparing
 the directors’ report and the financial statements in accordance with Irish law.
Irish law requires the directors to prepare financial statements for each financial year giving a true and fair view of the company’s assets, liabilities and financial position at the end of the financial year and the profit or loss of the company for the financial year.
Under that law the directors have prepared the financial statements in accordance with Irish Generally Accepted Accounting Practice (accounting standards issued by the UK Financial Reporting Council, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and Irish law).
Under Irish law, the directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the company’s assets, liabilities and financial position as at the end of the financial year and the profit or loss of the company for the financial year.
In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently;   make judgements and estimates that are reasonable and prudent;  state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.
 The directors are responsible for keeping adequate accounting records that are sufficient to:    correctly record and explain the transactions of the company; enable, at any time, the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy; and enable the directors to ensure that the financial statements comply with the Companies Act 2014 and enable those financial statements to be audited.
The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Legal status The University of Limerick Foundation ("the company") is a company limited by guarantee.

The liability of the members (of which there are 7) in the event of a winding up is limited to €1.27 each.

The guarantee continues for one year after membership of the company ceases.
The company has been granted charitable exemption by the Revenue Commissioners.

Principal activities and business review The company's principal activity is the furtherance of education and research, in particular the furtherance of education and research carried out by the University of Limerick and other educational, research and development bodies associated with the University of Limerick.
The directors consider any events that could lead to a substantial reduction in donations and income received as the principal risk faced by the company.

The directors are satisfied that there are relationships in place and being developed at present that mitigate this risk.
The Foundation continued to support the University throughout the year in its missions of education, and research and this included supporting UL’s new Immersive Software Engineering Programme, professorships in the Bernal Institute and the awarding of scholarships and bursaries.
It also continued to collaborate with the University on a number of development projects including the estabishment of the Strategic Development Zone on the North Campus, and is supportive of the University recalibrating its Strategic Plan under the leadership of the President, Professor Kerstin Mey.
2 3 2 2 0 2 t r o p e R l a u n n A 111 i k c i r e m L f o y t i s r e v n U i The University of Limerick Foundation The University of Limerick Foundation DIRECTORS' REPORT - continued Principal activities and business review (continued) Income is derived from donations and gifts received for the year amounting to €2,641,928 (2021: €3,776,617).
In addition to the principal risks outlined above, the directors have considered the risks on the company’s liquidity and viability in connection with the continuing Coronavirus pandemic (COVID-19) and the war in Ukraine.

The Company has a resilient and proven business model, as well as robust structures in place for governance and oversight which is well placed to respond to this challenge.
The Company continues to operate in this uncertain period in a robust financial position, with a strong balance sheet and liquidity.

Although the full extent of the potential impact on the business, operations and the global economy as a whole is not yet clear, executive management continue to communicate with company donors and potential donors and to manage the response to these issues as effectively as possible.
The directors have assessed the relevant factors and whilst the ultimate extent of the effect of these matters on the company cannot be precisely determined at present, the directors are satisfied that their impact is limited and do not impact the company’s ability to operate as a going concern.

Governance The Board comprises of 21 directors and brings a range of relevant experience and expertise to the company.
Board members do not receive any remuneration for their services and are supported by the following sub- committees: Audit, Finance and Risk Committee The Audit, Finance and Risk Committee monitors risk, conducts an overview of the company’s annual budgets, management financial statements and internal financial control systems.

It liaises with the company’s external auditors and conducts a review of the company’s annual financial statements and directors report.
Remuneration and Benefits Committee The Remuneration and Benefits Committee is charged with monitoring the appropriateness and relevance of remuneration for senior management and its application.

Accounting records The measures taken by the directors to secure compliance with the company’s obligation to keep adequate accounting records are the use of appropriate systems and procedures and employment of competent persons.
The accounting records are kept at Plassey House, University of Limerick, National Technological Park, Limerick.

Results The company's surplus for the financial year was €162,511 (2021: surplus €1,365,556).

Future developments The directors foresee no significant changes in the principal activities of the company in the foreseeable future.
2 2 0 2 t r o p e R l a u n n A 112 i k c i r e m L f o y t i s r e v n U i Disclosure of information to auditors The directors in office at the date of this report have each confirmed that:   as far as he/she is aware, there is no relevant audit information of which the company's statutory auditor is unaware; and he/she has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the company's statutory auditors are aware of that information.
Directors and secretary The Constitution of the Company require the directors to retire by rotation.

The names of the persons who were directors at any time during the year ended 31 August 2022 and since the year end are set out below.

Unless indicated otherwise they served as directors for the entire year.
DIRECTORS' REPORT - continued Directors: Loretta Brennan Glucksman (USA) Harry Fehily (Chairman) Rose Hynes Paul Kimball (USA) Dr James McCarron (USA) Michael O'Keefe (USA) Michael Houlihan (resigned 20 May 2022) Paul O'Connell Ralph Parkes Daniel Tierney Michael Tiernan Dr Edward Walsh Patrick Gerard Boland Kathleen O'Toole (USA) Richard Meaney Mary Harney James Normile (USA) Michael Noonan Conor Gilligan (resigned 20 May 2022) Mark Kennelly Daniel Geary Kerstin Mey Subsequent to the year end Anne Alexis Cote Taylor was appointed as director on 21 October 2022.
Events since the balance sheet date There have been no significant events since the balance sheet date.

Statutory auditors The statutory auditor, PricewaterhouseCoopers, have indicated their willingness to continue in office, and a resolution that they be re-appointed will be proposed at the Annual General Meeting.
On behalf of the board Harry Fehily Harry Fehily (May 12, 2023 11:19 GMT+1) Harry Fehily Chairman Patrick Gerard Boland (May 12, 2023 11:08 GMT+1) Patrick Gerard Boland Director 2 2 0 2 t r o p e R l a u n n A 113 114 i k c i r e m L f o y t i s r e v n U i Independent auditors’ report to the members of The University of Limerick Foundation Report on the audit of the financial statements Opinion In our opinion, The University of Limerick Foundation’s financial statements: give a true and fair view of the company’s assets, liabilities and financial position as at 31 August 2022 and of its profit and cash flows for the year then ended; have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and Irish law); and have been properly prepared in accordance with the requirements of the Companies Act 2014.
We have audited the financial statements, included within the Annual Report, which comprise: the balance sheet as at 31 August 2022; the income and expenditure account for the year then ended; the cash flow statement for the year then ended; the statement of changes in equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon.

The directors are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report based on these responsibilities.
With respect to the Directors’ Report, we also considered whether the disclosures required by the Companies Act 2014 have been included.
Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 require us to also report certain opinions and matters as described below: In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’ Report for the year ended 31 August 2022 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
Based on our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors’ Report.
Responsibilities for the financial statements and the audit Responsibilities of the directors for the financial statements As explained more fully in the Statement of directors’ responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.
The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) 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.

Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques.

However, it typically involves selecting a limited number of items for testing, rather than testing complete populations.
We will often seek to target particular items for testing based on their size or risk characteristics.

In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at: https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f- a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf This description forms part of our auditors’ report.
6 7 2 2 0 2 t r o p e R l a u n n A 115 i k c i r e m L f o y t i s r e v n U i Use of this report This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose.
We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting Companies Act 2014 opinions on other matters We have obtained all the information and explanations which we consider necessary for the purposes of our audit.
In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited.

The financial statements are in agreement with the accounting records.

Other exception reporting Directors’ remuneration and transactions Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by sections 305 to 312 of that Act have not been made.
We have no exceptions to report arising from this responsibility.
2 2 0 2 t r o p e R l a u n n A 116 The University of Limerick Foundation INCOME AND EXPENDITURE ACCOUNT For the financial year ended 31 August 2022 Income Other operating income Gain on market value of investments Expenditure Fundraising, publicity and administration Research and development grants Surplus for the financial year Notes 2022 € 2021 € 5 8 6 2,641,928 3,776,617 213,672 1,623,031 (731,149) (1,961,940) (555,681) (3,478,411) (2,693,089) (4,034,092) 162,511 1,365,556 All amounts above relate to continuing operations.
The company had no comprehensive income apart from that reflected in the income and expenditure account above and, therefore, no separate statement of comprehensive income is presented.
2 2 0 2 t r o p e R l a u n n A 117 i k c i r e m L f o y t i s r e v n U i Maria O'Connell for and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Limerick 12 May 2023 8 9 i k c i r e m L f o y t i s r e v n U i The University of Limerick Foundation The University of Limerick Foundation BALANCE SHEET As at 31 August 2022 Fixed assets Financial assets Current assets Cash at bank and in hand Debtors Notes 2022 € 2021 € 8 9 7,190,524 7,824,162 16,529,093 102,642 12,195,803 127,536 16,631,735 12,323,339 Creditors - amounts falling due within one year 10 (9,147,207) (10,634,960) Net current assets Net assets Permanent endowment fund Venture capital fund Income and expenditure account Total equity 2 2 0 2 t r o p e R l a u n n A 118 7,484,528 1,688,379 14,675,052 9,512,541 13 13 13 13 12,748,690 542,492 1,383,870 7,720,049 545,454 1,247,038 14,675,052 9,512,541 i k c i r e m L f o y t i s r e v n U i STATEMENT OF CHANGES IN EQUITY Financial Year Ended 31 August 2022 Venture capital fund € Permanent endowment fund € Income and expenditure account € Total equity € Balance at 31 August 2020 518,456 6,296,947 1,331,582 8,146,985 Investment gains for the financial year Endowment payments for the financial year Deficit for the financial year Total comprehensive income for the financial year 26,998 - - 1,596,033 (172,931) - - - (84,544) 1,623,031 (172,931) (84,544) 26,998 1,423,102 (84,544) 1,365,556 Balance at 31 August 2021 545,454 7,720,049 1,247,038 9,512,541 Investment (loss)/gains for the financial year Endowment funds received in year Endowment payments for the financial year Surplus for the financial year Total comprehensive income for the financial year (2,962) - - - 216,633 5,000,000 (187,992) - - - - 136,832 213,671 5,000,000 (187,992) 136,832 (2,962) 5,028,641 136,832 5,162,511 Balance at 31 August 2022 542,492 12,748,690 1,383,870 14,675,052 On behalf of the board 10 11 2 2 0 2 t r o p e R l a u n n A 119 i k c i r e m L f o y t i s r e v n U i The University of Limerick
 Foundation The University of Limerick Foundation CASH FLOW STATEMENT For the financial year ended 31 August 2022 Cash from operations Income taxes paid Net cash (used in) operating activities Cash flows from investing activities Endowment grant received Proceeds from disposal of financial asset Purchase of financial asset Net cash generated from investing activities 2 2 0 2 t r o p e R l a u n n A 120 Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 September Cash and cash equivalents at 31 August Cash and cash equivalents consist of: Cash at bank and in hand Cash and cash equivalents Notes 12 2022 € 2021 € (1,514,020) - (1,790,945) - (1,514,020) (1,790,945) 8 8 5,000,000 860,592 (13,282) - 150,059 (11,719) 5,847,310 138,340 4,333,290 12,195,803 (1,652,605) 13,848,408 16,529,093 12,195,803 16,529,093 12,195,803 16,529,093 12,195,803 i k c i r e m L f o y t i s r e v n U i NOTES TO THE FINANCIAL STATEMENTS 1 General information The University of Limerick Foundation ("the company") is incorporated as a company limited by guarantee in the Republic of Ireland under the registered number 147116.
The address of its registered office is Plassey House, University of Limerick, National Technological Park, Limerick.

The company's principal activity is the furtherance of education and research, in particular the furtherance of education and research carried out by the University of Limerick and other educational, research and development bodies associated with the University of Limerick.

At 31 August 2022 there were 8 guarantors whose guarantee is limited to €1.27 each.
The guarantee continues for one year after membership of the company ceases.

2 Statement of compliance The financial statements have been prepared on a going concern basis and in accordance with accounting standards issued by the UK Financial Reporting Council and the Companies Act 2014.

The financial statements comply with Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102").
3 Summary of significant accounting policies The significant accounting policies used in the preparation of these financial statements are set out below.

These policies have been consistently applied to all the years presented, unless otherwise stated.

(a) Basis of preparation The financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with FRS 102 requires the use of certain key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the financial year.

It also requires the directors to exercise judgement in the process of applying the company’s accounting policies.
The areas involving a higher degree of judgement or areas where assumptions and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed in note 4.

(b) Going concern The company meets its day-to-day working capital requirements from donations received.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Therefore these financial statements have been prepared on a going concern basis.

(c) Income Income comprises donations and income on investments.

Donations received that have performance obligations attached are accounted for on an accruals basis.
Donations are deferred to the balance sheet until such time as the performance related criteria have been met.

Uncommitted donations are recognised on a cash receipts basis.

The use of income earned by the permanent endowment fund is restricted to certain types of expenditure.

The excess of this income over expenditure is transferred to the permanent endowment fund.

(d) Receipts in kind No value is attributed to donations received in kind from the University of Limerick and other third parties.
12 13 2 2 0 2 t r o p e R l a u n n A 121 122 i k c i r e m L f o y t i s r e v n U i The University of Limerick Foundation The University of Limerick Foundation 3 Summary of significant accounting policies - continued (e) Taxation There is no charge to taxation as the company has been granted charitable exemption by the Revenue Commissioners.

(f) Financial assets and investments Financial assets and investments are held at fair value.
Changes in fair values are presented in the income and expenditure account.

(g) Foreign currencies Income and expenses arising in foreign currencies are translated into Euro at the exchange rate ruling on the dates of the transactions.

Assets and liabilities in foreign currencies are translated into Euro at the rate ruling at the balance sheet date.

All exchange differences arising during the year are dealt within the income and expenditure account.
(h) Employee benefits The company provides a range of benefits to employees, including short term employee benefits such as paid holiday arrangements and post-employment benefits (in the form of defined contribution pension plans).

(i) Short term employee benefits Short term employee benefits, including paid holiday arrangements and other similar non-monetary benefits, are recognised as an expense in the financial year in which employees render the related service.
(ii) Post-employment benefits Pension benefits are funded over each relevant employees' service life by way of contributions to a separately administered fund.

Annual contributions are charged to the income and expenditure account in the year to which they relate.

(i) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less.
Cash and cash equivalents are initially measured at transaction price and subsequently measured at amortised cost.

Bank deposits which have original maturities of more than three months are not cash and cash equivalents and are presented as short term investments.

(j) Financial instruments The company has chosen to apply the provisions of Sections 11 and 12 of FRS 102 to account for all of its financial instruments.
(i) Financial assets Basic financial assets, including debtors and other receivables, cash and cash equivalents, short- term deposits and investments, are initially recognised at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction.
Where the arrangement constitutes a financing transaction the resulting financial asset is initially measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.
3 Summary of significant accounting policies - continued (i) Financial assets - continued Trade and other debtors, cash and cash equivalents, investments and financial assets from arrangements which constitute financing transactions are subsequently measured at amortised cost using the effective interest method.

At the end of each financial year financial assets measured at amortised cost are assessed for objective evidence of impairment.
If there is objective evidence that a financial asset measured at amortised cost is impaired an impairment loss is recognised in profit or loss.

The impairment loss is the difference between the financial asset’s carrying amount and the present value of the financial asset’s estimated cash inflows discounted at the asset’s original effective interest rate.
If, in a subsequent financial year, the amount of an impairment loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognised the previously recognised impairment loss is reversed.

The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment loss not previously been recognised.

The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of ownership of the financial asset are transferred to another party or (c) control of the financial asset has been transferred to another party who has the practical ability to unilaterally sell the financial asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Where the arrangement constitutes a financing transaction the resulting financial liability is initially measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Trade and other creditors and financial liability from arrangements which constitute financing transactions are subsequently carried at amortised cost, using the effective interest method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are classified as due within one year if payment is due within one year or less.

If not, they are presented as falling due after more than one year.
Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
4 Critical accounting judgements and estimation uncertainty Estimates and judgements made in the process of preparing the entity financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The directors make estimates and assumptions that affect the reported amount of assets and liabilities.

On an ongoing basis, management re-evaluates these estimates.
The most significant estimates relate to the recognition of income and deferred income based on the performance obligations of a donation received.

Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances.

The actual amounts may vary from the estimates used in the preparation of the accompanying financial statements.
14 15 2 2 0 2 t r o p e R l a u n n A 123 i k c i r e m L f o y t i s r e v n U i The University of Limerick Foundation The University of Limerick Foundation 5 Income Unrestricted Restricted Income analysis: Grants received Grants deferred Related party contributions (note 14) & other income 6 Surplus for the financial year Surplus for the financial year is stated after charging: Wages and salaries Social insurance Pension costs Directors' remuneration Auditors' remuneration 7 Employer information (i) The average number of persons employed during the year (including shared employees), was: Management and administration (ii) Key management compensation 2 2 0 2 t r o p e R l a u n n A 124 i k c i r e m L f o y t i s r e v n U i 2022 € 2021 € 867,980 1,773,948 471,130 3,305,487 2,641,928 3,776,617 2,041,446 154,089 446,393 434,012 2,921,475 421,130 2,641,928 3,776,617 2022 € 2021 € 349,604 39,030 53,524 442,158 - 10,300 338,180 35,359 57,436 430,975 - 9,421 2022 Number 2021 Number 8 Financial assets Financial year ended 31 August 2021 At 1 September 2020 Divested Invested Fair value gain on investments At 31 August 2021 Financial year ended 31 August 2022 At 1 September 2021 Divested Invested Fair value gain/(loss) on investments At 31 August 2022 Managed funds € BOI seed funds € Total € 5,849,461 - - 1,596,033 7,445,494 490,011 (150,059) 11,718 26,998 6,339,472 (150,059) 11,718 1,623,031 378,668 7,824,162 7,445,494 (750,000) - 216,633 378,668 (110,592) 13,282 (2,961) 7,824,162 (860,592) 13,282 213,672 6,912,127 278,397 7,190,524 Financial assets represent an investment in the Bank of Ireland Seed and Early Stage Equity Fund together with units in managed and equity funds and bonds operated by Davy Private Clients.
The carrying values of the investments are as follows: BOI Seed and Early Stage Equity Funds Davy Fund 2022 € 2021 € 278,397 6,912,127 378,668 7,445,494 7,190,524 7,824,162 The company together with a number of project partners, entered into a Limited Partnership Agreement in respect of the Bank of Ireland Seed and Early Stage Equity Fund in 2009, whereby it committed €1 million to the fund.

The fund consists of investments in a number of high potential start-up unlisted entities.
2 2 0 2 t r o p e R l a u n n A 125 i k c i r e m L f o y t i s r e v n U i 4 4 9 Debtors - amounts falling due within one year Debtors and other receivables Value added tax recoverable Amounts due from related party 2022 € 72,365 920 29,357 102,642 2021 € 127,536 - - 127,536 The compensation paid or payable to key management for employee services is shown below.

Compensation paid and payable includes salaries, social insurance costs and post employment benefits.
Senior management Total key management compensation 2022 € 244,970 244,970 2021 € 236,586 236,586 16 17 The University of Limerick Foundation The University of Limerick Foundation 10 Creditors - amounts falling due within one year Deferred income (note 11) Accruals Trade creditors Amounts owed to related parties (note 14) Sundry creditor Other creditors including tax and social insurance Other creditors including tax and social insurance comprise: Income tax deducted under PAYE Pay related social insurance 2022 € 2021 € 8,987,856 82,127 65,397 54 - 11,773 8,944,964 116,253 79,267 1,285,726 196,940 11,810 9,147,207 10,634,960 7,726 4,047 11,773 7,818 3,992 11,810 2 2 0 2 t r o p e R l a u n n A Trade and other creditors are payable at various dates in the three months after the end of the financial year in accordance with the creditors usual and customary credit terms.
Creditors for tax and social insurance are payable in the timeframe set down in the relevant legislation.

Amounts owed to related parties are unsecured, interest free, have no fixed repayment date and are repayable on demand.
126 11 Deferred income i k c i r e m L f o y t i s r e v n U i At 1 September Additions during the year Released during the year At 30 August 2022 € 2021 € 8,944,964 1,618,560 (1,575,668) 12,063,380 382,461 (3,500,877) 8,987,856 8,944,964 13 Total equity A description of the nature of each component of equity is provided below.

The movement in each component of equity in the current and previous financial year is provided in the Statement of Changes in Equity.
Venture capital fund This represents funds allocated specifically for investment in domestic start up operations.

Movements represent additional amounts invested, gains or losses on market value and/or on disposals of any of these investments.

Permanent endowment fund This represents monies received to provide for a permanent endowment to fund scholarships and other activities in the University of Limerick on an annual basis.
Income and expenditure account This represents the accumulated unrestricted surplus from the entity's operations.

14 Related party transactions During the year the company received donations and other income in respect of fundraising events in the amount of €446,393 (2021: €421,130) from directors of the company and related parties.
Amounts of €54 (2021: €1,285,726) were recorded as owed to University of Limerick at 31 August 2022 and amounts of €29,357 (2021: €Nil) were recorded as being owed from University of Limerick at 31 August 2022.

15 Events since the end of the financial year There have been no significant events since the balance sheet date.

16 Approval of financial statements The financial statements were approved and authorised for issue by the board of directors on 11 May 2023 and were signed on its behalf on that date.
2 2 0 2 t r o p e R l a u n n A 127 i k c i r e m L f o y t i s r e v n U i Deferred income represents performance related donations received and paid during the year.
12 Cash from operations Surplus for the financial year Tax Surplus before tax Working capital movements decrease in creditors - - decrease in debtors Gain on investments Cash flow from operating activities 2022 € 162,511 - 162,511 2021 € 1,365,556 - 1,365,556 (1,487,753) 24,894 (213,672) (1,550,512) 17,042 (1,623,031) (1,514,020) (1,790,945) 18 19 2 2 0 2 t r o p e R l a u n n A 128 i k c i r e m L f o y t i s r e v n U i Embracing challenges and opportunities in the ever-evolving higher education sector Harnessing our strengths to make a real differences locally and regionally, which radiate out nationally and globally www.ul.ie .
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