University Limerick

UNIVERSITY 0 LLSCOIL LUIMNIGH of UNIVERSITY OF LIMERICK LIMERICK

OLLSCOI L LUIMNIGH Dr Des Fitzgerald, M.D. Uachtaran President

6 February, 2019

Ms Eilis Fallon Committee Secretariat Committee of Public Accounts Leinster House Dublin 2

Dear Ms Fallon

Ref : PAC32-l-1297

I am in receipt of your letter dated 31 January, 2019 in this regard. Hereunder please find information as requested.

1. A note on the total number of s ubsidiary companies and the status of these subsidiaries, including whether they are still in operation, if they are closed, if they have staff or not etc.

Current subsidiaries:

Company Status Staff Plassey Campus Centre CLG Operational No Plassey Trust Company CLG Operational Yes Kilmurry Village CLG Dormant No Plassey Campus Arena CLG Operational Yes University Concert Hall CLG Operational Yes Plassey Campus Developments Limited Operational No Unijobs DAC Operational Yes University of Limerick Alumni Association DAC Operational Yes

1 Ollscoil Luimnigh, Luimneach, V94 T9PX, Eire. Guthan: +353-61-202020 Riomhphost: [email protected] University of Limerick, Limerick, V94 T9PX, Ireland. Tel: +353-61-202020 Email: [email protected] Page 2 of 7

Subsidiaries dissolved since 30 September 2016:

Company Dissolved Marketina Centre for Small Business December 2017 Cariad Limited November 2018 Adaremount Comoanv November 2018 Mountainridge Company January 2019

2. A note on the number of people working in the subsidiary companies. Please provide a breakdown of University staff and non-University staff, including whether they come under any State-supported funding scheme.

Company Total Subsidiary UL Employees UL Employees receiving an Employees allowance for extra salaries duties and funded by responsibilities in Subsidiaries the Sports and Campus Life areas Plassey Trust Company CLG 80 78 1 1 Plassey Campus Arena CLG 123 118 3 2 University Concert Hall CLG 43 43 Unijobs DAC 7 6 1 University of Limerick Alumni 4 4 Association DAC Total 257 249 4 4

The Subsidiaries are not in receipt of any State supported funding scheme for any staff.

2 Page 3 of 7

3. A list of the board of directors in each of the subsidiary companies

and

4. Details of the board membership for University of Limerick and subsidiary companies.

Subsidiary Board of Directors

The following sets out the composition' of each of the Boards of the subsidiaries:

Boards for:

• Plassey Campus Centre CLG • Plassey Trust Company CLG TIA Campus Life Services • Kilmurry Village CLG

Category Nominated By: Current Directors Governing Authority Governing Authority Gerry O'Brien (Chair) Members Optional UL Foundation UL Foundation Gerry Boland UL Students Union Students Union Ciara Jo Hanlon UL Senior Executives UL Optional Robert Reidv Board Co-Options PCC Board Sandra Joyce Optional Optional

1 Current vacancies on Boards are under consideration by the relevant Nominee Bodies

3 Page 4 of 7

Plassey Campus Arena CLG TIA UL SPORT

Category Nominated By: Current Directors Chairperson Governing Authority Eddie Keher

Governing Authority Governing Authority Ciara Jo Hanlon Members Colin Clarke UL Senior Executives UL Gerry O'Brien Dave Mahedv Board Co-options Board Optional Liam Sheedy Laura Ryan

UL Students Union Students Union Paul Lee Optional UL Staff UL Staff Optional Plassey Campus Centre Plassey Campus Centre Robert Reidy Sports Person Governing Authority Optional Coaching Ireland Coaching Ireland Michael McGeehin

University Concert Hall CLG

Category Nominated By: Current Directors Chairperson Governing Authority Judith Woodworth

Governing Authority Governing Authority Eoin Devereux Members Judith Woodworth UL Senior Executives UL Gerry O'Brien Robert Reidv PCC Nominees PCC Ed Hansom Lorean Murray Optional Limerick County Council Limerick County Council Optional

4 Page 5 of 7

Plassey Campus Developments Limited

Category Nominated By: Current Directors 1. John Field (Chair) UL Senior Executives PCC 2. Robert Reidy

Uniiobs DAC

Category Nominated By: Current Directors 1. Michael McDonnell External Chairperson Governing Authority Governing Authority Governing Authority 2. Kay Doyle Nominee 3. Tommy Foy UL Senior Executives UL 4. Niall Murphy 5. Callista Bennis UL President Nominees UL 6. Pat Rockett 7. Philip O'Rei:ian

University of Limerick Alumni Association DAC

Category Nominated By: Current Directors Chairperson Governing Authority Bobby O'Connor Governing Authority Governing Authority Colin Clarke Members Liam Carroll UL Graduates UL Graduates Tim Kenny Michael Hourii:ian Senior UL Executive UL Executive Optional President Nominees President Callista Bennis Mary Shire Niall Murphy UL Foundation UL Foundation . David Cronin UL Students Union UL Students Union .Ciara Joe 0 Hanlon

5 Page 6 of7

University of Limerick Governing Authority

The following sets out the composition and members of the Governing Authority:

Chief Officer Dr Des Fitzgerald

Chancellor: Ms Mary Harney

Senior Officers of the University: Mr Gerry O'Brien

Professor Sean Arkins Professors/Associate Professors: Professor Eoin Devereux (elected by such staff) Professor Kevin M Ryan

Dr Seamus Gordon Dr Amanda Haynes Academic & Research Staff: (elected by such Mr Gerard Slattery staff) Dr Peter Tiernan

Ms Michelle Breen Support Staff: (elected by such staff) Ms Kim O'Mahony

Ms Ciara Jo Hanlon, President, UL Student Life Mr Lorean O'Donnell, Deputy Student Representation Undergraduate: President, UL Student Life

Mr Dean Lillis, President, Postgraduate: Postgraduate Students Union

Nominees of Organisations (Community Organisations and Employers, Ms Joan Aherne Business and Industry) Mr John O'Connell

Ms Grainne Barron Nominees of Minister for Education & Skills Dr Garret A FitzGerald

Professor Julian Crampton Persons appointed having regard to Ms Trish Long Artistic/Cultural Interests Ms Judith Woodworth

6 Page 7 ofl

Graduates of the University of Limerick Mr Liam Carroll (elected by such graduates) Mr Colin Clarke

Mayor of the City and County of Limerick Cllr James Collins

Mayor of Metropolitan District of Limerick Cllr Daniel Butler

Ms Rose Hynes University of Limerick Foundation Nominees Mr Eddie Sullivan

President, Mary Immaculate College Prof Eugene Wall

5. A copy of the most recent financial statements for Plassey Campus Centre:

Plassey Campus Centre CLG Financial Statements 30 September 2017. Copy attached.

If you require any further information, please do not hesitate to contact me.

Yours sincerely

Encl/ ...

7 Plassey Campus Centre Company Limited by Guarantee (formally known as Plassey Campus Centre Limited)

Annual Report Financial Year Ended 30 September 2017 Plassey Campus Centre Company Limited by Guarantee Annual Report 2017

CONTENTS

Page

DIRECTORS AND OTHER INFORMATION 2

DIRECTORS' REPORT 3-5

INDEPENDENT AUDITORS' REPORT 6-8

GROUP INCOME AND EXPENDITURE ACCOUNT 9

GROUP STATEMENT OF COMPREHENSIVE INCOME 10

GROUP BALANCE SHEET 11

PARENT COMPANY BALANCE SHEET 12

COMPANY STATEMENT OF CHANGES IN EQUITY 13

GROUP STATEMENT OF CHANGES IN EQUITY 14

NOTES TO THE FINANCIAL STATEMENTS 15 - 35

GROUP DETAILED INCOME AND EXPENDITURE ACCOUNT Appendix (i) Plassey Campus Centre Company Limited by Guarantee

DIRECTORS AND OTHER INFORMATION

Board of Directors Solicitors

Tadhg Kearney (Chairperson) Holmes O'Malley Sexton John Field (Managing Director) Bishopsgate Robert Reidy Henry Street David O'Flynn Limerick P Gerard Boland Patricia Long Sandra Joyce Jack Shelly

Chief Operations Officer Bankers

Michael Foley Ulster Bank University of Limerick Limerick

Finance Director Bank of I rel and 125 O'Connell Street Niall Murphy Limerick

AIB Treasury & International Ashford House Secretary and Registered Office Tara Street Dublin 2 Robert Reidy Plassey House University of Limerick Limerick

Registered Number: 108751

Independent Auditors

PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Bank Place Limerick

2 Plassey Campus Centre Company Limited by Guarantee

DIRECTORS' REPORT

The directors present their report and the audited financial statements of the group for the financial year ended 30 September 2017.

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 that give a true and fair view of the group's assets, liabilities and financial position as at the end of the financial year and of the surplus or deficit of the group for the financial year. Under that law the directors have prepared the financial statements 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 promulgated by the Institute of Chartered Accountants in 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 group's assets, liabilities and financial position as at the end of the financial year and the surplus or deficit of the -group 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 the 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 surplus or deficit 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.

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, Limerick.

Legal status The company is limited by guarantee not having a share capital.

Principal activities Plassey Campus Centre's mission is to support the overall education function of the University of Limerick and includes arranging and providing conferences and lectures in education, promoting and encouraging research, and the provision of scholarships and donations to the University of Limerick. The group develops and operates student residential accommodation and appropriate social and recreational facilities at the University of Limerick on a self funding basis. The group, in association with the University of Limerick, is also involved in construction and property work at and adjacent to the University of Limerick campus.

3 Plassey Campus Centre Company Limited by Guarantee

DIRECTORS' REPORT - continued

Business review Developments in the year included the exercising of the option to purchase Cappavilla Phase 1, a S50 property, the completion of Phase 2 of the Residences Refurbishment plan and the commencement of the operations of the 25m Diving Pool at the UL Sport Arena.

Group income, excluding turnover from property development, increased by 5.5% reflecting growth across all areas of activities.

Bank balances and loans have increased to fund the planned buyback of Cappavilla Phase 2 and the ongoing refurbishment programme.

Surplus and reserves €

Surplus for the financial year 3,742,077

Being: surplus in subsidiary companies 3,227,200 surplus in the financial statements of the holding company 514,877 3,742,077

The directors recommend that this amount be added to opening reserves brought forward.

Research and development The group did not engage in any research and development activities during the year.

Future developments The planned developments in 2017/18 include exercising the option to purchase Cappavilla Phase 2 and further refurbishment of Residences and other facilities.

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

Principal risks and uncertainties

Market risk: The industries in which the Group operates are highly competitive and challenging. However, the directors have a detailed knowledge and experience in these sectors.

In common with all companies operating in Ireland in these sectors, the group faces the risk of increasing costs. The directors are of the opinion that the group is well positioned to manage these costs.

The group is affected by factors beyond the control of the group which directly affect the ultimate controlling party, the University of Limerick. Such factors include; student numbers, increasing tuition fees, national and international government policies, the general economic environment and the level of state and European funding. All of these factors are continually reviewed by the group's management and board of directors to minimise these risks.

Fraud risk: The risk is mitigated by maintaining segregation of duties for receipt of funds and payment of creditors. The directors have put processes and controls in place to ensure that detailed checking is carried out at all stages to ensure the accuracy and validity of all transactions.

4 Plassey Campus Centre Company Limited by Guarantee

DIRECTORS' REPORT - continued

Principal risks and uncertainties - continued

Liquidity risk: The group's policy is to ensure that sufficient resources are available either from cash balances or cash flows to ensure all obligations can be met when they fall due.

Interest rate risk: The group holds bank loans. Interest charges on these loans are fixed and variable which exposes the group to interest rate risks.

Directors and secretary The names of the persons who were directors at any time during the year ended 30 September 2017 are set out below. Unless indicated otherwise they served as directors for the entire year.

P Gerard Boland David O'Flynn Tadhg Kearney Sandra Joyce Robert Reidy Sarah Dunphy (resigned 3 July 2017) John Field Jack Shelly (appointed 3 July 2017) Patricia Long

Directors' and secretary's interests The directors and secretary in office at 30 September 2017 had no interests in the share capital of the company or any group companies at 1 October 2016, or their date of appointment if later, and 30 September 2017.

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 auditors are 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.

Independent statutory auditors The statutory auditors, 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

John Field Robert Reidy Director Director

15 February 2018

5 •1 pwc~

Independent auditors' report to the members ofPlassey Campus Centre Company Limited by Guarantee Report on the audit of the financial statements

In our opinion, Plassey Campus Centre Company Limited By Guarantee's group financial statements and company financial statements (the "financial statements"):

• give a true and fair view of the group's and the company's assets, liabilities and financial position as at 30 September 2017 and of the group's profit for the year then ended; • have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (Irish GAAP) (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 promulgated by the Institute of Chartered Accountants in 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 Group Balance Sheet and Company Balance Sheet as at 30 September 2017; • the Group Income and Expenditure Account and Group Statement of Comprehensive Income for the year then ended; • the Group and Company 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.

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.

We remained independent of the group 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.

We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where: • the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group's or the company's ability to continue as a going concern.

6 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 30 September 2017 is consistent with the financial statements and has been prepared in accordance with the applicable legal requirements. • Based on our knowledge and understanding of the group and company and their environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.

Rt:~SJ}Onsibilities {~f the flirectors ,,lor t.he,flnr1ncial state1nents 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 group's and 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 group or the company or to cease operations, or have no realistic alternative but to do so.

_l-i11.0~2~tor-s' res_ponsibilitiesji)r the a.tltlit qf"'"thejinancia.l staternenls 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 consolidated financial statements. A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:

This description forms part of our auditors' report.

7 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

• 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 company financial statements to be readily and properly audited. • The Group and Company Balance sheet is in agreement with the accounting records.

J)ir·ef~tor~: r·eni1tner·atin11 ttn(f t1;>fltlsactio-rls

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.

Ken Johnson for and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Limerick 10 July 2018

8 Plassey Campus Centre Company Limited by Guarantee

GROUP INCOME AND EXPENDITURE ACCOUNT Financial Year Ended 30 September 2017

2017 2016 Note € €

Turnover 5 37,168,373 31,532,234

Overhead and other expenses Management, maintenance and other costs (27,702,856) (23,760,988) Depreciation 6 (4,729,500) (4,533,326) Donation 6 (1, 100,000) (400,000) (33,532,356) (28,694,314)

Surplus on ordinary activities before interest 6 3,636,017 2,837,920

Gain on investments 268,680 225,805

Gain on investment property 317,000

Interest receivable and similar income 8 74,420 320,652

Interest payable and similar charges 8 (553, 153) (535,369)

Surplus on ordinary activities before taxation 3,742,964 2,849,008

Taxation 9 (887) (808)

Surplus for the financial year 3,742,077 2,848,200

Turnover arose solely from continuing operations.

9 Plassey Campus Centre Company Limited by Guarantee

GROUP STATEMENT OF COMPREHENSIVE INCOME Financial year ended 30 September 2017

2017 2016 € €

Consolidated surplus for the financial year 3,742,077 2,848,200 Other comprehensive income for the financial year Total comprehensive income relating to the year 3,742,077 2,848,200

10 Plassey Campus Centre Company Limited by Guarantee

GROUP BALANCE SHEET As at 30 September 2017

2017 2016 Notes € €

Tangible assets 10 132,634,261 131,657, 137

Investment property 11 1,570,000

Investments 12 2,000,000

Current assets Investments 12 4,156,792 11,602,502 Bank 16 32,044,546 14,546, 121 Debtors 15 1,934,356 5,097,342 Stock 14 115,222 100,457 Construction work in progress 13 1,603,474 1,292,777

Total current assets 39,854,390 32,639, 199

Creditors - Amounts falling due within one year 17 (33,323,023) (44,553,259)

Net current assets/(liabilities) 6,531,367 (11,914,060)

Total assets less current liabilities 140,735,628 121,743,077

Creditors - Amounts falling due after more than one year 18 (52,201, 149) (36,950,675) Net assets 88,534,479 84,792,402

Capital and reserves Revenue reserves 88,534,479 84,792,402 Total reserves 88,534,479 84,792,402

On behalf of the board

John Field Robert Reidy Director Director

11 Plassey Campus Centre Company Limited by Guarantee

COMPANY BALANCE SHEET As at 30 September 2017

2017 2016 Notes € €

Tangible assets 10 26,453,844 28,742,338

Investment property 11 1,570,000

Investment in subsidiaries 23 2,985,635 2,985,635

Current assets Investments 12 2, 156,792 3, 102,502 Bank 151,596 190,988 Stock 14 102,631 95,362 Debtors (including €5,070,309 (2016: €6,954,463)) due after more than one year 15 9,822,813 8,780,930

Total current assets 12,233,832 12,169,782

Creditors - Amounts falling due within one year 17 (2,459,394) (2,390,254)

Net current assets 9,774,438 9,779,528

Total assets less current liabilities 40,783,917 41,507,501

Creditors - Amounts falling due after more than one year 18 (4,511,054) (5,7 49,515) Net assets 36,272,863 35,757,986

Capital and reserves Revenue reserve 36,272,863 35,757,986 Total reserves 36,272,863 35,757,986

On behalf of the board

John Field Robert Reidy Director Director

12 Plassey Campus Centre Company Limited by Guarantee

COMPANY STATEMENT OF CHANGES IN EQUITY For the financial year ended 30 September 2017

Company Total Revenue Reserve € €

Balance at 1 October 2015 35,359, 192 35,359, 192 Surplus for the financial year 398,794 398,794 Other comprehensive income for the financial year Total comprehensive income for the financial year 398,794 398,794

Balance at 30 September 2016 35,757,986 35,757,986

Balance at 1 October 2016 35,757,986 35,757,986 Surplus for the financial year 514,877 514,877 Other comprehensive income for the financial year Total comprehensive income for the financial year 514,877 514,877

Balance at 30 September 2017 36,272,863 36,272,863

13 Plassey Campus Centre Company Limited by Guarantee

GROUP STATEMENT OF CHANGES IN EQUITY For the financial year ended 30 September 2017

Group Total Revenue Reserve € €

Balance at 1 October 2015 81,944,202 81,944,202 Surplus for the financial year 2,848,200 2,848,200 Other comprehensive income for the financial year Total comprehensive income for the financial year 2,848,200 2,848,200

Balance at 30 September 2016 84,792,402 84,792,402

Balance at 1 October 2016 84,792,402 84,792,402 Surplus for the financial year 3,742,077 3,742,077 Other comprehensive income for the financial year Total comprehensive income for the financial year 3,742,077 3,742,077

Balance at 30 September 2017 88,534,479 88,534,479

14 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS

1 General Information

Plassey Campus Centre's mission is to support the overall education function of the University of Limerick and includes arranging and providing conferences and lectures in education, promoting and encouraging research, and the provision of scholarships and donations to the University of Limerick. The group develops and operates student residential accommodation and appropriate social and recreational facilities at the University of Limerick on a self funding basis. The group, in association with the University of Limerick, is also involved in construction and property work at and adjacent to the University of Limerick campus.

Plassey Campus Centre is incorporated as a company limited by Guarantee in the Republic of Ireland. The address of its registered office is Plassey House, University of Limerick, Limerick.

Plassey Campus Centre ultimate parent and ultimate controlling party is University of Limerick, which is the largest group to consolidate these financial statements.

University of Limerick prepares group financial statements and is the largest group for which group financial statements are drawn up and of which Plassey Campus Centre is a member. Copies of the University of Limerick group financial statements are available from the Company Secretary at Plassey House, National Technological Park, Limerick.

These financial statements include the company's separate financial statements for the financial year beginning 1 October 2015 and ending 30 September 2017.

2 Statement of compliance

The entity and group 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 promulgated by the Institute of Chartered Accountants in Ireland 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) and the Companies Act 2014.

3 Summary of significant accounting policies

The significant accounting policies used in the preparation of the entity and group 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 and group 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 surplus or deficit, and the measurement of freehold land and buildings at their deemed cost on transition to FRS 102.

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 its 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.

15 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

3 Summary of significant accounting policies - continued

(b) Going concern

The group meets its day-to-day working capital requirements through its bank facilities. The group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Therefore these entity financial statements have been prepared on a going concern basis.

FRS 102 allows a qualifying entity certain disclosure exemptions. The company is a qualifying entity and has taken advantage of the following disclosure exemptions:

(i) Exemption from the requirements of Section 7 of FRS 102 and FRS 102 paragraph 3.17(d) to present a statement of cash flows. (ii) Exemption from the requirement of FRS 102 paragraph 4.12(a) to disclose a reconciliation of the number of shares outstanding at the beginning and end of the period.

(d) Foreign currency

(i) Functional and presentation currency

The group's functional and presentation currency is the euro, denominated by the symbol"€".

(ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rate 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 income and expenditure account.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income and expenditure account 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 income and expenditure account within 'other expensing expenses'.

(e) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and 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.

16 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

3 Summary of significant accounting policies - continued

(f) Tangible fixed assets

Plassey Village, Kilmurry Village, Thomond Village, Dromroe Village, Cappavilla Village Residences, Quigley Residences and William Brennan Court are stated at deemed cost measured at valuation at date of transition to FRS 102 less accumulated depreciation.

Land and other buildings (which includes the Stables Complex/Student Centre) and furniture and fittings are stated at cost or deemed cost for land and buildings measured at valuation at the date of transition to FRS 102 less accumulated depreciation and accumulated impairment losses on buildings, furniture and fittings. Tangible fixed assets are not depreciated until they are brought into use.

Assets held under financing arrangements that transfer substantially all the risks and rewards of ownership to the group and company are treated as if they had been purchased outright and are included in the balance sheet as tangible fixed assets at cost, market value or option price. The corresponding commitments are shown as liabilities.

Depreciation is calculated in order to write off the cost of tangible fixed assets, other than land, over their estimated useful lives by equal annual instalments.

The rates by reference to which depreciation has been calculated are as follows:

William Brennan Court approximately 2% Student Centre/Stables Complex approximately 2% Furniture and fittings approximately 20% Village residences approximately 2% All Weather pitches approximately 5% Pavilion approximately 2% Sports Club Building approximately 2% Shoreside Activity Centre (land) 0%

(g) Revenue recognition

Revenue in Plassey Campus Centre and Plassey Trust Company represents rent and other charges arising from the Residences provided in the normal course of business and recognised when services have been rendered.

Income in Plassey Campus Developments represents the sales value of construction work carried out in the normal course of business and recognised when services have been rendered.

Income in Plassey Campus Arena is recognised in the financial statements on an accruals basis. Membership and other income received in advance is deferred and recognised on a straight line basis over the membership term.

Revenue in University Concert Hall represents rent and other charges arising from the hire of the University Concert Hall provided in the normal course of business and recognised when services have been rendered.

17 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

3 Summary of significant accounting policies - continued

(h) Leasing

Depreciation on leased assets is calculated on a straight-line basis over the estimated useful lives of the individual assets.

Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease.

(i) Investments

Investments are stated at market value. Investment income is recognised on an accruals basis. Investments included in current assets have a maturity of 12 months or less.

(j) Pensions

Pension benefits are funded over each relevant employee's period of service by way of contributions to a separately administered fund. Annual contributions are charged to the income and expenditure account in the period to which they relate.

(k) Income tax

The income of the company is exempt from taxation once it is applied to the furtherance of the charitable objectives of the company.

For group purposes Income tax expense for the financial year comprises current and deferred tax recognised in the financial year. Income tax expense is presented in the same component of total comprehensive income (profit and loss account or other comprehensive income) or equity as the transaction or other event that resulted in the income tax expense.

Current or deferred tax assets and liabilities are not discounted.

(i) Current tax Current tax is the amount of income tax payable in respect of the taxable profit for the financial year or past financial years. Current tax is measured at the amount of current tax that is expected to be paid using tax rates and laws that have been enacted or substantively enacted by the end of the financial year.

The directors periodically evaluate positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. A current tax liability is recognised where appropriate and measured on the basis of amounts expected to be paid to the tax authorities.

(ii) Deferred tax Deferred tax is recognised in respect of timing differences, which are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in financial years different from those in which they are recognised in financial statements.

Deferred tax is recognised on all timing differences at the end of each financial year with certain exceptions. Unrelieved tax losses and other deferred tax assets are recognised only when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the end of each financial year end and that are expected to apply to the reversal of the timing difference.

18 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

3 Summary of significant accounting policies - continued

(I) Provisions and contingencies

(i) Provisions Provisions are liabilities of uncertain timing or amount.

Provisions are recognised when the group 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 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 profit or loss, 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 group has a legal or constructive obligation at the end of the financial year to carry out the restructuring. The group has a constructive obligation to carry out a restructuring when there is a detailed, formal plan for the restructuring and the company 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 Contingent liabilities, arising as a result of past events, are not recognised as a liability because it is not probable that the company 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.

(m) Grants

The group has chosen to account for capital grants using the performance model, which requires an entity to recognise grant income in line with the entity's performance of the grant conditions.

(n) Intangible assets

Intangible assets acquired separately from a business are capitalised at cost. Purchased intangible assets are amortised on a straight line basis over their estimated useful lives of 10 years.

( o) Employee benefits

The group 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 benefit or defined contribution pension plans).

19 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

3 Summary of significant accounting policies - continued

(o) Employee benefits - continued

(i) Short term employee benefits Short term employee benefits, including wages and salaries, 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 The group operates a defined contribution plan for certain employees. A defined contribution plan is a pension plan under which the group 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 group in independently administered funds. The contributions to the defined contribution plan are recognised as an expense when they are due. Amounts not paid are included in accruals in the balance sheet.

(p) Borrowing costs

All borrowing costs are recognised in income or expenditure in the financial year in which they are incurred.

(q) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the financial year in which the related revenue is recognised.

Cost is determined using the first-in, first-out (FIFO) method. Cost comprises the purchase price, including taxes and duties and transport and handling costs directly attributable to bringing the stock to its present location and condition.

At the end of each financial year, stocks are assessed for impairment. If an item of stock is impaired, the identified stock is measured at its selling price less costs to complete and sell and the resulting impairment loss is recognised in profit or loss. Where a reversal of the impairment loss is recognised the impairment loss is reversed, up to the original impairment loss, and is recognised in profit or loss.

(r) Financial instruments

The company has chosen to apply the provisions of Sections 11 of FRS 102 to account for all of its financial instruments.

(i) Financial assets Basic financial assets, including trade and other debtors, cash and cash equivalents, 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 debtors, cash and cash equivalents and financial assets from arrangements which constitute financing transactions are subsequently measured at amortised cost using the effective interest method.

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.

20 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

3 Summary of significant accounting policies - continued

(r) Financial instruments - continued

(ii) Financial liabilities Basic financial liabilities, including trade and other creditors and amounts due to group companies 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 amounts due to group companies and financial liabilities 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 estimates and assumptions

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.

(a) Critical accounting estimates and assumptions The directors make estimates and assumptions concerning the future in the process of preparing the entity 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) 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 10 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.

(iii) Impairment of debtors The directors 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 debtors, 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.

21 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

5 Turnover

Income primarily represents rent and other charges relating to the provision of services to Village residences, the Stables Complex, the sports facilities operated by UL Sport, the turnover arising from Plassey Campus Developments Limited, the group's subsidiary involved in construction and property development activities and income from the University Concert Hall.

Analysis of turnover by category: 2017 2016 € €

Sale of goods 368,545 367,408 Rendering of services 36,799,828 31, 164,826 37, 168,373 31,532,234

Plassey Campus Developments undertakes construction and property work for the University of Limerick, the holding company, and received a margin in respect of this service. Accordingly the operating result of €6,795 (2016: €6,696) being the agreed fee for administration costs are reflected as income in the consolidated accounts.

The gross value of works done by the company and related costs are as follows: 2017 2016 € €

Turnover 23,529,966 17,522,201 Direct construction costs (23,387,284) (17,381,574) Administration costs (135,887) (133,931) Operating profit 6,795 6,696

All income is generated in the Republic of Ireland.

6 Operating expenses 2017 2016 € € The following expenses have been recognised:

Bad debt provision 80,718 66,718 Rent payable to University of Limerick 221,000 406,653 Donation (i) 1, 100,000 400,000 Depreciation 4,729,500 4,533,326

Remuneration (including expenses) for the statutory audit and other services carried out for the company by the company's auditors were as follows: 2017 2016 € €

Audit of entity financial statements 40,500 40,000 Tax advisory services 17,574 20,965 58,074 60,965

(i) During the year it was agreed that an amount of €1, 100,000 (2016: €400,000), would be donated to the University of Limerick towards the furtherance of education and for use in the physical development of the University campus.

22 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

7 Employees and directors 2017 2016 Number Number (i) Employees The average number of persons employed by the company during the financial year was: Group (excluding Plassey Campus Arena CLG) Full time employees 32 32 Part time employees 60 55 92 87 Plassey Campus Arena CLG Full time employees 24 25 Part time employees 96 92 120 117

Total 212 204

Staff costs comprise: 2017 2016 € € Group (excluding Plassey Campus Arena CLG) Wages and salaries 2, 117,298 1,974,649 Social insurance costs 233,943 211,444 Other retirement benefit costs 84,622 64,574 Staff costs 2,435,863 2,250,667

Plassey Campus Centre Arena CLG Wages and salaries 1,412,628 1,394,758 Social insurance costs 133,684 134,618 Other retirement benefit costs 41,638 34,748 Staff costs 1,587,950 1,564, 124

(ii) Directors

No remuneration or fees are payable to directors.

(iii) Key management compensation

Key management includes the senior management team. The compensation paid or payable to key management for employee services is shown below: 2017 2016 € €

Salaries and pension benefits 643,266 641,257 Total key management compensation 643,266 641,257

23 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

8 (a) Interest receivable and similar income 2017 2016 € € This interest was in respect of:

- Bank interest 74,420 320,652

(b) Interest payable and similar charges 2017 2016 € € This interest was in respect of:

Borrowings wholly repayable within five years - Bank loans 116,388 31,329

Borrowings not wholly repayable within five years - Intercom pany loans 336,461 257,183 - Bank loans 100,304 246,857 Total interest payable similar charges 553, 153 535,369

9 Taxation

The tax charge relates to the subsidiary company, Plassey Campus Developments Limited. Provision for taxation has not been made in the holding company, or its other subsidiary companies (Plassey Trust Company CLG, Kilmurry Village CLG and University Concert Hall CLG, as they were established for charitable purposes only. The income of Plassey Campus Centre CLG, Plassey Trust Company CLG, Kilmurry Village CLG and University Concert Hall CLG 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.

2017 2016 € € (a) Tax expense included in income and expenditure

Irish corporation tax on surplus for the financial year 849 837 Adjustments in respect of prior financial years 38 (29) 887 808

(b) Reconciliation of tax expense

The current tax charge for the year is lower than 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:

2017 2016 € €

Surplus before taxation 3,742,964 2,849,010

Surplus before tax multiplied by the average rate of Irish corporation tax for the year of 12.5% 467,870 356,126 Surplus not subject to Irish corporation tax (467,021) (355,289) Adjustments in respect of prior financial years 38 (29) 887 808

24 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

10 Tangible assets Shoreside Student Furniture, All Weather Activity Sports Club Village Centre/ fittings Pitches & Park Group Centre Building Residences Stables & equipment Pavilion point Total € € € € € € € € Cost/Valuation At 30 September 2015 203,609 1,221,206 119,319,065 4,525,367 13,039,841 6,449,701 144,758,789 Additions 4,453,048 4,231,433 8,684,481 Disposals (9,083) (9,083) At 30 September 2016 203,609 1,221,206 119,319,065 4,525,367 17,483,806 6,449,701 4,231,433 153,434, 187

At 30 September 2016 203,609 1,221,206 119,319,065 4,525,367 17,483,806 6,449,701 4,231,433 153,434, 187 Additions 6,919,000 40,624 6,959,624 Revaluation 317,000 317,000 Transfer (note 11) (1,570,000) (1,570,000) Disposals (8,713) (8,713) At 30 September 2017 203,609 1,221,206 119,319,065 4,525,367 24,394,093 6,490,325 2,978,433 159, 132,098

Accumulated depreciation At 30 September 2015 367,088 3, 176,426 1,800,785 11,315,352 593, 156 17,252,807 Charge for the financial year 24,424 3,227,816 86,494 967,440 163,681 63,471 4,533,326 Disposals (9,083) (9,083) At 30 September 2016 391,512 6,404,242 1,887,279 12,273,709 756,837 63,471 21,777,050

At 30 September 2016 391,512 6,404,242 1,887,279 12,273,709 756,837 63,471 21,777,050 Charge for the financial year 24,424 3,227,815 86,494 1,124,072 182,066 84,629 4,729,500 Disposals (8,713) (8,713) At 30 September 2017 415,936 9,632,057 1,973,773 13,389,068 938,903 148, 100 26,497,837

2! Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

10 Tangible assets - continued Shoreside Sports Club Village Student Furniture, All Weather Total Activity Building Residences Centre/ fittings Pitches & Park Centre Stables & equipment Pavilion point Group € € € € € € € €

Net book amount At 30 September 2015 203,609 854,118 116, 142,639 2,724,582 1,724,489 5,856,545 127,506,011 At 30 September 2016 203,609 829,694 112,914,823 2,638,088 5,210,097 5,692,864 4, 167,962 131,657,137 At 30 September 2017 203,609 805,270 109,687,008 2,551,594 11,005,025 5,551,422 2,830,333 132,634,261

2! Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

10 Tangible assets - continued Park Retail outlets Sports Shoreside Student centre/ Point Dromroe Club Activity Kilmurry Stables Furniture Company Village Building Centre Village Complex & fittings Total € € € € € € € € Cost/Valuation At 30 September 2015 186,560 1,221,206 203,609 22,000,000 4,525,367 738, 100 28,874,842 Additions 4,231,433 4,231,433 Revaluation At 30 September 2016 4,231,433 186,560 1,221,206 203,609 22,000,000 4,525,367 738, 100 33,106,275

At 30 September 2016 4,231,433 186,560 1,221,206 203,609 22,000,000 4,525,367 738, 100 33,106,275 Additions Revaluation 317,000 317,000 Transfer (note 11) (1,570,000) (1,570,000) At 30 September 2017 2,978,433 186,560 1,221,206 203,609 22,000,000 4,525,367 738, 100 31,853,275 Accumulated depreciation At 30 September 2015 186,560 367,088 709,677 1,800,785 289,502 3,353,612 Charge for the financial year 63,471 24,424 709,677 86,494 126,259 1,010,325 At 30 September 2016 63,471 186,560 391,512 1,419,354 1,887,279 415,761 4,363,937

At 30 September 2016 63,471 186,560 391,512 1,419,354 1,887,279 415,761 4,363,937 Charge for the financial year 84,629 24,424 709,677 86,494 130,270 1,035,494 At 30 September 2017 148,100 186,560 415,936 2,129,031 1,973,773 546,031 5,399,431 Net book amount At 30 September 2015 854, 118 203,609 21,290,323 2,724,582 448,598 25,521,230 At 30 September 2016 4, 167,962 829,694 203,609 20,580,646 2,638,088 322,339 28,742,338 At 30 September 2017 2,830,333 805,270 203,609 19,870,969 2,551,594 192,069 26,453,844

2~ Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

10 Tangible assets - continued

During the year ended 30 September 2007 additional accommodation was provided in Cappavilla Village by third party investors. A subsidiary company is to manage these facilities for a subsequent ten year period and at the end of the relevant respective period has the option of purchasing Cappavilla Village for €10.9m (note 17 and 18).

It is anticipated that these options will be exercised and in accordance with FRS102, Cappavilla Village, and the related liabilities of€10.9m (note 17 and 18) are included in the group's balance sheet. In the event of the options being exercised the principal economic benefits and risks associated with these assets will rest with the group and ultimate legal title will rest with the group also.

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 company applied the transition exemption in Section 35 of FRS 102 and used this previous valuation as the deemed cost for certain freehold land and buildings on transition to FRS 102. The deemed cost of the freehold land and buildings will be depreciated over the remaining useful lives of the freehold land and buildings.

An element of the Park Point asset of €1,570,000 was transferred to investment property during the year. The investment property were stated at open market value, which was determined following a formal independent valuation by Savills at 30 September 2017.

Assets held under finance leases: Included above are assets held under finance leases as follows:

Group 2017 2017 2016 2016 Net book Depreciation Net book Depreciation Value charge value charge € € € €

Administration assets 1,963 655

11 Investment property

The Park Point asset in note 10 includes an investment property amounting to €1,570,000 (2016: €Nil). This was transferred to investment property during the year. The investment property were stated at open market value, which was determined following a formal independent valuation by Savills at 30 September 2017.

2017 2016 € €

Transfer from Park Point tangible asset (note 10) 1,570,000 At 30 September 1,570,000

28 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

12 Investments 2017 2016 € € Group Long term Managed funds Long term deposit fund 2,000,000

Short term Managed funds 2, 156,792 3, 102,502 Short term deposit fund 2,000,000 8,500,000 4, 156,792 11,602,502

Managed funds represent units in a managed fund operated by State Street Global Advisors and Kleinwort Benson Investors. The market value as at 30 September 2017 of these funds was €2, 156,792 (2016: €1, 141,300) and €nil (2016: €1,961,202) respectively.

Long term deposit funds represent funds held in a long term deposit fund with Allied Irish Bank for the purpose of funding future commitments.

Short term deposit funds represent funds held in a deposit fund with Allied Irish Bank for the purpose of funding commitments within 12 months.

2017 2016 € € Company State Street Global Advisors 1, 141,300 Kleinwort Benson Investors 2, 156,792 1,961,202 2, 156,792 3, 102,502

Managed funds represent units in a managed fund operated by State Street Global Advisors and Kleinwort Benson Investors.

Investments in short term deposits have an original maturity of 6 months or less. At the end of the financial year the average maturity of the deposits was 1.5 months (2016: 1.5 months). The average interest rate was 0.15% (2016: 0.15%).

13 Construction work in progress 2017 2016 € €

Gross costs 14,551,006 6,274,824 Payments on account (12,947,532) (4,982,047) Construction work in progress 1,603,474 1,292,777

The construction work in progress relates primarily to expenditure on the development of the Library Extension.

14 Stock 2017 2016 € € Group Stock of goods for resale 115,222 100,457 Company Stock of stationery and goods for resale 102,631 95,362

There is no material difference between the cost of stock and its replacement value. 29 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

15 Debtors 2017 2016 € € Group Trade debtors 1,039,248 3,226,043 Other debtors and prepayments 278,194 509,346 Value added tax recoverable 28,374 56, 112 Amounts owed by ultimate holding entity 588,540 1,305,841 1,934,356 5,097,342 Company Trade debtors 169,468 84,696 Other debtors and prepayments 26,925 39,564 Value added tax recoverable 18,307 Amount due from a fellow subsidiary undertaking 9,595,663 8,604, 144 Amounts due from holding entity 30,757 34,219 9,822,813 8,780,930

All of the amounts above fall due within one year with the exception of the loans to fellow subsidiary undertakings.

The loans to fellow subsidiary undertakings and holding entity are unsecured, not interest bearing and have no fixed repayment terms.

Trade debtors are after provision for impairment of €80,718 (2016: €66, 718).

16 Cash at bank and in hand

Included in bank balances at 30 September 2017 is an amount of €25,140,000 (2016: €8,149,000) which is being held for further specific projects and commitments.

17 Creditors -Amounts falling due within one year 2017 2016 € € Group Creditors - amounts falling due within one year Bank loan (note 19) 1,638, 131 1,776, 156 Trade creditors 810,745 1,162,183 Loan from ultimate holding company (note 19) 4,276,200 1,611,018 Other creditors and accruals 6,244,228 5,800,753 Other creditor (i) 10,992,596 23,070,000 Advance rental income 6,015,228 8,671,917 Grant 300,000 Other advance rental income 60,325 Tax creditor including tax and social -insurance 305,537 408,254 Finance lease 1,309 Amounts owed to ultimate holding company 2,740,358 1,991,345 33,323,023 44,553,259 Other creditors including tax and social insurance comprise: Income tax deducted under PAYE 56,449 64, 130 Professional services withholding tax 38,395 15,983 Value added tax 174,240 264,966 Pay related social insurance 24, 123 63, 175 Corporation tax 29 Relevant contracts tax 12,301 305,537 408,254

30 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

17 Creditors -Amounts falling due within one year - continued 2017 2016 € €

Company Bank loans (note 19) 1,434,087 1,434,087 Trade creditors 66,128 65,816 Other creditors and accruals 535,816 456,620 Tax creditor including tac and social welfare 21,663 Amounts owed to fellow subsidiary undertakings 401,700 362,306 Amount owed to ultimate holding company 71,425 2,459,394 2,390,254 Other creditors including tax and social insurance comprise: Value added tax 12,858 Professional services withholding tax 8,805 21,663

Amounts owed to holding entity and fellow subsidiary undertakings are unsecured, interest free and have no fixed repayment terms.

Loan from holding entity is interest bearing at a current variable rate ranging from 1.14% to 1.36% and repayable over a 15 year period.

Trade and other creditors are payable at various dates in the next three months in accordance with the suppliers' usual and customary credit terms.

Tax and social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

Notes (i) A fellow subsidiary undertaking manages the Cappavilla Village residence complexes and the other creditor relates to an option to purchase the accommodation facilities in the next 12 months. It is anticipated that this option will be exercised and on this basis the asset and liability are recognised in the fellow subsidiary undertaking's balance sheet in line with FRS 102 (see note 10).

31 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

18 Creditors -Amounts falling due after more than one year 2017 2016 € € Group Creditors - falling due after more than one year Bank loans 5,602,598 7,023,950 Long term creditor (see (i) below) 10,992,596 Loan from ultimate holding entity 46,598,551 18,934,129 52,201,149 36,950,675 Company Creditors - falling due after more than one year 4,511,054 5,749,515 Bank loans (note 19) 4,511,054 5,749,515

Loan from holding entity is interest bearing at a current variable rate ranging from 1.14% to 1.36% and repayable over a 15 year period.

Notes i) A fellow subsidiary undertaking manages the Cappavilla Village residence complexes and the long term creditor relates to an option to purchase the accommodation facilities at the end of their respective 10 years. It is anticipated that this option will be exercised and on this basis the asset and liability are recognised in the fellow subsidiary undertaking's balance sheet in line with FRS 102 (see note 10).

19 Creditors - Maturity of debt (bank and parent entity loan) and bank 2017 2016 security € €

Group maturity of debt (bank and holding entity loan) In one year or less, or on demand 5,914,331 3,387, 121 In more than one year, but not more than two years 5,735,066 3,249,928 In more than two years, but not more than five years 15, 194,358 8,084, 118 In more than five years 31,271,725 14,624,084 58, 115,480 29,345,251 Company maturity of bank debt In one year or less, or on demand 1,434,087 1,434,087 In more than one year, but not more than two years 1,254,821 1,434,084 In more than two years, but not more than five years 1,753,626 2,636,586 In more than five years 1,502,607 1,678,845 5,945,141 7, 183,602

32 Plassey Campus Centre Company Limited by Guarantee

NOTES TO THE FINANCIAL STATEMENTS - continued

19 Creditors - Maturity of debt (bank and parent entity loan) and bank security - continued

Security details The borrowings of the group are secured as follows:

Bank of Ireland hold

(a) A letter of guarantee from Plassey Trust Company CLG for amounts totalling €6 million. (b) A legal charge over land and buildings at Plassey, Co. Limerick, known as Plassey Village, stamped to a total of €4 million. (c) A first legal charge over land and buildings at Plassey, Co Limerick, known as Kilmurry Village (Phase 1), stamped to €4 million. (d) A legal charge over Plassey Village Phase 1, Phase 2 and Phase 3. (e) A legal charge over Brennan Court Apartments. (f) A first legal charge over the leasehold interest in property at Sports Pavilion and All Weather Pitches.

KBC bank Ireland hold (in respect of the facility of €2 million)

(a) A first fixed charge over land and buildings at Plassey, Co Limerick, known as Kilmurry Village (Phase 2). (b) An assignment over the lease of Kilmurry Village (Phase 2) to Kilmurry Village and a charge over the rental payments. (c) A joint and several guarantees from Plassey Campus Developments Limited and Plassey Trust Company CLG. (d) An undertaking by the University of Limerick Foundation, in relation to funding received, that the repayment of such funds be subordinated in favour of the bank.