Year End Processes
The College’s financial year runs from 1 October until 30 September. The year-end process therefore starts with planning and preparation in August and September of each year. The financial reporting requirements of the College are made up of two parts: Part 1: Funding Statements and Part 2: Consolidated Financial Statements.
Accruals and prepayments
Accruals and prepayments are required at year end for values over €500 (excluding internal and research transactions). Accruals accounting means that revenues and costs are included in the month in which they are incurred and not the month in which the cash is received or paid. This is a manual process and forms are sent to all College Areas in September each year to allow General Ledger to collate year end accruals and prepayments.
Your Faculty Financial Advisor or the Treasurer’s Office can provide further advice in relation to the accruals and prepayment year end process. During the year, accounting transactions are accounted for on a ‘cash basis’.
Funding Statements
The College’s annual Funding Statements are prepared on the basis of Irish University sector harmonised principles, approved by the Higher Education Authority, in Michaelmas Term each year. Funding Statements cover the teaching and research activities of the College and are uniformly prepared across the University sector.
The Funding Statements are approved by the College’s principle committees each year as follows:
- Finance Committee – Michaelmas Term
- Audit Committee – Michaelmas / Hilary Term
- Board - Hilary Term
Consolidated Financial Statements
A second set of financial statements, called the Consolidated Financial Statements use Generally Accepted Accounting Principles (GAAP) and cover all activities of the College and its subsidiary undertakings in the income and expenditure account and balance sheet. They are akin to statements published by commercial entities and are produced each year following sign off of the Funding Statements. All Universities are required to prepare accounts on this basis in respect of financial reporting periods since 2002/03.
Board approves the Consolidated Financial Statements in Michaelmas term year.
The Financial Statements are available to view or download in English or Irish at the following link: https://www.tcd.ie/Treasurers_Office/gen_finstats.php
‘Green Book’- Analysis of Academic Recurrent Expenditure and Research Accounts/Statistics for the year
The ‘Green Book’ provides details of total academic costs. The analysis of academic recurrent expenditure gives a breakdown, over Faculties, Schools and Research Centre’s, of the figures shown under the heading ‘Academic Faculties’ in the Funding Statements for the year.
The Research section of the ‘Green Book’ records the College's research activity (income, direct and indirect expenditure) by individual research account, sorted by School and Faculty, including the opening and closing balances. It also includes a reconciliation of total research income and expenditure per the Ledger to the amounts disclosed in the College's Funding Statements.
Ghala Limited
Ghala Limited is a related company and its principal activity is the construction and refurbishment of College properties. Trinity College holds 100% interest in Ghala Limited. A set of Financial Statements is prepared annually for audit by our External Auditors, KPMG, and presented to Finance Committee each Michaelmas Term.
Trust Funds
Trust Funds are a collection of individual Funds, each representing a benefaction/donation to the College which are invested and managed by the College Board through its Investment Committee. They provide financial support to specific College activities e.g. annual prize, financial assistance or scholarships. Full details on the specific terms and conditions of each Fund are available in the College Calendar Part 1 (http://www.tcd.ie/calendar/part1/).
The Trust Funds financial year runs from 1 July to 30 June. The relevant Faculty Financial Advisor or the Treasurers Office will contact all areas every May to discuss the maximisation of each fund. KPMG audit the Trust Funds in August each year and they are approved by Board in October each year.
A guide to College Trust Funds (Benefactions) is available at: https://www.tcd.ie/Treasurers_Office/docs/BenefactionFundGuidelines.pdf
For any queries please contact trustfunds@tcd.ie
Yearly Audit Schedule:
KPMG:
Interim Audit – August
Trust Funds - August
Funding Statements Audit – November
Ghala - November
Consolidated Financial Statements Audit – April/May
C&AG:
Consolidated Financial Statements Audit – April/May
European Social Fund (ESF):
The European Social Fund supports a range of courses, schemes and projects under the Human Capital Investment Operational Programme 2007-2013 and the Third Level Access Measure and these can be audited by a number of interested parties on request including auditors representing the Higher Education Authority, the Department of Enterprise Trade and Employment and the European Union. For further details on these measures please contact Ciara Lynch (cilynch@tcd.ie).
European Regional Development Fund (ERDF):
European Regional Development Fund (ERDF) is part of the European Commission’s Structural Fund under which Ireland draws down monies in order to fund or co-fund certain programmes. Examples of programmes funded under ERDF to date are PRTLI Cycles IV & V and the Enterprise Ireland Commercialisation Fund. These programmes can be audited by any one of the authorities from which the College receives this funding. (European Commission, Department of Public Expenditure & Reform, Department of Enterprise, Trade and Innovation, Southern and Eastern Regional Assembly, Enterprise Ireland and the HEA)
A guide to the ERDF Information workshop on administration of projects funded under ERDF is available at the following link:
http://www.tcd.ie/Treasurers_Office/workshops/index.php
There are specific requirements with regards to the retention of all documentation in relation to projects funded or co-funded under ERDF. Details of these requirements can be viewed under Appendix I of the following link:
http://www.tcd.ie/about/policies/records_management.php
For specific queries in relation to ERDF funded projects please contact:
Annemarie Moore at amoore@tcd.ie (Capital Funding)
David O’Shea at osheada@tcd.ie (Recurrent Funding)