19th April 2018.

Ms Margaret Falsey, Committee Secretariat, Committee of Public Accounts, Leinster House, Dublin 2.

Reference : PAC32-l-853

Dear Ms Falsey,

ucc University College Cork, Ireland Colaiste na hOllscoile Corcaigh

Oifig an Uachtarain President's Office

An Sciathan Thoir, An Chearn6g Lar, Colaiste na hOllscoile Corcaigh, B6thar an larthair, Corcaigh, Eire. East Wing, Main Quadrangle, University College Cork, Western Road, Cork, Ireland.

T: +353 (0)21 4902201 E: president@ucc.ie www.ucc.ie

I refer to your recent correspondence regarding UCC's 2016 Financial Statements.

• Cork University Foundation

Following last years' Committees discussions, the University included a more expansive Disclosure Note ( Note 31) in the University's financial statements for 2016, which set out the total income received by the University from the Foundation together with the amount that remains within the Foundation as reserves for future disbursement to the University. The disclosure note sets out the full extent of support from the Foundation to the University. A full set of the Foundations financial statements is also enclosed and these will now be attached as part of the University's annual submission to Committee the going forward.

• Procurement

The University endeavours at all times to ensure it is compliant with public procurement policy across all its procurement activity. The University engages with the OGP and the EPS where appropriate and works with other Universities across the sector to secure the best pricing outcome from consolidation of expenditure.

It is this consolidation of tendering activity within the sector which is the most significant contributor to the amount reported - where UCC was a co-funding partner in a national tender with another University as the lead contracting entity. The lead University procured the service in a fully complaint manner. However, UCC inadvertently recorded this expenditure as non-complaint, as UCC, not being the lead for the tender, did not have the formal tender/contract record.

An tOllamh Padraig G. 6 Se PhD FIEEE, FAPS, FAAAS An tUachtaran

Professor Patrick G. O'Shea PhD FIEEE, FAPS, FAAAS President

Ollscoil na hEireann, Corcaigh National University of Ireland, Cork

This has now being corrected for all future disclosures. Other instances relate to aggregation of low value purchases, rollover of ICT maintenance agreements in line with Departmental directives on such spend, unanticipated custom duties and urgent requirements e.g. blocked drains, which were unforeseen from a procurement perspective.

Going forward, the University has amended its reporting for sectoral expenditure and is progressively availing of both national frameworks and bespoke contracts to add to its existing contracted supplier base to increase compliance. A new procurement plan has been put in place for 2018 and beyond to address the remaining non-complaint issues.

Regards,

Gd/rtf]t: ~, Professor Patrick O'Shea, President.

cc Diarmuid Collins, Bursar/Chief Financial Officer

Enc - Cork University Foundation Annual Financial Statements 2016

CQRI( J)NJVEl~:f..fV FQUl'f.DATION C01\1PANY"I~IMITED BY GUARANTEE

ABRIDGED JfINANCIAL STATEMENTS

COMPANY LILVIlTED BY. GIJARANTE.E

:CORK UNlVERSITY FOUNDATION.COMPANY :LIMITED BY GUARANTEE

ABRlDGED :FINANCIAL.STATEMENTS

YEARENDEU30 SE.PTEMBER 2016

DIRECTORSt RES~ONSIBILIT1ES.'STATEMENT 3

INDEPENDENTAUD.ITORS' REPORT 4 .. 7

8

CO.RJ<:UNI.\lERSlTY FOUNDATlON COMPANY J.,oottED BY GUARANTEE

COMPANY INFORMATION

DIRECTORS

REGISTERED OFHCE

BANKERS

AU:Dl'lURS

- Appoint~ April t 1.2016 ,. App9inted Fefb1~ru.,-y 7, 2017

C, }1ealy

Development and Alumni Ot1iee University College Cork :$. Bri.ghtc)n Villas Wes1~i11Ih~ad Cork:

AU~ed Irish B<U!k 6Q South Mall C"ork

M~ikl<eho.e& CiX Cl'i:artered Certifi¢d Acc{)utttants & S.ta1vtotY All(iltots 'Unit 2; dldtDWP B'o4s.~ Main.Road f.{al!in~llig ·C.o,C.ork

z

.CORK UNIYERSITY FOUNDATION CON'IPA~Y LIMITED BY GU~\RANTEE

YEAR ENDED 30 SEPTENIBER 2016

Directors' Responsibilities Statement

The directors are. responsible for _pteparing. the directors' report and the financial statements in accordance with. Irish Law and regulatkins.

Iri:sh coinpany law requjre:s th~ directors to prepare financial statements for .each financial yeat\ Under :the law, the d:frectors .l:rave elect¢d t\1 prepai'e the financial statements in accordance vv·ith Irish Generally Ac.cepted. Ac.counting Practice {Iri.~h GAAP.) giving a true and fair view of the state of at':fairs of the coiqpa:n:y a'n:d tbe. profit or loss of the company for each financial year~ Under c.on\pany law, the directors· rnusi not approve the financial ~tatements uiiless they ~.r~ satisfied that they giv-e a true <U1d fair view of the assets, liabilities and .tipanci~ po~ition of the c:Qmpauy as at the fiu.auc1al year end date .and of the· profit or l9s$ 0of the company fqr that f1nancial yt!"at a_t1d otherwise cotilply with the Companies Act2014. In preparing thes.e frna:~1Gia1 statements, the c;Jirect9rs are required to:

- select stlitable. accounting policies and then apply them -consistently; - make judgements and accounting estimates that are reawnabie and pr.udent; - state vvhethe.r the fina:nciat statements· .ba:ve been prepared in accordance with applicable

a.ccountit1g st~tdards, identify those standards.. and note the· effect and the i:e.asons for any material d¢patfure from those standatds: and

- p:rep<;µ<e the ~in~pcjaj st~te~ue.nt$ 011 the going concern basis unless it is inappropriate to presume that the CQ:mpany will continne in b1.1sin~ss.

The directors are· resppnsible for ep:suring that the cmnpany keeps or caµses to be kept adequate accounting records which conectl:y explain and re~o;rd the transactions ofthe comp.a.n.y, enable· at any time the assets, liabilities, fimmcial position and p.ro[J:t or l(}ss of the corn.pany tc;i be :dete.m1ined. ·With reasonable aCCUl'acy, enable them to illlStJre that the nnancial statt;ment$ an.<l dil'.ecton;l re.pott CPtnply with the Companies Act 2014 and enable the financial statements to be audited, They are ~~m tes:ponsible for safoguardfog the assets of tlK~ company and hence Jbr taking reasonable steps for the preve11tfon; a.no detecti()t'l of fraud mid other H:teg:uladties~

On behalf ofthe Board:

PATOlSHEA :Pfrector

NEIL O'LEAllY Direetor

Date: J; ">i1 0 V· { d 0 l ),-

3

UM2 OLc)town Hows~­

Maln Ro.:i6 S.;1Uintollig (O.(Q(k

Tel: +353 (0}2.1487 H~26 Fax:;-353 (0)21"18!:·0:542 Email.; info·:?.markk1?i?!Jeotl<.1.::0 . .'tt WW\>1.~mqrH:e}1,1ean,k,o: ie

INDEPENDENT AUDITORS' REPORT TO. THE DIRECTORS OF -CORK UNIVERSITY FOUNDATION COM.PANY l~IMITED BY GUARl.\NTEE FOR THE YEAR END:ED 30 SEPT£1\ll:B.ER Z016. PURSUANT TO SECTION :;56 OF THE COMPANIES ACT 2014

On Aptil 27, 2017 w¢ tep.01ted, $. aru:tltor$ of Cork Universify }'ou,nd~tion ·Company Limited By Gttatantee, to tb.e members ofthe-corttpal).y Qri the abridged financial .. stateuwnts fo:r the year ei1ded JO September ~Ol 6 op pages 8 t(? 11~ anc.t out ~eport Wl;\5 as follows:

We have examined:

(i) The abridged financial statements for the year ended 30 September 2016 on pages 8 to 11 w'hich the directors of Cork University Foundation Company Limited By Guarantee propose to annex to. the aitnua1 return of the company; and

(ii) The :financial stateilwnts to be laid befr>re th~ Annual General Meeting, which form the basis for those abtidged financial statei'nent~.

1ltls.repQrt i$1nade solely to the directors in a~ordance wi.th Secti:OJ.t 356 of the Co.mp.anies Act 2014; Our audit work }las been imdertak.en so tl:i.a:t we might state tQ the dircctots those matters that we are required tQ state.t9 them µndei- Section 356 and for nt) other pt1rpose. To the fullest e~tent petmitted by law; we do not accept or ass\1tne responsibility to anyone other than the directors for ot1:r WDtk, for this report, or for the. opinions w~ have fonned.

Rt.~pective responsibilities of Din-ctors and Auditors It is the directors' ·responsibility to. prep~ the abridged financial statements~ \Nhkh comply \.Vitl1 the Companies Act 2014. It is our responsibility to form an independent opinion that the. directors ar.e entitfod undet Section 352 of the Cc1mptmies Act 2014 to atmex abridged financial statements to the annoal return of the. e-0mpany and that those ahridg:ed financial statements have been properly prepared p.utsuant h.i Sedi:o.ns 352 and 3'53 of that Act m1d to .repott-oQ.t opfoi011 to y{HJ..

:Basb Qf Opiuic:m We h~ve carried ot1:t tl)e procedure!) we ccm.isi<ler necessary to copfinn, l>y tet~renc:e to the f1mrncial st~:te~nents., th£!.t the directt)ts are entitled to apnex abridgaj financial .sta:tetnents to the Arinu.a:t Retw.11 and ihf4t. those abridged ftnanda1 statements hav.e been properly prep~red. The scope ·Of our work for the purpose ofthis report does not incl\1<le examining or dealing \'11th: events after the date of our report on the ftill financial statements.

Ma* Kehoe ( FCC1:'\) VAT N(:1.: iE.679.6286H

Opin~<m ln our9p:fnio:n. the directors are e1nitt~d unde.r Secti(}n .352 of the Go1npapies Act 2014 ~9 armex to t4e A.Imual Return -of' the corµpany the '.a:b:Ji('lged fina.n:ci&;l $tatements <)b.~1 those l:lPridge4 financiil . statenwnts hav~ b,ee11 property prepared: plll.'suant to Sections 353 of tha~ Act (~:s(emptiot1$. availal:Jle. to stn~I companies),

Sign¢4By~ /.,.d/Y/~

/ j).,7,,~~-

MARK :({F;HOE F()R A,ND QN. REJJ:At.>FOF !YIARK KEHQE & CO. CHARTERED CERTIFIED ACCOUNTANTS &-STATUTORY AUDITORS UuitZJ Oldtown Houst\ Main Road~ Balliucollig, Co.C-O:rk

DATE; - April 27, 2017

Unit 2 Oldtown Ho.use MBTn Road

8alUnc~1lUg

Co. Cork

Tel: +3.53 (0)2:l 4$7 6626 F~x: +353 (()};?:1 48$ 0542 :Ernait; irtr,J~ittnarkb?fk"'ieUfJ::..~i:o.Je \<'.l/.'Y.1/t;:-i rnt;.:.tk~:el.tf)~;qr.fr:J.to. 1e

On April 27~ 2017 we reported as auditors of Cork Ul1iversity Foundation Con1pany- Litnited By Guarantee to the members ofthe. company on. the financial statements for the year ended 30 September '201.6 to :be laid before its Annual General Meeting.and our audit report-was as fotfows:

INDEPENDENT AUDITOR'S REPORT TO THE l\'IE.MBERS OF CORK tJNIVJ~RSITY FOUNDATION COMPANY LIMITED BY GUARANTEE l"OR THE YEAR ENDEll 30 SEPTEMBER 2016

We have .audited :the :financial statements pf Cork Unjvetsity Foundation Company Limited l:iy ·Guarantee for the year ended 30 Septetpbet Wl6 ·which Ct)lfiprise the Income and l~xpenditme Account, the Balance She~t, the Stµten1ent of Changes in Equity, the Statement of Cashfiow'S and the related notes, The financial reporting framework that has been applied in their .Preparatimt is Irish faw . . .

ruJ.d accounting standards issued by the Financial Re.porting Council and promulgated by the Association of Chart.e.red Certified Accountants (Generally Accepted Accounting Practice in Ireland),. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ..

This report is made solely to the company's menibe.rs, as a body, in accordarn .. -e \v.ith Section 391 of the Coinpanies Act 2014. Our audit work has been undertaken so ·that: w~ m.ight state t~l the com:panis members th-0se matters vve are .tequfred to. state to them in an auditots teport and for no (lther putpose. To the fu.llest extetll permitted by la~v. we.do not aGcept or assun1e tespQnsibility to aq.yone other thatt the company and the con1panys inembers as a body~ for our audit Wo1'k~ for ·this report, or for the opinions we h~ye formed.

~·

ll.l.lsp~etive r~pottsJbilitles .of di:recton a:nd audinws As explained :mnr~ n.llJy in the Directors' ResP{)nsibijjtles State1nent set out on p~e 5 the directors are responsible for the preparati-0.q of the financial statements and for being satisfied that they give a true and fair view and othervvise comply with Co.mpanies Act ·2014. Our responsibility is to audit and express ·an -Opinion on the financial statements in accordance with Irish.law and International Standards on Auditing (UK and Ireland). 111ose standards require ns to comply with the Aiiditing Practie¢s Board's [APB's] Ethical .Standards for At1ditQrs.

Scope. of the audit of the ffuaneial statements An audit fuvolves obt~iiii.rig evide.nce about the amounts Md disclosures in the financial statemet1ts suffic-ie.nt to give rew;onabk a.s.$urru1c.e that th¢ finan.cfal statements are free from material misstaterne.nt, whether caused by fraud or error:. This includes an assessment of: whether the acc-0w1ting policies are appropriate. to the con:rpanys circumstances and have. been consistently applied mid adequately disclosed; the reasonableness of significant accounting estimates made hy the directors; and the overall prnsentation of.the financial ·statements,

In additiont we read an thC; .financial @d non-.fimmcial ipft\rtna:tkm .in the :annu~l tep()rt to identi.ty material inconsistencies with the audited financial state.rt1ents and to identify any irtfonua:ti(1tl that is apparently materially .incorrect based oii~ or materially inC:oil$ist¢nt with, the kn.t)Wledge aequfre.d by us 111 the cours¢ Qf petformfog the audit If we bec(m:te aware of any apparent mate:rial misstat~ments \}f nconsi::.ie.ncle.s Vv'e consider the irnplications for our. report, Mqrk K.e11oe .(FCCA)

VAT N0: IE 67962&6R

Op.inion on financial statements

In our opinion the financial statements: - give a· true and. fair view of the assets, liabiliti~s and financial positim1 9f the company· as a.t 30 September 2016 and. of .its pmfit for the year then ended; and ~· have been properly prepared in ac.cordan-Oe \.VJth the t~levant financial r~p01ti11g frrun.ewod.;: artd, in. particular-, with the requirements o:fthe Companies Act 2014.

Matte1-iS: Otl whfob we are required to report by the Companies Act 2014 - We ha:ve obtained all the infonnation and explanations whic.h we consider neceS£ary for the pl,\rposes of our audit. - In our opinion the acc-0tmtll1g records of the company were sufficient to pennit the t'):nancial statements t() . be re-.adily and ptc;;perly tmdited. ~ Th~ financi~l statementS are in agre~m:ent with the accoui1ting re.cords. - In pur opi11ion the h1fom1ation given in tbe dir'ecto:rs' repo.rt. is consistent with the finaneial. stat:ements.

'1\-fatt.ers o:~i ~bfoh we are req:uir~d to report by exception We have nothing to report in respect of our obligation under the CQm.PAnies Act 2014 to i'epott to yQu .it: in our opinion, the disclosures of directqrsr remunera.tion and transacti(}ns ·specified by law of'the Act. are not made.

Signed By:

~:__.,..-\. MARKKEH:OE FOR A.NP ON BEIJALF OF MARKKEIIQE ~CO; CIJAJiTERED CERTIFIED ACCOUNT:ANTS & STATUTORY AUDlTORS Unit 2t OldtQwo ~ouse" M;llin !toad, Baliincnmg, Co.Cork

""". -""""' .• .(· (· o··. Lt,. \. ":....>·· ~-<.· ·~ ~.· DATEo: - L. 7 -l \ ~ ·· -- I '7

We, the ttnd~rsigi1e4, hereby ~ettify tbat:-l. tb:e ·~oregoing is~ t,i:u~ col?Y o:ft1w Special Re.port9fthe Auditors~ 2! the a:tt~ched Bala.nee S:hec:t and thet.elatecf Abridg¢d Notes>are a c&tre~t ~.bridged ¢py of·thos¢ :laid he£0re the annual general m.e~ti:ng of the com.i1any. · ·

On behalf of the Bo.ard: ~·

PAT O'SHEA . ' ;,; •j \ · -,.~ /,/ '\___ (Director) ~~ ~ NE It .Qt LEARY (Dfrector)

7

CORK UNIVERSITY FOUNDATION COMPANY LIMITED BY GUARANTEE

BALANC.K SHEll:'r AS AT 30 Sll:PTEMBER 2-016

FIXED ASSETS Tan~ible Fixed Asset$ Ihve$tmet1ts

CURRENT ASSETS .Oe.btors Cash. at bank and in h~nd

CltE:OitQRS (Amounts falling due withm oi1e ye~.t)

Net Cuttet1t Assets

Total f'>_ss¢ts Less C1J.rr.e11t Liabilities Creditors (Aniounts falling due after more than ot1e year)

Net Assets

REPlU:SENTED HY: Unrestricted Funds.

- Designated Funds - Ge1J,~r°"l Funds

R¢stricted Eunds

Note

4

.5

2016 €

533,688

533,6&8

1,961 3 ~58&,044

3jS90~005

3;59{}~005

4;123,693

4,123,$93

6.75)083 3,447;610

4~123,693.

2:015. €

533,688

533,688

11,Hn _5,445.,~~~~

5,,456,5.44

5;456,544

iL990,232 ·I'', . ' .

5. . 9 i'tO 1-. ·"'l ..•. / •""·" :£>

88{)~62{;

5;,l09t606

5;990,232

We, as directors of Cork UnJv~rsity .Foun.datioD Comp<~ny Lilnited By ·Gt\arante,e; state th.at: • The compa11y has rdkd on the specified GX¥n1ptio11. co11tain.ed in S:eqtion :352 Compani¢$ Act 2014~ the company has done so .on the ground~ that it I~ entifle<I. to the benefit of that ~~emption Ji$ a sn:i.:aJl company and confirm .that the abridged Finf:1ncial Stateme.m;s have beei1 ;properly }.,itepared fo: ac.cordance with se.ction 353 Companies Act 2014. · · .

f AT ();$II.EA Director

Director

8

CORK UNIVERSITY FOU1'1DATJON COMPANY LIM.lTRll :BY GUARANTEJ!:

NOTES TO THJ;: ADRlJ)GED FINANC~AL STATKMENTS

YEAR ENDED 30 ~EPTEMBER 2016

1. ;f\CCOUNTING PQLICIES

This is the first set of financial statements prepar~d by Cork U~1ive.rsity Fm.mdati{)n Company Limited by Guarantee in accordance with .accounting standards issued by the Financial Reporting Council, inc.ludh1g FRS I 02 'The Financial Rep.o.rting Standard ·applicable. in the UK and Republic of Ireland'' C'FRS 10211

). The c.ompany transitioned fro.m. previously extant Irish and lJK GAAP to FRS 102 as at 1 October 2015. Cork University Foundation is a Company Limited by guarantee and is a public benefit entity incorporated in Ireland with a registered omc,~ at University College Cork, 5 Brighton Villas, Western Road, Cork.

lhe·significai1t accotmting policie;s adopted by the Company and applied et)nsiste,ntly at:e as folloiivs:

Basb of Accountfog The Fina11cial Statement,.<) file ptepated on the going concem basis • under the hiStO:ric&l cost conve;ntion and con1ply with the financial renortin:g stand.atds of the F.inandal Reporting Coiincil and promnlgat.ecf by the As.sociarion of Chartered Certified Accountantsand _the Companies Act 2014 except fot the entity invoking the true and foir view oven1.de. \Vith regard ·to the prQfit and loss and balance sheet fimnats in Schedule 3 of the C<}mpanies Act 2014 as permitted in Section 3A of FR$ 102 an<l Section 291 (5) of the Companies Act 2014.

In order fot .the: financial smten1e11ts !Q show a. true and fair view the directors have detennined the profit and lo~s format be re-natned to an income (tnd -expenditure account detailing the income and expenditi.irc by nature. Given that the cotnpany is a co1npany limited by guarantee the ca.pitai and reserves section .of the balance sheet has been adapted accordingly to reflect thlS fact. The directors consider t:l:i.at the layout .adapted more corre¢tly te;flect$ the n.atute t>f ¢J1ti:ty given that the entity is a nqt~for-profit org~nisatit).11 whiqh is lilnfted by guaµmtee. To. Hse the fqrm{!ts set crtlt in Sch~tde 3 of Companies Act 2014 and S~ition 4 and 5 of FRS 102 woiild not result in the financial statements showing iiifonm.1.tfon that would :allo\:vthe entity to show a true and fair view.

The financial statements are prepared in Euro which is the functional" currency of the con1pany ..

Income Irrco).ne consists ()f D\im1tfons and other funds g¢1ie.tated by the c:orn1n1Jiy activities .. 'these are inducted in tbe fi:nimcia.1 .stat¢ments as ihcpm¢ in the period to \Vhich they relate.

Expemiitu:re Expendftw·e is recognised on an accroal basis as a, HablHty .is.in.cuned .. Exp¢11djtnr¢ ii.lcludes .any VAT which cannot be fully recovered, and ls reporte<l 1js part of the expenditure tq which it rekttes.

Investments It is the policy of the c<.unpany to value investments at the lower of c;ost or realisable value,

Tangible Fixed Assets Ta11gible fixed. a$sets are recorded: at blstorfoar c,ost. The c0111pariy ttndert~k.es a re:vi¢Yi' for j1twainnent of fl fix.erj . <)SSet if events 01' cfatUge$ in cjrctn1.lsisinces fr1dicate that the C~tying .anwunt of the fixed a~set may no:t. be recoverahl e.

9

.. CO:RK UNIVERSUY FOUNDATION CO'.MPANY L(MJTED BY GUARANTEE

N··oTES TO THE· FIN"J N" C'IA" . L S"T"AT· E'M:V'N' :T·S ·c·~o- N:·TI"N:u· ED" ·, ' " · . . .-·: . .· . . _l ,:Al : .·: '' )'_ '. . ... ·,·-.lb ... ·· ·. - '· · : · " .. . . .

l. ACCOUNTING POLICJES (CONTINUED)

Taxation No charge, to Cll.trent o.r deforred taxaiion: atises as the co1npap:y has b.¢¢n granted qhari:table status under Sections 207 and 208 <>of the Tax~s Con$oiidatio11 Act 1997, Charity No CHY 1183 t

Foreiglt Currencies Items pre%mted in the financial statenwnts are presented in 'Eurq~1, the cµqenc.y of th~ prin1ary econqmic enviromuentin wbich the ·compa.oy op.er-ates. Transactions in fhreign c:urrent1es .. ~ recorded a_.t the rate of e}{,d1ao,ge ruling at tb;~ d<'lte of th~ transactions. The resulting monetary assets and liabilities are trans.lated at the balance sheet date ~t tlle exchai.1ge rates mling at that date and the exchange differences are dealt \Vlth in the profit and loss aCCQlltlt~

lnte:rest Re¢.eivab.le Iiiterest rce¢ived is.rec-0tded a.~ incc)m.e in the yeat in whieh it is earned.

Cash a:µd t.ash cquiyalents Cash ~14 ca,~h, eqµI-vaJ.ents inc1µd¢ cµ~h on rum9, deinan4 deposits and o:ther. short,. teml highly liquid investments wi'th origin;a:J.. nmtaritks (Jf three m0ntb> ot less. Bfillk overdrafts ate shown within borr91yvJng~ iri current liabilities 911 the sttitei:net)t t)ffinanc,iaJ positiQp.

Fund.Atmountin .. g The .tbtlmvmg funds are operat~d by the Charity: Restricted Funds: Restricted Funds represent grants. donation~ and spo:nsqrships.1:eceived w!Jich can only be us.ed for .Patticulru· purpose.s specified by the do,nors .or spo:11s.-0.rship pro~rammes qintling ott 1.he dir~toi·S/trustees. Su.ch ptn:poscs arc within the. ovenill aims of the charity.

Unresttict¢d F11_.t1ds: Unr~stl'icted Funds teptes~tt atlWWltS which are e.xpen.d~bl~ at the_. discretion of th.e DirectQr$/Trustees in 11¥'.thetanc~ of the objective~ of the c;hadty ai1d which have not bee.n designated for other purposes. Suph funds rna.y he held ·in otder to tltt~mce working capital ot capital expenditure.

2. EMPLOYEES AND REMUNERATION

The ~ompan;r has no employees.

10

,.

CORK UNIVEU8ITY FOUNDATION COl\fPMfY LIMITED BY GUARANTEE

NOTES TO THE ABRIDGED F1NANCLt.\.LSTATEMENTS • CONTINUED

YEAR ENDED 30 SEPTEMBER 2016

2016 2015 € €

3. DlRECl'ORS' REJVIUNERA.TJON AND TBANSACTlONS

Salarie~ •- · - •• ••n-••••-n•• • •• •·n~ •-• •~~- --- .,· ·· -· · ·---• •••

4. DEBTORS AND Pil:EPAYMENTS

Amounts•f.alling due: within one yeai:- 1~961 11.LSl

·s:+ DETAILS OF BORROWINGS \Vithin 1 Between l &Benveen 2 & After S

Yeat €

Repayable other tha11 by instahnents }3atik Ovetdtm'.ts

Repayable by instE!.lroents Te1111 Loans Finance Leases

6. SHARE CAPITAL

2 Years €

5Years €

Years €

Total £

The. company is a chadtable. company· limited by guarantee. The coznpany does not have. a share capital aild co11seq~te.11tly the lfabfUty qf th~tn}).e.ri; is lim:itect., subject to an imdertakmg by each member to GGntdbute to the ~1et assets ot l:iahilitie~ of the company on. wh:rdihg up such ant()uttts a;s may l1~ rieqpir~d not excee~iing ·B.1.27.

7. AP:P.:RQVAL.O:F .Jf.INANCIAL STATE1Vf£.NTS

The directors approved the financial statements: on

11