Mr. Seamus McCarthy:

The total income of the University of Limerick group for the accounting year 2020-21 was just under €310 million. Some €97 million of that comprised recurrent State grants and pension funding. Academic fees amounted to €120 million, with 30% of that received directly from the Higher Education Authority. Research income recognised in the year was €35 million, including more than €23 million from State sources. Total expenditure of the group for the year was €301 million. Pay and pension costs accounted for €211 million of that. The group surplus for the year was €7.9 million, an increase of €4 million when compared with the previous year.

I issued a clear audit opinion on the financial statements. However, as was the case for other universities, my audit report drew attention to the deferred pension funding asset recognised in the group statement of financial position at the end of September 2021. The group's outstanding liabilities associated with accumulated pension entitlements of current and former staff were estimated to amount to just over €1 billion. The State will cover the liabilities attaching to the post-2012 pension scheme under specific statutory provisions at an estimated cost of €59 million. For the purposes of the financial statements, the university assumes the State will also fund the remaining €944 million of liabilities associated with earlier pension schemes and explains the basis for this in note 27. My report also drew attention to the disclosure of expenditure of just over €550,000 incurred by the university on procurement which was not in compliance with the relevant procurement procedures.

Members may wish to note that I signed off on the university's consolidated 2021-22 annual financial statements in the past week. They will be presented to the Oireachtas Library in due course.