FSD Annual Report Jan 2025 Final : simplebooklet.com

A key enabler in this regard, and an area of strategic importance for FSD, continues to be the ongoingdevelopment of the University-wide Financial Information System (FIS). Following migration to a Cloud-basedplatform in May 2023, FSD undertook further work in FY24 to enhance system security and functionality. In linewith our ongoing commitment to maximise technology and increase process automation and digitalisation, FSDled out on the FlowForma pilot project, established to implement a Business Process Automation (BPA) toolacross the University. Efficiencies arising from the newly implemented invoicing solution led to the final close ofsome 250,000 purchase orders, improving accrual and commitment reporting for all users. Furthermore,updates and improvements to the SmartView system for standard and ad hoc reporting facilitated the creationof spreadsheets using real-time account balances and activity. FSD also reviewed and refined our online anddigital resources and offerings, and our workshops and training sessions during the year, both online and in-person, were well received and attended.Sustainability remains a significant area of focus for the University and in FY23/24 FSD continued its work onassessing and responding to emerging sustainability-related reporting obligations, commissioning an ESG-reporting gap analysis to ascertain our current ESG reporting capabilities. An implementation plan is currentlyunder development in collaboration with key stakeholders. Trinity launched its first Sustainability Strategy in2024 (with a timeline of 2023-30), which sets out a high-level strategic target of Net Zero Emissions by 2040 withthe following key aims:reduce Trinity’s GHG emissions by 51% by 2030 (per national Climate Action Plan) reach net zero (across all categories of emissions) by 2040As c.80% of Trinity’s emissions are supply-chain related, sustainability has been and will continue to be a majorarea of focus for the Procurement function as a key enabler of the University in meeting these ambitious targets,along with a renewed focus on supplier category management to reduce our costs.Executive SummaryWelcome to Trinity’s Financial Services Division’s (FSD) annual review2023/24, which provides an outline of our mission, vision and values, asummary of the Team’s achievements, along with details of key targetsand actions for the coming year. We also highlight a selection of ourstakeholder engagement initiatives, including events, workshops andseminars undertaken during the year.Our team has worked hard to support the University’s strategic needs in anagile and responsive manner, to ensure Trinity is well-placed financially toachieve its goals and objectives and to meet emerging challenges and itwas my great pleasure to brief the University community on Trinity’sfinances in March 2024 as part of the Provost’s monthly Staff Updateseries. As ever, ours is a collaborative approach and we have worked inpartnership with our colleagues across the University throughout the yearto deliver our agreed targets and actions. 3

Page 4

Executive Summary ContinuedDuring the year we saw continued growth in commercial and other revenues, with anoverall surplus achieved at the financial year-end, however inflationary pressures andongoing funding challenges, combined with global events continue to impact theUniversity’s overall financial performance. Realisation of the University’s overarchingobjective of achieving financial sustainability remains a challenge in this context, and,while there are strong levels of demand from both domestic and international students,Trinity’s financial commitments, including its active capital programme and the high levelof strategic infrastructural investment required to comply with emergent sustainabilityrequirements mean that additional State funding remains critical.4Soundings from Government in this regard were positive in advance of the recent General Election howeveruncertainty remains, and careful management of the University’s finances and its costs combined with our owninitiatives to increase revenues will continue to underpin the University’s operations and overall academicmission, in addition to supporting our current and future strategic objectives.Following a period of leadership change here in FSD, the strengthening of our role as a strategic partner inTrinity’s planning and decision-making processes will continue to be a core focus. Our overarching objectives inthis regard remain unchanged and the key targets and actions for 2024/25 (as set out on page 12 of this report)provide a roadmap for the year ahead. We will continue to work in partnership with senior College Officers andour colleagues across the University in developing the new Strategic Plan (2025-30) and supporting its deliveryto ensure Trinity is best placed to meet unfolding opportunities and challenges as they arise.Louise RyanChief Financial Officer

Page 5

VisionMissionTo enable Trinity’s mission to beone of the great universities of theworld.By the end of 2030, we will be a moreinnovative and pro-active FinanceDivision by:Providing financial leadership andsupporting financial sustainability.Developing and managing Trinity’sfinancial strategy (2025-30) in supportof the University’s new Strategic Plan,due to be launched in June 2025.Delivering timely and robustmanagement information and end-user reporting, includingsustainability reporting.Increasing process automation anddigitalisation.Future-proofing the University’sfinancial information system throughcontinuous improvement anddevelopmentEnhancing our customer relationshipprogramme.Empowering our team to make adifference. Striving to be ‘world class’.Mission, Vision & ValuesValues5

Page 6

Meet our TeamFinancial Operations Team6Finance Partners TeamFSD Functional MapWe support suppliers and purchasers by paying invoices andreimbursements on time, resolving supplier queries and dealing withall matters relating to payments including taxation, compliance withuniversity policies and reconciliations. In doing this, we helpsafeguard Trinity’s reputation for prompt payment and excellentsupplier management, resulting in reduced costs, better discountsand enhanced relationships between suppliers and purchasers. Wealso serve debtors by providing a central system of recording andmonitoring income and debt while ensuring compliance withregulatory requirements. Our Tax function specifically ensures theapplication of best tax practice whilst providing the relevant taxinformation required for strategic and operational decision making.We support the provision of timely, accurateand relevant financial information forstrategic and operational decision making,including financial planning/resourceallocation, and external reportingrequirements, whilst ensuring compliancewith Trinity policies and internal controls atFaculty and Divisional level.

Page 7

Meet our Team7FIS TeamFinancial Planning &Analysis TeamWe serve the University and externalstakeholders by producing timely, accurateand relevant financial information thatprovides Trinity with the key financialinformation required for strategic andoperational decision making. By doing this,we help Trinity achieve financial viability tosupport its long-term development andgrowth. We drive Trinity’s economic model byproviding information for financial planningand forecasting to meet the University’sgrowth and financial sustainability objectives.Management & Financial Accounting TeamWe manage the University’s leading-edge FinancialInformation Systems (FIS) to meet the needs ofeach academic and professional support area. Ouraim is to enable the University to manage theirfinancial activities as efficiently as possible bymaximising opportunities for automation. Wefacilitate the production of timely, accurate, andappropriate reporting as required and ensureeffective financial management. This ultimatelysupports Trinity in delivering its strategicobjectives including reducing costs, improvingquality controls, managing risk and increasingoperational efficiencies.We ensure that Trinity meets its statutory reportingrequirements in a timely manner and through detailedfinancial reporting. We provide full transparency andvisibility to stakeholders of both the University’sfinancial position and the economical and efficientapplication of Exchequer funds, in line with bestpractice financial guidelines. By doing this, we helpTrinity to achieve financial viability, therebysupporting its long-term development and growth. Wealso drive Trinity’s economic model by providinginformation for financial forecasting that will meet theUniversity’s need for financial sustainability andgrowth.Office of the CFO TeamWe support the Chief Financial Officer andSenior Management Team by providing anefficient and professional administrativeservice and a customer-centred interface withinternal and external stakeholders at everylevel. In doing so, we enable the team toachieve the best use of their time to supportthe progress and development of the financialelements of the University’s Strategic Plan.

Page 8

Meet our Team8Procurement TeamProjects Accounting TeamProject Appraisal TeamWe provide support to project sponsors andstakeholders by developing models andinformation for assessment, reporting andmonitoring of projects. We support theapproval of business cases through theUniversity’s governance structures inaddition to reviewing external financingoptions to support Trinity’s Strategic Plan. We serve Trinity by understanding, managing andmeeting the procurement needs of staff, students,visitors, donors and suppliers in a collaborative,sustainable and continuously improving manner. Bydoing this, we help the University to lower cost andrisk while adding value and ensuring a greater returnon the assets and resources at its disposal, thusrealising the vision and actions set out in Trinity'sStrategic Plan.We work with Principal Investigators, Project Sponsors and Project Managers to provide aprofessional post-award management service for both research and capital projects suitable for aworld-renowned research-focused University. Our role is to:Assist Principal Investigators and Project Sponsors with effective and robust grant management,in line with international best practice.Provide accurate, timely reporting both internally and to external stakeholders.Act as effective advocates on behalf of PrincipaI Investigators with Funding Agencies in postaward financial and contractual matters.Reduce the administrative burden on Principal Investigators and support Trinity in its aim to bea University of global consequence.

Page 9

Key Achievements2023/24 FSD planned for, and delivered, a consolidated University budget surplus for 2023/24.Through careful performance management of Trinity’s investment portfolio during Financial Year2024, an investment return of 16.9% was achieved (6.2% in 2023).Supported, monitored, and provided financial advice to Trinity’s capital programme and otherstrategic initiatives including:E3 Learning FoundryOld Library Redevelopment ProjectTrinity South Renewal ProjectTrinity EastDartry Student AccommodationInterim Exhibition & Printing House Renovations for the Book of KellsPostgraduate Renewal Programme with the Dean of Graduate StudiesGlobal Relations Strategy (GRS3) & International Foundation ProgrammeThe annual Consolidated Financial Statements were completed within the required timeframeand FSD continued to focus on creating efficiencies and reporting enhancements to refine theyear-end accounts preparation and audit process.Engaged in a collaborative project with the Irish Universities Association (IUA) to transition to aGAAP preparation basis for Full Economic Costing, with detailed reports provided to the IUA for2023.Provided additional safeguards for financial reporting accuracy by migrating to a bi-annual FixedAsset Verification cycle.University funds on deposit were closely managed and earnings maximised in Financial Year2024’s high interest rate environment.Secured an €84,000 VAT rebate under Revenue’s VAT Compensation Scheme.Aged debt was reduced by 13% and PayPal sales value increased by 28% year on year.Supported the Internal Audit review of the Budget Planning & Allocation implementation.The Procurement team negotiated access to the Health Services Executive’s Dynamic PurchasingSystem (DPS) to facilitate rapid sourcing of goods and services (€3.57m in value) for the E3Learning Foundry.ENSURE THAT TRINITY IS FINANCIALLY SUSTAINABLE9

Page 10

Key Achievements2023/24 Efficiencies arising from the newly implemented invoicing solution (Kefron) enabled the finalclose of almost 250,000 purchase orders, improving accrual and commitment reporting.Managed 60 capital projects at various lifecycle stages, with a total spend in excess of €70m.473 new research accounts with a value of €166m were created in the year, alongside the existingportfolio of 1,734 grants (valued at c€763m). FSD led out on the FlowForma pilot project (to implement a business process automation toolacross the University) with the following form-based processes digitised: Non-Standard Payment Requisition General Ledger Activity Code Setup Research Nomination Procedure (in collaboration with HR)New functionality was developed to collate travel and subsistence expense data in compliancewith Revenue’s new ‘Enhanced Reporting Requirement (ERR)’ legislation.Successful migration of the financial system to Oracle Cloud Infrastructure enabled theimplementation of several tools and solutions in preparation for potential cyber attacks.FSD supported the implementation of the new University-wide Risk Management System.Commissioned an Environmental, Social & Governance (ESG) Reporting Gap Analysis Report,presenting the findings to the Finance Committee and working with key stakeholders on nextsteps to meet emerging legislation-led reporting requirements.The SmartView system for standard and ad hoc reporting was updated and improved, allowingthe development of spreadsheets to use real-time account balances and activity.In collaboration with Academic Affairs, developed the finance component of the new “Proof ofConcept” template required when designing new postgraduate courses.40 research sponsor-led audits and 1 capital audit conducted on €22m of expenditure.Provided ongoing technical support to FIS users across the University in 2023/24, including:FIS Support Helpdesk (resolving over 27,000 queries)FIS ClinicsFIS User Group meetingsFIS Teams Channels (providing up-to-date information on developments, guides, tips, and news)Monthly FIS Support UpdatePROVIDING ROBUST MANAGEMENT INFORMATION FOR STRATEGIC DECISION MAKING10

Page 11

Managed the administration and function of the Finance Committee, circulating timelyinformation for consideration at the 7 meetings held during the academic year, therebysupporting the work of Board and other Principal committees.In collaboration with Estates & Facilities, developed a new set of procurement frameworks (eachvalued at €4.5m), enabling greater capacity and flexibility to plan and execute projects.Designed and published a bi-weekly FSD team update to foster workplace engagement, providingup-to-date information and celebrating achievements.The Office of Government Procurement issued a guidance document entitled “Opportunities andapproaches for Sustainable Public Procurement” featuring Trinity’s efforts to date on sustainableprocurement.Presented FSD’s services to new Trinity staff members at the quarterly Human ResourcesInduction Programme, as well as to new Heads of School and Trinity Board members.Through Open Days, FIS Information Sessions, Financial Roles & Responsibilities Workshops, FISTraining Workshops, Online Clinics, Monthly FIS Support Updates, and FIS User Group Meetings,we provided continuous support to users of our service.As part of our ongoing support and engagement efforts, a Customer Satisfaction Survey wasissued to all stakeholders in June 2024 to gather feedback on our overall service, team andsystems, with positive results as follows:75% of all those surveyed agree that the FSD team is responsive to feedback.73% believe the FSD team to be knowledgeable and provides quality advice/information.73% strongly or slightly agreed that queries are responded to in a timely manner.FSD’s ongoing networking and outreach initiatives in FY24 included:CFO moderated at the 2023 Climate Summit in the Trinity Business School (Oct 2023).Chartered Accountants Ireland Certificate in Sustainability, Strategy & Risk awarded to the CFO (Dec 2023).Leadership, Insights & Effective Communications training completed by FSD Management team (Jan 2024).Public Sector Senior Women’s Programme (30% Club) attended by the CFO throughout the year.Membership of the IUA State Aid Working Group.“Embracing Technology and AI to Maximise your Potential” Conference (Jan 2024).Goldman Sachs Outlook 2024 Global Economic & Financial Markets (Feb 2024).BUFDG Annual Conference attended by the Group Financial Manager (May 2024).Higher Education Climate Leadership Summit attended by the Procurement Manager (June 2024).Better Public Services Conference “Delivering Digital and Innovation at Scale” (June 2024).World Finance Forum, Croke Park (Sept 2024).CFO participated in the EUA Funding Forum, Helsinki (Oct 2024).ACTIVATE TALENTSKey Achievements2023/24 11

Page 12

Targets & Actions2024/25FSD is integral to ensuring the University’s long-term term financial health, enabling its strategic goals, andfostering operational efficiency. In 2025, FSD will play a key role in supporting the university’s growth, resilience,and sustainability across various areas.The illustrated Key Performance Indicators are embedded into FSD’s planned activities, goals and targets andthey strengthen the professional advice, support, and oversight we provide in the delivery of Trinity’s Strategicmission. Our targets are currently being updated in line with the development of a financial model to underpinthe University’s new Strategic Plan 2025-2030, and we will report against them in our Annual Report goingforward to ensure our contribution is visible and measurable. 12

Page 13

Targets & Actions2024/2513Aside from the key financial metrics as set out, FSD will also continue to:Support Financial SustainabilityRevenue Diversification: FSD will help reduce reliance on government funding by supporting initiatives toincrease revenue from research & innovation, philanthropy and commercial revenue. This will help ensurethe University’s financial resilience in the face of external challenges.Endowment Fund Management: A key objective will be enhancing the University’s Endowment Fund andmanaging investments prudently. This includes further supporting Trinity Development and Alumni toexpand its network and philanthropic initiatives aimed at securing long-term funding, as well as financiallysupporting the creation of a new Endowment and Legacies Fundraiser post in Trinity Development & Alumni.Enable Strategic Investment in Research and EducationResearch Funding: FSD will support Trinity’s continued investment in research by facilitating the allocationof resources to high-impact research projects.Campus Development: We will manage funds for the expansion and upgrading of campus facilities,ensuring that Trinity remains a world-class institution equipped to meet the growing demands of studentsand faculty.Ensure Financial Governance and ComplianceRegulatory Adherence: FSD will ensure the university remains compliant with evolving financial regulationsand accounting standards, including those related to public funding and EU grants.Sustainability Reporting: We will also integrate Environmental, Social, and Governance (ESG) factors intofinancial decision-making, aligning the University’s financial strategy with our sustainability goals.Drive Digital TransformationAutomation and Analytics: By implementing advanced data analytics and automation tools, FSD willimprove financial reporting, forecasting, and decision-making, driving operational efficiency andtransparency.Enhanced Financial Systems: We will support the University-wide programme of digital transformationover the coming year by upgrading financial management systems to enhance real-time data, improveaccuracy, and provide greater insight into resource allocation .In conclusion, FSD will play a pivotal role in supporting Trinity’s strategic ambitions by ensuring financialsustainability, facilitating growth through investment, and enhancing operational efficiency. Through its focuson diversification, innovation, and global partnerships, FSD will help the University maintain its position as aleading institution of higher education worldwide.

Page 14

Page 15

Feedback“I would like to commend the FISSupport team (Bernadette Gavagan,Tom Rogers, Susan Stynes and allothers) They are an amazing team;knowledgeable, supportive and (mostimportantly) patient.” Antonio Felipe,Human Resources.Working in partnership is extremely important to FSD and below is asample of some of the positive feedback received from ourcolleagues over the past year, validating our efforts in this area.“I needed to add a new supplier to thefinancial system urgently and Sena Kim(Procurement team) provided greatsupport, looked for alternative solutionsand sorted it quickly. Thank you, Sena, weare lucky to have you in Trinity.” MonicaLeon, IT Services.“A very big thank you to Helen Lyonsfrom the Management & FinancialAccounting team for all her excellentsupport on disbursements over the lastnumber of years.” Samantha Williams,Trinity Innovation & Enterprise.“I was very impressed by Louise Ryan,the CFO’s financial update at theProvost’s Review. As a financiallayperson I found it illuminating and amodel of clarity and concision.”Professor Michael Cronin, School ofLanguages, Literatures and CulturalStudies.“FSD are very prompt andunderstanding and the FSD OpenClinic held in the Business Schoolmade everything much easier andhuman. Keep doing it.” Dr MichelleShare, School of Education.15

Page 16

FeedbackWe understand the complexity and diversity of university businessand our aim is to further strengthen our cross-functionalrelationships.“Thanks to Sarah Kelleher and theAccounts Payable team for the excellentiExpenses Workshop. One of the best,most useful training sessions our Schoolhas had all year!.” Professor LornaCarson, Head of School, Linguistic,Speech & Communication Sciences.“Sincerest thanks to Ángel Dominguezand the Projects Accounting team. Yourdedication has greatly impacted ourefforts, especially with the coordinationof the 14 partner, EU funded (€4M) IDEASproject.” Professor Sarah Mc Cormack,School of Engineering.“FIS Support Team – so fast,so competent, soknowledgeable – it’s anamazing service.” AnnaKucieba, Office of the ChiefAcademic Officer.“The FSD team are an indispensableasset to my day-to-day workflow.Whenever there is a problem, they arealways on hand to answer queries orhave a quick Teams chat to help solveproblems.” Stephen Galvin, School ofHistories and Humanities.“I find staff in FSD to beextremely helpful,professional and verypleasant to deal with.”Lorraine Hughes, Office ofthe Provost.16

FSD Annual Report Jan 2025 Final

Page 1

Page 2

Page 3