Income at Trinity College Dublin (TCD) last year increased by €47 million to €458.2 million as the college recovered from Covid-19 shutdowns.
That is according to TCD's annual 2022 financial statements which show that the college recorded a modest €205,000 loss in the 12 months to the end of September last after recording a surplus of €20.67 million in the prior year.
TCD recorded the loss as its cost base made up of staff costs and other operating expenses increased by €46 million or 12 per cent to €437.2m with staff costs of €313.8 million increasing by €22.2 million.
The report states that the increase in staff costs was driven by an increase in staff numbers - 5.8% year on year - and by the impact of pay restoration approved by the State under the Lansdowne Road agreement, National wage agreements and annual increments and promotions.
Numbers employed totalled 4,734 that include 490 earning over €100,000 compared to 440 in that earning bracket in 2021.
Six of the 490 earned over €300,000; 28 received between €200,000 and €300,000 while 456 earned between €100,000 to €200,000. The top earners are teaching medical consultants.
The rise in costs was driven also by 'Other operating expenses’ of €123.4m increasing by €24m or 24.1 per cn reflecting increased activity across the University due to the full re-opening of the campus in 2022.
The report states that energy costs alone increased by €3.4 million.
The report discloses that academic fee income of €185.8m increased by €20.9m on 2021 and the increase was attributable to growth in both undergraduate and postgraduate student registrations in the year.
Research income of €115.2m increased by €9.9m on the prior year while ‘other income’ of €66.4m increased by €21.8m on 2021 due to the recovery of commercial revenue sources following the lifting of Covid-19 related restrictions.
The college's Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €13.5m in 2021/22, which represented a 6.3% increase on prior year EBITDA of €12.7m.
The financial statement also disclose that TCD’s legal spend for the 12 months to the end of September last include legal costs of €501,000 that comprise €291,000 in settlements and €210,000 in legal fees.
On the capital spending side, the report states that in 2021/22 the University invested €48.7 million in capital expenditure, compared to €27.9 million in the prior year and the investment in key infrastructure projects, included Printing House Square student accommodation, E3 Learning Foundry and Trinity East at Grand Canal Quay.
According to Chief Financial Officer, Peter Reynolds, the University continues to maintain strong liquidity with cash balances and short-term deposits amounted to €233.3m at 30 September 2022 up from €174.6m one year previous.
"While demand for Trinity education and research remains stronger than ever, and signs of post pandemic recovery and growth are clear, there are still major challenges in achieving the funding required for a globally competitive University," he said.
In a post balance sheet event it discloses on December 14th 2022 the University received €41.1 million in pension funding from the Higher Education Authority. Of this, €25.4m is a contribution towards pension deficits at 30 September 2022 and €15.7m is towards future deficits.
Reporting by Gordon Deegan
