Income at Trinity College Dublin last year topped €500m for the first time as the university enjoyed a post Covid-19 recovery in commercial revenues.
The newly published 2023 financial statements confirm that TCD recorded a €3.9m surplus in the 12 months to the end of September, compared to a loss of €200,000 in the prior year.
The return to surplus at TCD followed income increasing by €52.7m (12%), from €450.7m to a record €503.4m.
TCD's income has steadily increased in recent years and the €503.4m income for 2023 compares to €396.7m in 2019 - a rise of more than €106m over the five year period.
Confirmation of the record consolidated income of €503.4m in the university’s financial statements comes weeks after a five-day protest camp at TCD over the war in Gaza ended after the university agreed to the demands of the protesting students.
The accounts show that the university’s staff costs increased by €23.1m to €336.9m in the year.
They represented 66.9% of total income, compared to 69.6% in the prior year.
TCD Chief Financial Officer Louise Ryan stated that the increase in staff costs was driven by an increase in staff numbers - 4.2% year-on-year - and by the impact of national wage agreements, annual increments and promotions.
Numbers employed increased by 198 to 4,932. That included 637 employees earning over €100,000.
Twelve of the 637 earned over €300,000; 23 received between €200,000 and €300,000 while 602 earned between €100,000 to €200,000.
A note states that "all employees included within salary bands greater than €230,000 are medical consultants whose contracts and pay are determined by the HSE".
The accounts confirm that TCD Provost Dr Linda Doyle received a salary of €223,377 last year, which was an increase of €17,033 on the salary of €206,344 in the prior year.
Pay to key management personnel increased from €2.6m to €2.8m.
The report discloses that academic fee income increased by €12.9m to €198.7m, as overall student numbers increased by 4.7% to 21,380.
Ms Ryan states that the increase in fee income "was largely attributable to growth in both Non-EU undergraduate and postgraduate student registrations in the year".
Research income increased by €10.7m to €125.9m while 'other income’ of €88m increased by €10.6m on 2022 "due to the post-covid recovery of commercial revenue streams".
The €125.9m total included income from residences rising from €10.6m to €13m.
State Grant income of €70.1m represented an increase of €13m on the prior year.
That was driven by additional Higher Education Authority funding for national pay awards, cost of living measures and the Funding the Future initiative.
The college’s earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €27.5m in 2022/23, which represented a 104% increase on prior year EBITDA of €13.5m.
In 2022/23 the University invested €52.5m in capital expenditure, compared to €48.7m in the prior year.
TCD delivered on a number of key programmes during the year including Printing House Square, and Rubrics Historic Accommodation buildings.
The financial statement also discloses that TCD’s €2.6m legal spend for the 12 months to the end of September last included €53,000 in relation to legal costs and settlements.
According to Ms Ryan, the University continues to maintain strong liquidity and cash balances.
Short-term deposits amounted to €244.4m at 30 September 2023, compared to €233.3m a year previous.
Ms Ryan stated that "while demand for Trinity education and research remains stronger than ever, and post pandemic recovery and growth are clear, there are still major challenges in achieving the funding required for a globally competitive University".
She added: "Furthermore, inflationary pressures and wider global events have brought new challenges which are expected to continue through 2024 and beyond."
Reporting by Gordon Deegan
