Higher staff costs helped to push Trinity College Dublin (TCD) into a loss last year, despite income at the university rising as Covid restrictions eased.
New financial statements show TCD’s income increased by €47 million to €458.2 million in the 12 months to the end of September 2022. It recorded a €205,000 loss for the period, having posted a surplus of €20.67 million in the previous year.
TCD recorded the loss as its cost base – comprised of staff costs and other operating expenses – increased by €46 million or 12 per cent to €437.2 million. Within this, staff costs increased by €22.2 million to €313.8 million.
The rise in staff costs was driven by an increase in staff numbers, up 5.8 per cent 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.
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Numbers employed totalled 4,734, including 490 staff members earning more than €100,000 compared to 440 in that earning bracket in 2021.
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Six of the 490 earned more than €300,000; 28 received €200,000-€300,000; while 456 earned €100,000-€200,000. The top earners are teaching medical consultants.
The rise in costs was also driven by “other operating expenses” increasing by 24.1 per cent to €123.4 million, reflecting greater levels of activity across the university after the full reopening of the campus in 2022. The financial statements show that energy costs alone increased by €3.4 million.
Compared to 2021 figures, academic fee income increased by €20.9 million to €185.8 million, with this attributable to growth in both undergraduate and postgraduate student registrations in the year.
Research income of €115.2 million was up by €9.9 million on the previous year while “other income” of €66.4 million was ahead by €21.8 million due to the recovery of commercial revenue sources.
The university’s earnings before interest, tax, depreciation and amortisation amounted to €13.5 million in 2021/22, which represented a 6.3 per cent annual increase.
The financial statements also show that TCD’s legal spend for the 12 months to the end of September last included legal costs of €501,000, comprised of €291,000 in settlements and €210,000 in legal fees.
On the capital spending side, the university invested €48.7 million, up from €27.9 million the year before.
Cash balances and short-term deposits amounted to €233.3 million at the end of September 2022, up from €174.6 million in 2021.
