Trinity College warns over financial outlook without funding reform

The financial outlook for Trinity College Dublin will remain uncertain unless the Government commits to long-term funding or lifts the cap on undergraduate student fees, its chief financial officer has warned.

Peter Reynolds said significant additional funding would be required from government to address the shortfall in public funding per student, which is at 40 per cent of 2008 levels, and to meet anticipated growth in demographic and participation rates.

Mr Reynolds said exchequer income had declined from 70 per cent of the university’s total income in 2008 to 41 per cent in 2021.

He made his comments in Trinity’s annual report, which shows the university last year recorded a surplus of €20.67 million despite the impact of Covid-19 on operations.

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The report shows that the university increased revenues by 3.75 per cent, or €14.28 million, from €396.78 million to €411 million in the 12 months to the end of September last year.

The surplus of €20.67 million for last year followed a deficit of €25.6 million in the prior year — a positive swing of €46.3 million over the two years.

A substantial factor in the surplus was a €33.7 million gain in investments “relating to the university’s Endowment Fund, driven mainly by a strong recovery in equity markets during the year”.

Earnings before interest, depreciation, tax and amortisation (Ebitda) at the college rose 48 per cent from €8.6 million to €12.7 million.

Mr Reynolds said that although Covid-19 had a significant impact on the university’s non-exchequer revenue streams, particularly in relation to commercial income, it had “been able to partially mitigate these losses through prudent management of the university finances and with a strong focus on control of operating costs”.

He said the university expected the pandemic to continue to have an adverse impact on the university’s finances in the current financial year.

Mr Reynolds said there has been a strong rebound in student numbers for the academic year 2021-2022, with more than 20,000 students registered, an increase of about 1,150 students compared with 2020-2021.

Academic fee income increased by €1.2 million last year, from €163.7 million to €164.9 million, while State grant income rose from €50.4 million to €51.25 million.

The college’s largest expense, staff costs, increased 4 per cent from €279.6 million to €291.55 million.

One staff member earned €440,000-€450,000, with another earning €310,000-€320,000. A further 31 earned €200,000-€300,000 with another 407 earning €100,000-€200,000.

The college’s funds at the end of September last year totalled €812.9 million, with its cash funds rising from €140 million to €174.6 million.