Dublin-based grinds school the Institute of Education recorded post-tax profit of €8.507 million in its 2024 financial period, new financial accounts show.
In its first full year under the ownership of Dukes Education, profit has increased from less than €100,000 in 2023, having stood at €3.1 million in 2022.
The school recorded a decrease in administrative expenses of more than €6.3 million to less than €13.9 million, following a spike in 2023 to €20.18 million.
The decrease in costs was primarily due to directors’ remuneration decreasing to zero from more than €3.54 million in 2023.
READ MORE
The figure includes a pension lump-sum payment of €2.76 million and termination costs of €400,000; as well as pay of €383,333 to directors. The Kearns family left the company as directors following the acquisition.
The school was acquired by UK-based international schools group Dukes Education from the family of its founder Ray Kearns in April 2023.
With student numbers surpassing 1,600 last year, the grind school’s accounts said there had been “no significant changes” in its activities during the year, but recorded a 14 per cent increase in the financial year ending in August 2024 over the previous, extended 15-month financial period.
In its 2024 financial year, the Institute of Education recorded revenue of €23.1 million, up from €20.22 million in the period to August 2023, and an increase from the €17.2 million recorded the previous year.
Dukes Education spent nearly £114 million (€130 million in 2023) acquiring 93.3 per cent of the company behind the Institute of Education, according to the UK accounts of Dukes Education’s Guernsey-based holdings company. The remaining minority share is retained by the founding family.
It has since acquired Cork-based grind school Bruce College in January 2024, with recent accounts filed in the UK revealing the cost of the acquisition was more than £8 million (€9.3 million).
Staff numbers at the Leeson Street school increased to 205, with a two-role reduction in management being outweighed by increases in administrative roles, increased from 105 to 113, and teaching roles, up from 76 to 89.
Staff pay decreased from €9.46 million to €8.96 million in the period, with other retirement costs decreased from €2.86 million to just less than €86,500.
Located on Leeson Street Lower, just off St Stephen’s Green, the school previously claimed that it may be “forced to consider a relocation of the school” should Dublin City Council not approve a development project in 2024. The institute was ultimately granted planning permission to expand its Leeson Street premises.
The Institute of Education declined to comment on the accounts.
