Six Trinity employees earn over €300k each in 2019

That is according to the 2019 annual accounts for the university and subsidiaries which show that the university group recorded a surplus of €5.7m in the 12 months to the end of September last.
Six Trinity employees earn over €300k each in 2019

Six members of staff at Trinity College Dublin (TCD) last year earned over €300,000 each.

That is according to the 2019 annual accounts for the university and subsidiaries which show that the university group recorded a surplus of €5.7m in the 12 months to the end of September last.

This followed revenues increasing by 4% from €387m to €404m as the number of students attending TCD for the 2018/19 academic year increased by 326 to 18,407 made up of 83% EU and 17% non-EU students.

The accounts have been signed off since the Covid 19 pandemic that has shut the doors of the college.

A note attached to the accounts states that the extent of the impact of Covid 19 on the university in the coming year “is difficult to predict”.

The note states that the university has “a strong balance sheet” and the accounts show that at the end of September, the college’s total reserves stood at €817.82m that included cash of €181.69m.

The accounts show that the top earner at the college received between €360,000 and €370,000 last year - there were no staff members who earned over €300,000 in fiscal 2018.

In common with other universities with medical schools attached, the top earners would be academic medical consultants and their pay is set by the HSE.

No breakdown between medical and non-medical high earners is provided in the TCD annual accounts but TCD pay scales show that the top pay for professors outside the medical field rise a ceiling of €151,477.

A spokesman for TCD stated on Friday: “Salaries paid in all of the main universities are governed by strict State rules. We are unable to provide a breakdown at short notice.”

The numbers earning over €100,000 at TCD last year totalled 258 - an increase of 49 on the 209 that earned over €100,000 in 2018.

Included in the 258 is 19 earning between €200,000 and €290,000 and 233 earning between €100,000 and €200,000.

The college’s key management team last year shared €2.3m in pay as the college’s overall staff costs last year increased by 3% from €263m to €271.46m.

TCD’s Chief Financial Officer, Peter Reynolds stated in his report that the increase in staff costs was driven by an increase in numbers employed and pay restoration agreed by the State under the Lansdowne Pay Agreement.

The numbers of staff employed by TCD last year increased by 112 from 4,437 to 4,549.

The university’s earnings before interest tax depreciation and amortisation (EBITDA) last year totalled €13.8m.

In his report, Mr Reynolds stated that last year saw continued improvements in the consolidated financial position of the university.

In his report, Mr Reynolds stated: “However, while our financial performance is strengthening, there are major challenges in achieving the income required for a globally competitive research university.”

He stated: “Significant additional funding will be required from Government to address the shortfall in public funding per student - which is only 40% of 2008 levels and to meet anticipated growth in demographic and participation rates.”

Mr Reynolds further added: “Exchequer income has declined from 70% of the university’s total income in 2008 to 39% in 2019 and the financial outlook for the university will continue to remain uncertain unless the Government commits to long term funding or lifts the cap on under graduate student fees.”

A breakdown of TCD’s income shows that last year it generated €12.8m from its accommodation and €18.33m from ‘library income’.

State grants totalled €50.36m while academic fee income increased from €148.95m to €153.14m.

The amount the university group received in donations last year totalled €20.48m.

TCD last year spent €2.83m on ‘recruitment’, €1.3m on hospitality and entertainment and €6.8m on ‘travel and subsistence’.

Last year, TCD invested €61m in capital expenditure and that brings to €207m spend on capital expenditure over a five year period.

Key infrastructure advanced last year include the Trinity Business School and Printing Square student accommodation.

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