Trinity posts strong surplus for FY 23/24 but warns of challenging landscape

Posted on: 28 May 2025

Trinity College Dublin has posted a surplus for FY 23/24 but has cautioned that, despite the positive figures, a challenging landscape remains for the funding of the university sector in Ireland.  

Trinity posted a net operating surplus of €15.4 million for the year to 30 September 2024 and a total surplus of €50.2 million, when investment gains/losses were included. A €34.7 million year-end valuation of its investment assets was the main driver for the result. The gain is described as “unrealised” as the assets are held in perpetuity and can’t be sold. The increase reflects the performance of the stock market at the time of the valuation.  

Dr Linda Doyle, Provost of Trinity College Dublin, said: “I am proud of the university’s solid financial performance reflected in the 2023/2024 statement and I want to thank our finance team for their strong stewardship and, indeed, the wider College community.  

 “The total surplus recorded this year, though positive, is largely a paper gain. It relates to the once-off valuation of investment assets and such valuations can go down as well as up. Our net operating surplus is providing a slim financial cushion and, with accelerated government funding via the “Funding the Future” core funding mechanism, I would be very excited about what we could achieve for our students and for wider society.”   

The University’s consolidated income rose by €40.1 million to €543.3 million in the year, led mainly by increases in student numbers (up 3.5% to 22,120), State funding and donation and investment income. 

However, operating costs also rose by €27.8 million, largely due to increased staff costs arising from national pay agreements, along with inflation across a range of cost categories including utilities, services contracts and software licensing costs. 

Capital expenditure increased to €61.4 million as Trinity continued to invest in its ambitious capital programme with projects including the Martin Naughton E3 Learning Foundry, Book of Kells Experience and the Old Library Redevelopment Project along with developments in the Trinity East campus at Grand Canal Quay.  

Louise Ryan, Chief Financial Officer at Trinity said: “Whilst we welcome the net surplus achieved, the University’s underlying financial position remains finely balanced and the absence of a long-term sustainable funding model for the higher education Sector needs to be resolved.” 

“Trinity has an extensive capital programme underway, and with a requirement for significant strategic infrastructural investment over the coming years, the University’s overarching objective of achieving financial sustainability remains challenging. We will continue to engage with the Government/DFHERIS and the Sector to seek solutions to this longstanding issue, noting the Government’s multi-annual commitment to increase funding for the sector announced in Budget 2025.”

“The University will continue manage its resources prudently and to invest strategically in its infrastructure to build a world leading campus for our students and staff.”

Trinity’s financial statements were approved by the Board of the university on 26 March 2025 and were submitted to the HEA and DFHERIS on 31 March, in line with the prescribed reporting timelines. They will be put before the Oireachtas on 30 May 2025, and can be read at: https://www.tcd.ie/financial-services/financial-statements/

ENDS

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