Financial Overview 2023-24

Mary Immaculate College (MIC) concluded the 2023–2024 academic year in a sound financial position, generating a surplus of €1.928m. A significant portion of this surplus was ring-fenced to achieve the required staff-student ratio of 1:15, which was a condition of the College's successful application for re-accreditation of its professional education provision by the Teaching Council of Ireland. The HEA contributed an amount intended to contribute towards the bulk of the cost to the College of reaching this ratio through the Funding for the Future Grant, extended to the College outside of its Core Grant allocation for the period. The completion of the recruitment and selection processes, designed to achieve the staff-student ratio, was largely reflected in the subsequent Financial Statements for 2024-2025.

This surplus reflected prudent financial stewardship of the College and a strategic approach to managing both recurrent and development expenditures. Total income rose to €69.1m, representing a 10% increase on the previous year. This uplift was driven by a combination of increased State grant funding (up €3.4m), academic fee income (up €1.2m), and growth in other income streams such as externally funded research and postgraduate programmes.

Expenditure Management

The College's expenditure also rose, increasing by 5% year-on-year to €68.5m. Key cost drivers included a €3 million increase in payroll, aligned with strategic staffrecruitment and the addition of 53 new positions, and a €0.9m increase in operational costs. Significant areas of investment included student support services, research, the library, and Governance & Strategy, all of which recorded cost increases of over 20% compared to the previous year.

Student Enrolment and Fee Income

MIC's student enrolments reached 5,439 during the year, and this figure includes continued growth at the MIC Thurles campus. This increase in student numbers contributed directly to the growth in fee income, while postgraduate enrolments remained steady at approximately 15% of the overall student body.

Capital Development and Reserves

The College's reserves remained robust, with unrestricted reserves standing at €38.8m (excl Revaluation Reserve). Specific reserve allocations continued to support MIC's forward-looking capital development agenda, notably the flagship Library Project. Planning permission was secured in February 2024, and An Bord Pleanála upheld this in July 2024. Additionally, MIC acquired a 4-acre site in June 2024 to enable the future development of sports facilities, further aligning campus growth with student experience enhancement.

Infrastructure Investment

On capital investment, the College completed a programme of minor works under Buildings & Estates totaling €1.8m, partially funded through a €1 million devolved grant from the exchequer. Key advances were also made in procurement compliance and internal controls, contributing to continued confidence in governance and financial integrity.

The 2023–2024 period also saw significant work undertaken to update MIC's Climate Action Roadmap and associated capital planning frameworks, ensuring the institution remained aligned with national sustainability and infrastructure standards.

Overall, MIC's financial outturn reflected both the stability and strategic agility of the College in navigating a complex and evolving higher education landscape, positioning the institution strongly for further growth and innovation.