Financial Overview 2024-25

Mary Immaculate College (MIC) concluded the 2024–2025 financial year in a sound financial position, generating a surplus of € 624,000 as part of total comprehensive income of € 800,000. 

This surplus reflected prudent financial stewardship of the College and a strategic approach to managing both recurrent and development expenditures. Total income rose to € 73.8m, representing a 6.6% increase on the previous year. This uplift was largely driven by increased State grant funding through the Core grant (up by € 3.15m), while academic fee income held constant despite a decline in student numbers of 231 for the year.

Expenditure Management

The College's expenditure during the period increased by 8% year-on-year to €73.9m. Key cost drivers included a €3m increase in payroll, aligned to strategic staff recruitment and the addition of 18 new positions (13 academic staff and 5 professional services staff). Increased expenditure in other operating expenses was € 0.6m. Significant areas of cost increase here included academic programmes (up by 19%), ICT (up by 20%) and costs under Buildings & Estates (including minor works projects to campus buildings), (up by 15% on previous year’s costs). 

MIC's student enrolments were recorded at 4,968 during the year, and this figure was a decline on the previous year. This was reflected in a reduced fee income level for undergraduate programme fees by 0.7%. Student number growth at the MIC Thurles campus, however, continued as the student take-up on a wider range of programme offerings increased at that campus. Postgraduate enrolments remained steady at approximately 13% of the overall student body. Post year-end, the student enrolment data for September 2025 indicated a bounce back in undergraduate student enrolment numbers.

Capital Development and Reserves

The College's reserves remained robust, with unrestricted reserves standing at € 40.1m. Specific reserve allocations continued to support MIC's forward-looking capital development agenda, notably the flagship Library Project, where a ring-fenced reserve of € 14.5m has been set aside to ensure completion of the project. An exchequer contribution of € 30.8m has also been secured. This project is scheduled for construction over the period August 2026 to March 2029. Capital projects in relation to sports facilities development and additional student accommodation are at various stages of specification or due diligence and are expected to advance in the coming year.

Infrastructure Investment

On-campus investment included a programme of completed minor works under Buildings & Estates totalling € 2.1m, partially funded through exchequer grants (a Devolved Grant and a Distributed Campus Support) of € 391,000. Minor works projects continued to increase in terms of cost inflation and regulatory and compliance requirements, and where grant funding is insufficient, the College’s Finance & Resource Committee  authorised the use of Reserves in covering such costs given the long-term and strategic importance of such works. 

Key advances were also made in procurement compliance and internal controls, contributing to continued confidence in governance and financial integrity at the College.

The summary below presents MIC’s principal income, expenditure and reserve movements for the year, stated in €’000.

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