In its latest financial reports, St Gerard’s School, a coeducational fee-charging establishment in Bray, Co Wicklow, reported a loss exceeding €600,000 for the previous year. The director’s report, which accompanied the yearly financial statements up until July 2023, highlighted a significant increase in operational costs due to inflation and public sector wage rises under the Building Momentum agreement.
The recent deficit of €643,522 adds to a €569,952 loss recorded in the preceding 12 months. Notably, there was a considerable rise in staff expenditure during this period. Income from employee salaries leapt from €3,363,665 in the 2021-22 academic year to €3,761,150 in 2022-23. The costs associated with social welfare and pension contributions also contributed to a higher employee bill.
The total amount spent on staffing for the year ending July 2023 was €4,303,155, marking a 12.5% increase from the previous year. Meanwhile, the average monthly employee count, including directors, went up from 97 to 105.
The revenue generated by the school, inclusive of education department grants, increased by over €500,000 to reach €7,719,848. Private schools like St Gerard’s also receive funding from the education department, apart from student fee income. In 2022, private schools nationwide received an aggregated €112 million from the department, the majority of which went towards staff salaries.
St Gerard’s recorded direct costs amounting to €4,886,225 for 2022-23 and administrative expenses of €3,335,285. Additionally, a €141,860 depreciation in the value of the school’s financial assets was reflected in the income and expenditure account.
Post the recent deficit, St Gerard’s had remaining funds totalling €32,969,683. This included its physical and financial assets and current assets like its campus outside Bray.
The recent accounts included a statement from the school’s board of directors, affirming their belief in the school’s ability to maintain its operations in the foreseeable future due to adequate resources.
St Gerard’s did not provide a comment on its financial statements when contacted.
For the academic year 2023-24, the fees have undergone a rise of 5%, amounting to €8,169. The institution accommodates learners all the way from the Montessori stage through to Leaving Certificate level. Per the director’s report from the previous year, the secondary school was attended by 590 pupils, while the junior school enrolled 249 students. In addition, the Montessori saw the participation of 39 children.