Revenues at one of the country’s most exclusive boys’ schools, Glenstal Abbey last year soared to €4.4 million as the numbers of students attending the school continues to increase.
The Co Limerick school counts Web Summit founder, Paddy Cosgrave as a past pupil and parents looking to enrol their sons in the school have to stump up €18,950 a year for those opting for the seven-day boarding package while annual day board fees total €11,350.
In spite of the hefty charges, numbers of students attending the school continue to increase resulting in revenues last year increasing by €309,002 or 7.5 per cent from €4.097 million to €4.4 million in the 12 months to the end of June last.
School headmaster Fr William Fennelly said on Sunday that 258 students are enrolled for the coming September.
This represents an increase of 10 on the previous year.
The school takes on average 40 first-years every September.
The school only introduced day boarders in 2012 and day boarders now make one quarter of the school population, contributing some €680,000 in school fees for this year.
In response to the increased demand for places, Fr Fennelly confirmed that the school is planning “a small development of 14 rooms and we would love to have this in place within two years”.
Demand for places
On the €309,000 increase in revenues, Fr Fennelly said “is a very significant amount and we are very pleased to be emerging from the recession years”.
He said the educational outcome “of this place shaped as it by the community that dwells here is worth the investment that parents make in it”.
On the increased demand for places, Fr Fennelly said: “After many years of decline in boarding figures nationally parents are now looking at boarding with fresh eyes and rediscovered enthusiasm.”
Fr Fennelly said that the overwhelming majority of our students come from Ireland.
Fr Fennelly said that the Department of Education “payment of teacher salaries is very important to us but in fact we receive less than €5,000 in grants in respect of supervision and substitution from the department and we receive no other grants such as capitation etc”.
The school currently educates 188 boarders and 60 day boarders.
Staff costs at the school last year totalled €1.035 million with the numbers employed by the school increasing from 54 to 57. After total costs of €4.38 million the school recorded a modest surplus of €22,011.
Any surplus profits from the school firm are donated to the Glenstal Abbey Trust.
