Profits at Galway school increase to €2.8 million
Its annual profits climbed by 15% during the 12-month period and has fixed assets valued at just over €5 million
Galway Cultural Institute recorded accumulated profits of over €2.8 million last year, according to accounts just filed to the Companies Office.
The institute, which delivers English-language programmes to students from more than 30 countries, saw its annual profit climb by 15% to €277,113 during the 12-month period to the end of last October.
The company, which operates from a facility overlooking the Salthill Promenade, has provided English-language education since it was founded by Celestine Rowland in 1989.
The venture expanded with the launch of Galway Business School in 2001. It is co-owned by Ms Rowland and David Niland through an intermediary company. Both individuals are listed as directors of the firm.
The latest accounts show that Galway Cultural Institute Limited had fixed assets valued at just over €5 million at the end of October, €4.77 million of which related to freehold property.
Current assets stood at €1.8 million, comprising €1.5 million owed to the company by debtors, and a cash balance of €328,400. Group undertakings accounted for €973,054 owed to the firm.
The school owed nearly €1.75 million to creditors falling due within one year. These short-term liabilities included €979,759 in deferred income, €379,192 in other creditors including tax and social insurance, and €206,164 owed to credit institutions.
The company also had long-term liabilities falling due after more than one year of €2.3 million, down from €2,467,753 in the previous financial period. This included debts of nearly €1.7 million owed to credit institutions.
Overall net assets expanded from over €2.5 million to more than €2.8 million.
Staff numbers at the Salthill operation averaged 35 over the course of the year, down from 36 in 2024, with aggregate payroll costs falling marginally from €1.17 million to €1.13 million.
Directors’ remuneration for qualifying services remained unchanged during the period at €90,000.