THE DIRECTOR of the midwest’s premier arts venue, the University Concert Hall in Limerick, has said the venue has a sustainable future and is aiming to break even this year.
David Collopy was commenting on new accounts for the concert hall just filed for 2011 and 2010 that show that the 1,000-seater auditorium recorded combined operating losses of €391,174 over the two years.
The figures lodged with the Companies Office show that the venue recorded an operating loss of €316,263 in 2010 and €74,911 in 2011.
“We hit a bump in the road, there is no doubt about it,” said Mr Collopy.
However, he added that the hall was aiming to break even on a cash basis this year.
“Profit in the current environment is wishful thinking. We are doing okay and we are trying to do better but we are not downbeat,” he said.
He confirmed that the University of Limerick (UL) was committed to carrying out a €1.5 million refurbishment of the venue over a number of years.
The principal factor behind the 2010 losses was a pay-off of €237,533 to Mr Collopy’s predecessor, Michael Murphy, on stepping down after 14 years in the post. The accounts show that Mr Murphy received a termination payment of €110,364 and an additional €118,836 to provide future consultancy services along with a redundancy payment of €8,333.
Mr Collopy said that last year, the venue had to spend €30,000 to €40,000 on new equipment and this affected the venue’s bottom line in 2011.
The figures show that the venue’s revenues fell by 13 per cent last year – from €880,119 to €759,230.
Mr Collopy said that the venue continues to control costs and the figures show that the number of part-time positions last year was reduced from 40 to 30; it also employs eight full-time employees.
He said that the hall was closed for renovations and would reopen on August 24th when Jedward are scheduled to play.
The accounts reveal external funding and donations to the concert hall last year dropped from €93,000 to €35,900. The figures show that the venue’s accumulated losses stood at €487,623.
“The concert hall has, in common with many enterprises, encountered the effects of the current economic climate,” according to the directors’ report.
“It is likely also that this difficult climate will continue for the foreseeable future. An appropriate cost reduction programme matching anticipated revenues and funding has been implemented and should, in the long term, restore the profitability levels of the concert hall.”
“The directors have secured a funding arrangement which will provide funding for the foreseeable future.”
