Theatre company reports ‘satisfactory profits’ in ‘post-balance sheet’ event
In documents lodged with the Companies Office, the directors for Grand Canal Theatre Co Ltd report that since January of this year, management accounts “are reporting satisfactory profits with strong box office sales and other third party sales”.
The disclosure is contained in a ‘post-balance sheet’ event for the 2010 accounts that confirm a loss of €484,227 for the 12 months to the end of December last.
Well-known businessman and owner of the lease of the theatre, Harry Crosbie is also one of the directors of the Grand Canal Theatre company.
The venue is operated by Live Nation — who also operate the O2 arena.
The abridged accounts signed off on September 21 last by Mr Crosbie and Auke van der Werff confirm that the venue had cash of €292,914 at the end of December last.
The theatre opened on March 18 last year and then President, Mary McAleese was at the opening night when the Russian State ballet performed Swan Lake.
Other productions at the venue last year include La Boheme, Chitty Chitty Bang Bang and Andrew Lloyd Webber’s Whistle Down the Wind.
The accounts also confirm that an unnamed shareholder has provided the company with a €250,000 loan last year.
Renowned architect Daniel Libeskind designed the theatre, which has seven bars, a rooftop terrace, a full orchestra pit and technical and backstage facilities.
The figures show that the company employed four year at the end of last year and its staff costs last year totalled €198,527. The company’s administrative expenses totalled €285,700.
Auditors for the company, MJ O’Connor stated that there did exist on December 31 last a financial situation that would require the convening of an extraordinary general meeting as the net assets of the company are less than half of the company’s called up share capital.
The company last night declined to comment on last year’s results.
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