The University Concert Hall Limerick (UCH) last year doubled its borrowings from its parent company in the face of further losses at the venue.
UCH’s borrowings from Plassey Campus Centre Limited — the campus facilities arm of the University of Limerick — increased from €190,000 in 2012 to €380,000 last year.
The increased borrowings came amid another year in which the concert hall posted a loss.
Losses incurred by the company in 2013 totalled €39,523; down from €73,594 in the previous 12 months.
Documents filed to the Companies Registration Office (CRO) show the level of losses incurred by the company and identify the current economic climate as a contributory factor.
“The Concert Hall has, in common with many enterprises, encountered the effects of the current economic climate. It is likely that this difficult climate will continue for the forseeable future,” the directors’ report reads.
UCH has now incurred losses of more than €1.1m in the years 2003-2013 inclusive, but remains a going concern, thanks largely to the support of its parent company which, the directors of UCH say, is fully committed to its continued operation.
As of September 2013, UCH had a deficit in reserves of €600,740; an increase of €39,523 on the deficit in 2012.
According to the directors’ report, a cost reduction plan has been implemented to restore profitability to UCH in the long run
UCH’s income increased by €77,230 to September of last year while external funding and donations fell from €52,000 to €18,000.
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