Solstice posts loss of €8,000 to end of 2009

Navan's Solstice Theatre has audience attendance figures outstripping audience figures of other regional centres that have been in operation over a longer period of time, Meath County Council had claimed. The Solstice centre is overseen in its day-to-day management by the Meath Arts Centre Company Ltd. It has issued shares of €1 registered in the name of the county council and a firm of auditors has been appointed to audit the books and records and to report on these. Audited accounts for the year ended 31st December 2009 have shown full year losses of €8,000. The council paid revenue grants totalling €275,000 to the company in 2009 (€310,000 in 2008). Accumulated losses amounted to €572,000 at the end of 2009. According to local government auditor Eamonn Daly, who examined Meath County Council's annual accounts, the reduction in trading losses for 2009 was a result of the close monitoring of the company's finances by the board. The council, by way of grants and loans, funded the pre-trading costs of the company and the amount owing at the end of 2009 of €11.4 million is included in the council's accounts as a long-term debtor. The investment helped fund the construction costs of the theatre building and this asset has been include in the balance sheet of the company, the auditor said. In his comment on the auditor's report, county manager Tom Dowling said the arts centre was a long-term investment in a subsidiary company which had been funded by a combination of grants, amenity levies, contributions from Navan Town Council and a charitable donation. He said that the company overseeing the centre's activities operated good management control in accordance with corporate procedures and processes. The management of the centre presents monthly management accounts to the board of directors of Meath Arts Centre Ltd. The reduction in the annual deficit by €128,000 during 2009 reflected the efficiency of these controls, Mr Dowling said. The manager praised the operation of the centre, saying: “The centre is acknowledged both by its innovative architectural design and programme to be one of the leading arts centres in Ireland.†Not only was it providing employment on a full-time and casual basis, but the arts programme in itself was providing employment to local artsists and suppliers, he added.