The National Concert Hall broke even in 2014, on turnover of €6.8m, as the classical music venue secured its third highest attendance figures to date. Legislation to establish the NCH on a statutory basis will come into effect later this year.

Turnover of € 6.8m, down from €6.89m in 2013, meant that the venue achieved a break-even financial position in the year to December 31st 2014, with Government subvention of less than one third of income and the balance sourced from commercial and fundraising activities. The venue reported a loss before tax of €4,433, down from €13,389 in 2013. Staff numbers remained steady at 102.

Simon Taylor, chief executive officer, National Concert Hall, said: " 2014 was an important year in realising our strategy for the wider redevelopment of the Earlsfort Terrace site as the dedicated centre of musical performance ensuring the long-term future of the Hall and site itself".

Box office ticket sales stood at just over € 7m in 2014 (€6.8m in 2013), as the venue hosted close to 900 events, securing the third highest attendance figures to date. Almost 330,000 people coming through their doors.

According to the annual report, the NCH made a direct economic contribution of over € 38.7m to the local economy during 2014. In 2014 Mr Taylor was paid a salary of €102,521, down from €105,558 in 2013.

The NCH has secured a capital funding allocation of € 6m secured for the restoration of the Kevin Barry Room and other spaces, as a project for the 2016 commemorations, in addition to other infrastructural improvements planned for 2017. Construction is due to commence in late summer 2015.

Legislation to establish the NCH on a statutory basis and to secure its position as a cultural asset and maximise its potential, will come into effect later this year.