The Irish Chamber Orchestra said revenues, including grants and bequests received, totalled €1.6 million last year, compared to €1.73 million in 2013.

However, expenses amounted to €1.51 million versus €1.65 million for the preceding year.

The orchestra, based at the University of Limerick, said net income for 2014 was €105,722 as against €78,508 a year earlier. Fund balances as of the end of December 2014 were €10,819, compared with a deficit of €94,903 for 2013.

The orchestra's main source of funding was an €869,253 grant from the Arts Council, down slightly from the €910,250 it received from the organisation in the preceding year.

It also received €262,621 in donations and legacies, although the cost of generating this came in at €48,688.