§ Mr. Allason
To ask the Secretary of State for the Environment what performance targets he has set the Queen Elizabeth II Conference Centre executive agency for 1994–95.
§ Sir George Young
The agency's key target for 1994–95 is to reduce its net operating deficit—exclusive of rent1—from an expected £0.711 million in 1993–94 to £0.382.
The agency will also aim to increase total revenue from the centre's activities from an expected £5.129 million in 1993–94 to £5.616 million; to increase the number of calendar days with events at the centre from an expected 285 days or 78 per cent. in 1993–94 to 299 days or 82 per cent.2; and to improve its revenue to cost ratio from an expected 1:1.14 in 1993–94 to 1:1.07.1 An annual rent of £6.4 million was charged for the agency's occupation of the centre with effect from 1993–94.2 This target is based on an industry standard agreed by the International Congress and Convention Association. It compares with increasing overall occupancy for the main letting areas from an expected 41 per cent. in 1993–94 to 45 per cent. based on a previous measure which was unique to the centre.