New funding sources needed, say Octagon trustees

BOLTON’S Octagon Theatre will need to dip into its reserves to meet its “artistic vision” in the coming years.

That’s according to the Octagon’s trustees who warn of funding challenges in its latest accounts.

They say sponsorship is reducing and more money must be secured from grant-giving bodies and through collaborations with other theatre companies.

The report states: “As sponsorship income reduces and the uncertainty over future core funding increases the need to source new income streams and areas of grant funding become imperative.”

During the year to March 2009, the theatre recorded a surplus of £45,490 on turnover of £1.9m. The surplus was down on the previous year’s £86,625 but management had expected to report a deficit as audience numbers tailed off during the year.

Box office receipts contributed £655,863 to the theatre’s finances while grant income, from the Arts Council North West, the Association of Greater Manchester Authorities and Bolton Council, amounted to £843,579. This funding as a percentage of total income rose 4% to 44% compared to the previous year.

The trustees add: “We aim to prove through our incredibly diverse range of work and quality of productions that with higher funding we can give a disproportionately higher level of benefit for patrons, community groups, funders and stakeholders that make use of the Octagon Theatre.

“The theatre will need to use its accumulated reserves, gained through significant box office success, over the next few years to enable it to continue to meet its artistic policy and vision.”

During the year nearly 60,000 people attended 269 performances. John Blackmore, the Octagon’s executive director, could not be reached for comment.