Bristol Old Vic, the country’s oldest continuously-working theatre, is facing financial challenges as it struggles to balance its books. Rising costs and stagnant funding from Arts Council England have put the venue in a loss-making position for the fourth consecutive year.
Despite an increase in ticket sales and successful productions, Bristol Old Vic is still unable to break even. Chief Executive Charlotte Geeves attributes the financial struggles to rising costs, particularly in people, energy, and material expenses. The venue is now considering reducing the number of shows it can put on next year to mitigate losses.
Arts Council England has provided over £11.2 million in public funding to Bristol Old Vic in the last six years, but it only covers about 19% of the venue’s income. The rest comes from box office sales, food and drink purchases, and other revenue streams. Additionally, the venue no longer receives funding from Bristol City Council, further exacerbating its financial challenges.
Watershed, an independent cinema and multi-arts venue in Bristol, is also forecasting a loss this year due to rising costs and limited funding. CEO Clare Reddington highlights the impact of increasing expenses on the venue’s operations and the importance of Arts Council funding in supporting innovative projects and initiatives.
Arts Council England has expressed its commitment to supporting cultural organizations in Bristol and across the country. The Department for Culture, Media and Sport is reviewing how arts organizations are funded and exploring ways to attract funding from different sources to ensure that creativity and culture are accessible to all. The future of Bristol Old Vic and Watershed, along with other cultural institutions, will depend on continued investment and support from both public and private sources.
