Member Article

New funding agreement between Kingston Council and Theatre Trust

A new agreement has been reached between Kingston Council and Kingston Theatre Trust which will last until March 2020.

Under the new arrangements the Rose will be freed from repaying loans and leases to the Council and to the limited liability partnership set up with Kingston University.

The rent paid by the Rose will be reduced, but to balance this out, the Rose will no longer receive a grant of £500k a year from the Council.

Instead, for the next five years, the Council will guarantee £265k per annum in exchange for tickets for local school students to attend events and to buy time in the Rose for cultural events such as school music festivals, the International Youth Arts Festival and Mayor’s events.

The net effect on the Council’s budget for this year will be zero, with savings increasing over the next five years as the funding tapers downward.

Councillor David Glasspool, Lead Member for Arts, Leisure and Heritage said, “The Rose makes an important contribution to the cultural life of the borough and the local economy.

“These new simplified arrangements clarify the relationship between the Rose and the Council and should assist the Rose in securing external funding and making financial plans for its long term future.

“They also continue to deliver access for Kingston residents to a range of cultural activities and events throughout the year.”

Robert O’Dowd, Chief Executive Officer of the Kingston Theatre Trust said, “These changes are important for the Rose and the new agreement is welcome. In simplifying and making transparent the relationship between the Council and the Rose it washes out earlier complications.

“Removing the historic debt and equipment lease in favour of the new arrangements frees the Trust of that debt on the balance sheet and so will help us to attract independent philanthropists and funders who, together with the borough and Kingston University, are equally essential to the future of the Rose.

“This new agreement with the Council secures a funding stream until 2020 which will help us to plan and programme the theatre better for all our audiences.”

This was posted in Bdaily's Members' News section by Sophia Taha .