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RSC: strong financial results for SECOND year
Launching its Annual Report and Accounts for 2004-5 at the Company’s Annual General Meeting, the Royal Shakespeare Company has announced an operating surplus for the year of £1.7 million – the second consecutive year a surplus has been achieved.
Since Michael Boyd took over as Artistic Director in 2003, sustained and improved financial control has more than eliminated the cumulative deficit of £2.8 million Boyd inherited. The 2004/2005 Annual Report presented to the RSC Governors at the Company’s Annual General Meeting today (Thursday 24 November) shows better than anticipated income and well controlled expenditure.
The strength of this year’s operating surplus, coming on top of a £2.4 million surplus in 2003/04, has enabled the Company to set aside £3.6m to cover the costs of The Complete Works festival, which will take place from April 2006 – April 2007.
RSC Chairman, Sir Christopher Bland said,
‘This year has seen the Company open an exciting new chapter in its history - a triumphant season in London at the Albery Theatre, excellent Box Office results for our Stratford Festival Season and the return of new writing to the RSC’s stages in the first New Work Festival. ‘This has been a year of growing confidence and considerable achievement. We have strengthened the RSC ensemble, produced some excellent work on stage, more than kept our finances in balance and begun the transformation of our Stratford home’.
Two successive years of saving and the reduction in fixed costs have allowed the Company to significantly re-invest in its productions on stage, and in particular in supporting the longer rehearsal periods and the artists’ development programme introduced by Michael Boyd.
60% of operating expenditure in 2004/5 (£18.3 million) was spent directly on production-related activity with the remainder relating to theatre operations, education, administration, fundraising and marketing. Final expenditure for the year was 4% (£1.1 million) less than budgeted.
As part of this year’s Annual General Meeting, four members of staff will receive their Long Service Award, presented by the RSC’s President, His Royal Highness The Prince of Wales, in recognition of 20 years service with the Company. All Stratford residents, they include Catherine Slocombe (Dresser), Gillian Jones (Cleaner), Sandra Smith (Wigs and Make-up) and Margaret Wakelin (Hats and Millenary).