Inverness arts venue Eden Court has posted another loss in its latest accounts despite ticket sales being up by more than £500,000.
Newly filed accounts show losses of £668,000 for the year ending March 31 2024.
This comes after the charity reported almost £900,000 of losses the previous year.
The Bishops Road venue also saw its total income rise to £6.8 million up from £6.6m.
Eden Court sold more than 211,000 tickets across its theatre, cinema and classes in 2023-24 – 10,000 more than the previous year.
‘Positive’ year for Eden Court
Eden Court chief executive Rebecca Holt said the financial loss in the Inverness venue’s accounts do “not represent a cash deficit”.
She said a depreciation charge of £800,000 had been detailed in the accounts, but said the organisation had been running day-to-day at a surplus.
She said: “The losses noted in the restricted funds mainly relate to the 2007 capital project, the cost of which is being recognised over a number of years, as is standard practice in many publicly funded theatres accounts.
“It does not represent a cash deficit. In 2023-24 we sold 211,030 tickets – this is over 10,000 more tickets across our theatre, cinema and classes than in the previous year.”
“Eden Court made an operating surplus in 2023-24 of £123,000, which is 1.8% of turnover. This will be reinvested into the charity.
“This modest surplus is the result of a robust and positive response to the challenging economic environment.
“There are more challenges to come, notably the increase to National Insurance employer contributions and we will face those challenges as they arise.
“We are bolstered by the positive upturn in attendances which continues to rise after the post-Covid slump.”
Eden Court ticket prices
Eden Court’s latest strategic report said an estimated 300,000 people come through its doors each year.
It received a donation of £300,000 from Highland Council, which it will receive again in 2024-25.
The report said: “As a receiving theatre, Eden Court has a limited ability to compensate higher costs with higher prices.
“On average, 75% of ticket income goes to the visiting companies presenting shows.
“In response to inflation, Eden Court performed an in-depth review of its cost base to find savings and reach the current situation.
“It is deemed that no further significant savings can be made without fundamentally changing the scope of what Eden Court brings to the Highlands region and beyond.”
Eden Court is Scotland’s largest multi-arts centre and in the latest strategic report describes itself as “the Highlands’ cultural hub”.
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