Commercial Ambitions
We’re on track to achieve the savings of £1.7 million requested by Fife Council. Growing our income from existing sources and developing new streams are priorities for the organisation. We’re already working hard to generate over £2.5 million from a range of activities such as theatre ticket sales, venue hire, catering and retail, all of which help to offset our costs and supplement the management fee from Fife Council.
Increasing this income will contribute to the long term sustainability of services particularly in the current challenging financial climate. Fife Cultural Trust’s marketing department works closely with the theatre programming team to grow ticket sales for the Trust while still ensuring that ticket prices are accessible for all, regardless of income.
Throughout the year, we have made substantial investment in income generating activities. Taking catering in-house required long term commitment by the organisation and staff but this change is now generating increased returns. This year also saw us appoint a retail manager and we continue to develop and identify retail, funding and sponsorship opportunities. New markets in the conference and exhibition sector are being developed and we are also targeting the formal event market.