News / Shetland Arts surplus
SHETLAND Arts has managed to balance its books for the first time in four years. Accounts for 2015/16 show that the arts development agency made a small operating surplus of £18,000.
This compares with losses of £109,000 in 2014/15, £133,000 in 2103/14 and £163,000 the year before.
The turn around follows a number of radical changes at the Mareel based agency, including job losses.
Shetland Arts boss Graeme Howell, who was brought in two years ago to steer the company through a difficult period, said more changes were inevitable.
“The last twelve months have been a time of considerable change within Shetland Arts and this along with the diligence of staff has been what has enabled us to deliver a small surplus on the year, reversing three years worth of unsustainable losses,” he said.
“This is only the beginning of what we need to do as funding continues to tighten and the organisation looks to the future.”
While the overall income of just above £2.5 million stayed more or less the same during 2015/16, Shetland Arts has been able to drive down its running costs by about £125,000.
During 2015/16 Shetland Arts hosted three festivals – Screenplay, Fiddle Frenzy and Shetland Noir, and welcomed the Scottish Ensemble and the Scottish Youth Theatre.
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