FINANCES Financial Year 2022 (Jan 1 - Dec 31, 2022)

Cumulative Totals

In the calendar year 2022, Theatre Works experienced an increase in overall income to $1,221,222.84, compared to $1,114,567 in 2021. The organization’s expenses also rose to $1,191,873.62 in 2022, up from $1,028,968 in 2021. Despite the ongoing challenges posed by the COVID-19 pandemic, Theatre Works has shown a steady increase in income and expenses since 2019, demonstrating resilience and adaptability.

INCOME

Ongoing Income Sources:

Theatre Works continued to receive consistent income from various sources in 2022, including:

• Creative Vic - Enterprises Program: $147,000

• City Of Port Phillip Core Funding: $30,000

• Box Office: $300,000

• Hospitality: $155,000

• Donations: $60,000

• Giving Circle: $20,000

New Income Sources:

During the financial year, Theatre Works secured new income sources, such as:

• Guardian Angels Giving Circle: $17,500

• Collarts Education Partnership: $30,000

Expenses

Theatre Works’ expenses in 2022 were allocated across various categories, including:

• Marketing: $45,045

• Payment to artists Creative Fees: $431,320

• Cost of sales: $40,995

• Travel: $2,425

• Venue Costs: $53,087

• Core overheads: $361,287.91

Equity and Reserves Position

Theatre Works’ equity position improved in 2022, with end-of-year equity reaching $205,739.11, up from $176,276 in 2021. This improvement can be attributed to the Creative Victoria Sustaining Creative Organisations funding, which has provided a buffer against the ongoing challenges faced during the COVID-19 pandemic.

Theatre Works’ reserves are primarily maintained through the Creative Victoria funding, ensuring solvency during anticipated COVID-19 disruptions and potential reductions in box office income and future grant opportunities.

Financial Highlights and Challenges

Theatre Works is grateful for the support of new partners and the initiation of philanthropy programs, such as CollArts, Transformers Program, and the Guardian Angels. Additionally, the Victorian Government has generously granted $1 million in funding for capital works, enabling the redevelopment of the Acland St site.

Future Financial Outlook

Theatre Works plans to utilize the $1,100,000 allocation from the Victorian Government to refurbish the historic 1914 Parish Hall, making it more user-friendly, OH&S compliant, and practical. Priorities include improving accessibility for actors and audiences, restoring the roof, enhancing soundproofing, and replacing the backstage annex with a modern, purpose-built area. These developments will generate economic benefits for St Kilda, including job creation, increased tourism, and improved property values, positively impacting the local economy and community.