UK not-for-profit theatre organisations can now apply for Theatre Tax Relief cashflow loans, as Figurative launches a new £2 million allocation of capital for the sector.
Figurative, a new independent organisation focused on supporting impact, investment and innovation in the cultural and creative sector – has ringfenced the funding from their Arts & Culture Impact Fund to support not-for-profit theatre organisations that demonstrate clear social impact. It aims to help theatre companies manage the cashflow related to Theatre Tax Relief (TTR) – a creative industry tax relief funded by the UK government.
Introduced by the government in 2014, TTR supports companies, including charities, that produce theatrical productions. However, organisations can often face cashflow challenges while waiting for funds to arrive from HMRC.
The loans are intended to contribute to the financial resilience of the grant-funded theatre sector, enabling leaders to focus on strategic objectives, artistic excellence and social impact, rather than short-term cash management.
The investment is an extension of Figurative’s successful 2024 pilot programme, which has already supported three leading cultural organisations: Rambert, Young Vic and Little Angel Theatre.
Eligible organisations can apply for unsecured loans ranging from £100,000 to £500,000, at a low interest rate with flexible repayment terms. Proceeds will be ring-fenced and reinvested, providing additional funds for even more organisations in the longer term.
This support is particularly crucial as theatre organisations continue to face huge challenges including funding cuts and rising costs.
Figurative aims to broaden the offer to include Orchestra Tax Relief and Museums and Galleries Exhibition Tax Relief.
Fran Sanderson, CEO, Figurative says: “This new scheme demonstrates our commitment to building a more resilient performing arts sector that continues to inspire and transform lives across the UK. TTR has been a well-scoped and implemented gamechanger for the industry, but organisations can struggle with cashflow due to expenditure incurred well before claims are processed. Our TTR cashflow loans will help take the financial strain off organisations and allow them to continue producing brilliant work without the worry of cashflow shortfalls.”
Helen Searl, Deputy Chief Executive, Rambert says: “Figurative has been such a responsive and solution-focused lender. We benefitted from an Arts and Culture Impact Fund Loan in 2023 and one of the brilliant things about the process was the care and attention the team at Figurative took in understanding our situation within the sector. As a result, Figurative recognised just how critical TTR is to our business model, and how any delays in payment have a huge knock-on effect on our cashflow, impacting our ability to plan accurately and make strategic operational and artistic decisions. We are so delighted to be one of the pilot organisations in what we truly believe is another innovative lifeline Figurative is offering to the sector.”
Interested organisations are encouraged to email enquiries to investments@figurative.org.uk. Please note that Figurative has a limited amount of funds available for the TTR cashflow loans.
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