The National Theatre says it is planning to reduce its activity over the next four years “in order to ensure financial stability”.
The theatre attributed the decision to several factors including inflation, rising energy costs, a drop in audience levels and a 5% cut to its Arts Council England funding, equivalent to £850,000 per annum.
Its accounts for the year ending March 2022 show total income stands at £80.8m, up from £56.3m last year, but down on pre-pandemic figures which were in excess of £100m.
Expenditure for the financial year 2021/22 came to £80.1m, leaving a surplus of £700,000.
Audience figures remained 21% down on pre-pandemic attendance, while donations were down £3.1m on the previous year.
Staff numbers also decreased by nearly 12%, from 759 to 669, following redundancies undertaken as part of the theatre’s Covid Recovery Plan.
A statement from the accounts reads: “We are reviewing our four-year plan and have identified opportunities with supporting investment to set more growth targets for digital income streams, commercial exploitation of our products, trading net revenue and philanthropic support.”
“At the same time, we are carrying out a strategic review to hone our key aims and objectives.”
The theatre adds it remains confident about its future, but warns "these are very challenging times for us, the cultural sector and society in general”.