THE future of an Abergavenny theatre is secure after Monmouthshire council agreed to ringfence more than £150,000 a year towards its running costs for the next three years.

The council agreed to transfer the management of the Borough Theatre to a charitable trust from April 1 to guarantee the long-term future of the theatre, which holds 55 professional performances a year from children’s events, to stand-up comedy, drama, opera, dance and m u s i c a l p r o d u c t i o n s .

Monmouthshire council previously agreed to provide £135,230 in funding fromits culture budget each year for the next three years while the Trust builds up its own reserves and to help with unforeseeable costs such as replacing equipment.

A transfer agreement, which includes increased funding of £153,820, was approved by the cabinet at County Hall.

The extra funding of £18,590 will allow for additional costs that resulted from the recent increased staffing costs, for the first three years of the agreement.

Any unforeseen significant costs that cannot be managed by the trust in each of the first three years would be taken from the council’s reserves.

The transfer gives the trust independence, enabling it to apply for grants from the Arts Council Wales, together with business rate relief and will have a positive knock-on effect for the local economy.

The council has already committed to spending £30,000 this year towards repairs to the theatre.