The Board of Trustees of Les Arts approves the 2022 annual accounts with a surplus of 943,000 euros
20.06.2023
- Box office receipts reached a record €4,046,553.29, surpassing pre-pandemic figures (€3,895,731.98 in 2019).
- Income from sources other than artistic activity (spaces, events and production rentals) amounts to 2,116,467.13 euros, 74.76% more than in 2021.
Valencia (19.06.2023). The Board of Trustees of the Palau de les Arts Foundation approved, this past June 15, the annual accounts corresponding to the 2022 financial year, which close with a positive balance of 943,000 euros.
The result, as evidenced by Les Arts' accounting, is the product of a general increase in the Foundation's own income, which includes both those from the theater's artistic activity, as well as those ancillary to the main activity, and those corresponding to private and business collaboration.
Likewise, the increase in contributions from public administrations (Generalitat Valenciana and Ministry of Culture and Sport) of more than two million euros for 2022 has been allocated to cover extraordinary expenses such as the increase in the energy bill (1,100,000 euros) and the sanitation and painting of the interior face of the iconic 'shells' of the Calatrava building (1,096,000 euros).
Regarding its own income, the Les Arts box office recorded a record figure in the history of the cultural center in 2022, with a collection of 4,046,553.29 euros resulting from the sale of tickets for its own programmed shows.
In its first post-pandemic year, with the return to pre-coronavirus capacity and occupancy levels, Les Arts not only recovered, but exceeded, the audience and revenue figures prior to the outbreak of COVID, with a significant increase compared to the 3,895,731.98 euros collected in 2019.
As for income from sources other than artistic activity, the figure reaches 2,116,467.13 euros, which represents a percentage increase of 74.76% compared to the previous year, when 1,211,067.49 euros were recorded in this same category, which includes, among others, the management of spaces, the rental of productions and the organization of events.
This data also corroborates the recovery of pre-pandemic activity levels by the Palau de les Arts Foundation, with a generalized growth in all lines of income, being particularly evident in the sections of space rental, with an increase of 62.53%, (433,319.40 euros compared to 266,614.41 in 2021), or the 398,278.24 euros from acts and events, which rise by 29%, almost 100,000 euros more compared to the previous year.
Regarding the raising of funds from private and business collaboration, the accounts confirm that Les Arts is consolidating the upward trend of recent years, with an increase of 32.7% compared to the 2021 figures.
In conclusion, the Board of Trustees of Les Arts has indicated that, based on the initial figures for 2023, the Foundation is consolidating its upward trend in generating its own revenue. In this regard, as the data for the current fiscal year already shows, items such as venue rentals and sponsorships will close this year with a significant increase compared to the 2022 figures.
Following the approval of the annual accounts, the Board of Trustees of Les Arts recorded in the minutes its gratitude to all the staff of the Foundation, who have made an effort to carry out correct, appropriate and balanced spending, and have been able to establish the value of income as a further priority for the proper functioning of the first cultural entity of the Valencian Community.
