Putting Together a Funding Application

When you apply for any kind of student production funding, you are usually asked to write a funding bid as part of your application. The purpose of a funding bid is to convince a funding body to give a portion of its funds to your production. As a result, it should aim to answer 3 questions:

  • Why is your production a worthwhile project?

  • What kind of return on their investment can a funding body expect by investing in your production?

  • How can the funding body be sure that your production will be delivered as it is described in your bid?

 To start, have a look through your venue bid, since much of what was presented there can be reworked/repurposed to fit a funding bid.

Why is your production a worthwhile project?

The first question should be answered through the director and designer statements. You need to show the artistic merit of your production and enthuse your potential funders about why the show is going to be exciting and interesting. Demonstrating your understanding to the sensitivities of Oxford as a space of producing drama is also a useful point to include.

This should be largely similar to your venue bid.

What kind of return on their investment can a funding body expect by funding your production?

This second question can require more of a change from your venue bid: you should present a clear budget and show how that will be managed in your production.

 The treasurer of each funding body will want to hear how the money they give to the production will be managed – they need to be convinced that the loan will be returned in full (if pro rata, perhaps with a bit of profit). Therefore, you should ensure that your budget accurately reflects your production costs, and that your breakeven percentage and number of seats is achievable. You will need to show what the money being asked for as a loan will be spent on, and how you have the appropriate skills to manage the sum.

You can use the producer’s statement to explain why your breakeven and budget are realistic and achievable. You can also use the marketing statement to outline how you will attract audience members to fill the seats and who will buy tickets to make this a financially stable production.

You will need to make sure that figures around the breakeven are front and centre in your bid – you may want to insert a covering page giving just the key headline figures.

We usually recommend a breakeven of no more than 50-60%, and that 65% is a strong upper limit for your breakeven – even this can be a difficult figure to achieve. If it is more than this, you will need to provide a compelling answer to the question of how you will ensure that you sell enough tickets to cover your expenses.

How can the funding body be sure that your production will be delivered as per the bid?

This question requires you to outline how you will get the production from the funding bid to the stage. Funding bodies will want to know the processes each department will take and how the team will function as a whole throughout the production. You may wish to use the producer’s and/or director’s statement to outline this, if you haven’t already in your venue bid.

The budget will also be examined to answer this question as funding bodies will seek to challenge whether or not you have budgeted accurately for how much the production is likely to cost.

The budget is a key part of any funding bid, so you should make sure that it is accurately prepared. It is recommended to add budget break-downs with itemised costs for individual departments (don’t forget to include VAT & make sure hire costs are for the correct amount of time!). Having cost break-downs will show the funding body committees that you have researched & thought about your expenses in detail, and that you have practical plans on how to achieve your vision on the production.

Funding body committees are largely made up of students with a large amount of experience on theatrical productions, and it is likely they will ask questions about your budget: these are designed not to challenge or criticise, but to help you consider the amount it costs to realise the show in the bid.

Summary 

In summary, all bids will be slightly different because no project, or venue, is the same. Therefore, as a team, you must consider how you will answer these three questions within your bid. If this is achieved, then your application will appear safe and strong, and there will be no requirement to change it, unless the plans for the project/budget change. You should also consider whether your venue bid contains any information which does not contribute to any of the questions above and shorten it when applying for funding in that case.

 

Checklist 

Admin:

  • Is your production company registered with OUDS?

  • Do you have a production bank account and email?

  • Have you clearly stated your breakeven on the first page of your bid?

  • Have you sent the script for new writing?

  • Have you done a risk assessment?

Bid:

  • Does your bid include statements from the Director, Producer, a designer, welfare officer, and your marketing manager?

  • Will you have held a production meeting prior to your interview?

  • Have you updated your bid since your venue was confirmed?

Budget:

  • Are you using the OUDS budget template (this is not a requirement but strongly recommended and easy to use)?

  • Have you got a breakeven of around 50-60%, or a good explanation for why not?

  • Have you set aside ~10% of the total expenditure for marketing?

  • Have you considered insurance costs (~£100)?

  • Have you included the cost of rights, if required?

  • Have you included the box office commission in your budget?

  • Have you updated your budget since confirming your venue?

We recommend that all teams, even experienced ones, ensure that their bid adheres to all these checklist points, and are thorough and accurate. Remember that predicted expenditures can often change between bidding for a venue and applying for a loan, so make sure you revisit your documents regularly and that the submitted budget is the most up to date version. You may wish to consult with your venue contact to check that the budget is accurate for their expectations, too.