A theatre in Camden has become the only London venue to become a National Portfolio Organisation in this round.
Amber Massie-Blomfield, the executive director of CPT, said: “It is obviously very exciting.
“It is a big change for CPT after 21 years where it has always been in a kind of quite a perilous position so it does mean we have more security.
“It is also a challenge to us, to prove what we are meant to do, which is support artists.
“Some of the money will go towards our core costs, but we are keen to invest as much as possible back into the artist and the art work.”
The theatre have used the funding as a platform to announce a programme of new activities at the London venue.
That includes the launch of their first ever Associate Artists, a ‘People’s Theatre Award’ and the publication of new research by Dr Hannah Nicklin.
They also want to reach a wider pool of artists when announcing call outs.
Becca Biscuit, co-director of Sh!t Theatre who are one of the new Associate Artists, said: “We have been given some NPO money, which isn’t for anything specific.
“It is a bit of money so we have freedom to muck around. We have rehearsal space and we are free to experiment really, which is nice.
Camden People’s Theatre Artistic Director Brian Logan said: “We’re excited to embark on a new chapter at CPT, as we receive core funding for the first time in our history.
“The new funding agreement is a recognition of the work we do year-round, supporting innovative early-career artists.
“But it also rewards those artists, for consistently making some of the most thrilling and unexpected performances in the UK.”
The National Portfolio is a Arts Council England scheme, set up to fund 664 companies, theatres and artists across the country.
From 2015-18 they have £70m to grant funds for the arts, and a further £104m for strategic funds across the country.
£69.5m of that comes from National Lottery Funds, which is distributed both in London and across England.