WATERSMEET'S future looks secure after Three Rivers District Council agreed to fund the theatre in its first three years as a trust.

At a meeting of the executive committee on Monday, councillors agreed to transfer the theatre to The Watersmeet Trust in April next year, offering a long lease on the building, its fixtures and fittings for a peppercorn rent.

They also approved guaranteed subsidies for the first three years but not beyond that period. The trust will receive £130,000 in its first year, followed by £100,000 and £80,000 in its second and third years.

Executive member for leisure Chris Whately-Smith said the challenge was far from over as the trust needs to raise an additional £150,000 before April 1, 2004.

The trust's chairman Richard Jones said: "It is now vital that the community comes out in support of Watersmeet both by becoming a Friend of Watersmeet and by supporting the events."