Victoria NichollsIt has long been hailed as one of Bungay's most successful community projects.And now, that view of the Fisher Theatre has been confirmed in a report revealing that its economic impact on the Suffolk market town has hit �1m per year.Victoria Nicholls

It has long been hailed as one of Bungay's most successful community projects.

And now, that view of the Fisher Theatre has been confirmed in a report revealing that its economic impact on the Suffolk market town has hit �1m per year.

The theatre, which has hosted the likes of Ann Widdecombe and actor Edward Fox, opened its doors in 2006 following an 11-year fund-raising effort. The transformation project has seen the old Georgian theatre become one of Waveney's finest arts centres, attracting more than 20,000 visitors a year.

Marketing and events manager Les Hoare said the figure, published in a new economic and social impact report, showed the extent of the theatre's contribution to the town, particularly during the recession, as it is based on figures for one year ending in October 2009. The calculations include money spent in the town by visitors, and the knock-on effects.

'There were those who doubted whether a small town like Bungay could support such a venue,' he said. 'Those doubts have proved to be unfounded.'

He said it also brought joy to the lives of people from Bungay and further afield.

'The Fisher is an absolute jewel to be treasured in the town,' he said, adding: 'The Fisher is not just a theatre.'

Mr Hoare said the intimate 160-seat auditorium was a favourite with performers and audiences, adding that he hoped the report's findings would inspire people to continue to support the venue.

He paid tribute to the team of more than 50 volunteers whose duties include working in the box office and as ushers. The proceeds of the Bungay Arts and Theatre Society, a not-for-profit charity, are ploughed back into the theatre, and rely on income from ticket sales, the caf� and wine bar, venue hire, and grants and donations, as it receives no funding from public bodies.

Its varied programme includes theatre productions, films, lectures and art exhibitions, and is used for weddings, and business and charity events.

Mr Hoare said he was looking to build up lunchtime concerts and classical music and that a high demand for celebrity events meant they would continue. This summer will see visits from former Bond girls Britt Ekland and Honor Blackman. The theatre will also host a Waveney election debate on May 4.

The Fisher Theatre, which opened in 1828, was one of 13 theatres designed and built across East Anglia by David Fisher for his company, The Norfolk and Suffolk Company of Comedians. In 1844 it was sold and used for a variety of purposes over the years, including a corn hall, Bungay's first cinema, a steam laundry and a textile warehouse.