Private giving soars 21% - ACE report
Private investment in the arts has risen by an unexpected 21%, with more than half of the new money coming from individual private donations, according to a new Arts Council report on donations and sponsorship.
The report of the survey published today on private investment in culture shows that in 2014/15 says there was £480m in private investment in the arts, with £245m coming from individuals.
Private investment was with 18% of income for arts and culture organisations, and for those with less than an income £100,000 it accounted for 29%. The lion’s share, however, went to London where organisations received 66% of the total private investment; visual arts attracted 32% of the total.
“It’s encouraging to see that private investment has grown over the last three years, especially as it is evident from the data that this is an important source of income for smaller companies, as well as the larger more nationally recognisable organisations” said ACE’s director of philanthropy, Clare Titley.
“The findings in this report will help to support the sector in their strategic planning at a time when there is increased need for organisations of all sizes to diversify their funding and strengthen resilience, and it will also support our policy development and the scoping of future strategic investment in this area.”