Arts & Business figures show slight overall growth in private sector investment in culture to £686m
- Business falls for the fourth year in a row to £134.2m
- Growth as Individual Giving climbs to £382.2m
- Trusts and Foundations increase to £170.3m
- New figures almost hit record high of 2007/08
- Additional falls in business support offset by growth in Trust and Foundations
- North’s share rises over the last three years whilst the South’s (excluding London) declined
- London captures 81% of all individual giving
- Heritage and museums bring in just over half of all private sector support
Arts & Business’s new figures reveal that in 2010/11, private investment in culture stood at £686 million, a 4% increase from the previous year. Since Arts & Business first started capturing this data in 1976, private investment in the arts has been following a general upward trend, which has been interrupted in recent years with decreases from various sources of investment.
- The overall private investment increase of 4% (not allowing for inflation) includes a 10% increase of trusts and foundations funding, a 6% increase of individual philanthropy, and a 7% decrease of business investment.
- The rise in Individual Philanthropy follows a decline in the previous two years, and is in line with its relatively fast-paced growth since 2001. The 6% increase brings the levels of arts philanthropy to £382.2 million, which is higher than at any point in the past.
- Business investment has fallen 7% to £134.2m. Although businesses are still committed to working with the arts, they are not hardwired to do so. Corporate money is a discretionary spend; particularly in hard times. As a result, business investment in 2010/11 is now lower than it was in 2004/05.
- Funding from trusts and foundations increased in 10/11 by 10%, and is higher than business investment for the second year in a row, thereby helping the overall moderate private investment increase. Funding from this source now accounts for 25% of the total private investment received in the sector and now stands at £170.2 million.
Philip Spedding is available for interview, please contact: Jonathan Tuchner, 07970 224471 jonathan.tuchner@artsandbusiness.org.uk
