Arts & Business Scotland’s new figures released today reveal that in 2010/11, private investment in culture stood at £43.1 million, a 3.3% increase from the previous year. Since Arts & Business first started capturing this data in 1976 for private investment in the arts across the UK, this is the highest level ever achieved.
- Amount of private giving to culture in Scotland rose to £43 million in 2010/11.
- Percentage increase of 3.3% in Scotland was slightly below the UK average of 4%.
- Scottish business investment was £9.9 million – a 4% decrease but this was less than the UK average fall of 6%.
- Individual Philanthropy rose significantly – up 14% to £21.9 million.
- Although investment in Scotland by Trusts and Foundations was down 7% from the previous year, the figure is still significantly higher than in the years prior to 2009.
Arts & Business Scotland’s new figures released today reveal that in 2010/11, private investment in culture stood at £43.1 million, a 3.3% increase from the previous year. Since Arts & Business first started capturing this data in 1976 for private investment in the arts across the UK, this is the highest level ever achieved.
In Scotland, the overall private investment increase was driven by a 13.8% increase in individual philanthropy. Although business investment fell to a small extent, given the difficult economic times this was a positive result. Similarly, while investment by Trusts and Foundations decreased, the level has remained high compared with the period before 2009/10.
The significant increase in Individual Philanthropy is a welcome sign and underlines the potential in this area. Arts & Business Scotland has been working with the Centre for Individual Giving and Philanthropy to assist cultural organisations increase donations from individuals and has just launched Angel Shares Scotland, a new crowdfunding site to harness fundraising through internet social networks.
The small fall in Business Investment is understandable as corporate money is discretionary and hard to sustain in difficult trading times. However the Scottish decrease is slightly lower than the UK average, and over the two years, 2009 and 2010, Scottish sponsorship fell by only 7% against a UK average decrease of 17%. This was, in part, due to the Scottish Government in partnership with Creative Scotland having provided £300,000 in each of those years to enable Arts & Business Scotland to incentivise new business sponsors. This scheme which offers a £1 for £1 investment for new arts sponsorships encouraged 58 businesses to invest in the arts the first time in 2010/11.
Although the year saw a small decrease in Trusts and foundations funding this should be seen in the context of the figure for 2009 having significantly risen by £4 million over previous years.
It is a tribute to the energy of the staff and boards of cultural organisations that they continued to raise significant private income in a period of recession. It also reflects the strength of cultural activity in Scotland.
I have no doubt that part of this success was linked to the development phases of major new cultural infrastructure, especially in the museum sector, and it will be interesting to see with these now open, the effect on private giving in future years. The continuing success of our business sponsorship incentive scheme, supported by the Scottish Government, combined with the work we are doing in partnership with the cultural sector to promote individual giving, gives me confidence that private support will be sustained.
We are fortunate that government funding in Scotland for culture has been, to a large extent protected, and thus every pound of private investment is enabling arts organisations to extend their work and engage with greater numbers of people.
Arts & Business Scotland is here to work alongside our cultural and commercial partners every step of the way. We remain committed to doing all we can to make sure the two sectors continue to profit from one another.
The Scottish Government is committed to helping our vibrant cultural sector thrive and flourish as well as strengthening economic growth in Scotland. Especially in the Year of Creative Scotland 2012, it is encouraging that our track record in creativity and innovation continues to attract investment in culture. The business sponsorship incentive scheme delivers benefits both to the businesses involved as well as projects all round Scotland, and I am pleased that the Scottish Government has been able to continue with £300,000 support for this scheme through challenging economic times.
