Parliamentary Year book - £56 MILLION TO HELP CULTURAL ORGANISATIONS BUILD ENDOWMENTS
£56 MILLION TO HELP CULTURAL ORGANISATIONS
BUILD ENDOWMENTS
In these times of
austerity, the Parliamentary Information Office of the Parliamentary Year book
is currently following closely the arrangements for the funding of arts and
heritage organisations for a major
feature in the next edition
In July last year Culture Secretary Jeremy Hunt
announced the creation of a new £55 million scheme, chaired by former Cabinet
Minister Michael Portillo, to help arts and heritage organisations secure their
future financial stability by building endowment funds.
Organisations
will be able to bid for grants of up to £5 million to support endowment
fundraising from the Endowment Fund, which will be available to match funds
raised from private donors. Bids will be reviewed by an independent advisory
panel chaired by Michael Portillo. Around 50 organisations were expected to
benefit from the grants which start at £500,000.
Endowments
are typically large funds held in perpetuity by organisations, helping to
provide long term financial security by contributing to annual running costs
through the interest earned by the fund. They are often used in the United
States by large cultural organisations but are currently less common in the UK.
Then
last week it was announced that 34 arts and heritage organisations across
England, after successfully applying for a share of the new £56 million scheme,
are set to get a £162 million funding boost. The successful projects are
expected to attract an additional £106 million from private and corporate
donors as a result of the scheme.
The
Catalyst: Endowments programme is a joint initiative between the Department for
Culture, Media and Sport (DCMS), Arts Council England and the Heritage Lottery
Fund (HLF).
The
successful organisations will use the grants of between £500,000 and £5 million
to attract money from private philanthropic sources.
Applications were assessed by an independent panel chaired by Michael Portillo, and final awards made by the National Council of Arts Council England and the Board of Trustees of the Heritage Lottery Fund. Many of the successful applicants have already secured pledges from donors or are in productive discussions with prospective corporate and individual sponsors.
Applications were assessed by an independent panel chaired by Michael Portillo, and final awards made by the National Council of Arts Council England and the Board of Trustees of the Heritage Lottery Fund. Many of the successful applicants have already secured pledges from donors or are in productive discussions with prospective corporate and individual sponsors.
Secretary
of State for Culture, Olympics, Media and Sport Jeremy Hunt said:
“Long
term financial stability is an essential part of a successful cultural sector.
With these grants, and the additional money they are bringing in, I’m delighted
that we’ve been able to get a significant number of organisations on the road
to long-lasting and sustainable endowments which will continue to support their
work for years to come.”
Michael
Portillo said:
“The
Advisory Panel was impressed with the calibre of the applications we saw. I
believe those we recommended for approval are well-placed to secure match
funding from donors, and to build endowments which should strengthen their
future financial resilience.”
Dame
Jenny Abramsky, Chair of the Heritage Lottery Fund, said:
“The
Catalyst: Endowments Programme is part of our response to helping boost private
giving across the heritage sector. Alongside our plans to build the fundraising
capacity of smaller groups, we expect the programme to form part of a shift in
approach to philanthropic giving that will help build financial resilience and
attract new money to heritage groups of every size.”
Dame Liz Forgan, Chair of Arts Council England said:
Dame Liz Forgan, Chair of Arts Council England said:
“Public
funding of the arts in this country is at the heart of their success. It
enables organisations to attract private investors, and gives them the
confidence to continue to take the bold artistic leaps that keep audiences
coming.
“Catalyst
Endowments and Catalyst Arts will help support that public investment,
increasing the sustainability of our world class arts organisations who bring
delight to millions and play such an important part in our national economy.”
Other
members of the panel, chaired by Michael Portillo, were:
Dame
Liz Forgan, Chair, Arts Council England; Dame Jenny Abramsky, Chair, Heritage
Lottery Fund; Veronica Wadley, member of National Council for Arts Council
England and Chair, London Regional Arts Council; Hilary Lade, Trustee, Heritage
Lottery Fund; David Verey CBE, Chairman of the Trustees of the Art Fund and
DCMS lead non-executive director; John Studzinski CBE, investor, philanthropist
and senior director at private equity firm Blackstone; and Roger De Haan CBE,
philanthropist and creator of Saga group of companies.
We shall be
adding to the article as there are further developments and any changes to the
plans will be reflected in the content. The full report will be published in
print and online in the next edition of the Parliamentary Year book.
27th
June 2012
In these times of austerity, the
Parliamentary Information Office of the Parliamentary Year book is currently following
closely the arrangements for the funding of arts and heritage organisations for
a major feature in
the next edition
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