Increase In Private Investment In Arts In Scotland

Arts & Business’s survey figures reveal that in 2009/10, private investment in culture in Scotland stood at £41.7 million, a six percent increase in real terms 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. Although 2008/9 saw an overall decrease, the combined sources of private giving have again shown an increase.
The overall private investment increase is due to a significant boost from Trusts and Foundations, that is the result, in part, from support for major capital projects.
Individual Philanthropy decreased for the second year in a row, continuing the interruption of its growth since 2001. In recognition of this negative shift, Arts & Business is working with the Centre for Charitable Giving and Philanthropy to attempt to redress the fall in arts philanthropy.
Business investment in Scotland increased in line with inflation in contrast to an average fall across the UK of 11%. A&B believes that this was in part to the Scottish Government’s continued funding to Arts & Business Scotland for the New Arts Sponsorship grants scheme that encourages new business sponsorship.
Trusts and foundations – Scottish cultural organisations raised an additional 48% in funding from trusts and foundations compared with the previous year. This is far in excess of the UK average increase of 11%. This success built on the previous year’s significant increase of 20%. In both years large grants for major new capital projects was a major element.
Commenting on the results, Barclay Price, Director of Arts & Business Scotland, said: “These positive figures indicate the continuing attraction of the Scottish cultural offer and the excellent work being done by fundraising staff within cultural organisations to make a persuasive case for private investment in the face of the recession.
“As the recession is far from over in Scotland, it is crucial that we work with the cultural sector to nourish all forms of private sector investment, and are therefore delighted that in the current year the Scottish Government have again given us funds to incentivise new business sponsorship.
“The further decrease in individual philanthropy is of concern, and we hope that our partnership with the Centre for Charitable Giving and Philanthropy will provide intelligence and ideas that can assist cultural organisations to raise a greater share of their funding from individuals. The recent success of the Big Arts Give in which eight Scottish arts organisations raised over £150,000 from individual donors, indicates the potential.
“In partnership with the cultural sector and government, Arts & Business Scotland will continue to demonstrate to business and individuals the value of investing in our vibrant Scottish culture.”