Member Article

Heritage organisations to receive £56m boost

Arts and heritage organisations from across the UK are set to receive a £56 million funding boost, through the Government-led Catalyst: Endowment Programme.

34 arts and heritage organisations are set to receive grants of between £500,000 and £5 million, which will then be used to attract money from private philanthropic sources.

The programme is designed to bring new money into the cultural sector, and is jointly funded by the Department for Culture, Media and Sport, Arts Council England and the Heritage Lottery Fund. it is hoped that the project will help heritage organisations become more sustainable and resilient by building new endowment funds or developing existing ones to increase their annual income.

Commenting on the funding, Culture Secretary Jeremy Hunt said: “Boosting private giving for culture is key to putting arts and heritage organisations on the path to long-term financial stability.

“It is very gratifying to see that so many have already been successful in attracting match-funding and I am grateful to all those companies and individuals who so generously support our arts and heritage bodies.”

The successful projects are expected to attract a further £106 million from donors, as many have already secured pledges or are continuing discussions with prospective sponsors.

It is hoped that the scheme will lever a total of £162 million in extra funding for these organisations.

This was posted in Bdaily's Members' News section by Ruth Mitchell .