Sir Peter Bazalgette has praised the creative sector in England for diversifying its funding streams over the last three years. The chair of Arts Council England (ACE) was speaking at a Creative Industries Federation event in London on 11 November.
When he took up the role in 2013 Bazalgette said arts and cultural organisations needed to rely on three funding sources: public investment, earned income and charitable donations. He said this is like a three-legged stool: ‘You need all three legs, or you fall over.’
And, he continued, there have already been significant improvements in earned income – especially among the 600 largest organisations that ACE works with. ‘Since 2012-13 earned income has grown from just over three quarters of a billon to more than GBP1bn (€1.16bn) – up by more than 25 per cent.’
Another source of revenue on the rise is supplementary income like space and equipment rentals. This has increased by 75 per cent over the same time period.
He concluded his speech by stating that next challenge for ACE is to ensure a ’stable settlement from the Government covering funding for the next four years, delivering amazing public benefit,’ and also to ‘increase gifts and donations.’
Bazalgette will step down as chair of ACE in January 2017.