Jeremy Hunt today announced an £80m match-funding scheme and a Treasury-led review into philanthropy next spring.
Speaking at the European Association for Philanthropy & Giving conference in London, the culture secretary outlined his department’s plans to boost giving by individuals and corporations.
The Department for Culture, Media and Sport (DCMS) and Arts Council England (ACE) are to invest £80m in a series of match-fund schemes designed to raise an equivalent amount or more from private donors for the cultural sector. ACE will contribute up to £50m of lottery money to the scheme, subject to council approval.
There will be consultation into the scheme next year, and it is not yet clear how the funds will be managed or what organisations will be eligible for money.
However, it is likely that different funds will be pitched at different organisations, depending on their size and funding requirements. Hunt said. “It’s a fund that will be deployed in a range of ways to allow cultural organisations – large and small, London or regional – to access a scheme that suits them.”
Alan Davey, chief executive of ACE, added: “A match-funding scheme – pitched at the right scale – could trigger a radical shift in our fundraising culture.”
In his report into endowment funds, published today, Davey called for the simplification of Gift Aid and a review of tax treatments available to potential donors.
A Treasury-led review into encouraging philanthropy will be published before the budget next year.
“We know that there is a huge amount of frustration around the existing rules,” Hunt said.
Speaking at the European Association for Philanthropy & Giving conference in London, the culture secretary outlined his department’s plans to boost giving by individuals and corporations.
The Department for Culture, Media and Sport (DCMS) and Arts Council England (ACE) are to invest £80m in a series of match-fund schemes designed to raise an equivalent amount or more from private donors for the cultural sector. ACE will contribute up to £50m of lottery money to the scheme, subject to council approval.
There will be consultation into the scheme next year, and it is not yet clear how the funds will be managed or what organisations will be eligible for money.
However, it is likely that different funds will be pitched at different organisations, depending on their size and funding requirements. Hunt said. “It’s a fund that will be deployed in a range of ways to allow cultural organisations – large and small, London or regional – to access a scheme that suits them.”
Alan Davey, chief executive of ACE, added: “A match-funding scheme – pitched at the right scale – could trigger a radical shift in our fundraising culture.”
In his report into endowment funds, published today, Davey called for the simplification of Gift Aid and a review of tax treatments available to potential donors.
A Treasury-led review into encouraging philanthropy will be published before the budget next year.
“We know that there is a huge amount of frustration around the existing rules,” Hunt said.