Jeremy Hunt, the secretary of state for culture, has unveiled an £80m match-funding scheme and a Treasury-led review into philanthropy.
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 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 approval by its board.
There will be consultation on the scheme this year, and it is not yet clear how the funds will be managed or which organisations will be eligible for money.
But it is likely that different funds will be pitched at different organisations, depending on their size and funding requirements.
“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,” said Hunt.
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 last month, 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 this year’s budget. “We know that there is a huge amount of frustration around the existing rules,” said Hunt.