A substantial fall in business investment in museums in 2009-10 was offset by a boost in individual giving, according to research published by Arts & Business.

Data from 387 museums revealed that corporate giving was down 10% on the previous financial year to £22m (average investment of £57,009), while individual donations rose 24% to £37m (with an average investment of £95,849).

Trusts and foundations gave £36m to museums, up 22% (average investment £91,898). In total, the amount of private investment received by museums rose 13% to £94.7m, of which £72.3m went to “major” museums.

Tina Mermiri, research manager at Arts & Business, said: “Survey participants remain confidential, but the figures are robust and cover the private investment received by museums of all sizes across the UK [including national and local-authority institutions].”

Colin Tweedy, chief executive of Arts & Business, added: “At this time of cuts, much more is being asked of the private sector and of volunteers to create a ‘big arts society’. Maybe we are set to see a new beginning, when private investment becomes the dominant funding force of UK culture.”

But Adrian Babbidge, director of heritage consultancy Egeria, said: “Just as before the recession, more than two-thirds of all private investment goes into London-located museums.

And as private giving amounts to no more than 10% of the UK museum sector’s total income, compared with the 65% that comes from public funds, the idea that private pockets can substitute for government coffers seems fanciful, for the foreseeable future at least.”

Private investment in the cultural sector fell by 3% in 2009-10 to £658m. Business investment shrank by 12% to £144.1m, but funding from trusts and foundations rose by 11% to £154.6m.

Meanwhile, the Office of Tax Simplification will consider a number of new initiatives that relate to museums as part of its review of tax reliefs. Private treaty sales and the  Acceptance in Lieu scheme will come under the remit of the planned review although it is understood that there is no intention to change the latter.