Individual giving to the arts has increased by 18% over the past two years and now stands at £244m annually, according to a new report. Together with business donations and investment from trusts and foundations, private support for the arts has reached £452m, an increase of 15% from 2002/03.
The report, carried out by Arts & Business (A&B), looked at donations and also obstacles to raising private investment. While focused on arts organisations, the figure of £452m includes £164m donated to heritage organisations. Seventy-seven per cent of all donations were shared by just 53 organisations just 3% of those surveyed and 72% of the money went to London-based organisations. While private support for the arts is shown to increase overall, donations from trusts and foundations have fallen in the past two years by £15.5m.