Old Vic to receive £5m from Arts Council

They
will receive funding under the Catalyst: Endowments programme, a
joint initiative between the Department for Culture, Media and Sport, Arts Council England (ACE) and the Heritage Lottery Fund to
enable organisations to attract private funding.

The
Old Vic Theatre Trust will receive £5 million to create an endowment
to support long-term resilience and arts activity, provided it can
raise £15 million in match funding from other sources over the next
three years.

An
endowment is a large fund held in perpetuity to
increase an organisation’s long-term financial security, with
interest earned by the fund contributing to annual running costs.
They are common in the US, but less so in this country.

The
RSC will receive £1 million in funding if it
meets its match funding target of £1 million, while the ENO will
receive £3 million if it can raise £6 million in match funding.

Other
performing arts organisations awarded funding by the Arts Council
include Opera North (£3 million) and Birmingham
Royal Ballet (£1 million). To see a full list of organisations set
to receive funding, click here.

Kevin
Spacey, artistic director of the Old Vic, said: “This
award is a real endorsement of the Old Vic, a celebration of what we
have achieved together with our many collaborators from the
theatrical community over the past nine years and an encouragement to
philanthropists to match the Arts Council’s generosity. It will
serve to protect the future of this historic and important building
and to ensure it is home to great theatre for generations to
come.”

Catalyst:
Endowments is part of the wider Catalyst fund, which is investing
£100 million to enable cultural organisations to diversify their
income streams and increase private fundraising. In May, the Arts Council announced the 173 recipients of £30 million of funding
through its Catalyst
Arts: capacity
building and match funding scheme.

For
details of organisations awarded funding through this part of the
scheme, which include Soho Theatre (£120,000), the Tricycle
(£240,000) and the Chichester Festival Theatre (£120,00), click here.

Dame
Liz Forgan, Chair of ACE said: “Public funding of
the arts in this country is at the heart of their success. It
enables organisations to attract private investors, and gives them
the confidence to continue to take the bold artistic leaps that keep
audiences coming. Catalyst
Endowments and Catalyst Arts will help support that public
investment, increasing the sustainability of our world class arts
organisations who bring delight to millions and play such an
important part in our national economy.”