This morning (20 June 2012) The Secretary of State for Culture, Olympics, Media and Sport Jeremy Hunt announced that Turner Contemporary was one of 18 recipients of a Catalyst: Endowment grant. This is a seed fund of up to £1m, which will be released to the gallery when they raise the equivalent amount within 3 years.Catalyst: Endowments
is a culture-sector wide scheme sponsored jointly by the Department for Culture, Media and Sport (DCMS); the Heritage Lottery Fund and Arts Council England. It offers organisations match funding to build endowments that will yield them a guaranteed annual income.
The scheme is designed to bring new money into the arts sector to enhance and not simply to replace existing sources of funding so that the arts organisations funded will be able to contribute most effectively to ACE’s strategic framework Achieving great art for everyone.
Victoria Pomery, Director, Turner Contemporary, explains:
'We have had a fantastic opening year, with a brilliant response from visitors, the local community and from the media. It remains vital that we build on this success and secure the long term future of Turner Contemporary. Generating an endowment is one way we can do this, and we were delighted by today’s announcement.'
John Kampfner, Chair Turner Contemporary, says:
'Turner Contemporary is a beacon of arts excellence which is having a real regenerative impact. Our Endowment campaign offers individuals and companies the opportunity to contribute to a real success story and help secure our long term future. It is fantastic news that Arts Council England have pledged this match funding to kick start the campaign.'
Sally Abbott, Regional Director, Arts Council England, South East, says:
'We are delighted to be awarding Turner Contemporary Catalyst Endowment funding. These awards are about offering match funding to arts organisations with a successful track record of fundraising to help them build endowments that provide an annual income.
'As the gallery’s first year figures demonstrate, Turner Contemporary is already proving itself to be an important cultural driver for the regeneration of Margate. This Catalyst Endowment award will support the gallery’s future sustainability and attract new money to invest in additional artistic work for its audiences to enjoy.'