The vast majority of England’s biggest subsidised cultural institutions are now operating at a loss, including many internationally renowned venues and arts brands. Financial data gathered for a new national lobbying group called Culture Makes …, started by the Cultural Philanthropy Foundation (CPF), revealed the severe plight of even theatres, galleries and museums that receive regular state grants.
The success of these national gems is usually considered a matter of pride. But end-of-year accounts recently submitted by the 100 organisations that get the most annual funding from Arts Council England show 73 have reported a loss, and this averages at about £300,000. Among them is the Royal Shakespeare Company, which has dipped into the red by a few thousand pounds, despite some stringent budgeting. While not all of these leading venues and cultural attractions are actually in debt, several are. And even though commercial profitability is not always the bottom line – since levels of subsidy will always be required – many have fallen well short of attempts to break even.
