Turner Contemporary has announced it has been successful in raising £1m in donations and private giving since April 2013. The figure means it can now access match funding of a further £1m through Catalyst, the arts endowment fund supported by Arts Council England (ACE), Heritage Lottery Fund and the Department for Culture, Media and Sport (DCMS).
The Margate-based gallery says the funds will help it to ‘continue making art accessible to everyone, grow the learning and outreach programmes and make an even greater impact on Margate and Kent’s future’.
Since opening in 2011, Turner Contemporary has recieved more than 1.5 million visits and claims to have generated more than £32m into the local economy through tourism and inward investment. It reached the Catalyst endowment target two weeks ahead of its fourth birthday.
Announcing the news, director Victoria Pomery said: “We are absolutely delighted that Turner Contemporary has reached its £1m Catalyst endowment target. We would like to thank all of the donors and visitors who have generously given and supported us over the past two years, without whom reaching this enormous target would not have been possible.
“All donations made will now be doubled, resulting in a £2m contribution towards sustaining Turner Contemporary’s future. This significant achievement concludes a fantastic third year for the gallery.”
Diversifying income streams
Catalyst is a £100m sector-wide private giving investment scheme aimed at helping cultural organisations to diversify their income streams and access more funding from private sources.
In June 2012, Catalyst endowment awards were offered to 18 organisations, with each being set a target of between £500,000–£5m to raise over a two-year period. The awards aim to help organisations with a successful track record of fundraising to build an endowment that will provide annual income in the future.
Catalyst also supports smaller organisations through the capacity building and match funding and the building fundraising capacity schemes.
More on a-n.co.uk:
How artists see themselves: the art of the self portrait – Dany Louise on the current Turner Contemporary group show, Self
Endowment funding – a catalyst for conformity?
Catalyst awards: artists and organisations to benefit
ACE provides Catalyst for development
