Last month creative businesses across the UK welcomed the announcement of a cultural
recovery fund. After months of worrying about what the future might hold for the industry, the £1.75bn support package was a sigh of relief for the sector. It’s great to see the Government recognising the importance of the creative industry to our economy and culture.
Now, as cultural venues are starting to welcome the public back and productions are starting roll their cameras again, more details about how the Culture Recovery Fund will work are being revealed.
TV & Film productions
Britain is a pioneer when it comes to both the big- and small-screens, creating some of the most renowned comedies, dramas and thrillers in recent times, and employing hundreds of thousands across the UK.
So, when the lockdown period began it came as a massive blow for production companies with filming grinding to a halt. And, unfortunately for the most part, insurance policies don’t cover the repercussions of a pandemic. Meaning that when it came to staff and crew illness, or delays in production, businesses were left on the line.
Therefore, the Government’s £500m pledge to support production companies who have faced insurance troubles will help to reboot production in the UK. Ultimately meaning that production companies can rest assured knowing that they will be supported.
The funding will help domestic production companies, who spend at least half of their budget in the UK and have had costs incurred because of delays/abandonment due to COVID19. The intention is that eligible delayed productions could get up to 20% of their budget back, and abandoned productions could have 70% of their budget covered, on claims up to the value of £5m.
Cultural arts and heritage organisations
Last week it was also announced that £880m of the Cultural Recovery Fund will be dedicated to cultural, heritage and arts organisations, in the form of grants.
The grant funding, which will be administered through Arts Council England, will come in two rounds, with the first round opening on Monday 10
th of August. With grants up to £3m being given out, the funding will really help to support everyone from grassroots music venues and comedy clubs to museums and theatres, as they look to get back on their feet – whether they are profit or not-for-profit organisations.
The National Lottery Heritage Fund & Historic England are also set to deliver £92m worth of grants to heritage sites and businesses. With the British Film Institute also administering a further £30m in grants for independent cinemas.
To apply for these grants, your business has to be able to show that you have an ‘
innovative plan’ for the rest of the financial year, proving that you have a course of action when it comes to your operations and sustainability. Alongside this, it’s important to keep in mind that grants will be given to those who are at risk of closing by the end of the year, and those who can prove their local, national or international significance.
What next?
Applications for the first round of funding open in the next few days, and even though the funding package is significant, not all businesses will benefit from the funding, given the far-reaching impact of the pandemic.
All is not lost for those who can’t access grants through the support package. Initiatives such as the Creative Industries Tax Reliefs allow businesses to access funds in the form of tax relief, which can act as real buoyancy aid in these times of uncertainty.
If you have any queries about funding, we’re on hand to support you through these challenging times,
get in touch to see how we can help.
