Following the Welsh Government’s announcement on our indicative settlement for 2024/25, and the completion of the appeals process, the Arts Council of Wales has issued revised offers for Investment Review multi-year funded applications.
We are facing a cut of 10.5% on our budget for 2024/25, and as a result have had to review all our costs across the organisation, including the multi-year funding offers. Council discussed the matter at its meeting on 2 February 2024 and agreed on a cut of 2.5% to be applied consistently to the initial offers made to the 81 successful applicant organisations.
Our sector is facing a challenging financial climate which the Arts Council of Wales is currently attempting to navigate in the best interests of the sector, creatives and audiences.
We will issue further updates in due course.