Triodos Bank has pioneered in arts and culture finance for many years.
This experience was particularly relevant in 2011 as many governments announced budget-cuts as part of far-reaching austerity measures, often causing drastic reductions in financial support for the arts and culture sector in particular.
This prompted Triodos Bank to invest a great deal of time informing the sector about the potential of bank finance as a sustainable alternative to depending on increasingly insecure subsidies.
Triodos Cultuurfonds (The Netherlands)
Triodos Bank offers Triodos Cultuurfonds to its Dutch clients. The fund was launched in 2006 and invests in cultural projects, as defined by the Dutch government, that aim to improve and preserve arts and culture. The aim of the fund is to help make the sector less dependent on subsidies, grants and charity by encouraging cultural entrepreneurship.
In 2011, the fund’s total net assets decreased by 14.8% to EUR 165.0 million, delivering a return of 6.0% (excluding a tax benefit of up to 2.2% for cultural investment by private investors). The decrease in assets can be largely attributed to changes in the Dutch cultural tax scheme that took place in late 2010.
Prospects for 2012 for Triodos Investment Management and Arts & Culture
Triodos Investment Management intends to maintain Triodos Cultuurfonds and develop new financial instruments to support the cultural sector in The Netherlands. It also plans to expand the concept of arts and culture investment funds to other branches of Triodos Bank.
In 2012 we will continue to adjust the portfolio of Triodos Cultuurfonds to meet return-on-investment goals. As such Triodos Cultuurfonds should remain an attractive investment vehicle aimed at supporting the Dutch cultural sector, and should return to the growth path of previous years.