Jack Gamble, Director of Campaign for the Arts, said: “This analysis shows publicly-funded organisations are not immune from the wider economic pressures of recent years.

“The Arts Council’s investment hasn’t been able to keep pace with rising costs and inflation, and now accounts for a smaller proportion of organisations’ total income – but without that investment, things would be far worse.

“Public funding unlocks potential, enables new activity and helps organisations grow. It is a crucial part of the solution.”