ICAEW and the creative industries
The creative industries are at the heart of culture, the economy and innovation. In the UK alone, they contributed £111.7 billion (GVA) to the UK economy in 2018 and were worth £35.6bn in exports, according to the latest government estimate.
The creative industries are fast growing and employ more than two million people in British – across film, fine arts, design, music, video games, fashion, TV, immersive technologies, crafts, publishing, radio and photography.
Many of ICAEW’s members are heavily involved in the creative industries, as company directors, finance staff, advisers, investors and lenders.
Support by ICAEW
ICAEW is working closely with many government departments and agencies, funding and representative organisations to boost finance and investment for the creative industries, and to provide them with expert professional advice from chartered accountants. This work includes:
Devising Creative Industries – Routes to Finance
ICAEW devised, researched and first published this unique guide with the Creative Industries Federation and 50 other organisations in 2015. The Institute is working with Creative England, Arts Council England many others to create a new version in 2020.
Taking part in the Creative Industries Council
ICAEW is member of the government-supported council’s Investment in Growth Working Group.
Advising Creative Scale Up
ICAEW is a member for the Advisory Group formed by the Department for Digital, Culture, Media & Sport for its Creative Scale Up programme, which is part of the UK’s Industrial Strategy.
Working with Immerse UK
Shaun Beaney from ICAEW is Chair of the Access to Finance working group of Immerse UK – a joint initiative between government, academia and business. Immerse UK is supported by the KTN, Innovate UK, Arup, BAE Systems, Digital Catapult, Epic Games, Microsoft, National Theatre, PwC, Royal College of Art, Royal Shakespeare Company, University of Sheffield, HTC VIVE and many others.
In June 2021, Immerse UK and HTC VIVE X published the UK Immersive Tech: VC Investment Report – with significant input by the Corporate Finance Faculty. It included unique research about 31 of the UK’s most innovative, high-growth companies that have raised early-stage investment and public-sector support. The report was co-authored by Asha Easton (Immerse UK), Dave Haynes (HTC VIVE X), Shaun Beaney (ICAEW) and Charlotte Thompson (KTN).
Helping Creative Entrepreneurs
ICAEW provides expertise to the Creative Entrepreneurs network for its regular series of seminars for start-ups organised with the Design Museum.
ICAEW is also supporting the East London Inclusive Enterprise Zone (ELIEZ), a new programme to for entrepreneurs, business leaders and design thinkers who are disabled or whose work focuses on disabled people. The Corporate Finance Faculty is working with UCL Innovation & Enterprise, Plexal, Global Disability Innovation Hub and Disability Rights UK to provide ELIEZ with expertise and guidance on funding, investment and financial planning.
Creating a community
A source of information, advice and guidance for chartered accountants who are working in entertainment, sport and media.
Unlocking potential with the RSA
ICAEW was a contributor to the RSA’s report about the power of design Unlocking the Creative Potential of 21st Industry (2018).
Publishing UK Television in Focus
An in-depth report by ICAEW and PwC about investment and M&A in Britain’s fast-growing television industry. (2016)