Arts and Sport Development Fund (ASDF) (Arts Portion)
The ASDF is a sub-fund under the Sir David Trench Fund for Recreation established under the Sir David Trench Fund for Recreation Ordinance (Cap. 1128). Since its inception in 1997, the ASDF has been deployed in the areas on promoting the development of arts, culture and sport.
The Finance Committee of the Legislative Council approved the injection of $1.5 billion into ASDF (Arts Portion) in July 2010 as seed money. The purpose is to enable the ASDF (Arts Portion) to generate investment returns for providing financial support to the development of arts. Through the annual investment returns (approximately $60 million), the seed money provides the ASDF (Arts Portion) with resources to support the development of small and medium-sized arts groups.
The Home Affairs Bureau introduced the Arts Capacity Development Funding Scheme (ACDFS) to disburse an annual provision of around $30 million from the arts portion of the ASDF to support large-scale and cross-year arts and cultural initiatives/projects with a view to enhancing capacity development of promising small and medium-sized arts groups and artists; and encouraging the community and private sector to sponsor the arts.
Through the Hong Kong Arts Development Council, about $30 million of the arts portion of the ASDF is deployed for the support of the small and medium-sized arts groups, the budding artists, arts education, arts promotion and audience building.