Under the three year funding agreement, announced last week, Quad will receive an average of £485,000 per year, representing a 3% increase as compared to its current ACE funding level.

"We are extremely appreciative to ACE for their continued support and take this as a recognition of the quality of work and success that Quad has achieved since opening. This settlement will secure Quad's future," director Keith Jefferies says in a press statement.

Although the arts centre had hoped for a greater increase in ACE funding, it is grateful to be included in the ACE's National Portfolio of funded organizations at a time when the organisation is being forced to cut arts funding by 15%.

Quad is currently looking to secure investment for Format festival, their biennial programme that celebrates the wealth of contemporary practice in international photography and related media.

"Our immediate concern is whether we can maintain levels of investment in Format to maintain its incredible success," Jefferies says. This year the festival enjoyed it's best year yet, exhibiting more than 3000 images from over 300 artists to sell-out crowds.

Speaking to BJP, Louise Clements, the festival's artistic director and curator, says: "Of course the news could have been better, and we are a bit disappointed. But we are very lucky under the circumstances considering the fate of colleagues around the country. Quad and Format are going ahead with plans, albeit a bit under the proposed budget, but we have strategies in place to address this."

Last week, Arts Council England announced that it was cutting the budgets of photography organisations such as Autograph, Rhubarb Rhubarb, Photofusion and De La Warr Pavilion. It has also removed all funding for Side Gallery, Hereford Photography Festival, Pavilion, and Four Corners Film.

Read our full coverage of Arts Council England's cuts.