The Bermuda Foundation for the Arts has announced its dissolution and presented its cash endowment funds and shares to another registered charity that supports the arts .The group donated $44,028 in cash and 4,817 Butterfield Bank shares to the Trust for All the Arts, an organisation established about a year ago to assist Bermudians pursuing careers in the performing arts.Established in the late 1990s, the Bermuda Foundation for the Arts provided grants to individuals and groups dedicated to the arts, such as the National Dance Foundation and the Menuhin Foundation.Foundation Chair Louise Jackson said the combination of the economic downturn’s impact on investments and the growth of other organisations supporting the arts in Bermuda led them to disband.“For many reasons this is exciting for us, because now the funds will be transferred over to an organisation that’s probably younger,” Ms Jackson said. “We’re very excited about the fact that they have already shown that they are helping young Bermudian talent.”Richard Butterfield, a trustee for the Trust for All the Arts, expressed his thanks for the donation. He announced that the donation will form the beginning of the organisation’s endowment fund.Mr Butterfield mentioned several students who have already been assisted by the Trust for All the Arts. One is studying musical theatre at Edge Hill University, in the UK, another was apprenticed with the Welsh Ballet and a third is pursuing a career as an opera singer.Despite the closing of the Bermuda Foundation for the Arts, Ms Jackson said she has seen significant progress in the arts.“In recent years, the arts have made great strides in Bermuda,“ Ms Jackson said. “As a community, we are much more sensitive to the importance of promoting the arts in our schools and there are now numerous agencies granting financial support.”