FEASIBILITY_STUDY , item 14. PDF 1 MB - Meetings, agendas and ...

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A feasibility study prepared for the Black Box TrustNovember 2011The growing reputation of Belfast as a music city suggests that there will be increaseddemand for music venues across the city.6.3 ConstraintsThe constraints facing the future operation of the Black Box include issues of public funding,temporary set-up, lease and usage of the building, venue and location.6.3.1 Public fundsThe sources of public funding that the Black Box has received to date are unlikely to be soreadily available as beforeDuring an era of public austerity, the Black Box must apply forfunding through appropriate funding channels provided by the ACNI, BCC and DSD, as anyother arts and culture organisation.Public spending cuts have significantly curtailed organisational and departmental budgets, thusincreasing the competition between artistic and cultural groups for limited pots of money asflagship projects are prioritised. Capital budgets have been particularly restricted andtherefore, it is unlikely the building of the Black Box would be purchased by any public sectororganisation. In addition, the level of funding previously provided by each key stakeholder maynot be matched in the future provision of funds.Furthermore, there is significant urgency on securing public funds for the continued operationof the venue as its current funding is based on it operating to the end of March 2012.6.3.2 Private/bank fundingWith the Black Box not making any profits during the first four years of its existence and asignificant loss in 2008/09 of approximately £45,500, creating a substantial bank overdraft, itconstrains its development and potential for investment.For these reasons, it is unlikely that the Black Box would succeed in securing private sectorinvestment or any debt finance from the bank until its overdraft is cleared or seen to beingreduced.6.3.3 Temporary set-upThe Black Box was set up as a temporary venue to address the critical lack of performancespace in the Cathedral Quarter in April 2006, with the aim of building audiences in the area untilthe arrival of the planned MAC was operational. While it has created its own unique presenceand has become accepted as a key element of the Cathedral Quarter, there is still a perceptionthat it is threatened by the opening of the MAC. In our view this is not a real threat, as the MACis a different scale and type of venue.6.3.4 Lease and nature of buildingThe Black Box Management Committee met with the landlord of the building to review andnegotiate the terms of lease of the building, currently equating to £70,000 per annum.Unfortunately there was no agreement reached in terms of lowering the cost of the rent.44
A feasibility study prepared for the Black Box TrustNovember 2011Furthermore, the only permitted use of the building is a mixed performance venue for live music,comedy and other events. This would therefore impact upon any long term investment decisionfrom the private sector.6.3.5 Venue and locationThe Black Box has built up its reputation over the years as a popular arts and cultureperformance space at the heart of the Cathedral Quarter. Its identity has been defined by thecharacteristics of the venue and its location.There are no suitable venues that capture the essence of the „black box‟ feature and noalternative locations within the Cathedral Quarter or other parts of Belfast. There is no option tomove the Black Box.6.4 Identification of optionsWe considered a long list of options when considering the future operation of the Black Box.These options were then subjected to a short-listing process of which the majority fell underbroader descriptions. These options are identified below in context of the key objectives of thevenue‟s continued existence.Option 1: Status QuoOption 2: Closure of the Black BoxOption 3: Becoming an independent/commercial venueOption 4: Broadening the venue‟s funding baseEach of the options is described and an explanation is provided as to why a particular optionhas/has not been taken forward for further consideration in the „Option advantages anddisadvantages‟ section below.6.5 Option advantages and disadvantages6.5 .1 Option 1 – Status QuoThe Black Box has operated to date with annual funding provided by the ACNI, BCC and DSDup to an approximate value of £60,000 out of a total annual turnover of almost £400,000.This option would involve the Black Box operating within its current state of affairs or existingarrangement, having already received the funding from the ACNI, BCC and DSD for financialyear 2011/12. It is assumed that the Black Box will apply for new funding provided by thesesources for financial year 2012/13. However there is no guarantee that renewed funding will beavailable on the same basis and we therefore consider that this option is not sustainable.Although this option does not meet the objectives of the Black Box going forward and couldeventually lead to its closure, it has been included as a baseline for comparison with otheroptions in line with good practice.45
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