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

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A feasibility study prepared for the Black Box TrustNovember 2011While the Black Box was set up as a temporary venue, it has created its own uniquepresence and has become accepted as a key element of the Cathedral Quarter, there is stilla perception that it is threatened by the opening of the MAC.The current terms of leasing the Black Box building could not be renegotiated to lower thelevel of rent. Furthermore, the only permitted use of the building is a mixed performancevenue for live music, comedy and other events.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.We 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 were identified 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 baseConsidering the advantages and disadvantages of each option, we identified Option 4 as thepreferred option for the future operation of the Black Box. The advantages and disadvantagesassociated with Option 4 are presented in Table 1 below.Table 1: Advantages and disadvantages of Option 4AdvantagesAttract new monies and investmentfrom relevant organisations such asthe Paul Hamlyn Foundation,Heritage Lottery Fund, NITBIncrease the probability of attainingfundingBecome less dependent ontraditional sources of fundingHelp to increase the job security ofexisting venue staff and equipmentsuppliersDisadvantagesAdditional time and resourcerequired to prepare applicationson top of existing applications totraditional providersMay not meet some of previousfunders‟ new criteria and thecriteria of potential fundersCompetition for funding is highand available monies arelimitedPotential delay in delivery offundingIncrease opportunities for staffdevelopment, as specific grants fortraining can be obtainediv
A feasibility study prepared for the Black Box TrustNovember 2011Advantages cont…Disadvantages cont…Increase opportunities to movetowards becoming moresustainable, generating additionalincomeAdditional resource to programmemore performances and eventsIn our view, applying to additional sources of public sector funding and other relevant sources isthe preferred option for the continued existence of the Black Box. It will also help to mitigateagainst the risk of not receiving funding.The preferred option to „continue with public sector and other support‟ will have a number ofassociated risks and uncertainties that potentially will affect successful implementation. Thesewere considered in terms of the following:Lack of public fundingRestricted lendingCriteria of other funding sourcesCompetition for fundingLack of business caseConclusions and actionsThe overall evidence gathered and analysis provided has shown that the Black Box hasestablished its own unique identity and audience and that there is a need and demand for thefuture operation of the venue, in terms of the meeting the strategic objectives set out by keystakeholders, attracting a growing audience, adding to the arts and culture offering, contributionto local business and creating its own identity and audience type.It is our view that the Black Box brings a niche product to the arts and culture sector and offersperformances and events that will not be in direct competition with the offering provided byexisting or planned infrastructure, such as the MAC as a result of its unique nature.The Black Box has operated on a minimum amount of public sector funding and has become82% self-generating since opening in 2006. However, its ongoing net deficit needs to beaddressed for it to continue to exist and move towards greater sustainability.A number of steps will need to put in place to address these issues going forward and to makethe preferred option to continue with public sector funding and attract other support viable.The first step the Black Box will need to take is to prepare a robust business plan for its futureoperation. A summary action plan is included in Table 2 below:v
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