QUAD, a cultural hub in Derby providing contemporary art exhibitions, film, cinema, integrated digital media work and a range of educational and creative activities, has warned of its financial position.
The charity has said it “remains in serious financial difficulty,” with income too low and costs challenging as the external environment continues to deteriorate. It also follows reduced audience numbers returning post pandemic, along with the continued impact of the cost-of-living crisis.
As a result QUAD is reviewing how it can move forwards in a sustainable way.
In a statement QUAD said: “In 2023 we talked openly about our financial position and the need for continued support from the people of Derby to continue to deliver on our charitable aims and the wider programme. Since then, our people have worked tirelessly to remain open, keep serving our customers and the community, and deliver on our charitable aims.
“However, the external environment continues to deteriorate beyond our most recent forecasts, meaning that our income is too low, and costs continue to be challenging. Together with this, the board continues to monitor ongoing risks of further issues, whether in respect of an ageing building or other external developments.
“Following a number of recent board meetings to discuss the continuing challenges, it has become clear that the charity remains in serious financial difficulty. This is despite the incredible efforts of our staff, partners, sponsors and volunteers.
“The situation is not a unique one. The direct impact of Covid-19 and the reduced audience numbers returning post pandemic, along with the continued impact of the cost-of-living crisis have all contributed to the position QUAD and other cultural venues nationwide find themselves in.
“With the support of Derby City Council, Arts Council England, the British Film Institute, and other stakeholders, we are reviewing how the charity can move forwards in a sustainable way. We are doing that transparently, and in consultation with, our people.
“While QUAD trustees and senior managers look at next steps for the charity, we remain open for our customers as usual, and we are grateful for the continuing support you all give. Please keep buying tickets, come to our exhibitions, eat in our amazing café bar and visit everything the building has to offer. Alongside staff and key stakeholders, we will keep people informed as the process continues.”
Mark Gregory, QUAD Chair of the Board of Trustees, added: “For the last fifteen years, QUAD has been an integral part of Derby, along with our fellow cultural venues. A vibrant cultural offering is a key enabler of the regeneration of the City and it is really important that QUAD is part of that.
“However, it is time for us to transform in order to do that sustainably. We will continue to work with our funders and stakeholders to seek out options to move forwards and, really importantly, care for our people in any way we can during this difficult time.”
