QUAD, a cultural organisation in Derby providing opportunity for engagement in visual art, film, education and participatory activities, is seeking a £150,000 loan from Derby City Council.
An Arts Council England National Portfolio Organisation, in its 2021/22 financial year QUAD reached 541,921 people through its programme and 4,790 people took an active part in learning activities.
However, Audience Agency data from Spring 2023 has highlighted the compounding pressures facing arts and cultural organisations, as audiences already slow to return post-pandemic have been stalled by the cost-of-living crisis. For QUAD this is impacted further by reduced footfall due to the closure of the surrounding cultural buildings Market Hall, Guildhall Theatre and Assembly Rooms.
QUAD is said to be implementing an organisational review to address a short-term budgetary shortfall and establish longer-term sustainability. To support cash-flow during the delivery of this recovery process, the loan provision of £150,000 has been requested from Derby City Council.
The council has recommended approval of the loan ahead of a meeting next week.
A council document noted: “There is the option to not provide the requested loan facility to QUAD. However, this would increase financial risk to the organisation and slow the pace of their recovery. QUAD is a key cultural organisation that can support city centre regeneration through increased vibrancy and placemaking. Slowing the pace of QUAD’s recovery will have impact on the wider city centre.”
Whilst the details of the loan repayment are yet to be agreed, the intention is that this will be an interest free, unsecured loan over a three year period.
