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Charity Bank Case Study - Same Sky

Charity Bank Case Study - Same Sky

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Published by: Mission Models Money on Dec 27, 2009
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12/27/2009

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Charity Bank/MMM case studywww.missionmodelsmoney.org.uk 
Same Sky
Celebratory arts company finds a home in an old Post Office
Sector:
Combined Arts
Region:
South East
Loan Amount:
Loan 1: £50,000Loan 2: £20,000
Purpose:
Loan 1: Building refurbishmentLoan 2: Cash flow/bridging loanFounded in 1987, the Brighton-based celebratory arts company Same Skyworks across the South East to create participatory and public artsprojects.In its early years, the charity operated from a variety of bases. Then anopportunity arose to take over the old Post Office in Kemp Town, in theheart of the artistic and cultural area of Brighton, as part of the URBANprogramme to regenerate the eastern part of the town.The move would enable the organisation to have its workshops, rehearsalspace and administration under one roof for the first time. But thebuilding needed refurbishment to create the spaces required. The workwas to cost around £115,000; £75,000 was pledged from URBAN, but thebalance, £40,000, was yet to be raised.Same Sky promptly turned to its own bank of 13 years, but found that itwas unwilling to provide the facilities required without personalguarantees.Iain Cartwright, Same Sky’s General Manager, approached Charity Bank’sforerunner fund (Investors in Society). The charity’s business plan andtrack record were assessed and a loan was agreed which did not requirethe trustees to commit their personal assets. “I don’t know what we would have done otherwise,” said Iain Cartwright. “It’s a common situation for charities that want to expand but can’t findthe funds. It would have taken several years to find the money weneeded.” A loan of £50,000 was agreed in 2000, to be repaid over five years. Theorganisation moved in 2001, having drawn only £30,000, as on-goingfundraising efforts had succeeded in bringing in the rest.In 2004 Same Sky came back with another request. It had beenextremely successful in accessing large statutory grants, some of whichwere paid in arrears. Normally it had sufficient reserves to cover costsuntil the funding came in. But a number of grants were ending at thesame time and there was a longer time lag (while final reports werecompiled and submitted) before the final instalments of the grants would

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