Social Impact - Boom Studios Work Valued at over £1m in 2023
The Growing Social Impact of Boom Studios: 2023 Assessment
We always knew that our creative hub In the heart of sunny Bangor was a model of community benefit, but it can be hard to quantify. You may remember that we enlisted the help of Workwest and had our social impact evaluated in 2022.. well it was time to update that post covid-recovery era, and see how we’re comparing now!
We were blown away to discover that our work output was valued at over £1 million (£1,046,776.42), which represents a social return on investment of £9.24 of benefit for every £1 invested in Boom Studios during 2023, a significant increase from £7.83 in 2021-22.
£9.24 SROI in context..
That means that a donation of £10.82 could be the equivalent of delivering £100 to your local community. Boom is a registered charity as well as a social enterprise so if you would like to donate, please do so here or at the foot of the page! We’re in the process of making donations easier across our site so keep your eyes peeled and if you ever find yourself with pocket change, we’d appreciate it (wadges also accepted!!).
Let's delve into what this all means and how Boom Studios achieved this remarkable growth.
Understanding Social Return on Investment (SROI)
SROI is a framework for measuring and accounting for the value created by an organisation. It goes beyond the traditional financial ROI to include social, environmental, and economic impacts. For Boom Studios, this meant evaluating how our activities contribute to the well-being of the community, support local artists, and enhance cultural engagement. The work was conducted by Workwest using impact modelling software.
The Journey from 2021 to 2023
In 2021, Boom Studios already demonstrated a strong social impact with an SROI of £7.83. This was for the COVID/reecovery year so we were limited in some ways back then, but were able to innovate in others, such as digital delivery. Since then, back out in normal operations, we have continued to innovate and expand our reach, leading to the SROI of £9.24 in 2023.
Some of our Operations Contributing to SROI
Our work outputs were categorised as meeting 7 of the UN’s Sustainable Development Goals - Decent Work and Economic Growth, Sustainable Cities and Communities, Reduced Inequalities, No Poverty, Partnerships for the Goals, Good Health and Well-Being, and Peace, Justice and Strong Institutions. Some of the elements we submitted include:
Expanded Programs and Workshops: Boom Studios continues to champion local artists facilitating workshops - leading to the Creative Days art programme. Open to all, we have all sorts of art classes from painting and drawing to jewellery making, art journaling and street art and sketching walking tours - all happening in Bangor on a year-round basis. Links below.
Community Engagement: The studio’s commitment to community engagement played a crucial role. Collaborations with local schools, businesses, and other organizations helped Boom Studios reach a wider audience. Events with our partners such as Ards & North Down Borough Council and YMCA North Down, and funding from Arts Council NI helped us to reach wider audiences particularly in teenagers, newcomers to Bangor and tourists. Alongside our new volunteer programme, our community art stalls, Open Art sessions and immersive art events created a strong, accessible community offering, alongside the Creative Days programme.
Support for Local Artists: Boom Studios provided invaluable support to local artists by offering studio space, networking & professional development opportunities, and platforms to showcase their work. This not only boosted the local art scene but also contributed to the economic well-being of the artists.
Mental Health and Wellbeing: Creativity is long-proven to benefit the wellbeing of participants. Whether as relaxation or art therapy, satisfaction at gaining new skills or creating things via traditional hands-on craft, it’s vital for community wellbeing that people can access local creative outlets.
Sustainability Practices: The studio’s commitment to sustainability also played a part. Although our buildings are old, we do what we can in terms of recycling, reducing energy consumption, reusing materials, innovating and experimenting with paint disposal, and with a 10 year lease we are also going through steps to see what capital investments we can explore to improve the infrastructure of the HQ building.
The Ripple Effect of Boom Studios' Work
The increased SROI indicates that Boom Studios’ impact extends far beyond our immediate beneficiaries. The skills learned and the confidence gained by participants have a ripple effect, influencing their families, friends, and the broader community. Whether by encouraging more people to join them at Boom, spreading the word and awareness of art services in the Borough, or enjoying arts events and street art galleries around Bangor, the studio’s role in fostering a vibrant cultural scene contributes to the City’s attractiveness as a place to live, work, and visit.
Looking Ahead
We have the wind in our sails and are always bursting with ideas and ways to collaborate with others. As Bangor’s various regeneration projects are revealed and worked towards, we will be right there advocating for the arts as an integral part of everyday life. The benefit is clear - £9.24 per £1 investment is fantastic but we are only one piece of Bangor’s creative scene - we have Seacourt, Courthouse Bangor, galleries such as Wallhangers, Terry Bradley, Kate Whiteman and a whole host of artists, writers, musicians, a fantastic resource in the Heritage team at North Down Museum - so much opportunity to maintain a rich culture and welcome new inputs. We’re just getting started.
Conclusion
Boom Studios' journey from an SROI of £7.83 to £9.24 in just two years is a remarkable achievement. It underscores the value of investing in the arts and community engagement. By fostering creativity, supporting local artists, and prioritizing community well-being, Boom Studios has become a beacon of positive social impact in Bangor. As we look to the future, we aim to inspire, proving that the arts are not just a luxury but a vital component of a thriving community.
Would you like to contribute to Boom Studios? Charity number NI104879
Suggested donation £5.41 for £50 of community benefit, or £10.82 for £100! Estimated, based on the SROI model.