Agenda item

(Mark John Boleat)

3 July 2014

Crossrail Art Foundation

The City of London Corporation has been a strong supporter of Crossrail for nearly 25 years and considers the delivery of the Project to be vital to the future prosperity and economic success of the City, London and the UK.

In addition to making a direct contribution to Crossrail of £200m, the City Corporation has also agreed to provide matched funding from City’s Cash of half of the total estimated cost (not exceeding £3.5 million) plus up to £250, 000 towards set-up costs of delivering a Crossrail Art Strategy. To this end we have now considered proposals for the City Corporation to establish a charitable company with Crossrail Ltd. It is intended that the company should be known as the Crossrail Art Foundation and that it will provide an arms-length entity to achieve the outcomes of the Arts Strategy, including seeking donations/sponsorship from the private sector.

The arrangements for the company also include the appointment of three Members of the Court of Common Council as Members and Directors (Trustees) of the company.

A printed and circulated report is now submitted for your consideration and we commend its recommendations in relation to the establishment of a charitable company (intended to be known as the Crossrail Art Foundation) with Crossrail Ltd, the appointment of the three company Trustees and the delegations required to progress the formation of the company to you.

POLICY AND RESOURCES COMMITTEE

(Mark John Boleat)

3 July 2014

Crossrail Art Foundation

The City of London Corporation has been a strong supporter of Crossrail for nearly 25 years and considers the delivery of the Project to be vital to the future prosperity and economic success of the City, London and the UK.

In addition to making a direct contribution to Crossrail of £200m, the City Corporation has also agreed to provide matched funding from City’s Cash of half of the total estimated cost (not exceeding £3.5 million) plus up to £250, 000 towards set-up costs of delivering a Crossrail Art Strategy. To this end we have now considered proposals for the City Corporation to establish a charitable company with Crossrail Ltd. It is intended that the company should be known as the Crossrail Art Foundation and that it will provide an arms-length entity to achieve the outcomes of the Arts Strategy, including seeking donations/sponsorship from the private sector.

The arrangements for the company also include the appointment of three Members of the Court of Common Council as Members and Directors (Trustees) of the company.

A printed and circulated report is now submitted for your consideration and we commend its recommendations in relation to the establishment of a charitable company (intended to be known as the Crossrail Art Foundation) with Crossrail Ltd, the appointment of the three company Trustees and the delegations required to progress the formation of the company to you.

Read and agreed to.