Agenda item

Report of the Director of Culture, Heritage and Libraries.

The Committee received a report of the Director of Culture, Heritage and Libraries which provided an update, as requested by the Committee, on the cashflow of the City of London Festival and reassurance that repayments of the outstanding loan of £150,000 would begin in 2016.

The Committee noted that the Culture, Heritage and Libraries Committee was responsible for the primary grant to the City of London Festival, and also noted that there had been some concerns voiced at the most recent meeting of that Committee regarding the governance of the Festival.

The Committee also discussed the principle of making loans to other organisations, as historically repayment of these was often deferred and eventually written off. It was suggested that in future, the Committee might consider such requests as grants, rather than loans.

RESOLVED – That the Committee notes the report.