Agenda item

Report of the Director of Culture, Heritage and Libraries. This report was considered and approved by the Culture, Heritage and Libraries Committee on 23 May 2016.

The Deputy Chairman took the Chair for this item.

The Committee considered a report of the Director of Culture, Heritage and Libraries which requested approval for the Culture, Heritage and Libraries Department to be allocated £20,000 of residual funds from the winding up of the City Arts Trust (initially allocated from the Finance Committee’s Contingency Fund) to be dedicated to the modelling of activities to replace the City of London Festival.

A Member noted that the report appeared to indicate that there was a £15,000 cost of writing off a £150,000 loan. The Director of Culture, Heritage and Libraries explained that £15,000 was the sum which was expected to be returned to the Corporation from the original loan, after allocation of the £20,000 referred to within this report.

RESOLVED – That the Committee approves a one-off allocation of up to £20,000 from any balance returned to the Corporation from the City Arts Trust wind-up process with any remainder set against the costs of writing off the Bowler Hat loan.

Following the conclusion of this item, the Chairman resumed the Chair.