RECOMMENDED that Council approve: -
(a) An upfront grant of £2million to enable the Russell-Cotes to establish themselves as an independent organisation
(b) Asset Transfer of the study centre, Exeter Road storage to the Charity (estimated value £500,000), subject to appropriate overage clause.
RESOLVED that Cabinet: -
(c) Approved a one-off grant of £250,000 for building maintenance
(d) Approved the transfer of earmarked reserves (currently £299,000 but subject to change prior to vesting date)
(e) Delegates authority to the Director of Customer, Arts and Property to conclude the details of the transfer in consultation with the Director of Finance, Director of Law and Governance and Portfolio Holder for Customer, Culture and Communications; and
(f) Request that the new CLG Board is encouraged to consult with the Portfolio Holder if there is consideration of disposal of assets and artefacts.
Voting: Unanimous
Portfolio Holder: Customer, Culture, Communications
Reason
To make financial provision to ensure that the governance change of the Russell-Cotes is financially and organisationally sustainable.