Purpose

To secure the Financial settlement between BCP
Council (current sole trustee of the Russell-Cotes) and the new
Corporate Entity which will become the new sole trustee and take
responsibility for the charity. This accompanies the agreement for
the governance change, administered through Charity Commission and
Parliament, approved at BCP Council meeting on 10 Jan
2023.

Content

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.