PAPER D

Purpose: For Decision

Committee: EXECUTIVE

Date: 26 MARCH 2002

Title: JULIA MARGARET CAMERON TRUST

PORTFOLIO HOLDERS - RESOURCES AND EDUCATION AND LIFE LONG LEARNING

SUMMARY

To consider a request for financial assistance to the Trust in support of its Business Plan.

BACKGROUND

1. At its meeting on the 16^th February 2000, Policy Committee approved a one year £10,000 interest free loan to the Trust and asked that a satisfactory Business Plan be drawn up by the Trust for approval by the Council prior to any further financial assistance being considered. A Business Plan was produced by independent consultants and the Executive Committee approved a 3 month extension of the loan period at its meeting on 5th April 2001 to enable the Council to consider the Trust’s response to it. The loan period was further extended to 31 December at a meeting of the Executive on 24^th July 2001, and to 31^st March 2002 at a meeting of the Executive on 27^th November 2001, in the hope of considering this matter with reference to a Review of the Council’s procedures for making loans and grants.

2. A paper on the review of the Council’s grant procedures was considered at the Resources Select Committee on 10 October 2001, resulting in the setting up of a task group to look into matters further. The grants review has still not been concluded .

3. Members have always wanted to make a final decision in this matter with reference to the grants review. If Members still wish to await the outcome of this Review, then consideration must be given to extending the term of the loan.

FINANCIAL IMPLICATIONS

1. An extension to the loan for a further six month period will have associated interest costs of approximately £300.

2. There is no budget provision for any grant payment to the Trust.

OPTIONS

1. To extend the existing loan for a further 6months to 30 September 2002, with a progress report being made to the Executive in June 2002.

2. To request that the existing loan be repaid.

3. To turn the existing loan into a grant.

RECOMMENDATION

Option 1, to enable the grants review panel to complete its work

BACKGROUND PAPERS

Julia Margaret Cameron Trust. Review & Financial Plans 2001.

Julia Margaret Cameron Trust. Report & Financial Statements for year ended 31 January 2001

Contact Point: Mike Bishop,( 823824 Gareth Hughes, ( 823604

M J A FISHER Strategic Director Corporate and Environment Services	R R BARRY Portfolio Holder - Resources
A KAYE Strategic Director Education and Community Development	P HARRIS Portfolio Holder - Education and Life Long Learning