Decision - Royal Pavilion Museums Trust Loan Agreement

Brighton and Hove Cabinet Decided 27 Jun 2024 · effective 6 Jul 2024 approved Key decision GET /api/coverage

Decision maker

Cabinet

Report author

Chenine Bhathena

Published

28 Jun 2024

Reference

7242

As published

the council's own words, unedited

The report recommends approval of a further advance to the Royal Pavilion Museums Trust in line with the loan agreement dated 30 September 2020 between Brighton and Hove City Council and the Trust.

1) Cabinet approve the drawdown of a £1 million cashflow loan to RPMT in line with the loan agreement dated 30th September 2020 and agrees the loan repayment schedule included at paragraph 3.9 .

Parsed from the document

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The report asked Cabinet to approve a further £1 million interest-free cashflow loan to Royal Pavilion and Museums Trust (RPMT), under the loan agreement dated 30 September 2020. The additional loan would bring total loans to £3 million and support RPMT’s financial resilience, with repayment scheduled by 30 September 2030.

Recommendation

Approve the drawdown of a £1 million cashflow loan to Royal Pavilion and Museums Trust (RPMT) in line with the loan agreement dated 30 September 2020, and agree the proposed repayment schedule.

Financial impact

A further £1 million interest-free loan to Royal Pavilion and Museums Trust (RPMT), bringing total cashflow loans to £3 million, repayable by 30 September 2030.

Ward affected

city-wide

Decision maker

Cabinet

Date in document

27 Jun 2024

Stakeholders named

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Royal Pavilion and Museums Trust (RPMT)Brighton & Hove City Councilresidents and visitorsCouncil officersArts Council Englandcommunity and heritage users

Next steps

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Cabinet to approve the £1 million loan drawdown.
Royal Pavilion and Museums Trust (RPMT) to draw down the loan under the 30 September 2020 loan agreement.
Royal Pavilion and Museums Trust (RPMT) to repay the total £3 million loan according to the proposed schedule, with all repayments completed by 30 September 2030.

Precedents

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