City of Culture Trust facing financial trouble as urgent meeting calledCoventry councillors will ask for an urgent meeting to discuss the City of Culture Trust after news that it faces financial difficulty.
Members of Coventry City Council’s Finance Scrutiny Board backed calls for the meeting when it was raised by a councillor at a committee yesterday (15 February.)
News of the organisation's financial woes emerged in a report by BBC CWR earlier this month.
The BBC said the Trust had recently held talks with administrators and a spokesperson for the group confirmed it is in a "difficult financial position."
Cllr Ed Ruane [pictured] raised the Trust as an urgent matter of business outside the agenda for that afternoon's Finance and Corporate Services Scrutiny Board.
He asked for an emergency meeting of the board on the topic and called on the Trust's Chief Executive and finance manager to attend.
"I've already learned, and I shouldn't in honesty, I shouldn't find out through the media that the City of Culture which we proudly financed is in financial trouble," he told the meeting.
"At the moment it's a going concern. And I don't think we're going to be able to deliver the three-year legacy in terms of what it was set out to do."
Cllr Ruane said he felt "badly let down" by the Trust.
He said he wants to make sure public money the Trust has received is secure, amid fears over what could happen if it does end up in administration.
His suggestion of a meeting was met with support from other councillors on the Board.
Conservative councillor Tim Sawdon reminded attendees that the council had agreed to loan the Trust £1m in September.
"[So] it is even more important that we follow up on what Ed is suggesting and get to the bottom of this pretty quickly," he said.
Meeting chair Cllr Catherine Miks said: "I quite agree Cllr Sawdon and believe me it will be, there will be some answers."
The meeting heard that at least three members of the board must request the City Solicitor in writing to call the meeting. All members at the meeting agreed to back the request.
Once the City Solicitor has been contacted a meeting will be arranged as soon as possible, usually within 15 working days, an officer said.
But while councillors can invite outside people to attend they cannot call people to meetings, the meeting heard.
Asked about its £1m loan to the Trust, Coventry City Council confirmed to the LDRS yesterday that loan monies have not been repaid in full.