Decision details

To provide temporary finance to enable the Watts Gallery to commission a new casting of the G.F. Watts iconic sculpture ‘Physical Energy’ as a major piece of public art for Surrey during G.F. Watts bi-centenary in 2017 with the finance to be repaid to SCC as the fundraising appeal proceeds.

It is recommended that the Leader agrees to the Council offering an interest free loan to the Watts Gallery Trust for an amount not exceeding £140,000 for the purpose of  the commissioning of casting of G.F. Watts sculpture ‘Physical Energy’ – subject to satisfactory financial and legal due diligence and the following conditions:-

• Any sum loaned to the Trust should be included in the Watts Gallery fund raising appeal target – and Surrey County Council will be reimbursed as the fundraising appeal proceeds, either as single payment or in stages, until the loan is discharged but with a proviso that it will be fully discharged.
• The duration/terms and agreement of the loan to be agreed. The final details to safeguard Surrey County Council’s financial position and the detailed arrangements for the commission and its supervision during the fabrication process will be approved by the Leader, in consultation with the Director of Legal Democratic and Cultural Services and the Director of Finance.
• Until such time as full reimbursement of the loan is received Surrey County Council will have an agreed form of security in the form of a legal charge against either the trust or the asset.
• The Watts Gallery Trust will ensure appropriate insurance arrangements are in place for the replacement cost of the sculpture.