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.