COVENTRY City of Culture Trust has held talks with administrators amidst a ‘difficult financial position’ and ‘ongoing cashflow issues’.
The trust is currently overseeing a three-year legacy programme in Coventry following the 2021 City of Culture year but accounts recorded in March 2022 for the end of the financial year showed a funding shortfall of around £1.5million.
In addition, the wage bill totalled just under £3.8million – a £1.2million increase from the previous financial year.
A council spokesperson said the authority was concerned by the situation, adding it was in discussion with the trust and its partners as it sought solutions to the financial challenges to minimise the impact to ‘deliver the legacy the city needed’.
A trust spokesperson added it would work to find solutions to the challenges faced.
The trust would be working on projects such as its first legacy commission ‘Cosy Creative’ which continues this February, as well as the Life and Work of Frida Kahlo exhibition at The Reel Store.
Paul Maddocks, from Coventry Action for Neighbourhoods, said despite promises made on how the title would bring visitors and prosperity, any legacy from the City of Culture year was looking unlikely.
“Areas outside the city centre like Bell Green, Wood End, Willenhall and many more failed to be excited or see anything of the City of Culture events.”
The council’s cabinet member for arts and culture, Coun David Welsh, said the City of Culture year had benefited the smaller arts and culture organisations across the city.
“I know of organisations that say without the commissions of the Trust during the pandemic, they would have folded because they lost everything at the start of lockdown.”
Coun Welsh also hailed the impact external funding had on the city due to its culture year.
“The most recent independent Economic Impact Report states approximately £172.6million has been secured as a result of being awarded the UK City of Culture title.
“That includes £48million for our Cultural Capital Investment Fund, enabling the city to restore, improve or bring back into public use cultural assets including St Mary’s Guildhall, Coventry Cathedral, Drapers Hall, the Belgrade Theatre and the Daimler Powerhouse.”
He said, since Covid, so many people had rediscovered the improved city centre with improvement works in the Upper Precinct, Smithford Way, Hertford Street and the Bull Yard totalling around £44million.
He was concerned by the trust’s plight and the fact it may not be able to deliver its legacy arts and culture programme but felt the overall benefits of the year far outweighed any downside.
We approached Coventry City of Culture Trust for comment but had not received a reply by the time we went to press.
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