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Future for the Rose

April 15, 2015

rosetheatreKingston Council has entered into a new arrangement with the Theatre covering the next 5 years. The complex financial arrangements put in place by the previous Lib Dem administration will be terminated and a new more transparent relationship established going forward. Instead of an annual grant of £500,000 with payments back to the Council (or the theatre property owning limited liability partnership) for leasing costs, rent and debt repayments, the Council will now purchase services to the value of £265,000 with an additional public subsidy of £52,000 reducing to zero over the 5 years. In addition, the Council will write off a 100 year loan of £1.8 million, which had already been fully provided for in the Councils books soon after it was granted. This will clean up the Theatre’s balance sheet and remove a hindrance for raising external funds for the Theatre. Cllr David Glasspool, Lead Member for Arts, Leisure and Heritage, said, “The Rose makes an important contribution to the cultural life of the borough and the local economy. These new simplified arrangements clarify the relationship between the Rose and the Council and should assist the Rose in securing external funding and making financial plans for its long term future. They also continue to deliver access for Kingston residents to a range of cultural activities and events throughout the year.”

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