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Philharmonia Orchestra

DEAL SET TO SECURE FUTURE OF PHILHARMONIA ORCHESTRA

 

Bedford Borough Council has approved a deal which will secure the future of the world-class Philharmonia Orchestra in Bedford. The deal is great news for both local music lovers and local taxpayers as it removes the long-standing annual Council subsidy in exchange for a one-off payment.

 

The Council needs to continually review all its expenditure, the new proposal will see the Council, together with a leading charity based in Bedford, each contribute £125,000, with the Arts Council being requested to add £2 for every £1 given by Bedford Borough Council and the charity.

 

This means that £750,000 can be raised in order to establish an endowment fund as a way of contributing towards the funding of future Philharmonia concerts and associated educational activity in the community, guaranteeing these benefits for the people of the Borough for the foreseeable future.  Therefore, the Council would no longer be making an annual contribution. The pledge of £125,000 is on the basis that the Arts Council agrees to this proposal, and until they do, and an endowment trust is established, the Council will not make any payment, thus securing taxpayers interest.

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