City of Culture
Impact
Our year as the City of Culture had its challenges, but it also had its successes.
Firstly, an independent evaluation report published in November 2023 found that Coventry received a £156.5 million increase in tourism during its year in the spotlight compared to pre-COVID figures. This was a huge shot in the arm for a sector that was particularly hit hard by the pandemic.
In addition, despite being delayed by the pandemic, the year saw a number of fantastic events take place in our city. Huge events like the Drone Show in War Memorial Park, Gratte Ciel’s Awakening in Broadgate and the Radio One Big Weekend were attracted to the city by the City of Culture status and alongside smaller community-focused events. What was most encouraging about the year was that the evaluation showed that communities from across the city, including those who typically don’t engage with culture and arts, found plenty to attend, which led to a significant increase in engagement with the programme within these communities.
The second huge benefit of the programme was that it attracted £183 million of additional investment into the city. This helped the Council embark on a huge regeneration of the city centre, including the renovations to the Bull Yard, Station Square and Upper Precinct. In addition to this, funds were used to support key cultural landmarks such as Drapers Hall and the Belgrade Theatre and Daimler Powerhouse to name a few.
Financial issues
The trust’s financial issues are well documented in the media and many of you will have read about the loan granted by the council. Administrators have published their final report, and the Council will not be recouping the value of the original loans.
The Council is bitterly disappointed by the situation. However, we know the loan was spent on maintaining cultural activity in the city and ensured payments to both suppliers and to major and smaller cultural bodies that had provided content and events.
We are also aware of a further compliance case investigation by the Charity Commission, which remains open, and we therefore await the outcome of their findings.