RESOLVED:
1. That the release of £500,000 as a one-off contribution from the youth fund reserve to donate to the Old Vic Endowment Trust be agreed. This will be for the purposes of the long term promotion of education and employment through culture and the arts for young people in Southwark.
2. That authority be delegated to the chief executive to sign off a memorandum of understanding that enters the council into agreement with the Old Vic Theatre Trust setting out the benefits to be accrued from the donation and process for monitoring and review.
3. That a progress report be submitted to cabinet in 2016.