§ The Parliamentary Under-Secretary of State for Foreign and Commonwealth Affairs (Mr. Chris Mullin)The British Council, although not a Government Department, receives a substantial grant-in-aid from the Foreign and Commonwealth Office. The Council regularly organises or sponsors exhibitions overseas of works of art loaned from National Galleries and private collections in the United Kingdom. It provides certain assurances or guarantees in respect of loss or damage while these works are on loan.
In the year ended 31 March 2004, the British Council provided such assurances to six national lenders and undertakings to 206 private lenders. The value of the contingent liabilities that remained outstanding as at 31 March 2004 was £2,807,500 in respect of national lenders and £7,247,453 in respect of private lenders.