The canned Garden Bridge project spent £14.3M in pre-construction costs during 2017 despite planning permission never being granted, according to its latest accounts.
In total, £17.4M was spent during 2017, while just £3.9M was raised in donations for the project during the whole year.
This includes winding-up costs paid to a joint venture between Bouygues and Cimolai which was appointed as the main contractor to build the bridge in April 2015.
The accounts confirm that “discussions with the contractor on costs due to them at termination” were triggered following the Mayor of London’s decision to pull support for the project in April 2017.
The Garden Bridge Trust has also explkained that £7M had to be returned to donors as part of the winding up process.
“The decision to terminate triggered the obligation to repay certain donations and funds received which were subject to restrictions that had been imposed by the funder/donor,” the report said. “These sums […] total £7,015,035.”
The accuounts statement adds that the “Trust expects to be able to deliver a solvent wind-up over the next two months”.
The accounts go some way to explaining where £46M of public funded money was spent, including £9M underwritten by the Department for Transport.
As part of the winding-up process, the Trust has said that it “will not exceed £5.5M” of the £9M underwriting facility.
At the time of closure, the report also outlines that total staff costs totalled £1.3M.
That includes one salary of between £110,001 and £120,000; one of £80,001 to £90,000 and two salaries of £60,001 to £70,000.
Like what you’ve read? To receive New Civil Engineer’s daily and weekly newsletters click here.