Issue - meetings

This report includes 2019/20 final accounts for the Russell-Cotes Museum and Gallery Trust. 

The Company Accountant presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'C' to these Minutes in the Minute Book.

The Committee were asked to consider for recommendation to the Portfolio Holder, the 2019/20 final accounts for the Russell-Cotes Museum and Gallery Trust. 

It was noted that there was a change to how the accounts were presented regarding depreciation.  It was confirmed that this was not a cash movement, but an endowment reserve, not a donation.  The mechanics of the accounts had not changed at all.

It was asked what was the effect of the stated valuation of land and buildings, when they did not reflect building value. It was explained that there was no effect on the trading performance.  The value was an endowment reserve, on a balance sheet, it could not be spent, as the value was in the building. The land value was notional, as it could not be used for anything other than having the museum on it.  The valuation of the buildings was an insurance valuation.

The Committee was advised that Grant Thornton had prepared an audit findings report, which was not included with the Agenda but would be circulated.  A clean audit report had been issued and there had been no change in the findings.

It was asked if in future, these accounts could be considered earlier, as there was a deadline for submission.  It was explained that this set of accounts was being signed-off prior to the statutory deadline and earlier than normal.  It was suggested that there should be an ambition for the accounts to be signed off earlier and not so close to the statutory deadline.  It was agreed that an informal meeting be held to discuss further. 

It was questioned whether the architectural records were stored in a fire-proof area.  It was confirmed that work was scheduled to compile all of the Museum and Gallery records and that the requirement for such documentation had been noted.

RECOMMENDED that the Management Committee recommend that the 2019/20 annual accounts for Russell-Cotes Art Gallery and Museum are approved by the Portfolio Holder.

Voting: Unanimous