Issue - meetings

It is a statutory requirement to agree the Annual Financial

Statements for the Russell-Cotes Art Gallery and Museum and

submit to the Charity Commission by 31 January each year. The

Management Committee are asked to review and agree the

Financial Statements and the Letter of Representation prior to them being signed off by the Leader of the Council.

The Assistant Chief Financial Officer presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'B' to these Minutes in the Minute Book.

It is a statutory requirement to agree the Annual Financial

Statements for the Russell-Cotes Art Gallery and Museum and

submit to the Charity Commission by 31 January each year. The

Management Committee are asked to review and agree the

Financial Statements and the Letter of Representation prior to them being signed off by the Leader of the Council.

It was recorded that a preliminary sight of the accounts and discussion had taken place and they were now ready for formal sign off.

As part of those discussions, the unsatisfactory treatment of some of Russell-Cotes reserves (totalling nearly £500,000), which were held in BCP Council accounts had been identified.  Now all reserves had been transferred to the Russell-Cotes and were clearly identifiable in the accounts.

It was reported that Auditors had challenged the insurance basis of the valuation of the property.  An external valuer was instructed to undertake a valuation, which they had concluded to be just under 5 million pounds which was significantly lower than the previous valuation.  The Committee was assured that this was a notional figure and would not effect the reserves or impact the function for the museum as a charity.

RESOLVED that

The Management Committee agree the Annual Financial

Statements and the Letter of Representation for the Financial Year 2023/24.

Voting: Unanimous