Select Committee on Regulatory Reform Second Special Report

Annex

ANALYSIS OF COST SAVINGS ACHIEVED THROUGH RRO

	2003/04	2004/05	2005/06	Total
1. Reduced cost of maintaining separate charitable company	(3 MONTHS)
Board secretarial	17,450	69,800	69,800	157,050
Based on cost of MoL
Main Board
Audit Committee
Remuneration and Terms of Service Committee

Finance and General Purposes Committee
External Audit + Statutory Returns	15,000	15,375	15,759	46,134
Based on cost of MoL (less audit cost of MoLAS)
Internal Audit	5,250	21,000	21,000	47,250
Based on cost of MoL
	37,700	106,175	106,559	250,434
2. Cost reduction driven by staff positions being combined with MoL staff
Costs per Museum in Docklands option appraisal
Director	60,850	62,371	63,931	187,152
Secretary	21,636	22,177	22,731	66,544
Development and Marketing Assistant	18,030	18,481	18,943	55,454
Director of Finance and Administration	39,553	40,542	41,555	121,650
Accounts Assistant	24,040	24,641	25,257	73,938
Head of Public Programmes	45,638	46,779	47,948	140,365
Commercial Manager	30,050	30,801	31,571	92,423
IT systems Technician (50%)	12,020	12,321	12,629	36,969
	251,817	258,112	264,565	774,495
3. Care and storage of collections	150,000	150,000	150,000	450,000
TOTAL	439,517	514,287	521,125	1,474,929

Revision of cost savings achievable through merger of MoL and MiD

	Savings originally forecast Dec 2003-March 2006 (27 months)	Revised forecast Dec 2003-March 2006	Estimated annual savings from March 2005
Board secretarial	157050	5000	5000
External audit and statutory returns	46134	7500	7500
Internal audit	47250	0	0
Staff costs:
Director	187152	0	0
Secretary	66544	3462	0
Development & Marketing Assistant	55454	0	0
Director of Finance & Administration	121650	65050	37000
Accounts Assistant	73938	38000	11700
Head of Public Programmes	140365	0	0
Commercial Manager	92423	0	0
IT Systems Technician 50%	36969	0	0
Care & Storage of Collections	450000	0	0
Total	1474929	119012	61200

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Prepared 1 July 2004