Minutes of the Finance Committee meeting
       held on Monday 15 October 2001 in Milton Community Centre at 7.30pm

Present:   RT Summerfield (chair)   JE Coston (part)   PK Oldham   TJ Siggs
           RLE Waters   RJ Farrington   R Day (part)   B Jefferson   CJ Lock
           LC Twinn (part)
           The clerk

       1   Apologies for absence  HM Smith  (at youth centre)

529/01 2   Minutes of the meeting of 16 July 2001 were confirmed and signed
           as a true record.

       3   Matters arising - none

530/01 4   Bank Reconciliation and Bank Statements
           The chairman reconciled the bank statements as at 30/09/01.

531/01 5   Audit Report
           Fidelity Guarantee - In view of the significant contributions made
           to the Community Centre Council should consider whether MCC had
           sufficient security in place in the event of any losses at the
           Community Centre.
           Property Cover - variance between the level of cover and the value
           of assets listed in the supporting statement.  The clerk would
           explain to Robson Rhodes that Council reviewed the insurance
           annually and had made the decision not to insure some items eg
           play equipment.
           VAT - recommended that Council should always seek advice when
           receiving donations on behalf of MCC as to whether VAT can be
           reclaimed. The Clerk to send copy of letter from Customs and Excise
           to Robson Rhodes.

532/01 6   Review of Debtors
           There were no debtors at 30/09/01

533/01 7   Review of Budget and Year to Date Actuals
           The budget figures and year to date actuals were reviewed.
           It was suggested that the Youth Centre has its own account - Youth
           Committee to discuss.

534/01 8   Review of Bank Accounts
(501/01)   RTS and the clerk had investigated various accounts. Lloyds
           Treasurers Account allowed 25 debits per month free and £2 per
           cheque thereafter - all credits free.
           It was AGREED
            to close the current account and open a Lloyds Treasurers Account
            subject to confirmation of its terms and conditions in writing.
           RLEW would investigate Barclays Bank accounts.

The meeting ended at 8.00pm.