HL Deb 07 November 2002 vol 640 cc136-7WA
Lord Freyberg

asked Her Majesty's Government:

Whether the Department for Culture, Media and Sport will reclassify the Treasury silver on loan to the Victoria and Albert Museum as a non-operational heritage asset. [HL6330]

Baroness Blackstone:

The Department for Culture, Media and Sport has agreed a long-term loan of the Treasury silver to the Victoria and Albert Museum. Accounting standards require the substance of transactions to be reflected in the museum's accounts. In the case of the Treasury silver it is the Victoria and Albert Museum which is enjoying the rewards of ownership and bearing the risks. The museum will therefore classify the silver as a non-operational heritage asset and include in its balance sheet as a capitalised addition to its existing collection.