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Housing Accounts and Statistics. 153
The repairs and renewals fund has been established with the view of equalising the charges
against revenue under this head between one year and another, as the expenditure in future years
will naturally be larger than at present, when many of the buildings are new. The sums charged
to revenue account and carried to this fund are based on the estimated cost of all repairs and
renewals during the loan period, after deducting interest earned on the accumulations of the fund. The
credits to this fund during the year exceeded the expenditure thereout by £2,864 13s. 3d. The
amount standing to the credit of the fund on 31st March, 1915, was £46,866 1s. 4d.. of which
£43,834 5s. 10d. was invested.
Repairs and
renewals
fund.
The charge on the rates in respect of the deficiency under this head for the year 1914-15 was
£2,096 1s. 6d., after deducting £2,315 13s. in respect of debt charges on the capital expenditure met
out of the special fund for the acquisition of lands under Part III., referred to in a following paragraph.
The aggregate amount raised in the rates to 31st March. 1915, is £82,783 8s. 7d. This amount
includes the annual instalments of sinking fund to redeem debt. The amount raised in the rates has
now been repaid to a considerable extent from the surplus on the completed dwellings
Estates in
course of
development.
The Council purchased Millbank Prison site under Part III. of the Act, and when the Council
decided, with the sanction of the Home Secretary, to utilise a portion of this land for the purpose
of rehousing persons displaced in connection with the Thames Embankment Extension and Improvements
at Westminster, carried out under the London County Council (Improvements) Act, 1900, it was arranged
that the Westminster Improvement Account should be charged, and the Part III. Account credited
with a sum of £50,000, which has, under the statute, to be applied towards " the cost of the acquisition
by the Council of other lands for the purposes of Part III. of the Housing of the Working Classes
Act, 1890." After defraying certain expenditure on the Millbank site account, the fund amounted,
with interest, to £55,324 4s. 9d. In accordance with the powers conferred by the London County
Council (General Powers) Act, 1908, the Council decided to utilise these moneys in connection with
the development of the Old Oak estate. The whole fund has been so utilised. The sum of
£2,315 13s. being an amount equivalent to the debt charges for the year 1914-15 on the expenditure
met out of the moneys of the Fund has, in accordance with the Council's decision, been
taken in reduction of the amount raised in the rate in respect of the development of estates under
Part III.
Special fund
for the
acquisition
of lands
under Part
HI. of the
Housing of
the Working
Classes Act,
1890.
The capital expenditure during the year 1914-15 amounted to £34,732 16s. 2d. and
the total expenditure on capital account on the dwellings and estates to 31st March, 1915, was
£2,313,107 12s. 9d.
Capital
expenditure
and debt on
dwellings
and estates.
With regard to dwellings erected to rehouse persons displaced by clearance schemes under Parts
I. and II. of the Act, the Council's practice is to charge the capital account of the dwellings with
the value of the site as earmarked for housing purposes, the account of the clearance scheme being
credited with this value. The latter account, which is charged with the cost of clearance and laying
out (less sales), is thus placed in the same position as it would have been if the Council had disposed
of the land for the erection of dwellings. In the case of dwellings erected under Part III.
of the Act the total cost of the land and of its development for building is chargeable against the
dwellings.
As regards sites sold to Dwellings Companies, the aggregate commercial value at the time of
disposal is estimated at £472,100, and the aggregate housing value as represented by cash received from
Dwellings Companies is £198,915 the difference of £273,185 being charged against the clearance
schemes. The aggregate commercial value on the same basis of sites acquired or appropriated by the
Council is estimated at £465,804, and the housing value charged to dwellings accounts at £163,361,
the difference of £302,443 being charged against the clearance schemes.
The net capital expenditure to 31st March, 1915, under Parts I. and II. of the Housing of
the Working Classes Act, 1890, for clearance schemes, amounted to £2,664,578 15s. 9d. The capita!
expenditure during the year 1914-15, amounted to £101,417 3s. 10d., and was almost wholly in
respect of the new Tabard-street, etc., scheme.
Capital
expenditure
on clearance
schemes.
Dwellings under Improvement Acts.
These dwellings were erected in pursuance of statutory obligations to provide rehousing
accommodation for persons displaced by improvements, etc., under various Acts of Parliament.
Certain dwellings were erected on sites on the working of which, owing to their character or situation,
unfavourable financial results were anticipated from the first.
The result of the year's working of Dwellings under Improvement Acts is a net surplus
of £3.805 11s. 6d., as compared with £4.133 9s. in 1913-14.
Results of
year.
The gross rental for the year from dwellings was £56,553 14s. 5d. Deducting therefrom
allowances for empties, caretakers' quarters, and amounts irrecoverable, the net rental amounted to
£54,609 2s. 3d., exclusive of £175 13s. 4d. for interest on cash balances. The amount of rent
irrecoverable was £72 17s. 9d., or only 013 per cent. of the gross rental. The total loss of income due
to "empties" was £1,289 11s. 4d., or 2.28 per cent. of the gross rental, as against 2.77 per cent.
in 1913-14. In no case did the loss reach 10 per cent. in 1914-15.
27715 x
Incomc.