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232
Expenditure.

Appendix XVII. (e) (pages 1 and li) showing the percentages on gross rental of the several item
of income and expenditure for each estate.
Repairs and
renewals
fund,
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 £1,723 8s. The
amount standing to the credit of the fund on 31st March, 1913, was £43,692 14s. 9d., of which
£38,899 5s. lOd. was invested.
Estates in
course of
development
The interest and sinking fund charges, less receipts in aid, in respect of the capital outlay on
lands acquired under Part III. of the Housing of the Working Classes Act, 1890, and still in course
of development, are included in a separate account. The charge on the rates in respect of the deficiency
under this head for the year 1912-13 was £3,359 8s., after deducting £963 6s. 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, 1913, is £78,255 2s. 2d. This amount includes the annual instalments of sinking
fund to redeem debt.
Sir Samuel
Montagu
(Lord
Swaythling)
gift fund.
The gift of £10,000 received from Sir Samuel Montagu on 5th August, 1903, for improving the
Whites Hart-lane estate, amounted, with the interest thereon, on 31st March, 1913, to £12,041 8s. Id.
A sum of £9,788 3s. 8d. had, up to 31st March, 1912, been applied to the purposes of the gift, and the
balance of the fund was transferred to the credit of the dwellings capital account in the year 1912-13,
the gift account being closed as on 31st March, 1913.
Special fund
for the acquisition
of
lands under
Part III. of
the Housing
of tho Working
Classes
Act, 1890.
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, whioh 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, on 31st March, 1913, to £55,041 Is. lid. The London County Council (General
Powers) Act, 1908, empowers the Council to apply this money in the " improvement and development
of estates already acquired by them under and for the purposes of Part III." The Council has
decided to utilise the fund in connection with the development of the Old Oak estate, and £44,445 12s. 9d.
has been applied to meet expenditure on this estate. The balance available on 31st March,
1913, for future expenditure on this estate is thus £10,595 9s. 2d., of which £10,125 is invested. The
debt charges on the expenditure met out of the moneys of the Fund (amounting in 1912-13, the first
year of charge, to £963 6s.) have, 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.
Capital expenditure
and debt on
dwellings
and estates.
The total expenditure on capital account on the dwellings and estates up to 31st March, 1913,
amounted to £2,217,380 17s. The Summary of Financial Results shows the apportionment of this
figure as between land and buildings. The capital expenditure during the vear 1912-13 amounted to
£25,750 4s. l1d..