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accumulated balance of the fund. During the year 1921-22, however, the actual expenditure out of
the Fund has been less by £17,379 2s. 5d. than the amount credited thereto.
The gross rental amounted to £361,801 9s. 2d. in 1921-22, as compared with £314,665 10s. 5d.
in 1920-21, an increase of £50,135 18s. 9d. This increase is the result of the rise in rents permitted
by the Increase of Rent and Mortgage Interest (Restrictions) Act, 1920.
The total financial result on all non-assisted dwellings and estates taken as a whole from April,
1894 (the date of the opening of the first block) to 31st March, 1922, amounts to a surplus of
£17,818 3s. £1,291 18s. 6d. has been contributed from Tramways Account in respect of certain rehousing
obligations in connection with the Greenwich Generating Station, and £19,110 Is. 6d. has been
transferred in relief of rates.
B.—Housing (Assisted Scheme).
This section comprises the whole of the Council's operations in fulfilment of its statutory obligations
under the Housing, Town Planning, etc., Act, 1919, together with the losses incurred by the
metropolitan borough councils as the result of their operations under the Act. It also includes the
transactions relating to the issue by the Council of local bonds for housing under the Housing (Additional
Powers) Act, 1919. The form of the account is generally governed by regulations issued by the Minister
of Health under the Housing, Town Planning, etc., Act, 1919. Any deficiency (approved by the
Minister of Health) on the Housing (Assisted Scheme) Account in excess of the produce of a penny
rate will be met out of moneys voted by Parliament. The results for the year 1921 22 are as follows:—
£ s. d.
1. Clearance schemes Deficiency 691 17 3
2. Working-class dwellings Deficiency 309,898 13 —
3. Housing schemes of Metropolitan Borough Councils Deficiency 208,488 17 3
4. Local Bonds (for housing) Deficiency 28,159 7 5
Chargeable to Special County account—
Produce of a special county rate of one penny in the £ £168,020 --
Balance of deficiency to be met by the Ministry of Health under
Section 7 of the Act of 1919 379,218 14 11
Total deficiency 547,238 14 11
In explanation of the above allocation of the deficiency it should be observed that the liability of
the Ministry is limited to loss as defined in the Regulations and as approved by the Minister. Should
any part of the deficiency not be approved, the difference will fall on the county in addition to the
amount of a penny rate. The figure of £168,020 is also subject to correction ; the actual produce of a
penny rate, for the special purpose of these accounts, is not capable of being ascertained until later.
Clearance Schemes.—The total capital expenditure to 31st March, 1922, amounts to £2,654 17s. 5d.,
representing preliminary expenditure in respect of the Bell-lane and Ellen-street, Ware-street, and
Brady-street areas. The Revenue Account shows a deficiency of £691 17s. 3d., mainly administrative
expenses.
Working-class dwellings.—The results for the year 1921-22 are as follows :—
Dwellings— £ s. d.
Part I. Deficiency 4,941 10 9
Part II. Surplus 61 17 3
Part III. Deficiency 25,870 6 9
Total—Dwellings Deficiency 30,750 - 3
Estates in course of development—Part III Deficiency 279,148 12 9
Total—Dwellings and estates Deficiency 309,898 13 -
It will be seen that the bulk of the deficiency appears under the head of " estates in course of
development," the debt and other charges in respect of which, less receipts in aid, are shown separately
in the accounts. This course follows the Council's past practice and is adopted in order to permit a
clear view of the results of managing completed dwellings. As the work on each estate proceeds, the
proper proportion of capital expenditure and debt charges is allocated to the account of the dwellings
available for letting, until the total capital expenditure on land and development is entirely absorbed
in the cost of the dwellings.
The gross rental of the completed dwellings for 1921-22 is £28,996 13s. 7d., as compared with
£7,322 3s. 3d. in 1920-21, and £12 7s. 9d. in 1919-20.
The aggregate capital expenditure to 31st March, 1922, amounted to £6,608,056 0s. 3d., and the
net debt, including stock, etc., issue expenses, to £7,855,826 2s. 6d.
Housing Schemes of Metropolitan Borough Councils.—Under the Act of 1919, the Council has to
refund to the borough councils the losses arising in connection with schemes carried out by them under
the Act. The Council's Housing Accounts will thus show the financial results of the assisted scheme
for the County of London as a whole. The provisional accounts presented to the Council in June,
1921, showed £63,455 18s. 7d. as the charge to the accounts of the assisted scheme for 1920-21 under this
head. Later information enabled a revised figure of £60,061 19s. to be substituted in the accounts as
subsequently audited. Pending the settlement of points at issue between the Council and the metropolitan
borough councils, which have been referred to the Ministry of Health, the final charge for 1920-21
has still to be finally determined. A sum of £208,488 17s. 3d. is provisionally included to cover the
borough council's losses for the year 1921-22. It is impossible at present to fix the exact amount,
but the Council will not be affected by any variation because its liability on the assisted scheme as a
whole is limited to the amount of a penny rate.