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The surplus (£27,760 -s. -4d.) for 1922-23 on the dwellings erected under the
Housing Act is carried forward as a reserve towards meeting the losses which will
fall upon the Council as a result of operations under the Housing, etc., Bill of
1923, when it becomes law. The surplus (£9,015 13s. 8d.) on dwellings erected
in satisfaction of re-housing obligations arising from street improvements,etc.,
is transferred to the appropriate accounts which bear the cost of the improvements,
etc.
The results shown above have been arrived at after charging interest and sinking
fund contributions, and after transferring substantial sums to the Repairs
and Renewals Fund. The purpose of the latter fund, out of which the actual expenditure
on repairs and renewals is met, is to equalise the annual charge and to provide
a surplus in the early years to meet the cost of the more extensive works which may
be anticipated as the buildings grow older. During the year 1922-23, the actual
expenditure out of the Fund has been less by £28,297 19s. 4d. than the amount
credited thereto.
The gross rental (including rates, where rates are included in the rental),
amounted to £355,794 16s. 7d. in 1922-23, as compared with £364,801 9s. 2d. in
1921-22, a decrease of £9,006 12s. 7d., due mainly to a fall in rates.
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,
1923, amounts to a surplus of £54,593 17s. -d. £1,227 5s. 2d. has been contributed
from Tramways Account in respect of certain rehousing obligations in connection
with the Greenwich Generating Station, and £28,061 1s. l0d. has been transferred
in relief of rates. £27,760 -s. 4d. is carried forward as stated above.
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 account also includes the transactions relating to certain clearance
schemes which the Council has undertaken, by arrangement with the Minister
of Health, on the assurance that approved expenditure will rank for a contribution