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8
The present inmates will receive £35 15s. per year. One half of
the pensions will be appointed on the recommendation of the
Charity Trustees of this parish, the other half will be appointed by
the Drapers' Company. So much of the present site as is not
required for improvement purposes will be let by the Company on
building lease, and the rent obtainable will be applied to the
Pension Fund. To make up the Pension Fund to £240 per year,
the Vestry is to pay into Consols such a sum as will afford dividends
which, when added to the rent obtainable, will provide that sum of
£240; but at first the sum of £3,000 is to be invested to await the
final adjustment after the property has been let. It is estimated
that the total cost of widening and paving the widened portions of
the thoroughfares will be £3,000, but that will depend upon the
amount of rent that will be obtained. The Metropolitan Board
has agreed to contribute one-half, such contribution not to exceed
£2,000."
I have now only to report that the order has been issued by
the Charity Commissioners, and is dated the 12th of August, 1879,
confirming the scheme as stated in outline above, and that a copy
of the same may be seen at the Vestry Offices. By the terms of
the agreement between the Vestry and the Charity Trustees, as
approved by the Charity Commissioners, the sum of £240 was to be
secured to the Charity, firstly by the ground rent of the property to
be let, and secondly the balance by dividends acoruing from a sum to
be invested in Consols by the Vestry; but in no case was the
Vestry to pay a less sum as purchase-money for the land taken
from the Company than £450. The property was put up for
letting by the Drapers' Company, and the highest bid (apparently
a genuine one, as one year's rent was deposited) was £230, leaving
but £10 per year to be made up by the Vestry. Under
these circumstances the proviso for payment of £450 conies into
operation.
The Vestry has paid to the account of the Official Trustees of
Charitable Funds the sum of £2,932 10s. 0d., representing £3,000
in Consols; and should the arrangement be, as is expected, fully