Calendar: 1926-1927 Page 470

ANNUAL REPORT Finance General Account -The Council are glad to report that the financial position of the Theological Department continues to be satisfactory The income from fees amounted to £4 012 an increase of about £190 on the previous year The Council have now abolished entrance fees and the sum hitherto paid in this form has been added to the tuition fees in equal instalments spread over three years In order to equalise the loss occasioned by the abolition of these fees two-thirds of the amount actually received at the commence- ment of the Session has been carried forward to the next two Sessions The grant from the Ecclesiastical Commissioners remains at £4 000 of which £500 is allotted to the Exhibitions and Bursaries Account The salaries of the Staff ha been maintained at the level of the pre- vious year The income of the Endowment Fund was £162 an increase of £48 on the previous year following increases of £28 in each of the two preceding years These increases are partly due to the policy adopted by the Council in recent years of investing surplus funds from time to time on behalf of the Endowment Fund or the Special Reserve Fund and partly to the investment on behalf of the Endow- ment Fund of the legacy of Mr Robinson The year's working resulted in credit balance of £249 18s and with the balance brought forward from the previous year there was total available balance of £632 7s 4d part of which it is pro- posed to use for scholarship tenable for two years to enable an advanced student to read for higher Degree Corporation General Fund Account -The Corporation continues to receive about £400 per annum for rent of rooms leased to University of London King's College Of the balance of £600 15s 3d at the close of the previous Session £400 was transferred to the Reserve Fund and £200 to the Students' Loan Fund The balance at the close of the account for the Session under review was £508 2s Sd and of this sum the Council have transferred £400 to the Special Reserve Fund and £100 to the Students' Loan Fund Theological Hostel Account -The financial position of the Hostel continues to be satisfactory and the year's working resulted in credit balance of £71 7s lid This balance has been transferred to the Reserve Fund and the Fund has been charged during the year with the cost of the new additional steel boiler-£84 13s 6d and with grant of £3 19s to the Library The Reserve Fund now stands at £604 7s 3d Benefactions We record with gratitude the following benefactions -£503 3s 5d under the will of the late Rev Robinson for the benefit of the Theological Department an anonymous donation of £100 for the Hostel and gift of £25 from Mr Η Bothamley Fellow of King's College for the assistance of poor students