Calendar: 1951-1952 Page 426

ANNUAL REPORT General Account Finance The amount received on Fee Acctount was £9 713 compared with £9 559 in 1948-49 The Grant from the Church Commissioners was increased to £5 000 with effect from January 1950 and by direction of the Council was earmarked for the salaries and superannuation provision of the Dean and members of the teaching staff The total income was £14 499 compared with £13 478 in the previous year Expenditure was £12 338 compared with £11 897 in 1948-49 The year's working showed surplus of £2 161 which will be trans- ferred to the Reserve Fund This compares with surplus of £1 581 in 1948-49 and deficit of £599 in 1947-48 Corporation General Fund Account Income was received from the usual sources and after meeting expenses there is surplus of £380 which will be transferred to the Reserve Fund Theological Hostel The surplus on running account was £190 compared with deficit of £1 868 in 1948-49 and £829 in 1947-48 and an unspent balance of £353 from the provision for repairs and decorations has been carried forward to meet expenditure on this item next year when the annual provision of £1 000 may well be exceeded The surplus of £190 will be transferred to the Special Reserve Fund which was depleted last year by an accu- mulated deficit of £4 061 on the Theological Hostel being charged to the Fund King's College at Warminster The receipts in 1949-50 amounted to £8 309 compared with £6 096 in 1948-49 Expenditure was £8 473 compared with £9 224 last year resulting in deficit of £164 on the year's working The total accumu- lated deficit up to 31 July 1950 after deduction of the grant of £1 500 made by the Council of St Boniface College amounts to £1 993 The costly period during which substantial sums were spent on structural alterations repairs and decorations has now passed and every effort is being made to secure an excess of income over expenditure Special Reserve Fund On 31 July 1949 the balance in the Fund was £8 185 There have since been credited to the Fund £297 from the Corporation General Fund the interest on temporary investments the balance of £1 580 on the Theological Department account for 1948-49 and with the consent of the Church Commissioners the accumulated balance of £721 from their Grant for Exhibitions and Bursaries There has been debited to the Fund the accumulated deficit of £4 061 on the Theological Hostel account The balance on 31 July 1950 was £6 830 and is subject to the liabilities of £1 993 and £1 755 on account of the accumulated deficit on the Warminster Account and the deficit on the Theological Hostel Building Fund respectively