Calendar: 1963-1964 Page 506

xiv ANNUAL REPORT OF THE COUNCIL £16 161 compared with last year figure of £13 929 AVages and the cost of food and stores have increased but the chief reason for the higher expenditure is the provision of the new furniture and cutlery for the Dining Hall The result of the year's working was deficit of £2 736 compared with deficit of £666 last year In addition heavy expenditure has been incurred on the reorganization of the heating system amounting to £2 426 lt is anticipated that special grant will be made to cover this but meantime Warminster showed net debit balance of £1 126 on 31st July 1962 General The endowment fund for the proposed professorship of Moral and Social Theology stands at £33 737 To this must be added £6 000 to come under covenant £10 000 promised by the Worshipful Company of Goldsmiths and £1 000 promised by the Yapp Trust The total in gifts and promises is thus £50 737 The target at which we aim is £100 000 so that the endowment can meet future advances in pro- fessorial salaries library needs and other expenses The response so far has been generous and encouraging We hope that it will be possible in the near future to see the endowment so close to completion that the Council can approach the Senate with request to recognize pro- fessorship in this subject in the Theological Department