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  Item Reference: KCLCAL-1975-1976-409

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Annual Report of the Delegacy xxxvii plex might be located instead at Croydon or at Guildford This has caused reappraisal of the whole KTW scheme We in King's still adhere to it and support it as best we can It will be necessary however before the end of this session to consider most seriously where we all stand in the light of the investigations now taking place into the practic- ability of maintaining this project in the face of such dislocation of one of the constituent parts pass over for lack of time very much what is worthy of comment The new building in the Strand in which we now find ourselves works well for instance We waited term or two to see what adjustments were wanted and then made as many as we could afford in the first long vacation last year The building has been absorbed into the pattern of the College operation very smoothly on the whole and further adjustments will be under review wish we could get from the UGC the money to finish paying for this building however By the rules the UGC does not pay in full for new building until all outstanding queries have been settled We the College however have to pay the contractors within 21 days of certification by architects that work has been completed We had paid for this building by the summer of 1973 some £2 600 000 We are asking the UGC who authorised the building within the pre- scribed cost limits and allocated funds for it to pay us balance of some £350 000 outstanding for 15 months Upon this sum which the College has had to find by the depletion of reserves and other ex- pedients at the interest rates prevailing in this period we could have earned at least £49 000 What we have been doing of course is in effect to lend the sum of £350 000 to the UGC interest free This is not good business and is something that causes neither the Finance Officer nor myself any pleasure at all and we are pressing for the resolution of outstanding queries and the completion of the transaction The works position in any case is not particularly bright There is at present moratorium on starts on major building works until the end of next June The Universities' expenditure on works in any case is to be cut by 80 per cent to £n5 most of which will be devoted to major Medical projects Projects to proceed will of course be taken largely from those deferred during the moratorium and other projects will be deferred further What is involved for us here would appear to be this We are building now what we call Stage Ila of our redevelop- ment plan This will yield 40 000 sq ft of usable space at cost of about £1m-not net gain of course but new accommodation It will
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