READE FOUNDATION.

This Foundation consists of an estate at Holbrook, in Suffolk, of about 850 acres, the gift of G. S. Reade, Esq., which, under the provisions of the Deed of Gift, is to be held by the Admiralty for the exclusive benefit of Greenwich Hospital.

About 700 acres of the estate will be utilized as a site on which to rebuild the Royal Hospital School, now at Greenwich, and to establish a Home Farm for the use of the new School (see p. 2).

The Residue of the Estate is let, the actual income and expenditure for the year ended 31 March 1927 being as follows :

GREENWICH HOSPITAL AND TRAVERS' FOUNDATION
ACCOUNTS, 1926.

REPORT OF THE COMPTROLLER AND AUDITOR GENERAL.

Greenwich Hospital-Capital Account.

1. A further outlay of £18,155 was incurred on initial expenses connected with the proposed transfer of the Royal Hospital School to Holbrook, Suffolk, making a total of £47,713 expended to 31 March 1927.

This expenditure includes a further sum of £2,646 (making a total of £6,358 to 31 March 1927) for the development of a farm to supply produce to the school.

2. The upkeep of Greenwich Hospital Cemetery has hitherto cost about £400 per annum, borne in equal shares by Greenwich Hospital and the Admiralty.

As few, if any, further burials are anticipated in view of the proposed removal of the School, an offer by the Greenwich Borough Council to purchase the Cemetery for £450 was accepted, and the sale took place in 1926.

The Council undertake to maintain the graves in proper order, and the unoccupied portion is to be used partly as an open space and partly for the erection of an Infant Welfare Centre.

3.

Greenwich Hospital-Income Account.

The outcome of the year on Income Account is, as in the four previous years, a net surplus considerably in excess of that anticipated in the Estimate laid before Parliament. Thus, the actual surplus was £51,380, as compared with the estimate of £375, the variation being due to an excess of receipts amounting to £16,227 and a saving on expenditure of £34,778. £50,000 was transferred to Capital Account for investment.

4. "Other Receipts" of £67,809 include £64,341 for Property and Income Tax recovered from the Inland Revenue, as compared with recoveries of £44,923 in 1925 and an estimate of £41,000 for 1927. The abnormal receipts in 1926 were due to an acceleration in the claims for repayments.

Inspection of Securities.

5. The Securities belonging to Greenwich Hospital and Travers' Foundation on 31 March 1927 deposited at the Bank of England have been inspected by officers of my Department.

Exchequer and Audit Department. 13 February 1928.

Malcolm G. Ramsay, Comptroller and Auditor General.

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1928.

Price 3d. Net.

STATEMENT showing the Estimated INCOME and EXPENDITURE of GREENWICH HOSPITAL for the Year ending 31st March 1929, as compared with the Year ended 31st March 1928, prepared in pursuance of Act 48 & 49 Vict. c. 42.