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STATEMENT OF RECEIPTS AND PAYMENTS ON ACCOUNT OF REVENUE FOR THE YEAR ENDED

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6,768 16 9

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65,163 10 5 15,109 2 1 4,121 19 4

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Interest received on Annuities in respect of Tithe Redemp-
tion, &c.
Glebe Rents, &c.
Ground Rents
Mineral Rents

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3,965 15 11

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29,719 5 7

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2,088 9 7 243,317 6 10

Income Tax (Deductions from Interest Payments)...

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732,737 12 3

316 573 17 1

31 DECEMBER, 1922, AND FOR THE PERIOD 24 SEPTEMBER, 1914, TO 31 DECEMBER, 1922.

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Incidentals

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E. Printing and Stationery
F.-Office Accommodation
Payments under Sections 18 (b) and 35 of the Welsh Church

Act, 1914

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Representative Body in lieu of Modern Tithe

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Payments under Section 4 (1) of the Welsh Church Act,

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Payments to Incumbents for the period to 31 March,
1920, &c. :-
Tithe Rentcharge

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57,449 18 5 123 2 6

4,950

1,037 10

138 1 5

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Ground Rents

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Dividends on Investments

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Agents' cost of collection of Tithe and Rents, and
Allowances to Payees for postages, &c.
Annual contribution to Sinking Fund for redemption of
Capital Expended

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4 Loss on Sale of £9,635 178. 8d., 5 per cent. War Stock
Balance, being excess of Receipts over Payments (see sum-
marized Statement of Balances including Investments).. 74,770 17 4

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13,698 3 2

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3,500

316,573 17 1

Note. The first instalment of interest on the loan of £2,350,000 became payable to the National Debt Commissioners in February, 1923.

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SUMMARIZED STATEMENT OF BALANCES AT 31 DECEMBER, 1922.

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The Commissioners also hold8. d.

£

499 7 0 India 3 per cent, Stock 1948, on account of Hawarden.
354 9 0 India 3 per cent. Stock 1948, on account of Llandow.
140 11 5 2 per cent. Consols, on account of St. George's-super-Ely.
416 3 4 2 per cent. Consols, on account of Hawarden.
431 17 11 24 per cent. Consols, on account of Blaenavon.
583 8 7 2 per cent. Consols, on account of St. Brides-super-Ely.
per cent. Consols, on account of Llanaber.

508 16 0 2

70 5 3 Bombay Baroda and Central India Railway Capital Stock, on account of Llandow.
Metropolitan Consolidated 3 per. cent. Stock, 1929, on account of Hawarden.

195 169

3,200 15 3 Stocks previously in hands of Incumbents and/or The Supreme Court, now transferred.

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I have examined the above Accounts. I have obtained all the information and explanations that I have required, and, subject to the obser-
vations contained in my Report, I certify, as the result of my audit, that in my opinion the above Accounts are correct.

Malcolm G. Ramsay,
Comptroller and Auditor General.

REPORT OF THE COMPTROLLER AND AUDITOR GENERAL.

Tithe and other Rents.

1. The investigation of rentals, to which reference was made in my last Report (H. C. 124/22), has progressed satisfactorily during the year.

In response to my inquiry, I am informed that it is anticipated that the work will be practically completed in all districts by the end of 1924, and that the investigation will be carried through in certain areas by a much earlier date.

2. The Statements of collections of Tithe Rentcharge and other Rents show that arrears have decreased as compared with last year. The Commissioners have informed me, however, that some losses of tithe will certainly occur, but that it is not possible, until after an inspection now in progress, to state the actual amount.

Capital and Revenue Balances.

3. The Revenue Account shows a surplus on 31 December, 1922, of £74,770, while the Capital Account has a balance in hand of £173,198.

Factors of considerable importance in future Accounts will be the payments of interest, and repayments of capital, in respect of the loan of £2,350,000 from the National Debt Commissioners.

No charges became payable in this Account in respect of interest on this loan, but in February, 1923, the first annual instalment of interest at 5 per cent. per annum became due.

As indicated in the footnote on page 2 of the Account, the first half-yearly payment of annuity (£80,417), in repayment of capital and interest, will become due in August, 1925.

Investments.

4. Section 31 (2) of the Welsh Church Act, 1914, empowers the Welsh Commissioners to invest "in any securities which are for the time being authorized by Parliament as investments for savings banks funds."

During the audit of the Accounts under review it was observed that investments of the nominal value of £78,255, had been made in certain classes of securities which, though trustee or other high grade securities, were not strictly within the above investment clause.

I called attention to this, and was informed, in reply, that these investments were made under a misapprehension, and that the Stocks in question have now been sold (in every case at a profit), and the proceeds invested in 5 per cent. War Loan, 1929–47.

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