AN ACCOUNT of the RECEIPT and EXPENDITURE of the CAPITAL held for the

AN ACCOUNT of the RECEIPT and EXPENDITURE of the INCOME derived during the year ended 31 March 1926, together

Foundation of SAMUEL TRAVERS, Esquire, during the Year ended 31 March 1926

from the LANDS and PROPERTY held for the Foundation of SAMUEL TRAVERS, Esquire. with the ESTIMATED AMOUNTS for the same period.

I have examined the foregoing accounts. I have obtained all the information and explanations that I have required, and I certify, as the result of my audit, that in my opinion these accounts are

correct.

Malcolm G. Ramsay,
Comptroller and Auditor General.

GREENWICH HOSPITAL AND TRAVERS' FOUNDATION
ACCOUNTS, 1925-26.

REPORT OF THE COMPTROLLER AND AUDITOR GENERAL.

Greenwich Hospital-Capital Account.

1. A further outlay of £13,873 was incurred on initial expenses connected with the proposed transfer of the Royal Hospital School to Holbrook, Suffolk, making a total of £29,558 expended to 31 March 1926.

This expenditure includes a further sum of £1,293 (making a total of £3,712 to 31 March 1926) for the development of a farm to supply produce to the school.

2. Greenwich Hospital funds have benefited by a grant of £100,000 from the Naval Prize Fund, made under the provision of the Naval Prize Act, 1918, which permits the application of any residue of the Fund, not required for distribution, towards any of the purposes for which provision may be made by Greenwich Hospital.

The grant from the Naval Prize Fund is made subject to liability to refund any amount required to meet claims which may be established in excess of the sum available at the time in the balance of that fund.

Greenwich Hospital-Income Account.

3. The outcome of the year on Income Account is, as in the three previous years, a net surplus considerably in excess of that anticipated in the Estimate laid before Parliament. Thus, while a net surplus of £893 was estimated, the actual surplus was £29,628, the variation being due to an excess of receipts amounting to £12,220 and a saving on expenditure of £16,515. £40,000 has been transferred in the year to Capital Account for investment.

Inspection of Securities.

4. The Securities belonging to Greenwich Hospital and Travers' Foundation on 31 March 1926 deposited at the Bank of England have been inspected by officers of my Department.

Exchequer and Audit Department, 11 February 1927.

MALCOLM G. RAMSAY,

Comptroller and Auditor General.

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STATEMENT showing the Estimated INCOME and EXPENDITURE of GREENWICH
HOSPITAL for the Year ending 31st March 1928, as compared with the Year
ended 31st March 1927, prepared in pursuance of Act 48 & 49 Vict. c. 42.

* Decrease due to refund of arrears of Income Tax by the Inland Revenue in 1926.