XXVili REPORT OF THE COUNCIL, 1934-35 
It may be appropriate at this time to restate the financial position in 
relation with the general funds of the Association (i.e. as apart from the 
Down House Endowment Fund). The total expenditure which fell upon 
general funds as so-called ‘ capital’ expenditure was £3,292 15s. 2d., as 
stated in the report for 1932-33. Apart from this, the actual excess of 
expenditure over income from 1929 down to March 31 of the present year 
stands at £458 5s. 4d. The Council last year resolved, on the recommenda- 
tion of the committee, that any subsequent balance on the side of receipts 
should be placed in a suspense or maintenance fund for the house. It will 
be seen, however, that owing to the heavy repairs necessitated during the 
past year the balance is still adverse, and the prospect of forming any 
substantial maintenance fund under existing conditions may be discounted. 
The committee have also to bear in mind that the Pilgrim Trust grant of 
£150 per annum for five years will expire after the payment in 1937, 
and though a review of the position thereafter is promised by the Trust, 
the committee hope that all those friends of Down House who may be in 
a position to aid in the maintenance of this unique charge will not fail 
to do so. 
