XVI 
STATEMENT made to the Council by the Chairman 
of the Finance Committee, on presenting the 
Accounts for the year 1907. 
Mk. Adeane said that as the Accounts were to a very frreat extent a test of 
the prosperity of the Society, he was glad to be able to submit so favourable a 
statement. He thought it proved that the elforts of the Council during the last 
two and a half years to put the Society back into a prosperous condition had 
been successful. It would be remembered that there was a deficit in 1906 of 
1.28H. The estimated credit balance for last year was.S47i. ; the actual balance 
was 4.81Z. On the side of exi>enditure, under the heading of General Adminis- 
tration, there had been a large reduction, which would have been much 
greater had they not had to meet several extraordinary charges. Under the 
heading of Rent. Rates. Taxes, &c., they had had to pay 223Z. to cover the expense 
of the storage of furniture. Surveyor’s fees, and other expenses connected with 
the remoyal from Harewood House to 16, Bedford Square. The completion of 
the Council Chamber at a cost of 146Z. had been paid for out of the Ordinary 
Account. Owing to the delay in the sale of Harewood House they had to pay 
four months’ interest on the debentures, which came to 221 Z., in addition to 
116Z. interest on loans, making a total extraordinary expenditure of 706Z. The 
total expenditure for 1907 was 7,867Z. On the Income side it was satisfactory that 
the Subscriptions showed an increase tor the year of B33Z., the Interest on Daily 
Balances an increase of 318Z., and they had an increase under the head of Income 
from Investments of 108Z., giving a total increased income from the sources men- 
tioned of 7.59Z., and a total income of 8.298Z. That gave a credit balance of 431Z., 
and he believed he was correct in saying that this was the first time since the year 
1892 that they had been able to show a credit balance on the ordinary account, 
if they ignored the practice adopted since the year 1890 of debiting the capital 
account with the cost of Life Members at fifteen shillings each, and crediting 
the ordinary account with the same amount. Referring to the balance-sheet, 
it would be observed on the credit side that their Reserve now stood at 21,795Z., 
as compared with 7,6I0Z. in 1906. In addition, they held the lease of 16, Bedford 
Square, valued at 2,900Z., and they proposed to write off that amount at the rate 
of lOOZ. a year. The item under the heading of fixtures had been written off to 
the extent of 1,422Z., as the greater amount of the fixtures in Harewood House 
had been sold with the pro]>erty. Now that they were in a i>osition to make 
themselves absolutely secure, they thought it wise to write off more as depre- 
ciation of the Show plant, and they had raised it from 5 to 10 {)er cent., and they 
had raised the dei)reciation on the furniture from 74 to 10 per cent. On the debit 
side of the balance-sheet they would see that There had been in the course of last 
year very considerable additions to their capital. The profit on the sale of Hare- 
wood House came to 5,473Z.,after paying off' the debentures which were secured on 
the property ; they made a jirofit on the sale of Park Royal of ,').726Z., and they 
had an addition, in the shape of the Harewood House Sinking Fund, of 3,430Z. 
He might explain that that fund had been formed by friends of the Society to 
pay off the debentures which had been issued when Harewood House was 
purchased, and when they sold the ]>roperty and the debentures were paid off, 
there being no further necessity for the fund, the Trustees handed that amount 
over to the Society. They also had the very large balance of 7,0.56Z. from the 
Show account. The total result of these additions was to increase the capital 
of the Society during the past year from 7,04.5Z. to 29,267Z., a net increase of 
22,222Z. The Auditors considered that certain funds which the Society held 
in trust should not be included in the balance-sheet, but should be shown 
separately, as they could not be regarded as assets of the Society. 
Forecast of ordinary receipts and Expenditure for 1908. 
Actual (Other than in respect ot the Show.) 
Figures 
for 1907. 
£ Heceipts. £ 
7,362 From subscriptions for 1908 of Governors and Members 7.350 
546 From Interest on Daily Balances IM 
134 From Interest on Investments ••• 600 
256 From S.ales of Text Book, Pamphlets, &c. (This does not include the sales 
of Journals, which are deducted from the cost of production) 200 
^298 8,300 
