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The House Fund
v
THE
HOUSE
FUND.
T h e following general conclusions were r e a c h e d b y the Society's H o u s e S u b - C o m m i t t e e after consultations at severat meetings and a discussion b y a d e p u t a t i o n with the S e c r e t a r y of the E n t o m o l o g i c a l Society of L o n d o n w h o has kindly f u r n i s h e d their " T r a n s a c t i o n s " f r o m w h i c h the a p p e n d e d s t a t e m e n t of t h e E n t o m o l o g i c a l S o c i e t y ' s successful s c h e m e is extracted. T h e conclusions of the S u b - C o m m i t t e e were : - 1. T h a t the necessary a c c o m m o d a t i o n for the Society will best be o b t a i n e d b y the p u r c h a s e and a d a p t a t i o n of a suitably situated freehold h o u s e or houses. 2. T h a t the cost for p u r c h a s e a n d a d a p t a t i o n is likely to be in the n e i g h b o u r h o o d of £ 8 , 0 0 0 . 3. T h a t the H o u s e F u n d s h o u l d reach £ 3 , 0 0 0 (as, for instance, b y special c o n t r i b u t i o n s , given o r p r o m i s e d f r o m Fellows and b y transfer f r o m the general funds) before a n y appeal is m a d e to t h e outside p u b l i c or a n y loan raised. 4. T h a t no loan s h o u l d be raised before o b t a i n i n g expert a c c o u n t a n t advice as to the p r o b a b l e f u t u r e financial position in t h e m a t t e r of the p a y m e n t of interest a n d r e p a y m e n t of capital. NOTE ON THE HOUSING FUND OF THE ENTOMOLOGICAL SOCIETY OF LONDON. T h i s Society left 11, C h a n d o s Street, in 1921, partly b e c a u s e it had insufficient s p a c e - - p a r t i c u l a r l y for its l i b r a r y ; and p a r t l y b e c a u s e it was faced with increased rent, a n d an u n c e r t a i n t e n u r e t e r m i n a b l e at six m o n t h s ' notice, and, the l a n d l o r d ' s lease b e i n g near its t e r m i n a t i o n , the p r o s p e c t of o b t a i n i n g p e r m a n e n t a c c o m m o d a t i o n at 11, C h a n d o s Street, was not p r o m i s i n g - - e v e n if desirable. I n the a t t e m p t to obtain a n e w h o m e three lines of p r o c e d u r e w-ere reviewed : 1. To apply to Government for free accommodation at Burlington House or elsewhere. The Society was at least as entitled to such accommodation as were certain Societies established at Burlington House. A Deputation, introduced through The Royal Society, interviewed the First Commissioner of Works, who explained that his powers were limited to Burlington House, already full, and that the financial situation rendered any departure from this policy extremely remote for many years. 2: To rent larger premises. The Council viewed this unfavourably, as likely to prove expensive and to afford but temporary relief. Efforts to find Such accommodation did in fact fail. 3. To build or buy suitable accommodation, preferably freehold. Building at this time was decided to be altogether too costly. It was proposed to buy one of the large, roomy, old-fashioned houses, unsuitable now for dwellings and obtainable a t t h e m o m e n t on reasonable terms. They usually have a space at the rear where a meeting hall could be erected, and the accommodation is such that what is not re@ired can be let to tenants.
"vi
THE HOUSE FUND.
It was estimated that such a house, with adaptation, would cost under £10,000, payable by donations, debentures, and from income. Before issuing an appeal to Fellows, the Council assured itself of the views of a few tried and valued friends of the Society. T h e appeal was apparently issued in 1919. By the end of i921 the Society had b o u g h t the fl'eehold of 41 Queens Gate for ... £6,250 paid for repairs and d e c o r a t i o n s " ... 1,118 furnishing ...... 411 removing (library i and sundries 254 £8,033 T o meet this immediate need, £5,290 debentures (5 per cent.) were raised in 1920/21. T h e y were repaid as follows : A n n u a l Report of 1921, £650, of 1922, £915, of 1923, £1,500, of 1924, £1,715. T h e balance in 1925. T h e debit of £8,449 was m e t thus : I n 1920 by subscriptions and donations, £2,779, from general account, £207 1921 ,, ,, ,, 920 . . . . 200 1922 . . . . . . 939 . . . . 333 :1923 . . . . . . 285 . . . . 573 1924 . . . . . . 47 . . . . 1,634 £4,970 k
£2,947 -y
_J
£7,917
The large repayments of the Housing Fund from income were due to : (i.) Rent of £410 annually for the surplus accommodation. (ii.) Doubling of the s u b s c r i p t i o ~ f r o m £1 ls. 0d. to £2 2s. 0d. (iii.) Increased sale of The Transactions : 181, £335, £317, £500 from 1921 to 1924. This is emphatically attributed to the Society's increased prestige due to its new home. Contributory is the elimination of excessive trade discounts since the Society has undertaken its own sale and distribution. (iv.) " Even this does not represent the full advantage the Society obtains by owning its own premises, for by becoming a Registered Friendly Society--which it is entitled to 'do under its objects and byelaws--it is able to avail itself of a statute freeing it from the payment of rates. The tax assessors have also excused it the payment of income tax and inhabited house duty. These exemptions represent a saving of about £300 per annum, and they were obtained for the very moderate outlay of one guinea." The Entomological Society's experience is most valuable for this Society, whose reasons for requiring a home are so closely parallel. We are greatly indebted to that Society for this permission to use their experience. Donations, subscriptions for three years, or intimation of intention to support the Fund, will be very welcome.
THE
HOUSE
FUND.
T h e following general conclusions were r e a c h e d b y the Society's H o u s e S u b - C o m m i t t e e after consultations at severat meetings and a discussion b y a d e p u t a t i o n with the S e c r e t a r y of the E n t o m o l o g i c a l Society of L o n d o n w h o has kindly f u r n i s h e d their " T r a n s a c t i o n s " f r o m w h i c h the a p p e n d e d s t a t e m e n t of t h e E n t o m o l o g i c a l S o c i e t y ' s successful s c h e m e is extracted. T h e conclusions of the S u b - C o m m i t t e e were : - 1. T h a t the necessary a c c o m m o d a t i o n for the Society will best be o b t a i n e d b y the p u r c h a s e and a d a p t a t i o n of a suitably situated freehold h o u s e or houses. 2. T h a t the cost for p u r c h a s e a n d a d a p t a t i o n is likely to be in the n e i g h b o u r h o o d of £ 8 , 0 0 0 . 3. T h a t the H o u s e F u n d s h o u l d reach £ 3 , 0 0 0 (as, for instance, b y special c o n t r i b u t i o n s , given o r p r o m i s e d f r o m Fellows and b y transfer f r o m the general funds) before a n y appeal is m a d e to t h e outside p u b l i c or a n y loan raised. 4. T h a t no loan s h o u l d be raised before o b t a i n i n g expert a c c o u n t a n t advice as to the p r o b a b l e f u t u r e financial position in t h e m a t t e r of the p a y m e n t of interest a n d r e p a y m e n t of capital. NOTE ON THE HOUSING FUND OF THE ENTOMOLOGICAL SOCIETY OF LONDON. T h i s Society left 11, C h a n d o s Street, in 1921, partly b e c a u s e it had insufficient s p a c e - - p a r t i c u l a r l y for its l i b r a r y ; and p a r t l y b e c a u s e it was faced with increased rent, a n d an u n c e r t a i n t e n u r e t e r m i n a b l e at six m o n t h s ' notice, and, the l a n d l o r d ' s lease b e i n g near its t e r m i n a t i o n , the p r o s p e c t of o b t a i n i n g p e r m a n e n t a c c o m m o d a t i o n at 11, C h a n d o s Street, was not p r o m i s i n g - - e v e n if desirable. I n the a t t e m p t to obtain a n e w h o m e three lines of p r o c e d u r e w-ere reviewed : 1. To apply to Government for free accommodation at Burlington House or elsewhere. The Society was at least as entitled to such accommodation as were certain Societies established at Burlington House. A Deputation, introduced through The Royal Society, interviewed the First Commissioner of Works, who explained that his powers were limited to Burlington House, already full, and that the financial situation rendered any departure from this policy extremely remote for many years. 2: To rent larger premises. The Council viewed this unfavourably, as likely to prove expensive and to afford but temporary relief. Efforts to find Such accommodation did in fact fail. 3. To build or buy suitable accommodation, preferably freehold. Building at this time was decided to be altogether too costly. It was proposed to buy one of the large, roomy, old-fashioned houses, unsuitable now for dwellings and obtainable a t t h e m o m e n t on reasonable terms. They usually have a space at the rear where a meeting hall could be erected, and the accommodation is such that what is not re@ired can be let to tenants.
"vi
THE HOUSE FUND.
It was estimated that such a house, with adaptation, would cost under £10,000, payable by donations, debentures, and from income. Before issuing an appeal to Fellows, the Council assured itself of the views of a few tried and valued friends of the Society. T h e appeal was apparently issued in 1919. By the end of i921 the Society had b o u g h t the fl'eehold of 41 Queens Gate for ... £6,250 paid for repairs and d e c o r a t i o n s " ... 1,118 furnishing ...... 411 removing (library i and sundries 254 £8,033 T o meet this immediate need, £5,290 debentures (5 per cent.) were raised in 1920/21. T h e y were repaid as follows : A n n u a l Report of 1921, £650, of 1922, £915, of 1923, £1,500, of 1924, £1,715. T h e balance in 1925. T h e debit of £8,449 was m e t thus : I n 1920 by subscriptions and donations, £2,779, from general account, £207 1921 ,, ,, ,, 920 . . . . 200 1922 . . . . . . 939 . . . . 333 :1923 . . . . . . 285 . . . . 573 1924 . . . . . . 47 . . . . 1,634 £4,970 k
£2,947 -y
_J
£7,917
The large repayments of the Housing Fund from income were due to : (i.) Rent of £410 annually for the surplus accommodation. (ii.) Doubling of the s u b s c r i p t i o ~ f r o m £1 ls. 0d. to £2 2s. 0d. (iii.) Increased sale of The Transactions : 181, £335, £317, £500 from 1921 to 1924. This is emphatically attributed to the Society's increased prestige due to its new home. Contributory is the elimination of excessive trade discounts since the Society has undertaken its own sale and distribution. (iv.) " Even this does not represent the full advantage the Society obtains by owning its own premises, for by becoming a Registered Friendly Society--which it is entitled to 'do under its objects and byelaws--it is able to avail itself of a statute freeing it from the payment of rates. The tax assessors have also excused it the payment of income tax and inhabited house duty. These exemptions represent a saving of about £300 per annum, and they were obtained for the very moderate outlay of one guinea." The Entomological Society's experience is most valuable for this Society, whose reasons for requiring a home are so closely parallel. We are greatly indebted to that Society for this permission to use their experience. Donations, subscriptions for three years, or intimation of intention to support the Fund, will be very welcome.