§ Mr. Marplesasked the Minister of Technology if he will give the net profit or loss of the National Research and Development Corporation for each year since it was set up; and if he will state the total net cost to public funds of the Corporation to date.
§ Dr. BrayThe information in the following table is taken from the National Research Development Corporation's published Annual Accounts:
EXCESS OF EXPENDITURE OVER INCOME £ 1949–50 … … … 16,839 1950–51 … … … 60,159 1951–52 … … … 57,880 1952–53 … … … 97,457 1953–54 … … … 130,918 1954–55 … … … 100,964 1955–56 … … … 352,677 1956–57 … … … 231,016 1957–58 … … … 456,420 1958–59 … … … 382,722 1959–60 … … … 415,122 1960–61 … … … 770,725 1961–62 … … … 1,074,202 1962–63 … … … 720,578 1963–64 … … … 589,192 1964–65 … … … 866,524 1965–66 … … … 672,793 1966–67 … … … 934,948 1967–68 … … … 600,681 Notes:
(1) 1949–50 to 1964–65: financial periods ended 30th June. 1965–66 to 1967–68: financial periods ended 31st March.
(2) The figures up to 1965–66 include interest on advances accrued in each year but not paid. In 1966–67 the Corporation paid interest on a provisional basis for the period 28th June, 1949 284W to 31st December, 1966, and, under the provisions of section 9 of the Development of Inventions Act 1967, was granted interest relief. The payment of interest relief grant reduced the cumulative deficit on income and expenditure account but no apportionment of the grant was made between years. In 1967–68 the cumulative deficit was reduced by a further payment of interest relief grant in respect of earlier years and the crediting of interest on advances written off under section 8 of the Act. Again, no apportionment was made between years.
Up to 31st March, 1968, the total net cost of the Corporation to public funds was £14,836,231, comprising advances of capital and payments of interest relief grant made up to that date, less payments of interest and repayments of capital. Of this sum, liability to repay advances to a total of £1,178,580 was later extinguished under Section 8, Development of Inventions Act, 1967.