§ Mr. WorthingtonTo ask the Secretary of State for Scotland how large is the financial deficit of Clydebank college; and how it was incurred. [30206]
§ Lord James Douglas-HamiltonThe latest available audited annual accounts are for financial year 1993–94 and show a surplus retained in the income and expenditure reserve of £54,000.
Clydebank college's expenditure exceeded income for the year by £132,000 after charging depreciation on the value of the land and buildings transferred from its local authority. This depreciation amounted to £186,000 and was met from a revaluation reserve leaving the surplus of £54,000 retained.