E.—B.

(B) BALANCE-SHEET as at 31st January, 1935. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. .. 989,310 310 Amount held by Public Retiring and other allowances due and unpaid .. 2,688 9 7 Trustee — £ s. d. £ s. d. Refund of contributions due and unpaid .. 1,917 11 5 Invested .. .. 952,247 17 10 Administration expenses unpaid— Uninvested .. .. 71,301 14 0 Commission, Post and Telegraph £ s. d. — 1,023,549 11 10 Department .. .. 190 5 6 Premium paid on purchase of Clerical assistance .. .. 750 0 0 rural bonds .. .. 101 5 0 Postage and telegrams .. 100 0 0 Less amount written off 2 19 0 Office expenses, printing, and 98 6 0 stationery .. .. 717 2 Amounts paid to protect securities .. . . 319 14 10 Medical fees .. .. 8 8 0 Contributions of members — £ s. d. Audit fee .. .. .. 41 13 4 In transit .. .. 2,503 9 0 1,098 4 0 Due and outstanding .. 3,637 16 4 Unclaimed contributions .. .. 1,680 6 3 — 6,141 5 4 Amounts paid into fund in error .. 10 19 7 Interest on investments— Government subsidy—Statutory Due and outstanding .. 14,132 11 11 grant paid in advance for 1935.. 39,416 13 4 Accrued, but not due .. 11,735 4 0 Less additional subsidy under see- 25,867 15 11 tion 114 of Act not yet paid .. 352 11 6 Interest on arrears of contributions due and outLess additional subsidy under sec- standing (contributors) .. .. .. 500 19 2 tion 114, payable in respect to Due by annuitants (contributions and interest).. 51 3 7 allowances outstanding at 31st Consolidated "Fund, on account of cost-of-living January, 1935 .. .. 296 16 0 bonus .. .. .. .. .. 72 16 4 38,767 5 10 Rent received from securities leased (held for rates and expenses) .. .. .. .. 164 18 10 Reserve— For commission payable to Public Trustee in respect to interest due or accrued .. 940 10 9 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid .. .. .. 36 4 6 For cost of actuarial examination in progress .. .. 350 0 0 1,326 15 3 Reserve for loss on investments— Balance at 31st January, 1934 4,499 5 3 Less written-off principal .. 3 19 8 Less written-off interest .. 1,032 11 3 3,462 14 4 Vouchers issued but unpaid at 31st January, 1935 .. .. 19,726 1 10 Less cash in Post Office Account.. 3,551 17 9 16,174 4 1 £1,056,601 13 0 £1,056,601 13 0 Notes. —Since the closing of the Account for the year the Government has given a further subsidy on account of the loss suffered by the reduction of interest under the provisions of the National Expenditure Adjustment Act, 1932. The amount accrued for the period to 31st January, 1935 —not included in the year's accounts—is £7,995. The liability under section 9 (2) of the National Expenditure Adjustment Act, 1932, as amended by section 25 of the Finance Act (No. 2), 1932-33, in respect to the rebate to those contributors who did not elect to continue to contribute on the higher rate of salary before the reductions in 1932 lias not been taken into account in the foregoing statement. The benefit (which is payable upon retirement) will amount in the aggregate, to approximately £30,000 ; but the additional liability is only approximately £5,000 as the remaining £25,000 would, in any case, be refunded as contributions in the ordinary way upon retirement before full age or service. C. E. Crawford, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, 15th- April, 1935. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby, subject to the departmental notes enfaced thereon, —G. F. C. Campbell, Controller and Auditor-General.

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