E;—B

(B) BALANCE-SHEET as at 31st January, 1936. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. .. 974,715 5 7 Amount held by Public Trustee— £ s. d. £ s. d. Retiring and other allowances due and unpaid .. 2,199 15 8 Invested .. .. .. 954,131 12 2 Refund of contributions due and unpaid .. 1,206 6 9 Uninvested .. .. 13,892 0 6 Administration expenses unpaid — 968,023 12 7 Commission, Post and Tele- £ s. d. Premium paid on purchase of graph Department .. 18 15 6 rural bonds .. .. 3,186 19 0 Clerical assistance .. .. 750 0 0 Less amount written off .. 202 0 0 Postage and telegrams .. 83 6 8 2,984 19 0 Office expenses, printing, and Amounts paid to protect securities .. 281 18 0 stationery .. .. 32 18 3 Contributions of members— Medical fees .. .. 3 3 0 In transit .. .. .. 3,363 8 7 Audit fee .. .. .. 41 13 4 Due and outstanding .. 3,011 10 9 929 16 9 6,374 19 4 Unclaimed contributions .. .. 1,278 15 2 Interest on investments— Amounts paid into fund in error .. 10 19 7 Due and outstanding .. 13,136 0 5 Government subsidy—Statutory Accrued, but not due .. 11,330 14 9 grant paid in advance for 1936 39,416 13 4 24,466 15 2 Less additional subsidy under sec- Interest on arrears of contribution 114 of Act not yet paid .. 376 4 0 tions due and outstanding Less additional subsidy under sec- (contributors) .. .. .. 379 17 2 tion 114, payable in respect to Due by annuitants— allowances outstanding at 31st Contributions and interest .. 70 4 11 January. 1936 .. .. 167 10 1 Allowances overpaid .. 460 14 5 38,872 19 3 531 9 4 Rent received from securities Cash in Post Office Account .. 40,858 110 leased (held for rates and ex- Less vouchers issued but unpenses) .. .. .. .. 184 9 4 paid at 31st January, 1936 19,990 3 5 Reserve — 20,867 18 5 Fox 1 commission payable to Public Trustee in respect to interest due or accrued . . 848 0 0 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid .. .. .. 38 0 0 For cost of actuarial examination .. .. .. 350 0 0 1,236 0 0 Reserve for loss on investments — Balance at 31st January, 1935 3,462 14 4 Less written-off interest .. 47 14 3 3,415 0 1 £1,024,049 8 2 £1,024,049 8 2 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, 1936 —not included in the year's accounts—is £7,875. 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 has 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 BoardWellington, 27th May, 1936. 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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