E—B

(B) BALANCE-SHEET as at 31st January, 1937. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. .. 964,604 16 5 Amount held by Public Trustee — £ s. d. £ s. d Retiring and other allowances due and unpaid .. 2,765 0 2 Invested .. .. .. 954,678 15 10 Refund of contributions due and unpaid .. 2,459 16 3 Uninvested .. .. 10,752 6 0 Transfers to other funds unpaid .. .. 5 13 1 965,431 1 10 Administration expenses unpaid— Premium paid on purchase of Commission, Post and Tele- £ s. d. Investments .. .. 3,349 19 0 graph Department .. 208 8 6 Less amount written off .. 272 16 10 Clerical assistance .. .. 750 0 0 3,077 22 Postage and telegrams .. 83 6 8 Amounts paid to protect securities . . 238 19 4 Office expenses, printing, and Contributions of members— stationery .. .. 15 13 0 In transit .. .. .. 2,367 4 9 Actuarial fees .. .. 330 0 0 Due and outstanding . . 3,334 22 Audit fee .. .. .. 41 13 4 5,701 6 11 1,429 1 6 Interest on investments — Unclaimed contributions .. .. 854 19 6 Due and outstanding .. 10,821 4 1 Amounts paid into fund in error .. 10 19 7 Accrued, but not due .. 11,327 14 8 Government subsidy —Statutory — 22,148 18 9 grant paid in advance for 1937 39,416 13 4 Interest on arrears of eontribuLess additional subsidy under sec- tions due and outstanding tion 114 of Act not yet paid .. 445 14 2 (contributors) .. .. . . 388 6 2 Less additional subsidy under sec- Due by annuitants — tion 114, payable in respect to Contributions and interest . . . . 44 7 3 allowances outstanding at 31st Due by Consolidated Fund for January, 1937 .. .. 147 18 8 Cost-of-living Bonus . . . . 266 13 1 38,823 0 6 Cash in Post Office Account .. 35,766 7 7 Rent received from securities Less vouchers issued but unleased (held for rates and ex- paid at 31st January, 1937 17,848 15 1 penses) .. .. .. .. 416 8 2 17,917 12 6 Reserve— For commission payable to Public Trustee in respect to interest due or accrued .. ~ 741 0 0 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid .. .. .. .. 34 3 0 For cost of actuarial examination .. .. .. 350 0 0 Less Government Actuary Department claim . . 330 0 0 20 0 0 Reserve for loss on investments — Balance at 31st January, 1936 3,415 0 1 Less written-off interest .. 365 10 3 3,049 9 10 £1,015,214 8 0 £1,015,214 8 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, during the year to 31st March, 1937. The amount for the period to 31st January, 1937, not included in the year's accounts, is £5,456. 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 Board. Wellington, 10th June, 1937. 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 enfaoed thereon.—J. H. Fowler, Controller and Auditor-General.

4