(B) BALANCE-SHEET as at 31st January, 1942. Liabilities. £ ssets. Fund as per Revenue Account .. .. .. 954,640 Amount held by Public Trustee in cash and invest- £ Retiring and other allowances due and unpaid .. 2,283 ments .. .. .. .. .. 966 450 Refund of contributions due and unpaid .. .. 4,176 £ Administration expenses unpaid .. .. .. 1,148 Premium paid on purchase of investments .. 2,622 Unclaimed contributions .. .. .. .. 1,576 Less amount written off .. .. 317 Amounts paid into fund in error .. .. .. 16 % 305 Rent received from securities leased .. .. 223 Amounts paid to protect s( jcurities .. .. 217 Reserves for commission, &c. .. .. .. 498 War damage premiums recoverable .. .. 402 . £ Outstanding contributions .. .. .. 17,843 Discount on investments .. .. 3,776 Interest on investments: Accrued and overdue .. 13,828 Less amount written off .. .. 491 I nterest due on arrears of contributions .. .. 398 — 3,285 Due by Consolidated Fund for cost-of-living bonus .. 02 Vouchers issued but unpaid at Ist February, Government subsidies — •; • • • • • • 24,276 Additional subsidy under section 114, Public Service Add overdraft in Post Office Account .. 52,940 Superannuation Act, 1927, allowances unpaid at 77,216 31st January, 1942 .. .. .. .. 556 Section 112 Public Service Superannuation Act, 1927 43,000 £1,045,061 £1,045,061 Notes. Since the closing of the accounts 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, 1942. The amount for the period to 31st January, 1942, not included in the year's accounts, is £1,583. The subsidy under, section 112' Public Service Superannuation Act, 1927, shown above as outstanding, has also been received. 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 contingent liability in this resnect is estimated at £3,200. r A,. E. Mc-Kinnon, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, Bth September, 1942. I hereby certify that the Revenue Account and Balanoe-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 and the following comment : There is no statutory authority for the Board to borrow moneys by way of overdraft from the Post Office Account.—Cyril G. Collins, Controller and Auditor-General.

Table showing Progress of Fund since its Inception (1st January, 1906).

2

E.—B.

if. if. if. ?£. if if I b 4 s 3| s g| Safe Sg= §|g gig -gci , II s I B B 1 , I s If I s 1 I s if !____ m » " S Total number of contributors 2,182 8,080 9,964* 8,058f 9,005 9,463 9 827 Total amount of contributions £32,320 £131,872 £115,961 £132,398 £158,505 £173' 126 £3 467 427 Interest received .. .. £864 £68,053 £72,682 £44,187 £42,699 £42,021 £42'362 £1 *323'031 Subsidy from Government .. £5,000 £71,228 £46,917 £171,800 £155,979 £166 917 £155 628 £2*471 '499 Subsidy from Fiji Government .. £224 £238 £233 £382 £388 £361 ' £4'539 Subsidy from Tonga Government .. .. .. .. £20 £21 £21 *£62 Number of allowances payable 84 1,364 1,677 2,038 2,078 2 127 2 211 Total amount paid on account of £3,147 £188,552 £254,927 £323,976 £35o'l88 £5 507'661 retiring and other allowances Total amount of contributions £260 £26,076 £30,628 £31,481 £32,670 £34,725 £37 425 £711 390 refunded and transferred Accumulated fund .. .. £34,734 £1,134,015 £1,218,166 £964,605 £967,076 £974,885 £954,640 * Highest number of contributors since commencement of Fund. t Lowest number of contributors since 31st January, 1026.