E.—B

(B) BALANCE-SHEET as at 31st January, 1944 Liabilities £ Assets £ Fund as per Revenue Account .. .. .. 033,803 Amount held by Public Trustee in cash and in vestRetiring and other allowances due and unpaid .. 3,760 ments (face value) .. .. .. .. 006,850 Refund of contributions due and unpaid .. .. 1,704 £ Administration expenses unpaid .. .. .. 1,176 Premium paid on purchase of investments .. 2,795 Unclaimed contributions .. .. .. 1,039 Less amount written off year ending 31st Amounts paid into fund in error .. .. .. 11 January, 1944 .. .. .. 301 Rent received from securities leased .. .. 66 2,434 Reserves for commission, &c. .. .. .. 654 Amounts paid to protect securities .. .. 73 £ Outstanding contributions .. .. .. 67,469 Discount on investments .. .. 3,122 Interest on investments: Accrued and overdue .. 12,764 Less amount written off year ending 31st Interest due on arrears of contributions .. .. 5,120 January, 1944 . . . . .. 500 Subsidy from Fijian Government accrued .. .. 8 2,613 Due by Consolidated Fund for cost-of-living bonus .. 05 Vouchers issued but unpaid at 31st January, Government subsidies— 1944 .. .. .. ..22,100 Additional subsidy under section 114, Public Service Add overdraft in Post Office Account .. 87,608 Superannuation Act, 1927, allowances unpaid at 109,897 31st January, 1944 .. .. .. .. 618 £1,055,413 £1,055,413 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,, 1944. The amount for the period to 31st January, 1944, not included in the year's accounts, is £1,475. 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 respect is estimated at £2,150. J. A. Clements, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, Ist August, 1944. 1 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 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

!t3_r T3 fc*. j-dt£ | , d>" I •§! «« I ■§§ ■§§ «1 . ■§! . ■§! . 1 s! . § is s |§ I Ss« gas Sag g|3 Sg5 ! «SI M-Sl -»?S I ! -s's SS S« |« 8-s |« i |« w-g | S* m j*s [ j*s J s Total number of contributors 2,182 8,680 9,964 8,058f 9,827 10,212 10,668* Total amount of contributions £32,320 £131,872 £115,961 £132,398 £173,126 £177,151 £192,085 £3,836,663 Interest received .. .. £864 £68,053 £72,682 £44,187 £42,362 £41,896 £51,997 £1,416,924 Subsidy from Government .. £5,000 £71,228 £46,917 £171,800 £155,628 £159,806 £146,756 £2,778,054 Subsidy from Fiji Government .. £224 £238 £233 £361 £320 £279 £5,138 Subsidy from Tonga Government .. .. .. •. £21 £5 .. £67 Number of allowances payable 84 1,364 1,677 2,038 2,211 2,245 £2,277 Total amount paid on account of £3,147 £188,552 £254,927 £323,976 £350,188 £351,870 £358,675 £6,218,206 retiring and other allowances Total amount of contributions £260 £26,076 £30,628 £31,481 £37,425 £33,847 £39,433 £784,670 refunded and transferred Accumulated fund .. .. £34,734 £1,134,015 £1,218,166 £964,605 £954,640 £944,337 £933,803 * Highest number of contributors since commencement of Fund. t Lowest number of contributors since 31st January, 1926.