E—B

(B) Balance-sheet as at 31st January, 1946 Liabilities £ Assets £ Fund as per Revenue Account .. 879,994 Amount held by Public Trustee in cash Retiring and other allowances due and and investments (face value) .. 963,669 unpaid .. .. .. .. 3,772 £ Refund of contributions due and unpaid 9,013 Premiums paid on purchase of Administration expenses unpaid .. 1,189 investments .. .. 2,746 Unclaimed contributions .. .. 1,339 Less amount written off year Amounts paid into fund in error .. 11 ending 31st January, 1945 367 Reserves for commission, &c. .. 627 2,379 £ Mortgagee in possession (recoverable) .. 6 Discount on investments .. 4,142 Amounts paid to protect securities .. 30 Less amount written off year Outstanding contributions .. .. 37,323 ending 31st January, 1945 663 Interest on investments : Accrued and 3,479 overdue .. .. .. 12,873 Vouchers issued but unpaid at Interest due on arrears of contributions 2,224 31st January, 1945 .. 19,547 Subsidy from Fijian Government accrued 88 Add overdraft in Post Office Due by Consolidated Fund for cost-of-Account .. .. 102,556 living bonus .. .. .. 2,367 12 2,103 Government subsidies— Additional subsidy under section 114, Public Service Superannuation Act, 1927, allowances unpaid at 31st January, 1945 .. .. 568 £1,021,527 £1,021,527 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, 1945, not included in the year's accounts, is £1,404. 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 £2,085. I. L. Gormack, A.R.A.N.Z., Acting-Secretary, Teachers' Superannuation Board. Education Department, Wellington, Ist June, 1949. 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 and the following comment: There is no statutory authority for the Board to borrow moneys by way of overdraft from the Post Office Account. — J. P. Rutherford, Controller and Auditor-General.

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