E—B

(B) Balance-sheet as at 31st March, 1948 Liabilities ' £ | Assets £ Fund -as per Revenue Account .. 1,089,237 Amount held by Public Trustee in cash Retiring and other allowances flue and and investments (face value) .. 960,211 unpaid . .. .. 4,112 £ Refund of contributions due and Premium paid on purchase of unpaid .. .. .. 926 investments.. .. 3,772 Administration expenses unpaid .. 709 Less amount written off to Unclaimed contributions .. .. 8,998 31st March, 1948 .. 1,528 Amounts paid into fund in error .. 360 * 2,244 £ Amounts paid to protect securities .. 38 Discount on investments .. 4,031 Outstanding contributions .. 69,719 Less amount written off to Interest on investments : Accrued 31st March, 1948 .. 2,224 and overdue .. .. .. 9,152 1,807 Interest due on arrears of contributions .. .. .. 1,311 Subsidy from Fijian Government and N.Z.E.I. accrued .. .. 346 Due by Consolidated Fund for cost-of-living bonus .. .. 6,487 Government subsidies — Additional subsidy under section 114, Public Service Superannuation Act, 1927, allowances unpaid at 31st March, 1948 .. .. 1,524 Cash in Post Office Account .. 55,117 £1,106,149 £1,106,149 Note.—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 £1,641. The Teachers' Superannuation Fund was absorbed by the Government Superannuation Fund as at Ist April, 1948, in terms of the Superannuation Act, 1947. I. L. GORMACK, A.R.A.N.Z., Acting-Secretary, Teachers' Superannuation Board. Education Department, Wellington, 18tli March., 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. —C. J. M. Gair, Deputy Controller and Auditor-General.

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