PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1948

Appendix to the Journals of the House of Representatives, 1948 Session I, B-09a

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1948 NEW ZEALAND

PUBLIC TRUST OFFICE (ACCOUNTS OF THE) FOR THE YEAR ENDED 31st MARCH, 1948

Laid before the General Assembly in pursuance of Section 27 of the Public Trust Office Amendment Act, 1921-22

The Audit Office, Wellington, 27th July, 1948. The Eight Honourable the Minister of Finance, Wellington. Sir PUBLIC TKUST OFFICE Balance-sheet as at 31st March, 1948 I have the honour, in accordance with the provisions of section 27 of the Public Trust Office Amendment Act, 1921-22, to transmit to you the Balance-sheet of the Public Trust Office as at 31st March, 1948, and to advise you that it has been examined and found correct. I have the honour to be, Sir, Your obedient servant, J. P. Rutherford, Controller and Auditor-General.

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PUBLIC TKUST OFFICE Balance-sheet of the Public Teust Office as at 31st March, 1948 Liabilities £ £ Assets £ Amounts held in Common Fund for sundry Premises, furniture, plant, stationery, &c. .. .. 349,513 estates and funds .. .. .. 19,206,676 Government securities . . .. .. .. .. 4,436,914 Amounts held for special investment on behalf Local bodies'debentures .. .. .. .. 5,313,739 of certain funds but not yet invested .. 40,627 Mortgages (including investments of reserve for mortgages) . . 8,706,191 Amounts specially invested on behalf of certain Properties acquired and advances for protection of securities estates and funds .. .. .. 15,553,007 (book value) .. .. .. .. .. 222,783 34,800,310 Advances (on overdraft) to estates and accounts (book value) 505,710 Sundry creditors .. .. .. .. 202,747 Interest and rent accrued, due, and overdue .. .. 219,286 Writings-off Suspense Account .. .. .. 4,637 Sundry debtors .. .. .. .. .. 87,040 Reserve in respect of enemy property moneys 39,241 Assets in suspense (pending final writing off) .. .. 4,637 Reserves for losses on mortgages, &c, and in Cash in hand, on current account, and on deposit in New respect of advances for protection of securities 126,186 Zealand and London .. .. .. .. 358,255 Reserve for deferred maintenance .. .. 3,445 Special investments and overdue interest thereon held on 168,872 behalf of certain estates and funds .. .. .. 15,553,007 General Legal Expenses Account .. .. . . 7,635 Investment Fluctuation Account .. .. ~ 175,757 Assurance and Reserve Fund .. .. .. 397,117 £35,757,075 £35,757,075

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"jpROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 ST MaRCH, 1948 br. £ Or. £ Salaries and general working-expenses .. .. .. 500,963 Commission and other income (net) .. .. .. 516,303 Losses on realization of mortgages .. .. .. .. 608 Balance, being net loss for year, transferred to Appropriation Depreciation on office premises, furniture, &c. .. .. 17,178 Account .. .. .. .. .. .. 2,446 £518,749 £518,749 Profit and Loss Appropriation Account for the Year ended 31st March, 1948 Dr. £ Or. £ Profit and Loss Account: Balance transferred .. .. 2,446 Balance .. .. .. .. .. .. .. 4,127 Consolidated Fund : One-half of profits for year ended 31st March, Profit on sale of investments .. .. .. .. 2,771 1946, payable in accordance with section 24 (1), Finance Act, 1929 4,127 Transfer from Assurance and Reserve Fund .. .. .. 2,446 Transfer to Investment Fluctuation Account .. .. .. 2,771 £9,344 £9,344 W. Gr. Baird, Public Trustee. A. J. Anderson, F.R.A.N.Z., Chief Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby.— J. P. Rutherford, Controller and Auditor-General.

By Authority: E. V. Paul, Government Printer, Wellington.— 1948.

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