b.—i rp T . iv

22

EDUCATION ENDOWMENT DEPOSIT ACCOUNT-continued.

SECONDARY-EDUCATION ENDOWMENTS. Revenue Account foe the Year ended 31st March, 1925. Dr. £ s . d. Or. £ s . d. To Loan repayments (principal and interest) under By Accrued rents, &e. .. .. .. 9,851 10 4 section 63, Land Laws Amendment Act, 1913 27 13 6 ' Accrued royalties .. .. .. '521 6 6 Administration expenses .. .. .. 502 2 1 Interest on cash held by Public Trustee !! 43 14 1 Rotorua College and Grammar School .. 640 8 0 Miscellaneous .. .. .. .. 30 10 8 Remissions of rent .. .. .. 04 3 Survey costs .. .. .. .. 13 18 3 Payments to secondary schools .. .. 8,406 7 7 Balance carried down .. .. .. 856 711 7 £10,447 1 7 To Adjustment on account of previous years— £g_ d. Rents charged in advance at 31st March, By Balance brought down .. .. .. 856 711 1924, &c. .. .. .. .. 1,899 12 10 Balance from previous years .. .. 4,166 1 6 Balance.. .. .. .. .. 3,122 16 7 £5,022 9 5 £5,022 9 5 Receipts and Payments Account for the Year ended 31st March, 1925. Receipts. £s. d. Payments. £s. d. To Balance in Public Account, Ist April, 1924 .. 3,588 78 By Payments to secondary schools .. .. 8,406 7 7 Rents, &c., received under section 2, Education ' Rotorua College and Grammar School .. 640 8 0 Reserves Amendment Act, 1914 .. .. 9,561 12 1 Administration expenses .. .. .. 614 610 Sales of land under section 3, Education Re- Refunds of revenue .. .. .. 123 6 6 serves Amendment Act, 1914 .. .. 50 0 Balance in Public Account, 31st March, 1925.. 3,370 10 10 £13,154 19 9 £13,154 19 9 Balance-sheet as at 31st March, 1925.

Liabilities. £ s. d. Assets. £ s. d. Capital, including loading for roads, &c. .. 196,230 0 9 Land .. .. .. .. .. 204,797 19 1 Appreciation in land-values .. .. .. 8,311 59£s. d. Sundry creditors — Sundry debtors for rent .. 1,583 15 10 Miscellaneous .. . . .. ..14 3 5 Less reserve for irrecoverable Rents paid in advance .. .. .. 20 3 rents .. .. .. 12 15 11 Royalties paid in advance.. .. .. 01 6 1,570 19 11 Consolidated Fund—For compensation for im- Sundry debtors for royalties .. .. .. 127 6 0 provements .. .. .. .. 1,318 10 0 Miscellaneous sundry debtors .. .. 148 6 2 Writings off Suspense .. .. .. 54 17 6 Outstanding Rents Suspense ....54 17 6 Rotorua College and Grammar School .. 5,123 4 0 Overpayments to secondary schools .. .. 5,123 4 0 Rents, &c., charged in advance .. . . 1,988 3 5 Cash held by Public Trustee .. .. .. 971198 Revenue Account—Balance .. .. .. 3,122 167 Cash in Public Account .. .. .. 3,370 1010 £216,165 3 2 £216,165 3 2 J. B. Thompson, Under-Secretary for Lands. J. H. O'Donnell, Chief Accountant. 30th July, 1925.

I hereby certify that the Statement of Receipts and Payments, 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, except that —(1) The accounts have been compiled from copies of journal entries of the District Land Offices and audited statements from Otago, Nelson, Westland, Poverty Bay, Hawke's Bay, Southland, and Marlborough ; (2) the Capital Account is overstated by the total amount the land was loaded for roading, &c. ; (3) in the opinion of the Audit Office instalments of principal included in loan repayments should not be a charge against the Revenue Account. —G. F. C. Campbell, Controller and Auditor-General.