E.—B.

(B) BALANCE-SHEET as at 31st January, 1941. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. .. 974,884 12 6 Amount held by Public Trustee — £ s. d. £ s. d. Retiring and other allowances due and unpaid .. 989 10 6 Invested .. .. .. 955,824 II 5 Refund of contributions due and unpaid .. 2,880 7 1 Uninvested .. .. 8,810 210 Administration expenses unpaid—■ — 964,634 14 3 Commission Post and Tele- £ s. d. Premium paid on purchase of graph Department .. .. 218 9 0 investments .. .. 2,525 3 4 Clerical assistance .. .. 750 0 0 Less amount written off .. 304 6 7 Postage and telegrams .. 83 6 8 2,220 16 9 Office expenses, printing, and Amounts paid to protect securities .. .. 202 5 8 stationery .. .. 43 3 0 Contributions of members— Audit fee .. .. .. 41 13 4 In transit .. .. .. 6,055 5 1 1,136 12 0 Due and outstandingUnclaimed contributions .. .. .. 2,019 15 3 Ordinary contributors .. 3,963 16 11 Amounts paid into fund in error .. .. 16 4 0 By Government on account Rent received from securities leased .. .. 414 16 6 of contributors on leave Reserve — with the forces.. .. 2,503 4 3 For commission payable to Public 12,522 6 3 Trustee in respect to interest Interest on investments — due or accrued .. .. 416 16 3 Due and outstanding .. 2,528 17 7 For commission to Post and Tele- Accrued, but not due .. 10,973 12 7 graph Department in respect to 13,502 10 2 vouchers issued but unpaid 4-2 12 6 Interest on arrears of contribuFor cost of actuarial examination 32 0 0 tions duo and outstanding — 491 8 9 (contributors) .. .. .. .. 447 1 9 Reserve for loss on investments .. .. 1,289 17 9 Due by Consolidated Fund for Vouchers issued but unpaid at Ist cost-of-living bonus.. .. .. .. 33 12 0 February, 1941 .. .. 22,284 5 8 Government subsidy— Less cash in Post Office Account .. 12,305 10 10 Additional subsidy under sec9,978 14 10 tion 114, Public Service Superannuation Act, 1927, allowances unpaid at 31st January, 1941 .. .. .. .. 538 12 4 £994,101 19 2 £994,101 19 2 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, 1941. The amount for the period to 31st January, 1941, not included in the year's accounts, is £1,917. 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 £3,600. A. E. MCKinnon, A.R.A.X.Z.. Secretary, Teachers' Superannuation Board. Education Department, Wellington, 18th June, 1941. 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. —Cyril G. Collins, Controller and Auditor-General.

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