E.—B

(B) BALANCE-SHEET as at 31st January, 1943 Liabilities £ Assets £ Fund as per Revenue Account .. .. .. 944,337 Amount held by Public Trustee in cash and in vestRetiring and other allowances due and unpaid .. 3,054 ments .. .. .. .. 967,177 Refund of contributions due and unpaid .. .. 3,039 £ Administration expenses unpaid .. .. 1,211 Premium paid on purchase of investments .. 2,881 Unclaimed contributions .. .. .. 2,147 Less amount written off .. .. 346 Amounts paid into fund in error .. .. .. 11 2,535 Rent received from securities leased .. ... 687 Amounts paid to protect securities .. .. 46 Reserves for commission, &c. .. .. .. 609 Outstanding contributions .. .. .. 37,336 £ Interest on investments: Accrued and overdue .. 13,960 Discount on investments .. .. 3,298 Interest due on arrears of contributions .. .. 373 Less amount written off .. .. 500 Subsidy from Fijian Government accrued .. .. 14 2,798 Due by Post and Telegraph Department on account of Vouchers issued but unpaid at Ist February, Public Trustee .. .. .. .. 3,300 1943 .. ■■ .. ..29,130 Due by Consolidated Fund for cost-of-living bonus .. 87 Add overdraft in Post Office Account .. 38,390 Government subsidies— 67,520 Additional subsidy under section 114, Public Service Superannuation Act, 1927, allowances unpaid at 31st January, 1943 .. .. .. .. 585 £1,025,413 £1,025,413 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, 1943. The amount for the period to 31st January, 1943, not included in the year's accounts, is £1,533. 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 £2,620. J. A. Clements, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, 17th August, 1943. T 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. —Cyril G. Collins, Controller and Auditor-General.

Table showing Progress of Fund since its Inception (1st January, 1906)

2

flS , 2 . I a . T3 . "« 2 . | 'S § . I -O « $ « , s|g g§£ S§$ §155 §§5! Sgg So" -agg *2s *"S -?S |"S $» St St Ss St| rt Ss St. £i _ *_s : a Total number of contributors 2,182 8,080 9,964 8,058f 9,463 9,827 10,212* Total amount of contributions £32,320 £131,872 £115,961 £132,398 £169,888 £173,126 £177,151 £3,644,578 Interest received .. .. £864 £68,053 £72,682 £44,187 £42,021 £42,362 £41,896 £1,364,927 Subsidy from Government .. £5,000 £71,228 £46,917 £171,800 £166,917 £155,628 £159,806 £2,631,298 Subsidy from Fiji Government .. £224 £238 £233 £388 £361 £320 £4,859 Subsidy from Tonga Government .. .. .. .. £21 £21 £5 £67 Number of allowances payable 84 1,364 1,677 2,038 2,127 2,211 2,245 Total amount paid on account of £3,147 £188,552 £254,927 £323,976 £333,459 £350,188 £351,870 £5,859,531 retiring and other allowances Total amount of contributions £260 £26,076 £30,628 £31,481 £34,725 £37,425 £33,847 £745,237 refunded and transferred Accumulated fund .. .. £34,734 £1,134,015 £1,218,166 £964,605 £974,885 £954,640 £944,337 * Highest number of contributors since commencement of Fund. t Lowest number of contributors since 31st January, 1926.