E.—B,

(B) BALANCE-SHEET as at 31st January, 1938. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. .. 834,465 9 6 Amount held by Public Trustee— £ s. d. £ s. d. Retiring and other allowances due and unpaid .. 2,523 12 11 Invested .. .. .. 961,442 7 7 Refund of contributions due and unpaid .. 512 5 6 Uninvested .. .. 2,971 7 3 Administration expenses unpaid— —-— 964,413 14 10 Commission, Post and Tele- £ s. d. Premium paid on purchase of graph Department .. 206 14 6 Investments .. .. 3,439 22 Clerical assistance .. .. 750 0 0 Less amount written off .. 304 13 10 Postage and telegrams .. 83 6 8 3,134 8 4 Office expenses, printing, and Amounts paid to protect securities .. 143 13 4 stationery .. .. 15 0 4 Contributions of members— Audit fee .. .. .. 41 13 4 In transit .. .. .. 2,153 8 5 Medical fees .. .. 11 11 0 Due and outstanding .. 3,793 19 9 1,108 5 10 5,947 8 2 Unclaimed contributions .. .. 1,409 13 4 Funds in transit (for refund of Amounts paid into fund in error .. 87 9 10 contributions due London in Government subsidy—Statutory February) .. .. .. 123 7 8 grant received in advance for Interest on investments— 1938 .. .. .. 39,416 13 4 Due and outstanding .. 10,320 11 5 Less additional subsidy under sec- Accrued, but not due .. 11,192 13 0 tion 114 of Act not yet received 406 1 9 21,513 4 5 Less additional subsidy under sec- Interest on arrears of contribution 114, receivable in respect tions due and outstanding to allowances outstanding at (contributors) .. .. .. 269 13 3 31st January, 1938 .. .. 173 4 3 Due by Consolidated Fund for — 38,837 7 4 Cost-of-living Bonus .. .. 260 7 10 Rent received from securities leased (held for rates and expenses) .. .. .. .. 299 18 9 Reserve — For commission payable to Public Trustee in respect to interest due or accrued .. 713 0 0 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid .. .. .. 40 13 0 For cost of actuarial examination .. .. .. 20 0 0 773 13 0 Reserve for loss on investments — Balance at 31st January, 1937 3,049 910 Less interest written off .. 173 7 6 Less capital written off .. 374 10 11 2,501 11 5 Account with Post Office overdrawn at 31st January, 1938 .. 92,119 6 9 Vouchers issued but unpaid .. 21,167 3 8 — 113,286 10 5 £995,805 17 10 £995,805 17 10 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, 1938. The amount for the period to 31st January, 1938, not included in the year's accounts, is £5,270. Since closing the Accounts for the year a further Government subsidy of £123,000 has been paid to the Fund. 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 benefit (which is payable upon retirement) will amount in the aggregate, to approximately £30,000 ; but the additional liability is only approximately £5,000, as the remaining £25,000 would, in any case, be refunded as contributions in the ordinary way upon retirement before full age or service. C. E. Crawford, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, 9th May, 1938. 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, and to the following comment: There is no statutory authority for the Board to borrow moneys by way of overdraft from the Post Office Account. J. H. Fowler, Controller and Audi tor-General.

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