300
I. Capital Reserves
II. Income and Expenditure Account:
LIABILITIES
BALANCE SHEET OF
AS AT 31ST
$
69
113,000,000
Accumulated deficit as at 1.4.65
5,107,157
Surplus for the year
6,545,722
1,438,565
III. Sinking Fund:
In hand at 1.4.65
76,916,968
Contributions and interest for the year
10,033,478
86,950,446
IV. Advance Account:
Accumulated advances as at 1.4.65
810,327,464
Advances during the year
207,427,331 1,017,754,795
$1,219,143,806
This balance sheet is a notional one showing the Capital Assets and Liabilities as they would be shown if capital expenditure had been financed by advances from Government, by surpluses earned on operations, and by funds provided by the Sinking Funds; and if those capital expenditures and the revaluations as at 1st April, 1952 were to be amortized by the establishment of Sinking Funds.
For this purpose it is assumed that the Dams, etc. revalued as at 1st April, 1952, and the capital expendi- tures on the Tai Lam Chung Scheme and the Shek Pik Scheme are to be amortized over 50 years, and that the expenditure on items 1, 2, & 3 of the assets acquired since 1st April, 1952, are to be amortized over 25 years. No provision is made as yet for amortization of expenditure on the Plover Cove Scheme. The value of land occupied is not included except that, where it has been resumed, it is included in the capital cost of a scheme.