46
APPENDIX V
THE HONG KONG HOUSING AUTHORITY
BALANCE SHEET AS AT 31ST MARCH, 1960
1959
1959
$ 265,110
GENERAL REVENUE RESERVE
Balance at 31st March, 1959
Amount transferred from General Working
Account
PROVISION FOR AMORTIZATION OF CAPITAL EXPENDI- 538,353 TURE ON HOUSING ESTATES-as per Schedule I
20,064 INSURANCE FUND
265,109.83
$50,760,888
218,480.58 483,590.41
979,655.00 90,523.34
48,192 $50,809,080
44,308
CAPITAL EXPENDITURE
Housing Estates, at cost- -as per Schedule I Furniture and Equipment, at cost less
depreciation
$61,970,326.83
98,292.57 $62,068,619.40
SITE INVESTIGATION EXPENSES
16,119.63
GRANTS RECEIVED FROM THE COLONIAL DEVELOP- MENT AND WELFARE FUND TOWARDS THE Cost of
UNALLOCATED ADMINISTRATION EXPENSES
At 31st March, 1959
$357,898.78
:
2,105,773
HOUSING ESTATES- -as per Schedule I
HONG KONG GOVERNMENT LOANS
2,121,884.18
357,899
Less Written off in General Work-
ing Account
357,898.78
CURRENT ASSETS
Authorized
Utilized
3,874
Sundry Debtors
6,636.34
At 31% per
22,670
Cash at Bank and in Hand
45,000,000
39,445.42
46,081.76
anuum
At 5% per
2,375,000
annum
$ 45,000,000.00 $45,000,000.00
94,000,000.00 11,589,417.02
$139,000,000.00
56,589,417.02
CURRENT LIABILITIES AND PROVISIONS
Sundry Creditors and Accrued
48,002
Charges
$ 14,114.47
260,331
Retention Money on Contracts
957,440.12
343,387
Tenants' Deposits
352,562.00
281,811
Provision for Repairs and
Maintenance
512,034.44
Provision for Voids and Bad Debts...
29,599.81
1,865,750.84
Notes: 1. The Provision for Amortization of Capital Expenditure is calculated by reference to
a forty year period from the time each Estate comes into operation.
+
2. Commitments at 31st March, 1960 in respect of Capital Expenditure were esti- mated at $18,124,386 all of which related to So Uk Estate.
$51,237,831
$62,130,820.79 $51,237,831
D. R. W. ALEXANDER, Chairman, Housing Authority.
REPORT OF THE AUDITORS TO THE MEMBERS OF THE HONG KONG HOUSING AUTHORITY
We have examined the above Balance Sheet and have obtained all the information and explanations we have required. In our opinion, the Balance Sheet is properly drawn up so as to exhibit a true and correct view of the state of the Com- pany's affairs at 31st March, 1960, according to the best of our information and the explanations given to us and as shown by the books of the Company.
Hong Kong, 9th September, 1960.
PEAT, MARWICK, MITCHELL & Co., Chartered Accountants, Auditors.
$62,130,820.79