TNAG-0798-FCO40-1002-Dispute-over-closure-of-Precious-Blood-Golden-Jubilee-Second-1978 — Page 41

C. NO SALE SHOULD BE COMPULSORY (IE PARENTS AND PUPILS SHOULD BE

AT LIBERTY TO MAKE THEIR PURCHASES ELSEWHERE):

D. PRICES SHOULD BE CLEARLY MARKED AND KEPT AS LOW AS POSSIBLE. IN ADDITION, THE CODE OF AID (SEE PARA 3) FURTHER PROVIDES TH ANY PROFIT OR LOSS ARISING OUT OF ITEM (B) SHALL BE REFLECTED TN THE TONG FAI OR SUBSCRIPTIONS ACCOUNT.

5. THE INSPECTION OF THE PRECIOUS BLOOD GOLDEN JUBILEE SECONDARY

SCHOOL ACCOUNTS TOOK PLACE FROM 19 APRIL TO 18 MAY 1977.

THE PERIOD COVERED WAS FROM THE OPENING OF THE SCHOOL IN 1973 TO

31 MARCH 1977. THE RESULTS OF THE FINDINGS ERE SENT TO THE

ATTORNEY GENERAL ON 1 JUNE 1977.

6. THE EDUCATION DEPARTMENTS FILE FOR THE PRECIOUS BLOOD GOLDEN

JUBILEE SECONDARY SCHOOL, INCLUDING A COPY OF THE REPORT SENT TO THE ATTORNEY GENERAL, WAS SUBMITTED TO THE COMMITTEE OF

INQUIRY.

7. THE FOLLOWING IS A SUMMARY OF THOSE FINDINGS.

GENERAL

8. THE PRECIOUS BLOOD GOLDEN JUBILEE SCHOOL WAS COMPLETED IN 1973

AT A TOTAL COST OF DOLLARS 4,170,300.02, OF WHICH DOLLARS 185,504.75 WAS IN RESPECT OF LIVING QUARTERS FOR THE CONGREGATION OF THE SISTERS OF THE PRECIOUS BLOOD (THE SPONSORS)

AND PAID FOR BY THEM, THE COST OF THE SCHOOL PORTION WAS THUS DOLLARS 3,984,795.27. THE COVERNMENT CAPITAL ASSISTANCE, COMPRISING BUILDING GRANT AND LOAN, TOTALLED DOLLARS 3,701,400 AND THE DIFFERENCE OF DOLLARS 283,395.27, BEING COST OF ABOVE STANDARD FACILITIES PROVIDED (EG LIFT, SPECIAL FLOORING, ETC) WAS

ADVANCED BY THE SPONSORS SUBJECT TO REPAYMENT BY THE SCHOOL.

9. IN ADDITION TO THE TWO BANK ACCOUNTS REQUIRED TO BE MAINTAINED IN THE SCHOOLS NAME UNDER THE CODE OF AID (SEE PARA 2 ABOVE), IT WAS FOUND THAT THERE WERE TWO OTHER BANK ACCOUNTS (ONE CURRENT AND ONE SAVINGS) AND TEN FIXED DEPOSITS, ALL IN THE NAME OF **PRECIOUS BLOOD SISTERS', OPENED BY THE FORMER PRICIPAL AND SUPERVISOR, SISTER LEUNG, AND NOT REFLECTED IN THE SCHOOLS BOOKS

OF ACCOUNT.

10. THE SCHOOLS ACCOUNTS FOR THE PERIOD TO 31 MARCH 1974, AND THE

YEARS TO 31 MARCH 1975 AND 31 MARCH 1976, WERE AUDITED BY A FIRM OF CERTIFIED PUBLIC ACCOUNTANTS. THERE WAS NO QUALIFICATION ON ANY

OF THESE AUDIT CERTIFICATES. THE AUDITED ACCOUNTS FOR THE YEARS TO 31 MARCH 1977 -AND 31 MARCH 1978 HAVE NOT YET BEEN RECEIVED

BY THE EDUCATION DEPT.

GOVERNMENT