1960-1961 — Page 49

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APPENDIX III

THE HONG KONG HOUSING AUTHORITY

BALANCE SHEET AS AT 31ST MARCH, 1961

1960

1960

$

265,110

GENERAL REVENUE RESERVE

Balance at 31st March, 1960

CAPITAL EXPENDITURE

$

218,481

Amount transferred from General Working

Account

979,655

2,121,884

90,523 INSURANCE FUND

PROVISION FOR AMORTIZATION OF CAPITAL EXPENDI-

TURE ON HOUSING ESTATES-per Schedule I GRANTS RECEIVED FROM THE COLONIAL DEVELOP- MENT AND Welfare FUND TOWARDS THE COST OF HOUSING ESTATES-per Schedule I

HONG KONg Government Loan

483,590.41

987,540.51 $1,471,130.92 164,723.42

$61,970,327

98,293 $62,068,620

Housing Estates—at cost per Schedule I Furniture and Equipment—at cost less

depreciation

$83,768,961.61

96,483.49

$83,865,445.10

16,120

SITE INVEStigation Expenses

2,635.51

1,557,878.00

CURRENT ASSETS

6,636

...

2,156,158.51

++

UNALLOCATED CAPITAL EXPENDITURE

Sundry Debtors and Prepaid

Expenses

63,431.30

39,445

Cash at Bank and in Hand

+++

$19,783.97 3,807.20

23,591.17

At 33% per

45,000,000

annum

At 5% per

11,589,417

annum

+

Authorized

Utilized

$ 45,000,000.00 $45,000,000.00

111,000,000.00

$156,000,000.00

30,668,157.29

75,668,157.29

14,115

Charges

957,440

Retention Money on Contracts

352,562

Tenants' Deposits

CURRENT LIABILITIES AND PROVISIONS

Sundry Creditors and Accrued

$ 228,627.35 1,351,824.81

588,521.00

512,034 29,600

Provision for Repairs and

Maintenance

718,081.78

Provision for Bad Debts

$62,130,821

50.000.00 2,937,054.94

$83,955,103.08 $62,130,821

Notes: 1. Provision for Amortization of Capital Expenditure is calculated by reference to a forty-year period from the time each Estate, or Section thereof, comes into operation.

2. Commitments at 31st March, 1961 in respect of Capital Expenditure were esti- mated at $32,500,000.

K. S. KINGHORN, 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 Authority's affairs at 31st March, 1961, according to the best of our information and the explanations given to us and as shown by the books of the Authority,

PEAT, MARWICK, MITCHELL & Co.

Chartered Accountants, Auditors.

Hong Kong, 31st July, 1961.

$83,955,103.08