1961-1962 — Page 48

APPENDIX III

THE HONG KONG HOUSING AUTHORITY

BALANCE SHEET AS AT 31ST MARCH, 1962

ENT LIBRARY

1961

1961

GENERAL Revenue RESERVE

Balance at 31st March, 1961 Add:

CAPITAL EXPENDITURE

$ 1,471,130.92

$83,768,962

Amount transferred from

General Working Account

1,045,217.21

$ 2,516,348.13

$ 1,471,131

Deduct: Appropriation to Insur-

ance Fund

96.483 $83,865,445

Housing Estates at cost per Schedule attached... $121,766,036.21 Furniture and Equipment-at cost less

depreciation

426,583.77 $ 2,089,764.36

INSURANCE FUND

Balance at 31st March, 1961 Add: Transfers from Estate

164,723.42

Working Accounts less

proportionate cost of claims

108,484.05

Appropriation from

CURRENT ASSETS

164,723

General Revenue Reserve

1,557,878

2,156,159

426,583.77 PROVISION FOR AMORTIZATION OF CAPITAL EXPENDI- TURE ON HOUSING ESTATES—per Schedule attached GRANTS RECEIVED FROM THE COLONIAL DEVELOP- MENT AND WELFARE FUND TOWARDS THE COST OF HOUSING ESTATES-per Schedule attached

HONG KONG Government Loan

699,791.24

2,392,306.00

19,784

2,636 SITE Investigation Expenses

63,431 UNALLOCATED CAPITAL EXPENDITURE

GOVERNMENT Low CosT HOUSING

Expenses Recoverable

Sundry Debtors and Prepaid

Expenses

:

98,874.05 $121,864,910.26

3.112.31

3,540.50

17,638.07

3,807

Cash at Bank and in Hand

$ 2,543.45 105,825.46

108,368.91

2,179,157.48

Authorised

Utilized

At 31% per

45,000,000

аплит

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

At 5% per

30,668,157

annum

111,000,000.00 65,962,943.86 110,962,943.86

$156,000,000.00

CURRENT LIABILITIES AND PROVISIONS

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, 1962 in respect of Capital Expenditure were esti- mated at $25,200,000.

30

Sundry Creditors and Accrued

228,627 1,351,825

Charges

..$

77,608.49

Retention Money on Contracts

588,521

Tenants' Deposits

2,043,103.20 716,383.00

718,082 50,000

Provision for Repairs and

Maintenance Provision for Bad Debts

++

786,512.45

$83,955,103

50,000.00 3,673,607.14

$121,997,570.08 $83,955,103

K. S. KINGHORN, Chairman, Housing Authority.

A. INGLIS, Vice-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 together with the notes thereon, is properly drawn up so as to exhibit a true and correct view of the state of the Authority's affairs at 31st March, 1962, according to the best of our information and the explanations given to us and as shown by the books of the Authority.

Hong Kong, 24th July, 1962.

PEAT, MARWICK, MITCHELL & Co., Chartered Accountants, Auditors.

$121,997,570.08