New Zealand Gazette – 1937 – No. 59

Page 2110

✨ Financial Statements



2110

THE NEW ZEALAND GAZETTE.

STATE ADVANCES CORPORATION OF NEW ZEALAND.

REVENUE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 1937.

Interest Account.

£ s. d.
Interest on stock and debentures 1,107 990 15 4
Gross income carried forward to Profit and Loss Account 747 206 9 6
£1,855,197 4 10
£ s. d.
Interest on mortgages, current accounts, and local-body securities 1,977 456 12 0
Less transferred to General Reserve Fund 128 291 8 4
£1,849,165 3 8
Interest on temporary investments and sundries 6 032 1 2
£1,855,197 4 10

Profit and Loss Account.

£ s. d.
Management expenses (all inclusive) 129 881 19 1
Reserve for losses 10 000 0 0
Contingent Liability Account—Amount transferred under section 3, State Advances Corporation Amendment Act, 1935 72 500 0 0
Net income carried forward to Appropriation Account 534 849 12 0
£747,231 11 1
£ s. d.
Gross income brought forward from Interest Account 747 206 9 6
Sundries 25 1 7
£747,231 11 1

Appropriation Account.

£ s. d.
Dividends 4 558 1 1
Income-tax (balance, 1935-36) 58 020 0 0
Investment Fluctuation Reserve 20 000 0 0
Surplus, including income-tax provision available for distribution to the Crown 467 020 3 1
£549,598 4 2
£ s. d.
Net income 534 849 12 0
Superannuation Reserve not required 14 748 12 2
£549,598 4 2

R. ROBERTSON, Chief Accountant.

BALANCE-SHEET AS AT 31ST MARCH, 1937.

Liabilities.

£ s. d.
Authorized capital 1,000 000 0 0
Stock and debentures 39 774,500 0 0
Accrued interest 241 975 6 4
Contingent liability to the Crown 11 715,730 5 9
General Reserve 3 254,300 11 4
Reserve for losses on investments 15 000 0 0
Investment Fluctuation Reserve 30 000 0 0
Sundry creditors 28 676 3 9
Surplus, including income-tax provision 467 020 3 1
Balance of interest on contribution to General Reserve 62 256 1 0
£56,589,458 11 3

Assets.

£ s. d.
Mortgages and accrued interest 50 859,861 5 10
Securities in course of realization 335 038 9 2
Realization Suspense Account (losses chargeable to Contingent Liability Account when defined) 63 656 11 4
Advances on Current Account and accrued interest 1 409,868 7 10
Government and local-body securities and accrued interest 3 230,079 13 2
Fixed assets—At cost, less provision for depreciation, office furniture, and motor-vehicles 29 517 3 2
Sundry debtors 4 986 6 11
Lodgments in transit and cash in bank and on hand 656 450 13 10
£56,589,458 11 3

R. ROBERTSON, Chief Accountant.
A. D. PARK, F.I.A.N.Z., F.R.A.N.Z.,
T. N. SMALEWOOD,
—Managing Directors.

AUDITORS' REPORT.

In accordance with the provisions of the State Advances Corporation Acts we report that we have obtained all the information and explanations we have required in respect of the accounts of the Corporation examined by us and in respect of the above Balance-sheet, and that in our opinion such Balance-sheet is properly drawn up so as to exhibit a true and correct view of the state of the Corporation's affairs according to the best of our information and the explanations given to us, and as shown by the books of the Corporation.

L. H. HESLOP, Public Accountant.
R. C. BURGESS, Public Accountant.

Wellington, 16th July, 1937.



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✨ LLM interpretation of page content

💰 State Advances Corporation Revenue Accounts for 1936-37

💰 Finance & Revenue
Revenue, Interest, Profit and Loss, Appropriation, Financial Statements
  • R. Robertson, Chief Accountant

💰 State Advances Corporation Balance Sheet as at 31 March 1937

💰 Finance & Revenue
Balance Sheet, Assets, Liabilities, Financial Statements
  • R. Robertson, Chief Accountant
  • A. D. Park, Managing Director
  • T. N. Smalewood, Managing Director

💰 Auditors' Report for State Advances Corporation

💰 Finance & Revenue
16 July 1937
Audit, Financial Statements, Balance Sheet
  • L. H. Heslop, Public Accountant
  • R. C. Burgess, Public Accountant