Payments
£ s. d.
Withdrawn by depositors ... 5,061,311 2 6
Withdrawn by National Savings investment accounts ... 264,862 18 0
Charges ... 62,411 8 4
Income and social security taxes ... 25,561 14 6
Loans granted ... 551,032 5 0
Debentures purchased ... 405,480 0 0
Grants ... 5,500 0 0
Office furniture, etc. ... 1,768 0 10
Land and buildings ... 81,883 6 4
Staff Provident Funds ... 1,363 19 4
Paid on behalf of other trustee savings banks ... 72,446 2 6
Proceeds of sales of Government stock ... 45,713 2 0
Proceeds of sales of local body stock and debentures ... 16,200 0 0
Proceeds of sales of travellers' cheques ... 7,686 1 9
PAYE tax deductions paid to Inland Revenue Department ... 5,845 9 6
Tenants' rates ... 1,345 7 0
Balance 31 March 1961 ... 369,630 18 4
£6,980,041 15 11
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1961
£ s. d. £ s. d.
Interest credited to depositors— Open accounts ... 227,322 1 9 Closed accounts ... 13,940 19 10 Credited and accrued on investment accounts ... 3,763 19 4 Interest and suspensory free deposits credited to home lay-by accounts ... 2,108 13 7 247,135 14 6
Provision for suspensory free deposits on home lay-by accounts ... 250 0 0
Interest on Staff Provident Funds ... 1,909 0 4
Charges and administration expenses ... 66,741 0 5
Depreciation— Buildings ... 3,171 17 11 Office furniture, etc. ... 5,987 17 8 9,159 15 7
Provision for taxation ... 30,456 4 0
Profit and Loss Appropriation Account: Net profit ... 31,882 6 0 £387,534 0 10
£ s. d.
Investment interest ... 375,729 18 9
Rents ... 6,972 16 5
Commission, refunds, fines, etc. ... 4,831 5 8 £387,534 0 10
PROFIT AND LOSS APPROPRIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1961
£ s. d.
Provision for grants ... 6,000 0 0
Reserve Fund Account ... 25,882 6 0 £31,882 6 0
Profit and Loss Account ... 31,882 6 0 £31,882 6 0
RESERVE FUND ACCOUNT 31 MARCH 1961
£ s. d.
Loss on sale of property ... 711 5 8
Balance, 31 March 1961 ... 481,136 8 11
£481,847 14 7
£ s. d.
Balance, 1 April 1960 ... 453,945 8 7
Discount on purchase of securities ... 2,020 0 0
Profit and Loss Appropriation Account ... 25,882 6 0
£481,847 14 7
Balance, 1 April 1961 ... £481,136 8 11
BALANCE SHEET AS AT 31 MARCH 1961
£ s. d. £ s. d.
Depositors' balances— Savings bank department 8,371,071 3 9 Thrift club accounts 222,394 1 4 Special purpose accounts 225,603 8 1 Home lay-by accounts ... 70,175 13 3 8,889,244 6 5
Ordinary depositors' total
Investment accounts balances 127,069 0 0 Add Interest accrued ... 2,206 17 0 129,275 17 0
National savings— Depositors' balances ... 1,280,584 10 1 Add National Savings Interest Suspense Account ... 21,125 16 7 1,301,710 6 8
Total liability to depositors ... 10,320,230 10 1
Other liabilities and credit balances— Sundry creditors ... 1,545 19 8 Staff Provident Funds ... 56,554 16 11 Provision for taxation ... 30,406 4 0 Provision for grants ... 6,000 0 0 Provision for suspensory free deposits on home lay-by accounts ... 1,000 0 0 95,507 0 7 Reserve Fund Account ... 481,136 8 11 10,896,873 19 7
£ s. d. £ s. d.
Current assets— Cash in hand and at bankers ... 369,630 18 4 Fixed deposits ... 200,000 0 0 569,630 18 4
Interest due and accrued on investments, etc... 79,169 9 9 Owing by other trustee savings banks ... 1,672 2 6 Rents due and accrued 214 19 2 Total current assets ... 650,687 9 9
Investments— New Zealand Government inscribed stock ... 4,474,690 13 4 Local body debentures ... 643,204 5 5 First mortgages on freehold property ... 3,534,136 6 10 Total of investments ... 8,652,031 5 7
Total of current assets and investments ... 9,302,718 15 4
Securities— Investment Account securities— New Zealand Government stock ... 127,069 0 0 National Savings Securities— New Zealand Government stock ... 1,301,710 6 8 Total securing investment accounts and National Savings depositors ... 1,428,779 6 8
Total of current assets, investments and securities ... 10,731,498 2 0
Fixed assets at cost, less depreciation— Land and buildings ... 149,154 5 1 Office furniture, etc. ... 16,221 12 6 165,375 17 7
£10,896,873 19 7
T. K. S. SIDEY, President. W. G. HILLIKER, General Manager.
We, the undersigned, being the auditors of the Dunedin Savings Bank, appointed in terms of section 29 (3) of the Trustee Savings Banks Act 1948, report: (1) We have examined the books, accounts, and vouchers of the bank and have received all the information and explanations we have required. (2) We have verified the cash, investments, securities, and assets of the bank as at 31 March 1961. (3) The General Manager has certified that, to the best of his knowledge and belief, all requirements of the Trustee Savings Banks Act 1948 and regulations thereunder have been complied with.
In our opinion the above balance sheet and profit and loss account are properly drawn up so as to give respectively a true and fair view of the state of the Dunedin Savings Bank's affairs as at 31 March 1961, and of the results of its business for the year ended on that date.
J. S. McINNES AND SONS JAMES BROWN AND CO. Auditors.
Dunedin, 8 May 1961
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