19 JANUARY
THE NEW ZEALAND GAZETTE
69

SOUTHLAND SAVINGS BANK

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1966

Interest credited to depositors—
£ s. d. £ s. d.
Savings Bank Accounts—
Open .. .. 348,772 7 9
Closed .. 11,575 2 9 360,347 10 6

Investment Accounts credited and accrued
National savings accounts—
Open .. .. 7,375 19 8
Closed .. 191 0 8 7,567 0 4

Charges and Administration Expenses—
Cleaning .. .. 152 16 8
Earthquake damage insurance 213 11 6
Fuel and light 1,715 12 9
Insurance 1,531 2 3
Perusal fees 75 13 0
Postages, telephones, and tolls 2,798 15 9
Printing, stationery, and advertising 6,783 3 7
Rent 763 18 8
Repairs and maintenance 2,596 8 11
Salaries, fees, etc. 78,062 16 3
Sundry charges 4,226 11 3
Superannuation 9,719 3 2
Travelling and relieving expenses 2,301 5 9
Trustees’ honoraria 1,539 5 0 112,480 4 6

Depreciation—
Buildings 3,869 18 0
Furniture and fittings 4,489 14 0
Ledger posting machines 3,287 14 0
Office machines 225 10 0 11,872 16 0

Provision for taxation 89,871 7 4
Net profit transferred to Profit and Loss Appropriation Account
85,448 1 8
£716,592 6 5

Interest on Investments—
£ s. d. £ s. d.
National Bank of New Zealand Ltd.—fixed deposits 16,800 0 0
National Provident Fund deposits 12,911 18 8
New Zealand Government stock 343,809 14 8
New Zealand Government Stock: National Development Loan 4,611 11 4
Local body securities 151,937 5 3
Mortgages 166,486 9 3 696,556 19 2

Interest on National Savings securities 8,041 7 5
Commissions 8,302 7 4
Exchanges, fines, and forms 239 3 8
Rents 3,079 1 8
Valuation fees 346 1 6
Depreciation recovered 27 5 8
£716,592 6 5

BALANCE SHEET AS AT 31 MARCH 1966

Current liabilities—
£ s. d. £ s. d.
Depositors’ balances—
Savings Bank accounts 13,444,782 15 6
Thrift club accounts 16,136 11 8
Investment accounts 1,327,044 15 0 14,787,964 2 2

National Savings Accounts 184,819 4 7

Other Liabilities—
Investment accounts interest accrued 31,631 5 1
National savings interest accrued 5,440 2 9
Mortgage interest rebates provision 2,549 5 10
Provision for taxation 89,871 6 11
Provision for donations 17,500 0 0 146,992 0 7

Total liabilities and provisions 15,119,775 7 4

Reserve Fund—
£ s. d. £ s. d.
Balance at 1 April 1965 636,850 2 0
Add Investment Fluctuation account .. 7,204 8 0
Add Transfer from Profit and Loss Appropriation Account .. 67,948 1 8 712,002 11 8
£15,831,777 19 0

Current assets—
£ s. d. £ s. d.
Cash in hand and at banks 479,881 5 7
National Bank of New Zealand Ltd.—fixed deposits 480,000 0 0
National Provident Fund, call deposits 150,000 0 0 1,109,881 5 7

Branch remittances in transit 6,222 16 6
Interest due and accrued on investments 174,799 4 5
Sundry debtors—valuation fees 68 5 6 181,090 6 5

Investments (cost or face value, whichever lower)—
Investment account securities (New Zealand Government stock) 1,327,044 15 0
New Zealand Government stock 6,467,340 5 0
Local body securities 3,160,607 7 4
Mortgages 3,081,480 17 3 14,036,473 4 7

National Savings securities 191,000 0 0

Total of current assets and investments 15,518,444 16 7

Fixed Assets (at cost less depreciation)—
Buildings 159,296 6 0
Add additions 53,473 14 4
212,770 0 4
Less depreciation 3,869 18 0 208,900 2 4

Furniture and fittings 20,441 9 2
Add additions 3,193 0 3
23,634 9 5
Less depreciation 4,489 14 0 19,144 15 5

Ledger posting machines 8,827 10 3
Add additions 39,939 12 0
48,767 2 3
Less depreciation 3,287 14 0 45,479 8 3

Office machines 612 16 4
Add additions 662 15 8
1,275 12 0
Less depreciation 225 10 0 1,050 2 0

Property 32,014 14 3
Add additions 6,744 0 2 38,758 14 5
£15,831,777 19 0

J. M. McCROSTIE, President.
L. R. D. PAYNE, Assistant General Manager.

We, the undersigned, being the auditors of the Southland 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 1966. (3) The Assistant 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 Southland Savings Bank’s affairs as at 31 March 1966 and of the results of its business for the year ended on that date, in conformity with generally accepted accounting principles and applied on a basis consistent with that of the preceding year.

HENDERSON, ADAM AND CO., Auditors.

Invercargill, 28 April 1966.

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