454
THE NEW ZEALAND GAZETTE
No. 14

1966 £ 1967 £
90,311 Cash on hand and at bankers .. 71,329
69,000 Fixed deposits .. 100,000
31,779 Accrued interest .. 36,492
2,074,443 Government stock (at par) .. 2,442,380
(note 2) .. ..
68,522 Local body .. 95,993
200,399 Mortgage .. 332,992
.. Land and building at cost .. 38,487
.. Less depreciation .. 609
36,113 .. 37,878
.. Fixtures, fittings, office
equipment and leasehold
alterations at cost .. 17,089
.. Less depreciation .. 5,925
6,423 .. 11,164
46 Sundry debtors .. .. 92
100 Goodwill .. .. ..
£2,577,136 £3,128,320

NOTE 1: Premiums on Redemption of Government Stock—It is
the bank’s policy to hold Government stock investments until
maturity. In accordance with this policy discounts or premiums
on purchase are amortised on a straight line basis over the term
of the investment.

NOTE 2: Government Stock—Last years figures are shown at
cost. This year and future years will be shown at nominal value.
As at 31 March 1967—

£
Cost value .. .. .. .. 2,435,122
Nominal value .. .. .. .. 2,442,380
Market value .. .. .. .. 2,328,272

NOTE 3: Contingent Liabilities—Outstanding liabilities—£4,404
Building contracts.

E. A. MILLWARD, President.
G. I. C. McDOUALL, General Manager.

We have examined the records and financial accounts of the
Wanganui Savings Bank for the year ended 31 March 1967. Our
examinations were made in accordance with the general principles
of auditing and accordingly included such tests of the accounting
records and such other auditing procedures as we considered
necessary in the circumstances. In our opinion, the accompanying
balance sheet with notes attached, and profit and loss account
present fairly the financial position of the Wanganui Savings Bank
at 31 March 1967, and the results of its operations for the year
then ended.

SILK, MASON AND CO., Auditors.

Wanganui, 29 May 1967.
589

MANAWATU-WAIRARAPA SAVINGS BANK

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1967

Interest—
Credited to depositors .. .. .. £ £
Accrued .. .. .. 86,398
39,642 126,040
Advertising .. .. .. 4,711
Printing and stationery .. .. .. 4,004
Salaries .. .. .. 28,137
Property expenses—
Mortgage interest and repairs .. .. 2,009
Rent and rates .. .. .. 5,187
Trustees’ remuneration .. .. .. 9,917
Other administration expenses .. .. 53,965
Depreciation .. .. .. 3,748
Profit before taxation, carried down .. .. 3,807
£187,560

Taxation 1967—
Provisional tax payment .. .. .. £ £
Balance due .. .. .. 4,467
Less overpaid .. .. .. 3,070
1,397
Net profit transferred to appropriation account .. 2,410
£3,807

Interest on investments—
Received .. .. .. £ £
Accrued .. .. .. 139,040
46,853 185,893
Brokerage and commissions .. .. .. 923
Rents .. .. .. 744
Mortgage inspection fees .. .. .. ..
£187,560

Profit before taxation .. .. .. £
3,807
£3,807

APPROPRIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1967

Provision for donations .. .. .. £
500
Balance to reserve fund .. .. .. 1,910
£2,410

Balance from profit and loss account .. .. £
2,410
£2,410

BALANCE SHEET AS AT 31 MARCH 1967

Depositors’ balances—
Savings bank .. .. .. £ £
Thrift clubs .. .. .. 1,917,390
308,661
2,226,051
Investment accounts .. .. 1,663,596
Add accrued interest .. .. 39,642
1,703,238
3,929,289

Other liabilities—
Provision for taxation .. .. .. 6,106
Bank overdraft .. .. .. 29,500
Mortgages .. .. .. 833
Owing to other trustee banks .. .. 7,373
Sundry creditors .. .. .. 500
Provision for donations .. .. .. 44,312

Reserve fund—
Balance 31 March 1967 .. .. 5,882
Add balance appropriation account .. 1,910
7,792
£3,981,393

Current assets—
Cash in hand and at bank .. .. £ £
Fixed deposits .. .. 266,865
60,000 326,865
Interest accrued on investments .. 43,494
Owing by other trustee banks .. 4,204
Sundry debtors—
Interest .. .. 3,359
Other .. .. 222
3,581
Tax overpaid .. .. 3,070
54,349

Investments (at cost)—
New Zealand Government stock .. 2,922,502
Local authority securities .. 103,264
Mortgages .. 525,721
3,551,487

Fixed assets (at cost less depreciation)—
Land and buildings .. .. 29,836
Accumulated depreciation .. .. 280
29,556
Office machines, furniture .. 18,619
Accumulated depreciation .. .. 5,149
13,470
Leasehold improvements .. .. 4,553
Accumulated depreciation .. .. 1,917
2,636
Motor vehicles .. .. 3,569
Accumulated depreciation .. .. 539
3,030
£3,981,393

J. E. GREENSLADE, President.
G. N. McDERMOTT, General Manager.

The above balance sheet and attached profit and loss account
are in agreement with the books which, in my opinion, have been
properly kept. I obtained the information and explanations I
required.

In my opinion the above balance sheet and profit and loss
account comply with the Trustee Savings Banks Act 1948, in the
manner authorised for trustee savings banks. On such basis,
they give, in my opinion, a true and fair view of the state of affairs
and of the profit of the bank.

D. T. SPRING, Public Accountant, Auditor.

Palmerston North, 15 May 1967.
586