456

THE NEW ZEALAND GAZETTE

No. 14

1966
£
2,200 Cost of leases ... ... £ 2,200
... Less amortisation to 31 March 1966 ... . 273
2,200 Book value as at 31 March 1966 ... 1,927
... Less disposal for the year ended 31 March 1967 500
2,200 273
Less amortisation for the year ended 31 March 1967 ... 118
£1,927

NOTE 6: Establishment Account—Of last year's establishment account expense of £19,487, £19,438 has been approved by the Inland Revenue Department for taxation purposes, and is available to be carried forward and deducted from assessable income derived during the six following years. When added to the establishment account expense for the period ended 31 March 1965, £27,689 is available to be carried forward and deducted from future assessable profits, subject to the six year provision.

NOTE 7: Bank Overdraft—The bank's administration expenses and capital expenditure are financed from this source.

SOURCE AND APPLICATION OF FUNDS STATEMENT FOR THE YEAR ENDED 31 MARCH 1967

1966
£
875,057 Savings bank 859,345
67,396 Thrift clubs 39,926
942,453 Ordinary depositors' total 899,271
239,980 Investment accounts 312,380
£1,182,433

This is represented by:
Increases in—
20,859 Cash resources 78,455
(12,205)
Reduction of cash available for transfer to bank overdraft after receipt of accrued income 1,112
8,654 79,567
142 Debtors 282
458 Owing by other trustee savings banks 2,718
18,667 Accrued income 7,624
973,686 New Zealand Government stock (cost) 661,432
20,489 Local authorities stock (net) 30,826
123,425 Mortgages (net) 435,703
40,000 Fixed deposits

Reduction of—
2,374 Owing to other trustee savings banks 343
1,187,895

Less increases in—
... Creditors 22
5,462 Provision for accrued investment account interest 6,822
£1,182,433

The bank's operations were financed by:
Increases in—
(1,136) Creditors 1,893
42,988 Bank overdraft 23,326
(12,205) Reduction of cash available for transfer to bank overdraft after receipt of accrued income 1,112
Proceeds on sale of motor vehicle ... 650
Proceeds on sale of lease 2,000
Reduction of—
Debtors 43
29,024

£29,647

1967
£
44 Debtor ... ... 2,333
446 Payments in advance ... 17
4,844 Furniture and fittings,
safes, office machines...
3,751 Improvements to leasehold premises ... 1,434
956 Motor vehicles ... 1,904
1,700 Cost of leases ...
19,487 Establishment account ... 24,828
(1,581) Less (net) adjustments
to depreciation and cost of leases 1,492
£29,647

We report that we have audited the books and accounts of the Wellington District Savings Bank for the year ended 31 March 1967, and have received all the information and explanations we have required. In our opinion, the accompanying balance sheet and statements of profit and loss and source and application of funds present fairly the financial position of the bank at 31 March 1967, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on the basis consistent with that of the preceding year.

WATKINS, HULL, WHEELER, AND JOHNSTON, Auditors. Wellington, New Zealand, 22 May 1967.

579

WESTLAND SAVINGS BANK

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1967

1966
£
Interest to—
Depositors ... ... £ 30,120
Investments ... 10,271
34,454 Trustees fees ... ... 561
382 Management expenses—
Salaries and wages ... 8,941
Maintenance and repairs 512
Rent and rates 486
9,585 Depreciation ... ... 1,571
1,285 Administration costs ... 7,756
4,965 Provision for taxation 4,271
4,979 Net profit
6,125
£61,775

1967
£
40,391

Interest on—
Deposits ... ... £ 2,062
Government stock ... 30,425
Local body debentures ... 1,086
Mortgages ... 33,127
58,659 Commission, fees, etc. 66,700
601 Rent ... ... 561
2,515
£61,775

APPROPRIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1967

1966
£
1,750 Provision for donations ... ... £ 1,000
4,475 Reserve fund ... ... 4,417
£6,225

1967
£

Net profit ... ... £ 5,417
Over provision for donations

£6,225
£5,417

£5,417