3 OCTOBER
THE NEW ZEALAND GAZETTE
1737

BALANCE SHEET AS AT 31 MARCH 1968—continued

1967 1968
$ $
Reserve fund—
60,638 Balance, 31 March 1967 81,716
21,078 Transferred from appropriation account 12,689
——— ———
81,716 94,405
——— ———
$10,079,056 $11,045,584

1967 1968
$ $
Current assets—
197,202 Cash on hand and at bank 486,391
300,000 Fixed deposits 320,000
111,894 Interest accrued on investments 119,823
5,896 Owing by other trustee banks 11,399
.. Sundry debtors 3,789
2,242 Prepayments 468
1,364 Tax overpaid 3,300
——— ———
618,598 945,170

Investment (at cost)—
7,487,138 New Zealand Government inscribed stock 7,957,138
245,918 Local authority securities 500,627
1,631,960 Mortgages 1,551,780
——— ———
9,365,016 10,009,545
——— ———
9,983,614 Total current assets and investments 10,954,715

Fixed assets (at cost less depreciation)—
62,576 Land and buildings 62,217
4,120 Leasehold improvements 3,189
15,384 Furniture and fittings 13,555
7,018 Office machinery 6,673
4,104 Motor vehicles 5,160
.. Souvenir coin sets 75
2,240 Goodwill ..
——— ———
95,442 90,869
——— ———
$10,079,056 $11,045,584

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1968

1967 1968
$ $
75,530 Interest on depositors’ closed accounts 82,674
155,446 Interest on depositors’ open accounts 161,517
81,676 Accrued interest on depositors’ investment accounts 90,085
——— ———
312,652 334,276
122,700 Charges and administration expenses 148,064
7,480 Depreciation 6,903
49,114 Profit before tax 36,354
——— ———
491,946 525,597

23,476 Reserve for taxation 17,096
560 Amortization of goodwill on lease 1,569
25,078 Net profit, transferred to appropriation account 17,689
——— ———
$49,114 $36,354

1978 1968
$ $
356,512 Interest on New Zealand Government stock 383,510
12,856 Interest on local authority stock 20,203
95,608 Interest on mortgages 90,978
19,930 Interest on fixed deposits 22,459
——— ———
484,906 517,150
3,026 Rent 3,057
3,592 Commission 4,918
422 Mortgage inspection fees 386
.. Depreciation recovered 86
——— ———
491,946 525,597

49,114 Net profit, before tax 36,354
——— ———
$49,114 $36,354

APPROPRIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1968

1967 1968
$ $
4,000 Provision for donations 5,000
21,078 Balance transferred to general reserve 12,689
——— ———
$25,078 $17,689

1967 1968
$ $
25,078 Balance from profit and loss account 17,689
——— ———
$25,078 $17,689

NOTE—Commitments in respect of mortgage advances, $50,750. Face value of New Zealand Government stock at maturity $8,007,760.

P. TAIT (President).
G. L. COOK (General Manager).

AUDITORS’ REPORT

We report that we have examined the balance sheet of the Hawke’s Bay and Gisborne Savings Bank as at 31 March 1968, and the related profit and loss account for the year then ended, and have received all the information and explanations we have required.

In our opinion, the accompanying balance sheet and profit and loss account presents fairly the financial position of the Bank at 31 March 1968, 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.

BROWN, WEBB AND CO., Public Accountants.

Hastings, 7 May 1968.
1950

ANGANUI SAVINGS BANK

BALANCE SHEET AS AT 31 MARCH 1968

1967 1968
$ $
Depositors’ balances—
3,462,641 Savings 3,735,260.77
230,139 Thrift 272,607.68
——— ———
3,692,780 4,007,868.45

2,409,340 Investment 2,474,693.43
53,631 Add interest accrued (Note 2) 53,642.87
——— ———
2,462,971 2,528,336.30
——— ———
6,155,751 6,536,204.75

Current liabilities—
1,877 Sundry creditors and accrued charges 2,606.38
6,883 Owing to other trustee savings banks 670.72
3,500 Provision for donations 2,100.00
44 Provision for taxation ..
56,400 Mortgages (secured) 63,125.00

Reserve Fund—
13,555 Balance at 31 March 1967 21,411.18
7,856 Add balance of appropriation account 5,443.60
——— ———
21,411 26,854.78
14,439 Premiums due on redemption of Government stock (Note 1) 13,751.32
——— ———
35,850 40,606.10

$6,260,305 $6,645,312.95