2230

PROFIT AND LOSS APPROPRIATION ACCOUNT,
31 MARCH 1968

Provision for grants ... ... ... ... ... $44,000
Reserve fund account... ... ... ... ... $88,615
$132,615
Profit and loss account ... ... ... ... $132,615

RESERVE FUND ACCOUNT, 31 MARCH 1968

Loss on realisation of mortgage securities ... $3,134
Balance ... ... ... ... ... $1,622,988
$1,626,122
Balance ... ... ... ... ... $1,537,507
Profit and loss appropriation account ... $88,615
$1,626,122

BALANCE SHEET AS AT 31 MARCH 1968
Depositors’ balances—
Savings bank department ... ... ... $22,619,830
Thrift club accounts ... ... ... ... $691,851
Special purpose accounts ... ... ... $1,291,298
Home lay-by accounts ... ... ... ... $116,957
Investment accounts ... ... ... ... $6,318,438

Ordinary and investment account depositors’ total $31,038,374
National savings depositors’ balances $1,303,634
Add National savings interest suspense
account ... ... ... ... $21,132
Total liability to depositors ... ... ... ... $32,363,140
Other liabilities and credit balances—
Accrued interest, investment accounts ... $157,259
Owing to other trustee savings banks $12,238
Staff provident funds ... ... ... ... $229,717
Provision for taxation ... ... ... ... $131,459
Provision for grants ... ... ... ... $44,000
Provision for suspensory free deposits
on home lay-by accounts ... ... $2,000
Reserve fund account ... ... ... ... $1,622,988
$34,562,801

Current assets—
Cash on hand and at bankers ... ... ... $1,035,723
Fixed deposits ... ... ... ... $650,000
National provident fund ... ... ... $241,709
$1,927,432
Interest due and accrued on investments, etc. ... $351,026
Owing by other trustee savings banks $15,020
Rents due and accrued ... ... ... $1,506

Total current assets ... ... ... ... $2,294,984
Investments—
New Zealand Government inscribed stock—at face value ... $12,011,299
Local body debentures—at cost ... $1,559,874
Mortgage securities ... ... ... ... $9,638,159
$23,209,332
Total of investments ... ... ... ... $23,209,332
Total of current assets and investments $25,504,316
Securities—
Investment account securities—New Zealand Government inscribed stock ... ... ... ... $6,160,477
Cash on hand and at bankers ... ... $315,220
National savings securities—New Zealand Government inscribed stock ... ... ... ... $1,303,634
Cash on hand and at bankers ... ... $21,132
Total securing investment accounts and national savings depositors ... ... ... $7,800,463
Total of current assets, investments, and securities ... ... ... ... $33,304,779
Fixed assets—at cost, less depreciation—
Land and buildings—balance, 1 April 1967 ... ... ... $691,324
Plus additions ... ... ... ... $475,117
$1,166,441
Less depreciation ... ... ... ... $12,571
$1,153,870

THE NEW ZEALAND GAZETTE
No. 78

BALANCE SHEET AS AT 31 MARCH 1968—continued

Office furniture, etc.—Balance, 1 April
1967 ... ... ... ... ... $116,170
Plus additions (net) ... ... ... ... $23,314
$139,484
Less depreciation ... ... ... ... $35,332
$104,152
$34,562,801

T. K. S. SIDEY, President.
W. G. HILLIKER, General Manager.

AUDITORS’ REPORT

We, the undersigned, being the auditors of the Otago 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 1968.

(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 present fairly the financial position of the Otago Savings 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 a basis consistent with that of the preceding year.

W. E. C. REID, McINNES, AND CO.) Auditors.
JAMES BROWN AND CO.

Dunedin, 26 April 1968.

2254

SOUTHLAND SAVINGS BANK

BALANCE SHEET AS AT 31 MARCH 1968

1967 $ 1968 $

Current liabilities—
Depositors’ balances—
Savings bank accounts ... ... $27,036,901 $27,935,833
Thrift club accounts ... ... $43,635 $47,784
Investment accounts ... ... $3,623,699 $4,022,910
$30,704,235 $32,006,527
National savings accounts ... ... $163,825 $154,503
Other liabilities—
Investment accounts—interest accrued ... $95,399 $111,215
National savings—interest accrued ... $3,860 $3,931
Mortgage interest rebates provision ... $5,376 $4,679
Provision for taxation ... ... $171,639 $160,788
Provision for donations ... ... $30,000 $30,000
$306,274 $310,613

Total liabilities and provisions $32,471,643

Reserve fund—
Balance at 1 April ... ... $1,424,005 $1,612,731
Add investment fluctuation account ... $58,305
Add unallocated provision for donations ... $130,421 $1,700
Add balance profit and loss appropriation account ... $123,975
$1,612,731
$32,787,065

Less demolition on Mersey Street, Gore, premises ... ... $1,738,406
$29,489
$34,180,560

1967 $ 1968 $

Current assets—
Cash in hand and at banks ... ... $1,278,459 $2,182,830
National Bank of New Zealand Ltd.—fixed deposits ... $960,000 $960,000