4 SEPTEMBER

THE NEW ZEALAND GAZETTE

NOTES TO THE ACCOUNTS

NOTE 1. Government stock—It is the bank's policy to amortise
the discounts and premiums on Government stock securities over
the term of the investment on a straight-line basis, and to show the
value of the stock in the balance sheet at cost price plus amortised
discount to date. In accordance with the policy the sum of $2,749
has been transferred to the profit and loss account for this financial
year.

NOTE 2. Capital commitments - Mortgages approved, not yet
advanced -$211,410.

P. H. LEONARD, President.
P. D. MUNN, General Manager.

AUDITOR'S REPORT

I, the undersigned, being the auditor of the Bay of Plenty Savings
Bank, appointed in terms of section 29 (3) of the Trustee Savings
Banks Act 1948, report:

1. I have examined the books, accounts, and vouchers of the
   bank and have received all the information and explanations
   required.

2. I have verified the cash, investments, securities, and assets of
   the bank as at 31 March 1969.

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 my 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 bank's affairs as at 31 March 1969,
and of the results of its business for the year ended on that date.

J. L. GREGORY, F.P.A.N.Z., Auditor
Tauranga, 1 May 1969.
5720

WAIKATO SAVINGS BANK

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1969

1968 $ 1969 $
843,402 Interest to depositors .. .. 19,281
2,879 Trustees' honoraria .. .. 2,892
Management expenses-
$
228,651 Salaries .. .. .. 246,081
5,460 Maintenance .. .. 7,779
35,897 Rent and rates .. .. 41,999
499 Mortgage valuation fees .. 924
(270,507)
32,743 Depreciation .. .. .. 32,110
535 Loss on disposal assets .. .. 1,184
.. Loss on realisation Government stock 10,574
15,975 Advertising .. .. .. 19,950
25,642 Stationery .. .. .. 18,506
67,076 Other expenses .. .. .. 94,775
.. Provision for taxation .. 43,166
.. Add under-provided 1968 .. 68
28,771
1,287,530
Net profit to profit and loss appropriation account .. .. .. 46,258
37,442
$1,324,972

1968 $ 1969 $
866,694 Government stock interest .. 965,123
76,363 Local body securities .. 91,093
308,366 Mortgages .. .. 333,782
28,990 Fixed deposits .. .. 30,639
14,715 National provident fund .. 14,675
6,341 Short-term investments .. 8,530

1,301,469 Total interest .. .. .. 1,443,842
18,857 Commissions, fees, etc. .. 24,892
4,646 Rents received .. .. 16,813

$1,324,972

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR YEAR ENDED
31 MARCH 1969

1968 $
8,000 Provision for donations .. .. .. .. 10,000
29,442 Balance to reserve fund .. .. .. .. 36,258
$37,442

$
37,442 Net profit from profit and loss account .. 46,258
$37,442

BALANCE SHEET AS AT 31 MARCH 1969

1968 $
16,080,461 Savings accounts .. .. .. 17,292,449
2,005,117 Thrift club accounts .. .. 1,998,556
8,755,840 Investment accounts .. .. 9,480,430

26,841,418
212,968

27,054,386 Accrued interest on investment
accounts .. .. .. 231,720
Total depositors' balances .. $ 29,003,155
9,265 Provision for 1969 taxation 43,166
Deferred taxation .. 31,594
(9,265)
8,000
32,133
319,153 Reserve fund-
Balance at 1 April 1968 348,595
Plus profit and loss
appropriation account
balance .. .. .. 36,258
(348,595)

$27,452,379

1968 $ 1969 $
528,731 Cash in hand and at bankers .. 278,782
680,000 Fixed deposits .. .. 770,000
320,000 National provident fund .. .. 320,000
12,820 Sundry debtors .. .. 13,442
256,226 Accrued income .. .. 285,953
New Zealand Government stock-
Face value .. .. 14,042,420
Cost price .. .. 5,003,500
(18,241,920)
14,628,420
3,613,500
1,476,184 Local body securities at face value 1,897,146
5,714,720 Mortgage advances .. .. 6,529,886
Land and buildings (at cost
less depreciation to date) 236,493
Less depreciation .. 5,918
93,664
230,575
Equipment, vehicles, etc. (at
cost less depreciation to
date) .. .. 250,518
Less depreciation .. 133,544
116,230
Goodwill of leases (at cost
less depreciation to date) 22,850
Less depreciation .. 14,012
11,884
$27,452,379

1968 $ 1969 $
Contingent liability-
Pending Court decision, possible additional
tax liability on Government stock discounts 48,745

Capital commitments-
126,000 Local body loans approved but not advanced 77,000
166,040 Mortgages approved but not advanced .. 748,830

$29,497,516
$29,497,516