1706
THE NEW ZEALAND GAZETTE
No. 53

Office equipment and furniture—
Balance, 31 March 1968 .. 10,994.00
Plus additions .. 1,688.50
——————
12,682.50
Less depreciation .. 2,119.50
——————
10,563.00
$6,010,204.37
——————

C. E. THOMSON, President.
D. R. PARKER, General Manager.

———

AUDITORS’ REPORT

We, the undersigned, being the auditors of the South Canterbury Savings Bank, appointed in terms of section 29 (3) of the Trustee Savings Banks Act 1948, report that:

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

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

3. The 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 South Canterbury Savings Bank as at 31 March 1969, 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.

HUBBARD, CHURCHER, GABITES, AND CO., Auditors.
Timaru, 19 May 1969.
6014

———

OTAGO SAVINGS BANK

———

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED
31 MARCH 1969

Interest credited to depositors—
Open accounts .. .. .. 651,590
Closed accounts .. .. .. 66,239
Credited and accrued on investment
accounts .. .. .. 295,137
Interest and suspensory free deposits
credited to home lay-by accounts .. 3,451
——————
1,016,417
Interest on staff provident funds .. .. 12,001
Trustees’ honoraria .. .. .. 3,382
Salaries and wages .. .. .. 206,671
Maintenance and repairs .. .. .. 11,590
Rents and rates .. .. .. 13,332
Advertising .. .. .. 31,098
Printing and stationery .. .. .. 17,102
Other administration expenses .. .. 96,727
Depreciation and other allowances, etc.—
Buildings .. .. .. 57,685
Office furniture .. .. .. 31,977
——————
89,662
Provision for taxation—including adjust-
ments for 1967 and 1968 .. .. 142,662
Profit and loss appropriation account—net
profit .. .. .. .. 125,997
——————
$1,766,641
——————

Interest on deposits, etc. .. .. .. 53,842
Government stock .. .. .. 979,634
Local body debentures .. .. .. 86,616
Mortgages .. .. .. 564,071
Rents .. .. .. 57,095
Commissions, refunds, etc. .. .. 19,554
Valuation fees recovered .. .. .. 5,829
——————
$1,766,641
——————

PROFIT AND LOSS APPROPRIATION ACCOUNT,
31 MARCH 1969

Provision for grants .. .. .. .. $45,000
Reserve fund account .. .. .. .. 80,997
——————
$125,997

Profit and loss account .. .. .. .. $125,997
——————
$125,997

———

RESERVE FUND ACCOUNT, 31 MARCH 1969

Loss on realisation of mortgage securities .. $2,265
Balance .. .. .. .. 1,701,760
——————
$1,704,025

Balance .. .. .. .. $1,622,988
Provision for grants unexpended 1968 .. 40
Profit and loss appropriation account .. 80,997
——————
$1,704,025

———

BALANCE SHEET AS AT 31 MARCH 1969

Depositors’ balances—
Savings bank department .. 23,390,552
Thrift club accounts .. 695,353
Special purpose accounts .. 1,537,734
Home lay-by accounts .. 96,078
Investment accounts .. 7,220,714
——————
Ordinary and investment account
depositors’ total .. .. 32,940,431
National savings depositors’ balances 1,089,051
Add national savings interest sus-
pense account .. .. 17,623 1,106,674
——————
Total liability to depositors .. 34,047,105

Other liabilities and credit balances—
Accrued interest, investment accounts 183,610
Sundry creditors .. 19,838
Owing to other trustee savings banks 12,916
Staff provident funds .. 263,698
Provision for taxation .. 271,276
Provision for grants .. 45,000
Provision for suspensory free deposits
on home lay-by accounts .. 2,000
——————
798,338
Reserve fund account .. .. 1,701,760
——————
$36,547,203

Current assets—
Cash on hand and at bankers .. 964,418
Fixed deposits .. .. 650,000
——————
1,614,418

Interest due and accrued on invest-
ments, etc. .. .. 378,900
Owing by other trustee savings banks 28,664
Amounts owing by tenants .. 8,464
——————
Total current assets .. .. 2,030,446

Investments—
New Zealand Government inscribed
stock—at face value .. 12,691,162
Local body debentures—at cost .. 1,708,365
Mortgage securities .. 10,150,046
——————
Total of investments .. .. 24,549,573

Total of current assets and investments .. 26,580,019