New Zealand Gazette – 1970 – No. 1

Page 64

✨ Company Financial Statements



NATIONAL BANK OF NEW ZEALAND SAVINGS
BANK LTD.

BALANCE SHEET AS AT 31 OCTOBER 1969

1968 N.Z.$ 1969 N.Z.$
Shareholders' funds—
Authorised and issued 2,000,000 2,000,000
capital — 1,000,000 ordinary shares of $2 each ...
Paid-up capital—
1,000,000 ordinary shares of $2 each paid up to 40c 400,000 400,000
General reserve .. 190,000 315,000
Profit and loss appropriation account .. 121,415 132,182
711,415 847,182
New Zealand Government stock revaluation reserve (including tax payable thereon) 169,685 247,373
Current liabilities and provisions—
Depositors' balances—
Ordinary accounts 25,963,000 30,585,937
Thrift accounts 216,737 411,373
Home lay-by accounts .. 1,156,620 1,446,276
Investment accounts 19,975,740 24,481,494
47,312,097 56,925,080
Provision for taxation 379,327 510,467
Less provisional tax paid 118,508 127,042
260,819 383,425
Provision for dividend 60,000 80,000
Other liabilities including interest accrued 614,750 749,550
935,569 1,212,975
$49,128,766 $59,232,610

Contingent liability—
Subsidy on home lay-by accounts, $20,000

1968 N.Z.$ 1969 N.Z.$
Deposits at The National Bank of New Zealand Ltd. 2,465,700 2,364,565
Investments—
Quoted investments—
New Zealand Government stock (see note) ... 19,991,936 24,567,905
Unquoted Investments—
3½ percent New Zealand Government special stock, at cost 17,960,000 21,400,000
Local authority securities, at cost 736,510 1,129,088
38,688,446 47,096,993
Mortgages and other loans 7,456,826 9,139,368
Income accrued on investments 517,794 631,684
46,663,066 56,868,045
$49,128,766 $59,232,610

NOTE—The redemption value of the quoted New Zealand Government stock appearing in the balance sheet is $25,606,470. The market value (which includes accrued interest, $331,004) is $24,722,983.
The book values of securities purchased at a discount or a premium are adjusted through New Zealand Government stock revaluation reserve at balance dates so as to attain their redemption values by maturity dates.

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 OCTOBER 1969

1968 N.Z.$ 1969 N.Z.$
Interest to depositors 1,427,635 1,783,597
Management and operating expenses 297,608 369,465
Directors' fees
Total expenses 1,725,243 2,153,062
Provision for taxation 202,955 256,800
Net profit after taxation 206,190 254,611
$2,134,388 $2,664,473

Income from investments—
New Zealand Government stock and local authority securities

1968 N.Z.$ 1969 N.Z.$
1,535,745 1,939,560
Other investments 576,838 709,876
2,112,583 2,649,436
Other income 21,805 15,037
$2,134,388 $2,664,473

PROFIT AND LOSS APPROPRIATION ACCOUNT

N.Z.$ N.Z.$ N.Z.$
Transfer to New Zealand Government stock—Revaluation reserve .. 64,769 77,958
Less tax adjustment 32,385 38,979
32,384 38,979
Transfer to general reserve 100,000 125,000
Provision for dividend 60,000 80,000
Balance carried forward 121,415 132,182
$313,799 $376,161
N.Z.$ N.Z.$ N.Z.$
Balance brought forward 107,598 121,415
Net profit for period 206,190 254,611
Transfer from New Zealand Government stock—revaluation reserve on account of stock matured during period 21 270
Less tax adjustment 10 135
11 135
$313,799 $376,161

On behalf of the Board—
JOHN MOWBRAY, Director.
B. F. KIRK, Secretary.

AUDITORS' REPORT TO MEMBERS OF NATIONAL BANK OF NEW ZEALAND SAVINGS BANK LTD.

We have obtained all the information and explanations that we have required. In our opinion, proper books of account have been kept by National Bank of New Zealand Savings Bank Ltd. and proper returns, adequate for the purposes of our audit, have been received from branches, none of which have been visited by us. In our opinion, according to the best of our information and the explanations given to us, and as shown by the said books, the balance sheet and the profit and loss account are properly drawn up so as to give, respectively, a true and fair view of the state of the company's affairs as at 31 October 1969, and of the result of its business for the year ended on that date.
According to such information and explanations the accounts, the balance sheet, and the profit and loss account give the information required by the Companies Act 1955, in the manner so required.
HUTCHISON, ELLIFFE, DAVIES, ANDERSON, AND CO., Chartered Accountants.
Wellington, 28 November 1969.
7108



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✨ LLM interpretation of page content

💰 National Bank of New Zealand Savings Bank Ltd. Balance Sheet and Profit and Loss Account

💰 Finance & Revenue
31 October 1969
Balance sheet, Profit and loss account, Financial statement, Banking, Savings bank
  • JOHN MOWBRAY, Director
  • B. F. KIRK, Secretary
  • HUTCHISON, ELLIFFE, DAVIES, ANDERSON, AND CO., Chartered Accountants