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THE NEW ZEALAND GAZETTE

No. 56

DETAILED PROFIT AND LOSS ACCOUNT—continued

1969 $ 1970 $
24,255.51 General office expenses 30,477.60
3,060.87 Expenses maintaining bank 11,888.50
premises
25,540.28 Depreciation 29,557.45
112,200.00 Provision for taxation 114,000.00
$114,918.90 Net profit 114,678.06

$1,233,789.63 $1,336,618.88

1969 $ 1970 $
756,986.15 Interest accrued and received from— 801,702.18
5,774.58 New Zealand Government stock 5,231.41
399,421.34 Local authorities stock 442,110.81
44,419.46 Mortgages 56,883.77
Other sources
1,206,601.53 1,305,928.17
27,188.10 Commissions, fees, and sundry 30,690.71
receipts

$1,233,789.63 $1,336,618.88

AUDITORS’ REPORT

We have examined the balance sheet of Taranaki Savings Bank as of 31 March 1970, and the related profit and loss account for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

In our opinion, the accompanying balance sheet and profit and loss account present fairly the financial position of Taranaki Savings Bank at 31 March 1970, 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.

WYNYARD, RIDLAND and GLASGOW,
Public Accountants, Auditors.

New Plymouth, 1 May 1970.

8663

MANAWATU WAIRARAPA SAVINGS BANK

BALANCE SHEET AS AT 31 MARCH 1970

1969 $ 1970 $
4,777,866 Depositors’ balances— 5,372,391
580,379 Savings accounts 612,952
Thrift clubs
5,358,245 5,985,343
4,008,394 Investment accounts 4,413,733

9,366,639 Total depositors funds 10,399,076

96,422 Accrued interest—Investment accounts 104,852
3,164 Bank overdraft 40,000
54,000 Mortgages 10,251
3,088 Owing to other trustee banks 10,970
10,818 Sundry creditors 1,762
1,605 Staff superannuation reserve fund

169,097 Total other liabilities 167,835

3,000 Provision for donations 4,000

3,080 Provision for future taxation— 3,080
Balance 31 March 1969
Add provision 1970 6,700
9,780

17,208 Reserve fund— 22,353
5,144 Balance 31 March 1969
Add balance appropriation account 6,317

22,352 28,670

$9,564,168 $10,609,361

1969 $ 1970 $
346,475 Current assets— 220,590
395,000 Cash on hand and at bank 445,000

741,475 Fixed deposits 665,590

1,560 Term deposit—Staff superannuation 1,760
reserve

BALANCE SHEET AS AT 31 MARCH 1970—continued

1969 $ 1970 $
743,035 Interest accrued on investments 667,350
110,442 Owing by other trustee banks 110,365
26,448 Sundry debtors 31,406
12,996 Prepayments 2,083
2,040 5,207
894,961 Total current assets 816,411

6,849,733 Investments—
421,087 New Zealand Government stock (at cost) 7,091,061
Local authority securities (at cost) 504,758

1,295,324 Mortgages (approved) 2,371,420
Less not yet uplifted 291,323 2,080,097

8,566,144 Total investments 9,675,916

Fixed assets— Cost Depn. Book
Land and buildings 70,597 1,919 68,678
Office machinery and
furniture 49,935 25,315 24,620
Leasehold improve-
ments 26,746 8,027 18,719
Motor vehicles 5,845 828 5,017

       Total fixed assets  153,123    36,089    117,034

$9,564,168 $10,609,361

Capital commitment for security equipment and interior
fittings of banking premises $5,300

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1970

1969 $ 1970 $
125,983 Interest to depositors— 145,406
83,400 On open accounts 95,301
Closed accounts and matured investment accounts
209,383 240,707
96,421 Accrued on investment accounts 104,852

305,804 345,559
134,165 Administrative expenses 169,145
1,792 Trustees honoraria 2,080
7,987 Depreciation 9,738
12,276 Profit—carried down 17,030

$462,024 $543,557

3,744 Provision for taxation 6,708
388 Loss (net) on disposal of assets 147
8,144 Net profit—Transferred to appropriation account 10,185

$12,276 $17,035

1969 $ 1970 $
335,855 Interest on investments— 371,065
17,305 New Zealand Government stock 21,442
67,805 Local authorities stock 111,191
31,470 Mortgages 26,482
Sundry

452,435 530,180

9,589 Other Income— 13,377
Commissions, rents, etc.

$462,024 $543,557

12,276 Profit—brought down 17,035

$12,276 $17,035

APPROPRIATION ACCOUNT FOR THE YEAR ENDED 31 MARCH 1970

1969 $ 1970 $
3,000 Provision for donations 4,000
5,144 Balance—To reserve fund 6,317

$8,144 $10,317

1969 $ 1970 $
8,144 Balance—from profit and loss account.. 10,187
Provision for donations—overprovided 1969 130

$8,144 $10,317

J. E. GREENSLADE, President.
J. W. MERRICK, General Manager.

AUDITOR’S REPORT

The above balance sheet and attached profit and loss account are in agreement with the books, which, in my opinion, have been properly kept. I obtained the information and explanations I required.

In my opinion the above balance sheet and profit and loss account comply with the Trustee Savings Bank Act 1948, in the manner authorised for Trustee Savings Banks. On such basis, they give, in my opinion, a true and fair view of the state of affairs and of the profit of the bank.

D. T. SPRING,
Chartered Accountant, Auditor.

Palmerston North, 11 May 1970.

8661