17 SEPTEMBER THE NEW ZEALAND GAZETTE 1703

OTAGO SAVINGS BANK

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1970

Interest credited to depositors—
Open accounts .. .. .. 673,576
Closed accounts .. .. .. 69,603
Credited and accrued on investment accounts .. .. 349,204
Interest and suspensory free deposits credited to home lay-by accounts .. 2,891
———— 1,095,274
Interest on staff provident funds 13,822
Trustees’ honoraria 3,017
Salaries and wages 253,632
Maintenance and repairs 31,047
Rents and rates 16,663
Advertising 41,272
Printing and stationery.. 17,182
Other administration expenses 110,967
Depreciation and other allowances, etc.—
Buildings .. .. .. 52,863
Office furniture .. .. .. 25,502
———— 78,365
Provision for taxation 147,047
Profit and loss appropriation account—net profit 140,078
———— $1,948,366

Interest on deposits, etc. 54,747
Government stock .. .. .. 1,078,127
Local body debentures .. .. .. 90,519
Mortgages .. .. .. 628,402
Rents 68,550
Commissions, refunds, etc. 22,214
Valuation fees recovered 5,807
———— $1,948,366

PROFIT AND LOSS APPROPRIATION ACCOUNT 31 MARCH 1970

Provision for grants 45,000
Reserve fund account 95,078
———— $140,078

Profit and loss account 140,078
———— $140,078

RESERVE FUND ACCOUNT 31 MARCH 1970

Balance 1,798,395
———— $1,798,395

Balance 1,701,759
Provision for grants unexpended 1969 300
Capital profit on Government stock realised 1,258
Profit and loss appropriation account 95,078
———— $1,798,395

Balance 1,798,395
———— $1,798,395

BALANCE SHEET AS AT 31 MARCH 1970

Depositors’ balances—
Savings bank department .. .. .. 24,101,959
Thrift club accounts .. .. .. 737,466
Special purpose accounts .. .. .. 1,785,550
Home lay-by accounts .. .. .. 65,287
Investment accounts .. .. .. 8,506,238
Ordinary and investment account depositors’ total ———— 35,196,500
National Savings depositors’ balances 721,123
Add National Savings interest suspense account 13,265
———— 734,388
Total liability to depositors 35,930,888

BALANCE SHEET AS AT 31 MARCH 1970—continued

Other liabilities and credit balances—
Accrued interest, investment accounts 220,147
Sundry creditors 24,179
Owing to other trustee savings banks 11,057
Staff provident funds 304,925
Provision for taxation 297,612
Provision for grants 45,000
Provision for suspensory free deposits on home lay-by accounts .. 2,000
———— 904,920
Reserve fund account 1,798,395
———— $38,634,203

Current assets—
Cash on hand and at bankers 1,116,455
Fixed deposits 650,000
———— 1,766,455

Interest due and accrued on investments, etc. 413,836
Owing by other trustee savings banks 12,019
Amounts owing by tenants 3,662
———— 2,195,972

Investments—
N.Z. Government inscribed stock—at face value 21,278,287
Local body stock and debentures—at cost 1,729,466
Mortgage securities 11,177,477
———— 34,185,230

Total of current assets and investments 36,381,202

Securities—
National Savings securities—New Zealand Government inscribed stock 721,123
Cash on hand and at bankers 13,265
———— 734,388

Total of current assets, investments, and securities 37,115,590

Fixed assets—at cost less depreciation—
Land and buildings—
Balance 1 April 1969 1,357,436
Plus additions 130,536
———— 1,487,972
Less depreciation 52,863
———— 1,435,109
Office furniture, etc.—
Balance 1 April 1969 98,750
Plus net additions 10,256
———— 109,006
Less depreciation 25,502
———— 83,504
———— $38,634,203

W. A. FRASER, President.
W. G. HILLIKER, General Manager.

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 1970. (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 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.

W. E. C. REID, McINNES and Co.
JAMES BROWN and Co. } Auditors.

Dunedin, 23 April 1970.

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