WAIKATO SAVINGS BANK—continued

BALANCE SHEET—continued

1969 $ 1970 $
Equipment, vehicles, etc.
(cost less depreciation
to date) 288,143
Less depreciation to date 158,745
116,974
Goodwill of leases (cost less
depreciation to date) 15,790
Less depreciation to date 6,590
8,838
$29,497,516

1969 $ 1970 $
Capital commitments—
Mortgages approved but not advanced 1,050,000
Local body loans approved but not
advanced 108,400
748,830
77,000
N. I. McKEAN, Deputy President,
for JOHN O'HALLORAN, President.
S. R. McROBIE, General Manager.

AUDITORS' REPORT
We, the undersigned, being the auditors of the Waikato Savings
Bank, appointed in terms of section 29 (3) of the Trustee Savings
Bank Act 1948, report that—
(a) We have examined the books, accounts, and vouchers of
the bank, and have received all the information and
explanations required.
(b) We have verified the cash, investments, securities, and
assets of the bank as at 31 March 1970.
(c) The general manager has certified that, to the best of his
knowledge and belief, all requirements of the Trustee
Savings Bank Act 1948, and regulations thereunder
have been complied with.
In our opinion the attached 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 Waikato Savings Bank's affairs
as at 31 March 1970, and of the results of its business for the year
ended on that date, and in conformity with generally accepted
accounting principles applied on the basis consistent with that
of the preceding year.
FISHER, DAY, MATTHEWS AND HILTON,
Chartered Accountants, Auditors.
Hamilton, 13 May 1970.
8660

WANGANUI SAVINGS BANK

BALANCE SHEET AS AT 31 MARCH 1970

1969 $ 1970 $
Depositors' balances—
Savings 5,313,743.89
Thrift 299,061.99
4,516,572
287,127
4,803,699
2,772,620
Investment
Add interest accrued (Note
4) 64,365.99
58,599
3,003,340.00
Total depositors' funds 8,680,511.87
7,634,918
Current Liabilities—
Sundry creditors
and accrued
charges 16,986.83
Owing by other
trustee savings
banks 20,203.76
Provision for donations 5,000.00
Provision for taxation 10,156.38
Provision for repairs and maintenance
4,695
5,076
3,000
114
1,000
13,885
Total current liabilities 52,346.97

WANGANUI SAVINGS BANK—continued

BALANCE SHEET—continued

1969 $ 1970 $
75,431 Mortgages (secured)
71,088.32
Reserve fund—
Balance as at 31
March 1969 26,855 34,746.11
Add balance of
appropriation
account 7,891 15,978.20
34,746
50,724.31
Premiums due on redemption of Government stock (Note

1.      11,485  12,697.40

   1970
   $
   63,421.71
   $8,867,368.87
   $8,867,368.87

1970
$
Cash on hand and
at bankers 227,446 236,784.73
Fixed deposits 220,000 260,000.00
Accrued interest
on investments 83,433 91,937.15
Owing by other
trustee savings
banks 9,568 6,199.20
Sundry debtors 1,592 8,833.73
Stationery on hand 6,082 4,515.55
548,121
608,270.36

Investments (at face value)—
Government stock
(Note 1) 5,540,000 5,935,000.00
Local authorities
securities 263,684 364,926.02
Mortgages 1,284,547 1,811,075.59
7,088,231
8,111,001.61

Fixed assets (at cost)—
Land, buildings,
and improvements 102,916 101,719.15
Furniture, fittings,
and equipment 57,600 84,493.05
160,516
186,212.20

Less accumulated depreciation 26,403 38,115.30
134,113
148,096.90

$7,770,465 $8,867,368.87

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1970

1969 $ 1970 $
Interest to depositors 234,402 268,872.37
Trustees fees 1,961 2,022.75
Management expenses—
Salaries 52,729 60,558.35
Repairs and maintenance 2,101 2,053.72
Depreciation 7,701 11,578.49
Rent and rates 8,495 5,911.64
Other expenses—
Advertising 5,255 6,846.98
Branch expenses 21,156 24,356.17
Stationery 6,141 7,351.25
Building expenses—Head Office 7,804 7,797.24
Sundries 15,906 17,189.12
Provision for taxation 4,697 14,852.00
Net profit 10,891 20,978.20
$379,239
$450,368.28

1969 $ 1970 $
Interest on—
(a) Deposits, etc. 20,266 18,971.59
(b) Government stock 275,143 296,080.00
(c) Local authorities 12,734 15,916.41