1522

BALANCE SHEET AS AT 31 MARCH 1971
Depositors' accounts—
Savings ... 5,941,223.33
Thrift ... 370,068.30

6,311,291.63
Investment accounts ... 3,469,260.00
Total liability to depositors ... 9,780,551.63
Other liabilities—
Interest accrued on investment accounts ... 77,841.22
Mortgages ... 66,669.48
Owing to other trustee banks ... 32,204.51
Sundry creditors ... 19,165.68
Total other liabilities ... 195,880.89
Provision for donations ... 5,500.00
Provision for taxation ... 21,061.38
Premiums due on redemption of investments ... 12,525.94
Reserve fund ... 65,168.40
$10,080,688.24
Current assets—
Cash on hand and at bank ... 357,193.34
Fixed deposits ... 236,400.00
Interest accrued on investments ... 92,379.53
Owing by other trustee savings banks ... 8,024.06
Prepayments ... 10,550.35
Sundry debtors ... 3,218.00
Total current assets ... 707,765.28
Investments—
New Zealand Government stock ... 5,845,000.00
Local authority securities ... 471,385.24
Mortgages ... 2,876,298.82
Depreciation to Book
Cost Date Value
Price
Fixed assets—
Land and buildings ... 86,308.85 3,507.95 82,800.90
Equipment, furniture, etc. ... 146,161.34 48,723.34 97,438.00
Total fixed assets ... $10,080,688.24

NOTES—

1. Redemption of investments: Low interest yielding stock was sold during the year and replaced with higher interest stock which will produce increased income over the term of the investment.
2. The values of Government stock held on 31 March 1971 were as follows—
   $ Cost value ... 5,828,694
   Face value ... 5,845,000
   Market value ... 5,729,707
3. Mortgages approved not yet advanced totalled $201,792.
4. Interest on investment accounts has been accrued on the same basis as in previous years.

J. I. JOLLEY, President.
G. I. C. McDOUALL, General Manager.

AUDITORS’ CERTIFICATE
We have examined the records and financial accounts of the Wanganui Savings Bank for the year ended 31 March 1971. Our examinations were made in accordance with the general principles of auditing and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

No. 56

In our opinion, the accompanying balance sheet with notes attached, and profit and loss account present fairly the financial position of the Wanganui Savings Bank at 31 March 1971, and the results of its operations for the year then ended.
BARKMAN, SILK AND PARTNERS, Auditors.
7 May 1971.

WANGANUI SAVINGS BANK
Government stock—
Face value ... 5,845,000.00
Cost value ... 5,828,694.23
Premiums due on redemption ... 16,305.77
Less: Amounts transferred to Profit and Loss Account since 1 April 1966 ... 3,779.83
Per balance sheet ... $12,525.94
1481

OTAGO SAVINGS BANK
BALANCE SHEET AS AT 31 MARCH 1971
Depositors' accounts—
Ordinary accounts ... 25,008,920
Thrift club accounts ... 747,595
Special purpose accounts ... 2,209,081
Home lay-by accounts ... 58,032
28,023,628
Investment Accounts ... 9,661,606
Total Liability to Depositors ... 37,685,234
National savings accounts ... 542,311
Add interest suspense account ... 9,689 552,000
Other liabilities—
Interest accrued on investment accounts ... 247,225
Owing to other trustee savings banks ... 22,933
Staff provident fund ... 345,759
Sundry creditors. ... 5,695
Total other Liabilities ... 621,612
Provision for donations ... 50,000
Provision for taxation ... 333,501
Reserve fund ... 1,909,267
$41,151,614
Current assets—
Cash on hand and at bank ... 1,254,465
Fixed deposits ... 587,000
Interest accrued on investments ... 439,702
Owing by other trustee savings banks ... 2,506
Sundry debtors ... 3,337
Total current assets ... 2,287,010
Investments—
New Zealand Government stock at face value (see note (i) below) ... 21,857,099
Local authority securities ... 1,764,888
Mortgages ... 13,202,736
Total ordinary investments ... 36,824,723
National savings securities—
New Zealand Government stock at cost ... 542,311
Cash on hand and at bank ... 9,689
Total national savings securities ... 552,0
Fixed assets—
Depn
Cost to Book
Price Date Value
$ $
Land and buildings ... 1,751,165 348,944 1,402,221
Vehicles, equipment, furniture, etc. ... 345,711 260,051 85,660
Total fixed assets ... 1,487,881
$41,151,614

NOTE (i)—New Zealand Government stock at cost price: $21,771,866.