29 JULY

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1971
$
Interest to depositors—
On open accounts . . . . . . . 699,160
Closed accounts and matured investment accounts . 223,120
Accrued on investment accounts . . . . 247,225
Home lay-by accounts—Suspensory free deposits . . 292
1,169,797
Administrative expenses . . . . . 564,724
Trustees' honoraria . . . . 3,235
Depreciation—
Buildings . . . . . 49,588
Vehicles, equipment, furniture, etc. . 23,682
73,270
Provision for taxation . . . . . 171,219
Net profit—carried down . . . . . 158,671
$2,140,916
Interest on investments—
From New Zealand Government stock . 1,109,732
From local authorities stock and debentures . 92,476
From mortgages . . . . . 763,771
From other sources . . . . . 69,632
2,035,611
Income from other sources . . . . . 105,305
$2,140,916

PROFIT AND LOSS APPROPRIATION ACCOUNT
$
Provision for donations . . . . . 50,000
Transfer to reserve . . . . . 108,671
$158,671
Net profit, brought down . . . . . 158,671
$158,671

A. H. H. PEARCE, President.
W. G. HILLIKER, General Manager.

We report that we have audited the books and accounts of the Otago Savings Bank for the year ended 31 March 1971 and have received all the information and explanations we have required.
In our opinion, the accompanying balance sheet and statement of profit and loss present fairly the financial position of the bank at 31 March 1971 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.
JAMES BROWN and CO. W. E. C. REID, McINNES and CO. Auditors.
Dunedin, 26 April 1971.

1429

AUCKLAND SAVINGS BANK

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1971
$
Interest to depositors—
On open accounts . . . . . . . 4,098,906
Closed accounts and matured investment accounts . 935,691
Accrued on investment accounts . . . . 1,206,113
Home lay-by accounts: suspensory free deposits . . 15,544
6,256,254
Administration expenses . . . . . 2,538,858
Trustees' honoraria . . . . 3,357
Depreciation . . . . . 547,051
Provision for taxation . . . . . 1,047,491
Net profit: carried down . . . . . 1,003,490
$11,396,501
Interest on investments—
From New Zealand Government stock . 6,198,010
From local authorities stock . . . . 1,220,453
From mortgages . . . . . 3,078,194
From other sources . . . . . 485,367
10,982,024
Income from other sources . . . . . 414,477
$11,396,501

APPRECIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1971
$
Provision for donations . . . . . . . 320,000
Provision for taxation—under provision 1970 . . 3,899
Transfer to reserve . . . . . . . 679,591
$1,003,490
Net profit: brought down . . . . . . . 1,003,490
$1,003,490

BALANCE SHEET OF AUCKLAND SAVINGS BANK AS AT 31 MARCH 1971
Depositors' accounts—
Ordinary accounts . . . . . $161,573,373
Investment accounts . . . . . 45,836,492
Total liability to depositors . . . . . 207,409,865
National savings accounts . . . . . 1,352,969
Add interest suspense account . . . . . 22,407
1,375,376
Other liabilities—
Interest accrued on investment accounts . . . . . 1,206,113
Staff provident fund . . . . . . . 1,468,503
Total other liabilities . . . . . . . 2,674,616
Provision for donations . . . . . . . 320,000
Provision for taxation . . . . . . . 1,941,377
Reserve fund . . . . . . . . . . 11,716,274
$225,437,508
Current assets—
Cash on hand and at bank . . . . . $1,689,722
Fixed deposits . . . . . . . . . . 9,412,200
Interest accrued on investments . . . . . 2,091,760
13,193,682
Investments: at cost—
New Zealand Government stock . . . . . 122,660,352
Local authority securities . . . . . 22,506,724
Mortgages . . . . . . . . . . . 57,869,786
Total ordinary investments . . . . . . 203,036,862
National savings securities—
New Zealand Government stock . . . . . 1,325,000
Cash on hand and at bank . . . . . . . 50,376
Total national savings securities . . . . . . 1,375,376
Fixed assets— Cost Price To Date Book Value
Land and buildings . . . . . . . . . . . $6,157,686 632,883 5,524,803
Vehicles . . . . . . . . . . . . . . . . . . . . . . 74,714 15,866 58,848
Equipment . . . . . . . . . . . . . . . . . . . . . 2,482,316 1,238,661 1,243,655
Furniture, etc. . . . . . . . . . . . . . . . . . . . . 1,875,890 871,608 1,004,282
Total fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$10,590,606 $2,759,018 . . . . . . . . . . . 7,831,588
$225,437,508

NOTE: Capital commitment—branch buildings $300,000.
(Signed) R. C. REID, President.
(Signed) M. N. CORNER, General Manager.
10 May 1971.

We, the undersigned, being the auditors of the Auckland 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 1971.
(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.
(4) In our opinion, the above 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 Auckland Savings Bank’s affairs as at 31 March 1971, and of the results of its business for the year ended on that date.
D. C. O’HALLORAN, B.COM., F.C.A. A. J. POSTLES, A.C.A. Auditors.