12 AUGUST
THE NEW ZEALAND GAZETTE
Assets
Current assets:
Cash in hand and at bank .. 126,635.53
Fixed deposits .. .. 662,000.00
Interest accrued on investments .. 85,700.27
Owing by other trustee banks .. 17,471.00
Provisional tax paid .. .. 21,268.43
913,075.23
Investments:
New Zealand Government stock
(face value) .. .. 4,850,000.00
Local body securities (at cost) .. 402,590.83
Mortgages .. .. 1,137,473.78
6,390,064.61
Fixed assets:
Freehold land and buildings (cost) 76,698.79
Depreciation to date .. 5,013.79
71,685.00
Alterations to leasehold premises
(cost) .. .. .. 4,306.70
Depreciation to date .. 2,599.70
1,707.00
Office furniture and equipment .. 39,874.89
Depreciation to date .. 16,565.89
23,309.00
$7,399,840.84
NOTE 1. New Zealand Government stock is shown at face value.
The redemption due on maturity in regard to stock purchased
under par is shown as a reserve to be brought to account upon
either maturity or sale of the stock concerned.
NOTE 2. Fixed deposits having terms of 2 years and shorter are
$462,000. Fixed deposits for terms longer than 2 years are $200,000.
D. K. MACKENZIE, President.
D. R. PARKER, General Manager.
AUDITORS' REPORT
We have examined the balance sheet of South Canterbury Savings
Bank as of 31 March 1971, 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 South Canterbury
Savings 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.
HUBBARD, CHURCHER, GABITES, AND Co.,
Chartered Accountants.
Timaru, 11 May 1971.
1705
WELLINGTON SAVINGS BANK
PROFIT AND LOSS FOR YEAR ENDING 31 MARCH 1971
Interest to depositors:
On open accounts .. .. .. 202,864
Closed accounts and matured investment
accounts .. .. .. 80,385
Accrued on investment accounts .. 73,878
357,127
Expenses:
Administration .. .. .. 353,167
Trustees' honoraria .. .. ..
Depreciation .. .. .. 8,829
Net profit .. .. .. 10,709
$729,832
Interest on investments:
New Zealand Government stock .. 396,248
Local authorities stock .. 24,656
Mortgages .. .. 256,704
Other sources .. .. 16,803
694,411
Income from other sources .. .. 26,331
Non-trading income .. .. 9,090
$729,832
1625
BALANCE SHEET AS AT 31 MARCH 1971
Depositors' accounts:
Ordinary accounts .. .. 9,672,479
Special accounts .. .. ..
9,672,479
Investment accounts .. .. 3,091,090
12,763,569
National savings accounts .. ..
Total liabilities to depositors .. .. 12,763,569
Other liabilities:
Interest accrued on investments .. 73,878
Mortgages .. .. .. 160,840
Owing to other trustee savings banks 10,732
Sundry creditors .. .. 15,615
Bank overdraft .. .. 293,913
Total other liabilities .. .. 554,978
Reserves:
Unappropriated profits .. .. 19,500
Amortised New Zealand Government
discounts and premiums .. 2,745
Total reserves .. .. 22,245
Contingent liabilities:
$157,045 mortgages approved but not
yet uplifted
$13,340,792
Current assets:
Cash on hand and at bank .. 435,999
Fixed deposits .. .. 280,000
Interest accrued on investments .. 116,242
Owing by other trustee savings banks 23,419
Prepayments .. .. .. 1,186
Sundry debtors .. .. .. 15,445
Total current assets .. .. .. 872,291
Investments:
New Zealand Government stock .. 7,404,241
Local authority securities .. 459,380
Mortgages .. .. 4,196,901
Total ordinary investments .. .. 12,060,522
National saving securities .. ..
Fixed assets:
Cost Accumulated Book
Price Depreciation Value
Land and building .. 240,396 757 239,639
Vehicles, equipment, etc. 68,880 25,276 43,604
Total fixed assets .. .. .. 283,243
Intangible assets:
Unexpired portion of leases .. 1,322
Establishment account .. 123,414
Total intangible assets .. .. 124,736
$13,340,792
PHILIP PROCTOR, K.B.E., President.
J. W. BROWN, General Manager.
AUDITORS' REPORT
We report that we have audited the books and accounts of the
Wellington District 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.
WATKINS, HULL, WHEELER, AND JOHNSTON,
Chartered Accountants.
Wellington, New Zealand, 24 May 1971.
1706