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THE NEW ZEALAND GAZETTE

No. 55

Current assets—
Cash in hand and at bank .. 765,169 560,662
Fixed deposits .. 1,555,000 1,255,000
Interest accrued on investments 257,453 273,451
Sundry debtors 527 9,585
Remittances in transit .. 1,741 890
—————— ——————
Total current assets .. 2,579,890 2,099,588

Investments (at par value)—
New Zealand Government stock .. 16,103,180 16,099,030
Local authority securities .. 97,551 114,564
Mortgages .. 11,931,776 10,525,258
Total ordinary investments .. 28,132,507 26,738,852

National savings securities—
New Zealand Government stock .. 185,000 230,000
Cash on hand and in bank 7,785 4,076
—————— ——————
Total national s a v i n g s securities .. 192,785 234,076

Fixed assets (at cost)—
Land and buildings .. 633,120 575,173
Vehicles, office equipment, furniture, etc. 269,694 241,908
—————— ——————
902,814 817,081
Less depreciation to date .. 240,746 215,730
—————— ——————
Total fixed assets .. 662,068 601,351
—————— ——————
$31,567,250 $29,673,867
========= =========

Contingent liability—
Subsidy on home lay-by accounts .. .. .. ..
Capital commitment for buildings .. .. .. 1,500

New Zealand Government stock cost price .. $16,006,290.40

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1972

To Interest to depositors—
On open accounts .. .. 519,526 491,903
Closed accounts and matured investment accounts .. .. 184,457 165,664
Accrued on investment accounts .. 232,349 219,344
Home lay-by accounts: suspensory free deposits .. .. 470 56
—————— ——————
936,802 876,967

Administrative expenses .. .. 371,213 304,907
Trustees’ honoraria .. .. 3,497 2,647
Depreciation.. .. .. 28,735 28,512
Provision for taxation .. .. 130,000 128,000
Net profit .. .. .. 154,758 128,743
—————— ——————
$1,625,005 $1,469,776
========= =========

By Interest on investments—
From New Zealand Government stock .. .. .. 838,806 825,672
From local body debentures .. .. .. 4,465 4,761
From mortgages .. .. .. 673,920 550,150
From other sources .. .. .. 72,782 60,502
—————— ——————
1,589,973 1,441,085
Income from other sources .. .. 35,032 28,691
—————— ——————
$1,625,005 $1,469,776
========= =========

APPROPRIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1972

To Provision for donations .. .. 40,000 40,000
Loss on disposal of securities .. .. 7,403 ..
Reserve account .. .. 107,430 96,263
—————— ——————
$154,833 $136,263
========= =========

By Donation reserve balance .. .. 75 7,520
Net profit .. .. 154,758 128,743
—————— ——————
$154,833 $136,263
========= =========

DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1972

To Interest to depositors on open accounts .. .. 519,525.71 491,903.24
Closed accounts and matured investment accounts .. 184,457.07 165,663.42
Accrued on investment accounts 232,348.83 219,343.73
Home lay-by accounts: suspensory free deposits .. 470.00 56.18
—————— ——————
936,801.61 876,966.57

Administrative expenses—
Salaries and wages .. .. 241,591.49 196,768.77
Trustees’ honoraria .. .. 3,497.25 2,647.50
Printing, advertising, and stationery .. .. 35,350.25 28,479.91
Rates and insurance premiums .. 8,957.36 7,973.12
Share of earthquake premiums of properties mortgages to the bank .. .. 218.46 197.71
Mortgage inspection expense account .. .. .. 152.50
Staff provident fund contributions 14,760.97 11,787.58
Rent branch premises .. .. 3,986.59 3,720.67
Lighting and heating .. .. 3,891.07 3,329.49
General office expenses .. 55,845.74 39,992.77
Expenses maintaining bank premises .. .. 6,610.90 12,504.28
Depreciation .. .. 28,735.51 28,512.52
Provision for taxation .. .. 130,000.00 128,000.00
Net profit .. .. 154,757.75 128,742.92
—————— ——————
$1,625,004.95 $1,469,776.31
========= =========

By Interest accrued and received from—
New Zealand Government stock 838,805.77 825,671.82
Local authorities stock .. 4,465.08 4,761.32
Mortgages .. .. 673,919.75 550,149.74
Other sources .. .. 72,782.43 60,502.41
—————— ——————
1,589,973.03 1,441,085.29

Commissions, fees, and sundry receipts .. .. 35,031.92 28,691.02
—————— ——————
$1,625,004.95 $1,469,776.31
========= =========

J. S. STRONGE, President.
E. A. EVANS, General Manager.

AUDITORS’ CERTIFICATE

We have examined the balance sheet of Taranaki Savings Bank as of 31 March 1972, 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 Taranaki Savings Bank at 31 March 1972, 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.

WYNYARD, GLASGOW, FOX, AND CO.,
Chartered Accountants.

New Plymouth, 29 May 1972.

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