1432
THE NEW ZEALAND GAZETTE
No. 55

1971
$
340,091
39,628
171,032
28,674
———
579,425

Interest on investments—
From New Zealand Government stock
From local authorities stock
From mortgages
From other sources ..

1972
$
324,863
39,568
208,316
53,958
———
626,705

Income from other sources—
Commissions
Other income
Profit (net) on disposal of assets

11,806
2,588
57
———
$593,876

1971
$
1,793
———
$1,793

APPROPRIATION ACCOUNT

1972
$
2,634
———
$2,634

1971
$
1,573
220
———
$1,793

Net profit—brought down
Donations overprovided 1970

1972
$
2,634
———
$2,634

BALANCE SHEET AS AT 31 MARCH 1972

1971
$
5,893,829
629,533
3,979,843
496,561
———
10,999,766

Depositors’ balances—
Savings accounts
Thrift accounts
Investment accounts—
1-year
Investment accounts—
2-year

1972
$
6,670,953
654,871
3,175,319
1,074,950
———
11,576,093

Add accrued interest on
investment accounts ..
107,011
———
11,683,104

Total liability to depositors

Other liabilities—
Owing to other trustee
banks
Sundry creditors
Staff superannuation re-
serve fund
Mortgage

10,209
17,020
2,106
30,000
———
59,335

1971
$
1,793
———
$1,793

1972
$
2,634
———
$2,634

1971
$
70,439
29,807
19,942
4,385
———
124,573

Fixed assets at cost less
depreciation (Note 3)—
Land and buildings
Office machinery and furni-
ture
Leasehold improvements
Motor vehicles

1972
$
94,466
31,207
24,023
2,205
———
151,901

Total fixed assets

1971
$
6,492,390
807,619
———
2,935,440
10,235,449

Investments (see notes 1 and 2)—$
New Zealand Govern-
ment stock (at cost)
Local authority securi-
ties (at cost)
Mortgages (approved)
Less not yet
uplifted .. 201,400
———
3,305,900

1972
$
6,203,299
556,787
3,507,300
———
10,065,986

Total investments

1971
$
10,208,448
———
$11,208,448

1972
$
$11,755,359
———
$11,755,359

NOTES—

1. N.Z. Government stock and local authority stock: It is the
   bank’s policy to amortise the discounts and premiums on Govern-
   ment stock securities and local authority securities over the term
   of the investment on a straight-line basis, and to show the value of
   the securities in the balance sheet at cost price plus amortised
   amounts to date. In accordance with the policy the sums of $1,328
   and $1,702 have been transferred to the profit and loss account for
   this financial year.

2 Face value of—
New Zealand Government stock
Local authority stock

$
6,161,560
537,696

3. Fixed assets—

Cost
Price
$
97,403
68,094
41,606
2,205
———
$209,308

Depre-
ciation
to Date
$
2,937
36,887
17,583
..
———
$57,407

Book
Value
$
94,466
31,207
24,023
2,205
———
$151,901

Land and buildings
Office machinery and furniture
Leasehold improvements
Motor vehicles

4. Capital commitment for—
   Milsen Branch development (balance)
   Levin Mall Branch (balance)

$
15,400
2,300

5. Accrued interest on two-year investment accounts has been
   provided for in accord with interest rates set out in the Trustee
   Savings Bank Investment Account Interest Order 1970, viz: 2½%
   on deposits for less than 12 months and 3% on deposits for more
   than 12 months.

M. T. DEARSLEY, President.
D. M. ROBERTSON, Executive Officer.

AUDITOR’S REPORT

The balance sheet set out on pages 4 and 5 and the related
revenue account and notes set out on pages 6 and 7 are in agree-
ment with the books, which, in my opinion, have been properly
kept. I obtained the information and explanations I required. In
my opinion, the balance sheet and revenue account comply with
the Trustee Savings Bank Act 1948 in the manner authorised for
trustee savings banks. On such basis they give, in my opinion, a
true and fair view of the state of affairs and of the profit of the bank.

D. T. SPRING, Chartered Accountant.

Palmerston North, 4 May 1972.

1702

CANTERBURY SAVINGS BANK
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1972

Interest to depositors—
On open accounts
Closed accounts and matured investment accounts
Accrued on investment accounts
Home layby accounts: suspensory free deposits ..

$
957,156
253,112
438,412
397
———
1,649,077

Administrative expenses
Trustees’ honoraria
Depreciation
Provision for taxation
Net profit

$
1,070,145
3,752
56,019
165,778
181,342
———
$3,126,113

1971
$
213,808
..
210,000
270,000
———
693,808

Current assets—
Cash on hand and at bank
Term deposits
Fixed deposits (2 years
and under
Fixed deposits (over 2
years)

1972
$
135,817
880,000
330,000
50,000
———
1,395,817

Term deposit—staff sup-
erannuation reserve ..
Interest accrued on in-
vestments
Owing by other trustee
banks
Sundry debtors
Prepayments

2,060
116,609
23,978
3,609
8,362
———
848,426

1972
$
4,224
14,551
4,821
..
———
23,596

Reserve for taxation (de-
ferred)
Add 1972 reserve

9,780
2,281
———
12,061

1972
$
12,061
3,502
———
15,563

General reserve fund (at 1
April 1971)
Add net profit for year

28,670
1,793
———
30,463

1972
$
30,462
2,634
———
33,096

1972
$
1,537,472

Total current assets ..

1971
$
106,823
———
11,106,589

1972
$
11,683,104

Total liability to depositors

1971
$
10,208,448
———
$11,208,448

1972
$
$11,755,359
———
$11,755,359