1544

THE NEW ZEALAND GAZETTE

No. 74

EASTERN AND CENTRAL SAVINGS BANK—continued

Income from other sources—
Commissions
Rents
Other income
$1,895,048

APPROPRIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1973
Provision for donations .. 12,000
Transfer to general reserve 54,698
$66,698
Net profit—brought down .. $66,698

BALANCE SHEET AS AT 31 MARCH 1973
Depositors' balances—
Savings accounts 23,964,890
Thrift accounts 1,824,580
Investment accounts—
1-year 6,039,888
2-year 3,401,458
35,230,816
Add accrued interest on investment accounts 293,955
Total liability to depositors .. 35,524,771
Other liabilities—
Owing to other trustee banks 32,756
Accounts payable 43,091
Staff superannuation reserve fund 5,442
Mortgages 163,300
Total other liabilities .. 244,589
Reserve for deferred taxation 133,693
Provision for donations 12,000
General reserve fund (at 1 April 1972) 274,366
Add Balance donation reserve 120
Net profit for year .. 54,698
329,184
$36,244,237
Current assets—
Cash on hand and at bank 242,174
Term deposits—2 years and under 2,603,415
Term deposits—over 2 years 800,000
Term deposit—staff superannuation reserve 4,920
Interest accrued on investments 286,834
Owing by other trustee banks 13,396
Accounts receivable 46,156
Prepayments 14,373
Stationery stock on hand 13,450
Commissioner of Inland Revenue 12,340
Total current assets 4,037,058
Investments (see notes 1 and 2)—
New Zealand Government stock
(nominal value $17,444,239) 17,593,549
Local authority securities (nominal value $1,443,873) 1,457,158
Mortgages 12,676,917
Total investments 31,727,624
Fixed assets at cost less depreciation (see note 3)—
Land and buildings 348,209
Leasehold improvements 32,338
Furniture and fittings 48,145
Office machinery 25,152
Security equipment 6,928
Motor vehicles 8,946
Medal and coin collection 4,437
Goodwill 5,400
Total fixed assets 479,555
$36,244,237

NOTES—

1. New Zealand Government stock and local authority stock—
   It is the bank's policy to amortise the discounts and premiums on Government stock securities and local authority stock 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 adjusted by the amortised amounts to date. In accordance with this policy the sums of $3,524 and $12,815 have been transferred to the revenue account for this financial year.
2. Mortgages—Mortgages approved but not yet uplifted total $1,141,180.
3. Fixed assets—
   Cost price .. . . . . . . . 607,791
   Depreciation to date .. . . . . . . 128,236
   Book value .. . . . . . . . 479,555

AUDITORS' REPORT
We have examined the balance sheet of the Eastern and Central Savings Bank as at 31 March 1973 and the related revenue 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 with notes attached and revenue account present fairly the financial position of the Eastern and Central Savings Bank at 31 March 1973 and the results of its operations for the year then ended in conformity with generally accepted accounting principles. The operations for the year included those of the Hawke's Bay and Gisborne Savings Bank and the Manawatu Wairarapa Savings Bank from 1 April 1972 to 31 October 1972—the two banks having merged at 1 November 1972 to form the Eastern and Central Savings Bank.
BROWN, WEBB, & CO., Chartered Accountants.
Hastings, 14 May 1973.
1/124

WAIKATO SAVINGS BANK
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1973
1973 1972
Interest to depositors—
On open accounts .. .. $ 710,142 609,312
Closed accounts and matured investment accounts .. .. 201,304 184,142
Accrued on investment accounts .. 358,536 337,852
Home layby accounts: suspensory free deposits .. .. .. 1,851 638
Subtotal .. .. .. 1,271,833 1,131,944
Administration expenses .. .. 920,189 711,242
Trustees' honoraria .. .. 3,247 2,973
Depreciation .. .. 42,242 35,084
Tax adjustment 1967–70 .. .. .. 5,237
Provision for taxation .. .. 92,305 108,743
Net profit—carried down .. .. 114,725 120,049
$2,444,541 $2,115,272

Interest on investments—
From New Zealand Government stock 1,077,866 1,039,518
From local authorities stock 176,566 128,274
From mortgages 994,509 754,508
From other sources 95,643 86,877
Sub-total .. .. 2,344,584 2,009,177
Income from other sources .. .. 99,957 106,095
$2,444,541 $2,115,272

APPROPRIATION ACCOUNT
1973 1972
Provision for donations 14,000 14,000
Transfer to reserve .. 100,725 106,049
$114,725 $120,049
1973 1972
Net profit—brought down .. 114,725 120,049
$114,725 $120,049

EWING ROBERTSON, General Manager.
A. G. McHUGH, President.