New Zealand Gazette – 1974 – No. 3

Page 138

✨ Bank Financial Statements



138

NATIONAL BANK OF NEW ZEALAND SAVINGS BANK LTD.

BALANCE SHEET AS AT 31 OCTOBER 1973

1972 $ 1973 $
Shareholders' funds—
Authorised and issued
capital — 1,000,000
ordinary shares of
$2 each		 2,000,000 Paid-up capital—
1,000,000 ordinary
shares of $2 each
paid up to 40c		 400,000
400,000 General reserve 965,000
665,000 Profit and Loss Appropriation Account 254,928
249,032
1,314,032 New Zealand Government stock revaluation
reserve (see note)
475,426 Current liabilities and
provisions—
Depositors' balances—
Ordinary accounts		 55,412,744
43,072,512 Home lay-by accounts 943,724
1,041,923 1-year investment accounts 14,708,811
16,510,049 2-year investment accounts 5,455,157
5,681,693
66,306,177 Provision for taxation 816,827
621,538 Less provisional tax paid 286,909
229,579
391,959 Provision for dividend 120,000
80,000 Other liabilities including interest accrued 1,031,904
984,599
1,456,558 Deposits at the National Bank of New Zealand Ltd. 3,109,312
$69,552,193 Investments—Quoted Investments—New Zealand Government stock (see note) 19,953,745
Unquoted investments—3⅞ percent New Zealand Government special stock, at cost 34,150,000
23,704,522 Local authorities securities, at cost 2,214,677
26,415,000
1,961,312
52,080,834 56,318,422

$80,379,720

BALANCE SHEET—continued

1972 $ 1973 $
Mortgages and other loans 14,370,241 20,168,930
Income accrued on investments 712,046 783,056
67,163,121
$69,552,193 77,270,408
$80,379,720

The notes annexed form part of these accounts.

On behalf of the Board—

JOHN MOWBRAY, Director.
B. D. JACKSON, Secretary.

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 OCTOBER 1973

1972 $ 1973 $
Interest to Depositors 2,128,766 2,328,216
Management and operating expenses 746,819 861,002
Directors' fees
2,875,585 3,189,218
Provision for taxation 238,932 366,799
Net profit after taxation 292,028 448,309
$3,406,545 $4,004,326

Income from investments—

1972 $ 1973 $
New Zealand Government stock and local authority securities 2,351,936 2,416,848
Other investments 1,026,705 1,552,258
3,378,641 3,969,106
Other income 27,904 35,220
$3,406,545 $4,004,326

PROFIT AND LOSS APPROPRIATION ACCOUNT

1972 $ 1973 $
Transfer to New Zealand Government Stock Revaluation Reserve 89,249 84,530
Less tax adjustment 40,162 38,039
49,087 46,491
Transfer to general reserve 150,000 300,000
Provision for dividend 80,000 120,000
Balance carried forward 249,032 254,928
$528,119 $721,419

Balance brought forward | 175,913 | 249,032 |
Net Profit for period | 292,028 | 448,309 |
Adjustment to provision for taxation for previous period for reduction in rate | 45,084 | |
Transfer from New Zealand Government stock revaluation reserve on account of stock matured during period | 27,444 | 43,779 |
Less tax adjustment | 12,350 | 19,701 |
| 15,094 | 24,078 |
| $528,119 | $721,419 |

NOTES TO THE ACCOUNTS

  1. The redemption value of the quoted New Zealand Government stock appearing in the balance sheet is $20,814,155. The market value (which includes accrued interest $283,173) is $19,764,319.

  2. New Zealand Government Stock Revaluation Reserve—

(i) The book values of securities purchased at a discount or a premium are adjusted through this reserve so as to attain their redemption values by maturity dates. The balance (including tax payable thereon) held in this regard as at 31 October was—

1972 $ 1973 $
475,426 516,179

(ii) Commencing with the year ended 31 October 1973, the difference between book values and proceeds on realisation of New Zealand Government stock is taken to profit and loss account in equal annual instalments over a period of 5 years commencing with the year in which it arises. The balance (after providing for tax payable thereon) to be taken to profit and loss account in future years is—
41,355
$475,426 $557,534

Per balance sheet—



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✨ LLM interpretation of page content

💰 National Bank of New Zealand Savings Bank Ltd. Balance Sheet

💰 Finance & Revenue
Balance Sheet, Financial Report, Investments, Deposits
  • JOHN MOWBRAY, Director
  • B. D. JACKSON, Secretary

💰 National Bank of New Zealand Savings Bank Ltd. Profit and Loss Account

💰 Finance & Revenue
Profit and Loss, Financial Report, Interest, Taxation

💰 National Bank of New Zealand Savings Bank Ltd. Profit and Loss Appropriation Account

💰 Finance & Revenue
Profit Appropriation, Financial Report, Reserves, Dividends

💰 Notes to the Accounts of National Bank of New Zealand Savings Bank Ltd.

💰 Finance & Revenue
Financial Notes, Stock Valuation, Revaluation Reserve