9 MAY

THE NEW ZEALAND GAZETTE

971

commenced by a member or other person interested in or having a claim on the funds of the branch to set aside such dissolution and the same be set aside accordingly.

O. D. GOOD,
Registrar, Friendly Societies Office, Wellington.

A.N.Z. SAVINGS BANK (NEW ZEALAND) LTD.

BALANCE SHEET AS AT 30 SEPTEMBER 1973

Shareholders' funds—
Authorised capital
Issued capital—
250,000 ordinary shares of $2 each fully paid
General reserve
Contingencies reserve
Profit and loss appropriation account

Current liabilities and provisions—
Depositors' balances:
Ordinary accounts
Thrift accounts
Home lay-by accounts
Investment accounts
Provision for taxation
Other liabilities including interest accrued
Deferred—
Provision for deferred taxation

Current assets—
Deposits with Australia and New Zealand Banking Group Ltd.
New Zealand Government stock (see note 1)—
3½ percent special issue
Other
Local authority securities (see note 1)
Income accrued on investments
Mortgage and other loans (less provision for doubtful debts)

On behalf of the Board—
K. R. PORTER
H. V. NEWCOMBE } Directors.
J. G. OLESEN, Secretary.

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 1973

Interest to depositors
Management and operating expenses
Total expenses
Provision for taxation
Net profit for period

Income from—
New Zealand Government stock and local authority securities
Mortgage and other loans
Other

PROFIT AND LOSS APPROPRIATION ACCOUNT

1972
NZ$000
56 Transfer to contingencies reserve
290 Transfer to general reserve
251 Balance carried forward

$597

1972
NZ$000
192 Balance brought forward
36 Overprovision for tax in prior year
369 Net profit for period

$597

NOTES FORMING PART OF THESE ACCOUNTS

1. The market value of Government and local authority securities at 30 September 1973 was $87,177,000 (1972 $74,342,000).

2. There is a contingent liability for subsidies on home lay-by accounts.

3. The result for the year has been affected by changes in the basis of accounting. The treatment of fixed interest securities purchased at a discount is now consistent with the treatment of fixed interest securities purchased at a premium. The book amounts of both these classes of securities are now amortised to attain redemption value at maturity. Profits and losses on realisation of fixed interest securities, adjusted by amortisation, are being taken to profit and loss account in equal instalments over five years commencing with the year of realisation.

Tax allocation procedures have been introduced for the changes mentioned, also for differences between the accounting and taxation treatment of income from fixed interest securities, and for provisions for diminution in the value of assets. A transfer has been made from Contingencies Reserve to Provision for Doubtful Debts, and adjustments have been made through Contingencies Reserve for fixed interest securities previously held at a discount, and to adjust the spread of profits and losses on realisation for the years 1969/72, and to introduce the tax allocation procedures. The net effect of these adjustments has been to increase Contingencies Reserve by $6,000.

The effect of the changes in the basis of accounting has been to increase the profit for 1973, after providing for taxation, by approximately $49,000 compared with the previous basis of accounting.

AUDITORS' REPORT TO MEMBERS OF A.N.Z. SAVINGS BANK (NEW ZEALAND) LTD.

We have obtained all the information and explanations that we have required. In our opinion, proper books of account have been kept by the company so far as appears from our examination of those books. In our opinion, and to the best of our information and the explanations given to us, and as shown by the said books, the balance sheet and profit and loss account are properly drawn up so as to give respectively a true and fair view of the state of the company's affairs as at 30 September 1973, and of the results of the business for the year ended on that date.

According to such information and explanations, the accounts, the balance sheet and the profit and loss account give the information required by the Companies Act 1955, in the manner so required.

HUNT DUTHIE & CO., Chartered \ Accounts
HUTCHISON, HULL & CO., Chartered \ Accounts
Joint Auditors.

Wellington, New Zealand, 9 November 1973.

NEW ZEALAND GOVERNMENT PUBLICATIONS
GOVERNMENT BOOKSHOP

A selective range of Government publications is available from the following Government Bookshops:

Wellington—
Mulgrave Street
Rutherford House, Lambton Quay
N.Z. Display Centre, Cubacade, Cuba Street
Private Bag

Auckland: State Advances Building, Rutland Street
P.O. Box 5344

Hamilton: Barton Street
P.O. Box 857

Telephone 46 807
Telephone 43 872
Telephone 559 572
Telephone 32 919
Telephone 80 103