18 JULY
THE NEW ZEALAND GAZETTE
1505

NOTES—

1. Redemption of Investments: Low interest yielding stock was sold during previous years and replaced with higher interest stock which will produce increased income over the term of the investments.

2. The values of Government stock held on 31 March 1974 were as follows—

   $
   Cost value .. .. .. .. 8,372,814
   Face value .. .. .. .. 8,380,740
   Market value .. .. .. .. 7,988,261

3. Mortgages approved and not yet advanced totalled $374,342.

4. Interest on investment accounts has been accrued at the average rate paid during the year.

5. There are capital commitments of $7,092 in respect of a property purchase, building alterations, and items of equipment.

6. There is a contingent liability to present tenants arising from the purchase of a property for use of a district office.

   B. M. PITKETHLEY, President.
   G. I. C. McDOUALL, General Manager.

AUDITORS’ REPORT

We have examined the records and financial accounts of the Wanganui Savings Bank for the year ended 31 March 1974. Our examinations were made in accordance with the general principles of auditing 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 profit and loss account, present fairly the financial position of the Wanganui Savings Bank at 31 March 1974, and the results of its operations for the year then ended.

BARKMAN, SILK, AND PARTNERS, Auditors.

Wanganui, 31 March 1974

1489

WELLINGTON DISTRICT SAVINGS BANK

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1974

Interest to depositors—
$
On open accounts .. .. .. .. 425,298
Closed accounts and matured investment accounts .. 37,742
Accrued on investment accounts .. .. .. 142,285
Home fayby accounts: suspensory free deposit .. ..
605,325

Administrative expenses .. .. .. .. 583,258
Trustees’ honoraria .. .. .. .. 2,940
Depreciation .. .. .. .. 24,862
Provisions for taxation .. .. .. ..
Net profit—carried down .. .. .. .. 97,129

$1,313,514 

Interest on investments—
$
From New Zealand Government stock .. .. 23,603
From local authority stock .. .. .. 55,245
From mortgages .. .. .. .. 593,480
From other securities .. .. .. .. 141,186

$1,313,514 

APPROPRIATION ACCOUNT

$ 
Capital loss on sale of Government stock .. .. 
Provision for donations .. .. .. .. 10,000 
Transfer to reserve .. .. .. .. 87,770 
$97,770 

$ 
Net profit—brought down .. .. .. .. 97,129 
Capital gain on sale of Government stock .. .. 641 
$97,770 

BALANCE SHEET AS AT 31 MARCH 1974

Depositors’ accounts—
$
Ordinary accounts .. .. .. .. 17,346,103
Special accounts .. .. .. ..
Sub-total .. .. .. .. 17,346,103
Investment accounts .. .. .. .. 4,021,955

Total liability to depositors .. .. .. 21,368,058 

National Savings Accounts .. .. .. ..

Other liabilities—
Interest accrued on investment accounts .. 142,285
Mortgages .. .. .. .. 172,840
Owing to other trustee banks .. .. .. 28,645
Remittances in transit .. .. .. ..
Staff provident fund .. .. .. ..
Sundry creditors .. .. .. .. 66,581
Other .. .. .. .. Nil

Total other liabilities .. .. .. .. 410,351 
Provision for donations .. .. .. .. 10,000 
Provision for taxation .. .. .. .. 
(Special appreciations of reserves) .. .. 
Reserve fund unappropriated profits .. .. 119,881 
Amortised New Zealand Government stock discounted premiums .. .. .. 818 
130,699 

$21,909,108 

Current assets—
$
Cash on hand and at bank .. .. .. 153,158
Fixed deposits .. .. .. .. 970,000
Interest accrued on investments .. .. 187,329
Owing by other trustee banks .. .. 14,702
Prepayments .. .. .. ..
Remittances in transit .. .. .. ..
Sundry debtors .. .. .. .. 34,015

Total current assets .. .. .. .. 1,359,204 

Ordinary investments—
New Zealand Government stock .. .. 10,084,840
Local authority securities .. .. 1,044,014
Mortgages .. .. .. .. 8,949,641
Personal loans .. .. .. .. 90,483

Total ordinary investments .. .. .. 20,168,978 

National savings securities—
New Zealand Government stock .. ..
Cash on hand and at bank .. .. ..

National savings securities .. .. .. .. 

Fixed assets—
Cost Price $
Depreciation to Date $
Book Value $
Land and buildings .. 241,145 7,570 233,575
Furniture and fittings, etc. 210,616 63,265 147,351

Total fixed assets .. .. .. .. 380,926 
Intangible assets .. .. .. .. Nil 

$21,909,108 

PHILIP PROCTOR, K.B.E., President.
J. W. BROWN, General Manager.

AUDITORS’ CERTIFICATE

We report that we have audited the books and accounts of the Wellington District Savings Bank for the year ended 31 March 1974, and have received all the information and explanations we have required.

In our opinion, the accompanying balance sheet and statement of profit and loss present fairly the financial position of the Bank at 31 March 1974, 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.

HUTCHINSON HULL AND CO., Chartered Accountants.

Wellington, New Zealand, 17 May 1974.

1490

F