1506
THE NEW ZEALAND GAZETTE
No. 70

SOUTHLAND SAVINGS BANK
BALANCE SHEET AS AT 31 MARCH 1974

Depositors’ accounts—
Ordinary accounts—
Savings bank accounts .. .. 46,331,321
Thrift club accounts .. .. 67,590
Sub-total .. .. .. 46,398,911
Investment accounts .. .. 5,798,170
Home ownership accounts .. .. 27,944
Total liability to depositors .. .. 52,225,025
National savings accounts .. .. 52,065
Add interest suspense account .. .. 1,392
Sub-total .. .. .. 53,457
Sub-total .. .. .. 52,278,482

Other liabilities—
Interest accrued on investment
accounts .. .. .. 208,360
Mortgages .. .. .. ..
Owing to other trustee banks .. .. ..
Remittances in transit .. .. ..
Staff provident fund .. .. ..
Sundry creditors .. .. .. 8,586
Other (detail) .. .. .. ..
Total other liabilities .. .. .. 216,946
Provision for Donations .. .. .. 45,000
Provision for taxation—
Current .. .. .. 359,775
Deferred .. .. .. 149,860
Reserve fund .. .. .. .. 2,967,695
$56,017,758

Current assets—
Cash on hand and at bank .. 1,379,624
Fixed deposits .. .. .. 3,800,000
Interest accrued on investments .. 659,010
Remittances in transit .. .. ..
Sundry debtors .. .. .. 20,213
Total current assets .. .. .. 5,858,847

Investments—
New Zealand Government stock .. 27,712,735
Local authority securities.. .. 7,444,192
Mortgages .. .. .. 13,648,359
Personal loans .. .. .. 105,455
Total ordinary investments .. .. 48,910,741

National savings securities—
New Zealand Government stock .. 52,065
Cash on hand and at bank .. ..
Total national savings securities.. .. 52,065

Fixed assets—
Cost Deprecia-
Price tion to Book
$ Date Value
$ $
Land and
buildings .. 1,311,351 224,221 1,087,130
Vehicles, equip-
ment, furniture,
etc. .. 476,689 367,714 108,975
Total fixed assets .. .. .. 1,196,105
$56,017,758

Government Stock reconciliation—
Cost price .. .. .. $27,598,194.60
Add capital gain on purchase .. 101,605.40
27,699,800.00

National savings securities—
New Zealand Government stock pur-
chased at par .. .. ..

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1974

Interest to depositors—
On open accounts .. .. .. .. 1,147,834
Closed accounts and matured investment accounts 67,840
Accrued on investment accounts .. .. 208,360
Home layby accounts: suspensory free deposits ..
Sub-total .. .. .. 1,424,034
Administration expenses .. .. .. 848,300
Trustees’ honoraria .. .. .. 6,186
Depreciation .. .. .. .. 66,584
Provision for taxation .. .. .. 269,805
Net profit—carried down .. .. .. 427,378
$3,042,287

Interest on investments—
From New Zealand Government stock.. .. 1,456,134
From local authorities stock .. .. 407,221
From mortgages .. .. .. 828,875
From personal loans.. .. .. .. 2,759
From other sources .. .. .. 243,490
Sub-total .. .. .. 2,938,479
Income from other sources .. .. .. 103,808
$3,042,287

APPROPRIATION ACCOUNT

Provisions for donations .. .. .. $45,000
Provision for taxation—1975 provisional taxation .. 269,804
Transfer to reserve .. .. .. 124,635
$439,439

Net profit—brought down .. .. .. $427,378
Over-provision: 1973 taxation .. .. .. 12,061
$439,439

K. S. SEMMENS, President.
L. R. D. PAYNE, General Manager.

AUDITORS’ REPORT

We, the undersigned, being the Auditors of the Southland Savings Bank, appointed in terms of section 29 (3) of the Trustee Savings Banks Act 1948, report—

1. That we have examined the books, accounts, and vouchers of the bank and have received all the information and explanations we have required.

2. We have verified the cash, investments, securities, and assets of the bank as at 31 March 1974.

3. The General Manager has certified that to the best of his knowledge and belief, all requirements of the Trustee Savings Banks Act 1948, and regulations thereunder, have been complied with.

In our opinion, the above 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 Southland Savings Bank’s affairs as at 31 March 1974, and of the results of its business for the year ended on that date, in conformity with generally accepted accounting principles and applied on a basis consistent with that of the preceding year.

HENDERSON, ADAM AND CO., Auditors.

Invercargill, 14 May 1974.

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