8 AUGUST

THE NEW ZEALAND GAZETTE

1703

Nominal value of Government stock investments.. $16,335,640
Less premiums and discounts not yet amortised 42,208
$16,293,432

2. Change in Accounting Procedure—The Inland Revenue
   Department has advised that it is no longer necessary to take
   stationery stocks into account as at balance date. The bank has
   therefore decided to discontinue this practice, and stocks amounting
   to $9,532 appearing in the balance sheet as at 31 March 1973,
   have been written off to the profit and loss account together with
   the expenditure for the year ended 31 March 1974.

3. Capital Commitments—
   Mortgages approved but not advanced at 31 March 1974 $1,361,500

R. G. TOULSON, President.
P. D. MUNN, General Manager.

AUDITOR'S CERTIFICATE

I report that I have examined the balance sheet of the Bay of
Plenty Savings Bank as at 31 March 1974, and the related revenue
account for the year ended on that date and have received all the
information and explanations I have required.

In my opinion the accompanying balance sheet and revenue
account presents fairly the financial position of the Bank at 31
March 1974, and the results of its operations for the year ended on
that date, and were in general conformity with generally accepted
accounting principles applied on the basis consistent with that of
the preceding year.

J. L. GREGORY, F.C.A., Auditor.

20 May 1974.

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WESTLAND SAVINGS BANK
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1974

1973 $ 1974 $
125,324 Interest to depositors—
4,996 On open accounts .. 156,087
On closed accounts .. 7,488
42,557 On matured investment ac-
counts .. 52,114
62,705 Accrued on investment
accounts .. 68,757
284,446
235,602
99,414 Administration expenses .. 122,768
2,249 Trustees’ honoraria .. 3,226
9,213 Depreciation .. 8,256
23,756 Provision for taxation .. 31,784
1,037 Payroll tax .. 620
166,654
27,082 Nett profit .. 59,281
$398,353 $510,381

1973 $ 1974 $
186,161 Interest on investments—
9,601 From New Zealand Govern-
ment stock .. 238,178
170,347 From local authorities .. 12,249
From mortgages .. 218,646
From personal loans .. 2,407
24,121 From other sources .. 28,128
499,608
2,928 Income from other sources—
5,195 Commission .. 5,284
Rents .. 5,489
10,773
$398,353 $510,381

PROFIT AND LOSS APPROPRIATION FOR YEAR ENDED 31 MARCH 1974

1973 $ 1974 $
7,000 To donations—
22,157 Balance transferred .. .. 7,000
Reserve fund .. .. 52,281
$29,157 $59,281

1974 $

Nett profit

Profit from sale of Government stock

$59,281

BALANCE SHEET AS AT 31 MARCH 1974

Depositors accounts—
Ordinary ... 6,137,800
Special ... 235,569
Investment accounts ... 2,731,228

Other liabilities—
Interest accrued on investment accounts . 68,757
Owing to other trustees savings banks . 37,284
Sundry creditors . 371
Provision for donations . 7,060
Provision for taxation—
Current . 24,367
Deferred . 32,031
Reserve fund—
Balance at 1 April 1973 . 314,182
Transferred from appropriations . 52,281
$9,640,930

Current assets—
Cash on hand and at
banks ... 269,452
Interest bearing deposits 495,100
Interest accrued on
investment ... 71,181
Owing by other trustee
banks ... 4,779
Sundry debtors ... 48
Investments—
New Zealand Government stock ... 4,570,845
Local authority securities 222,441
Mortgages ... 3,796,574
Personal loans ... 41,967
Fixed assets—
Land and buildings—
Cost price ... 160,050
Depreciation to date ... 17,731
Furniture and equipment
Depreciation to date ... 48,967
P. E. L. RENTON, President.
J. J. LESLIE, General Manager.

AUDITOR'S CERTIFICATE

I have examined the records and financial accounts of the
Westland Savings Bank for the year ended 31 March 1974. My
examinations were made in accordance with the general principles
of auditing and accordingly included such test of the accounting
records and such other auditing procedures as I considered neces-
sary in the circumstances.

In my opinion, the accompanying balance sheet with notes
attached, and profit and loss account present fairly the financial
position of the Westland Savings Bank as at 31 March 1974, and
the results of its operations for the year then ended.

W. J. GUTBERLET, F.C.A., Auditor.

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