APPRECIATION ACCOUNT

$
Provision for donations ... ... 10,000
Transfer to reserve ... ... 114,170
$124,170

Net profit—brought down ... ... 124,125
Taxation overprovided 1974 ... ... 45
$124,170

BALANCE SHEET AS AT 31 MARCH, 1975
Depositors' accounts—
$
Ordinary accounts ... 26,688,325
Cheque accounts ... 322,432
Investment accounts ... 8,806,586
Total liability to depositors ... 35,817,343
Other liabilities—
Interest accrued on investment
accounts ... 244,157
Mortgages ... 89,600
Owing to other trustee banks ... 6,517
Sundry creditors ... 35,823

Provision for donations ... 10,000
Provision for taxation ... 256,322
Reserve fund ... 521,325
$36,981,087

Current assets—
Cash on hand and at bank ... 94,253
Fixed deposits ... 950,000
Certificates of deposit ... 810,553
Interest accrued on investments ... 513,278
Owing by other trustee banks ... 76,696
Prepayments ... 2,108
Sundry debtors ... 8,119
Leasehold property suspense ... 13,560
Remittances in transit ... 345,708
2,814,275
Investments—
New Zealand Government stock
(note 1) ... 16,805,272
Local authority securities .. 1,411,895
Mortgages ... 15,184,134
Personal loans ... 334,557
Shares in computer company ... 10,000
33,745,858
Cost Depre- Book
Price ciation Value
Fixed Assets—
Land and Buildings 247,015 7,548 239,467
Vehicles, equipment,
furniture, etc. ... 307,839 126,352 181,487
554,854 133,900 420,954
Total fixed assets ... ... ... ... 420,954
$36,981,087

NOTES TO ACCOUNTS

1. Government stock—It is the bank's policy to amortise the
   discounts and premiums on Government stock securities over the
   term of the investment on a straight-line basis, and to show the
   value of the stock in the balance sheet at cost price plus
   amortised discount to date.
   In accordance with the policy the sum of $598 has been transferred to the profit and loss account for this financial year.

$
Nominal value of Government stock investments 16,872,640
Less premiums and discounts not yet amortised .. 67,368
$16,805,272

2. Capital commitments—
   Mortgages approved but not advanced at 31 March
   1975 ... ... ... ... ... 653,664
   Expenditure committed to building contracts ... ... 20,400

E. H. RAYMOND, 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 1975, 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 as at the
31 March 1975, and the results of the 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.
Tauranga, 19 May 1975.
1315

WELLINGTON SAVINGS BANK

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1975

Interest to depositors—
On open accounts ... ... ... ... 461,892
Closed accounts and matured investment accounts 100,111
Accrued on investment accounts ... ... ... 155,943
Home lay-by accounts—suspensory free deposit ... 2,102

720,048
Administration expenses ... ... ... ... 776,028
Trustees' honoraria ... ... ... ... 4,286
Depreciation ... ... ... ... 43,868
Provisions for taxation ... ... ... 24,058
Net profit—carried down ... ... ... ...

$1,597,692

Interest on investments—
$
From New Zealand Government stock ... 553,423
From local authority stock ... 66,782
From mortgages ... 715,215
From other securities ... 262,272

$1,597,692

APPROPRIATION ACCOUNT

Capital loss on sale of Government stock ... ... 844
Provision for donations ... ... ... ... ... 10,000
Transfer to reserve ... ... ... ... ... ... 18,560
$29,404

$
Net profit—brought down ... ... ... ... ... 29,404
Capital gain on sale of Government stock ... ... ... ...
$29,404

BALANCE SHEET AS AT 31 MARCH 1975

Depositors' accounts—
$
Ordinary accounts ... 19,486,707
Special accounts ... 275,208
Sub-total ... ... 19,761,915
Investment accounts ... 4,812,418

Total liability to depositors ... ... ... ... 24,574,333
National savings accounts ... ... ... ...

Other liabilities—
Interest accrued on investment accounts ... ... ... ... 155,943
Mortgages ... ... ... ... ... 166,440
Owing to other trustee banks ... ... ... ... 46,040
Remittances in transit ... ... ... ...
Staff provident fund ... ... ... ...
Sundry creditors ... ... ... ... 54,473
Other ... ... ... ...

Total other liabilities ... ... ... ... ... ... 422,896
Provision for donations ... ... ... ... 10,000
Provision for taxation ... ... ... ... 24,058
Special appreciations of reserves ... ...
Reserve fund unappropriated profits ... ... 148,441
Amortised New Zealand Government
stock discounted premiums ... ... ... ...

$25,179,728