NOTES TO THE ACCOUNTS—continued
3. Values of Government stock held at 31 March 1975 were—
Original cost .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 8,170,728
Face value .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 8,183,140
Market value .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 7,917,765
4. Mortgages approved but not yet advanced totalled $338,163.
5. Contingent Liabilities—
(a) The bank has agreed to subunderwrite an issue of registered local authority stock up to a maximum of $25,000.
(b) There are outstanding letters of credit totalling $50,000 held by various trading banks to facilitate day to day transactions of our branches.
R. P. ANDREWS, 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 1975.
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 revenue account, appropriation account and balance sheet, together with the statement of accounting policies and notes, present fairly the financial position of the Wanganui Savings Bank at 31 March 1975 and the results of its operations for the year then ended.
BARKMAN, SILK & PARTNERS, Auditors.
Wanganui, 14 May 1975.
REVENUE ACCOUNT FOR THE YEAR ENDED 31 MARCH 1975
1974 1975
$ $
Interest receivable—
418,884 Government stock .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 461,743.72
39,323 Local authorities .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 46,459.78
429,502 Mortgages .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 514,945.86
10,809 Personal loans .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 17,652.82
90,850 Fixed and call deposits .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 87,135.86
989,368 Total interest receivable .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 1,127,938.04
Less interest payable—
319,787 Savings and thrift .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 347,336.50
193,562 Investment .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 213,704.67
513,349 Total interest payable .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 561,041.17
476,019 Gross margin on interest .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 566,896.87
Plus other income—
12,016 Sundry income .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 7,111.79
3,791 Commission .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 4,413.50
5,446 Accounting bureau fees .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 22
3,910 A.P.S. account fees .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 4,012.24
4,913 Inspection fees .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 3,843.81
537 Government stock surplus .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 1,414.88
.. Depreciation recovered .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2,263.62
.. Cheque account fees .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 891.14
30,613 Total other income .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 23,950.98
$506,632 Gross income .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. $590,847.85
1974 1975 1975
$ $ $
Management and staff expenses—
665 Car allowances .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 216.66
937 Entertainment and managers' allowance .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 1,331.32
1,105 Dress allowances .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 1,630.22
313 Insurance .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 136.25
3,050 Meal moneys .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 3,788.75
252 Regional development .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 411.74
192,545 Salaries .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 281,644.07
2,618 Staff recruitment and training expenses .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 1,038.48
8,237 Superannuation and allowances .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 11,039.40
350 Tellers discrepancies .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2,000.00
.. Accident compensation levies .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 571.02
210,072 Total management and staff expenses .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 303,807.90
General operating expenses—
500 Accounting fees .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 3,360.00
2,500 Audit fees .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 1,117.91
2,110 Association meeting expenses .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2,520.16
1,700 Association subscriptions and levies .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 3,183.63
2,065 Cleaning expenses .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 5,061.55
5,522 Bank fees .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2,823.46
.. Cheque processing fees .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 3,870.99
3,099 Bank overdraft interest .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 1,118.05
.. Databank courier fees and cartage .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 1,326.05
2,830 General computerisation expenses .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 3,408.95
3,145 General expenses .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 3,066.07
3,120 Heat and light expenses .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..
$236,663 Balance carried forward .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. $334,664.72