8 JANUARY
THE NEW ZEALAND GAZETTE
65

PROFIT AND LOSS ACCOUNT FOR YEAR ENDING 31 OCTOBER 1975

1974
$N.Z.
2,301,158 Interest to depositors
1,072,712 Management and operating expenses
.. Directors fees
3,373,870 Total expenses
351,967 Provision for taxation
430,182 Net profit after taxation
$4,156,019

1975
$N.Z.
2,350,815
1,343,813
..
3,694,628
283,852
346,931
$4,325,411

1974
$N.Z.
2,229,082 Income from investments—
1,890,467 New Zealand Government stock and local authority securities
.. Other investments
4,119,549
36,470 Other income
$4,156,019

1975
$N.Z.
2,088,130
2,210,733
4,298,863
26,548
$4,325,411

PROFIT AND LOSS APPROPRIATION ACCOUNT

1974
$N.Z.
90,234 Transfer to New Zealand Government stock revaluation reserve
40,605 Less tax adjustment
49,629
300,000 Transfer to general reserve
120,000 Provision for dividend
226,057 Balance carried forward
$695,686

1975
$N.Z.
95,279
42,876
52,403
300,000
120,000
101,036
$573,439

1974
$N.Z.
254,928 Balance brought forward
430,182 Net profit for period
18,892 Transfer from New Zealand Government stock revaluation reserve on account of stock matured or
8,501 sold during period
10,391 Less tax adjustment
185 Tax adjustment for 1971 year
$695,686

1975
$N.Z.
226,057
346,931
820
369
451
$573,439

NOTES TO THE ACCOUNTS

1. The redemption value of the quoted New Zealand Government stock appearing in the balance sheet is $12,147,860. The market value (which includes accrued interest $131,298) is $11,150,929.

2. New Zealand Government Stock Revaluation Reserve—
   (i) The book values of securities purchased at a discount or a premium are adjusted through this reserve so as to attain their redemption values by maturity dates.

$ $
Balance (including taxation payable thereon) 31 October 1974 .. .. .. .. .. 587,521 Cr
Add net appreciation for year .. .. .. .. .. 95,279
Less appreciation on maturities and sales during year .. .. .. .. .. (820)
Balance (including taxation payable thereon) 31 October 1975 .. .. .. .. .. 681,980 Cr

(ii) As from 1 November 1972 the difference between book values and proceeds on realisation of New Zealand Government stock is taken to profit and loss account in equal annual instalments over a period of 5 years commencing with the year in which it arises.

$ $
Balance at 31 October 1974 of net losses for the years ended that date .. .. .. 73,049
Plus losses for the year (net) .. .. .. 35,479
108,528
Less proportion of net loss charged to profit and loss account .. .. .. 20,664
Balance at 31 October 1975 representing net losses to be charged to revenue in future years .. .. .. 87,864
Less taxation thereon .. .. .. 39,539
Balance at 31 October 1975 .. .. .. 48,325 Dr
Per balance sheet .. .. .. $633,655 Cr

AUDITORS’ REPORT TO MEMBERS

We have obtained all the information and explanations that we have required. In our opinion, proper books of account have been kept by National Bank of New Zealand Savings Bank Ltd., and proper returns adequate for the purpose of our audit have been received from the branches. In our opinion according to the best of our information and the explanations given to us and as shown by the said books, the balance sheet and the profit and loss account together with the notes above, are properly drawn up so as to give respectively, a true and fair view of the state of the company’s affairs as at 31 October 1975 and of its business for the year ended on that date.

According to such information and explanations the accounts, the balance sheet, and the profit and loss account together with the notes above give the information required by the Companies Act 1955, in the manner so required.

HUTCHISON HULL & CO., Chartered Accountants.

9 December 1975, Wellington, New Zealand.
3286