29 JANUARY
THE NEW ZEALAND GAZETTE
235

1,278,979 Other, including interest accrued on depositors’ balances .. 1,234,163
79,408,081 Total current liabilities 88,565,221
$81,313,395 $90,659,135

1974 Assets 1975
$ $ $
36,927,000 Investments— 41,312,000
14,578,859 Public securities (Note 1 and 3)— 15,195,229
3,101,588 3½ percent special 3,746,144
54,607,447 Local authority 60,253,373
19,139,511 Mortgages and other loans 25,162,309
73,746,958 Total investments 85,415,682

7,025,877 Current assets—
Deposits at Bank of New South Wales 4,573,634
538,028 Other, including interest accrued on investments 592,502
2,532 Provisional tax overpaid 77,317
7,566,437 Total current assets 5,243,453
$81,313,395 $90,659,135

STATEMENT OF PROFIT AND UNAPPROPRIATED PROFITS—YEAR ENDED 30 SEPTEMBER 1975

1974 Expenses— 1975
$ $ $
2,380,432 Interest to depositors 2,586,184
1,120,088 Management and operating expenses 1,412,498
3,300 Auditors’ remuneration 5,000
232,465 Income tax provided 154,308
284,124 Net profit for year 188,600
$4,020,409 $4,346,590

Appropriations—
150,000 Dividend paid
400,000 Transfer to general reserve 893,914
705,314 Unappropriated profits at end of year
$1,255,314 $893,914

1974 Income— 1975
$ $ $
2,469,020 Income from investments—
New Zealand Government stock and local authority securities 2,490,291
1,369,809 Mortgages and other loans 1,663,218
181,580 Other 193,081
$4,020,409 $4,346,590

Unappropriated profits at beginning of year 705,314
970,987 Net profit for year 188,600
284,124 Overprovision for prior year’s taxes
203
$1,255,314 $893,914

NOTES TO FINANCIAL STATEMENTS

NOTE 1: Accounting policies—The general accounting principles (1) to (10) of the New Zealand Society of Accountants Statement for measurement and reporting of profit have been adopted by the company.

The following particular accounting policy has been applied.

Valuation of assets—

Public securities at cost adjusted annually for the proportion of discount or premium on purchase so as to attain redemption value by maturity date.

NOTE 2: Contingent liability—At 30 September 1975 the company was contingently liable for subsidies to home layby account holders in the amount of $5,763 (1974—$5,738).

NOTE 3: Public securities—The redemption value of these securities at 30 September 1975 amounted to $60,210,409 (1974—$54,616,590).

On behalf of the Board:

J. R. A. GLENN, Director.
W. G. KENT, Acting Secretary.

AUDITORS’ REPORT

The Members,
Bank of New South Wales Savings Bank (N.Z.) Ltd.:

We have obtained all the information and explanations that we have required. In our opinion proper books of account have been kept by the company so far as appears from our examination of those books.

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 statement of profit and unappropriated profits, together with the notes thereto, are properly drawn up so as to give respectively a true and fair view of the state of the company’s affairs as at 30 September 1975 and of the results of its business for the year then ended.

WILBERFOSS AND CO., Chartered Accountants.
Wellington, New Zealand, 21 October 1975.

3303

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