8 JULY THE NEW ZEALAND GAZETTE 1613

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR YEAR ENDING
31 MARCH 1976

To provision for grants .. .. .. 10,000 10,000
To balance to reserve fund .. .. .. 50,333 55,155
60,333 65,155

By balance of funds appropriated for grants 1975
not distributed .. .. .. 50
By refund of income tax .. .. .. 2,614 2,475
By net profit from profit and loss account .. 57,669 62,680
60,333 65,155

J. M. BISHOP, President.
D. R. PARKER, General Manager.

AUDITORS’ REPORT
We have examined the balance sheet of the South Canterbury
Savings Bank as at 31 March, 1976, and the related profit and
loss account for the year then ended. Our examination was 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 accordance with an accounting policy of the bank
depreciation on fixed assets has been calculated to reduce each
asset to its estimated residual value by the end of its probable
useful life. The rates used are those approved by the
Commissioner of Inland Revenue. It is considered that the
amount charged in the profit and loss account does not differ
materially from that which would result from calculating
depreciation on the straight line method.

We have obtained all the information and explanations that
we have required and, in our opinion, the accompanying balance
sheet and profit and loss account together with the statement
of accounting policy and notes, attached thereto, present fairly
the financial position of the South Canterbury Savings Bank at
31 March 1976, and the results of its operations for the year
then ended.

HUBBARD, CHURCHER & CO.,
Chartered Accountants.

Timaru, 17 May 1976.

Notes to the Annual Accounts 31 March 1976

STATEMENT OF ACCOUNTING POLICY

1. Accounting Principles—The accounts have been prepared
   in accordance with general accounting principles, consistent
   with previous years, based on historical cost, and there have
   been no changes to accounting policy during the year.

2. Depreciation—The fixed assets have been depreciated at
   ordinary depreciation rates as allowed by the Inland Revenue
   Department. All assets still in use are included in the bank’s
   books and it is calculated that the depreciation rates being used
   will write off the items over the period of their useful lives. In
   accordance with the bank’s established policy, no additional
   depreciation as provided for by the Inland Revenue Department
   as special exemptions on the purchase of plant have been
   claimed for taxation purposes.

3. Investments—New Zealand Government stock and local
   authority securities are shown at face value. The redemption
   due on maturity in regard to stock purchased under par is shown
   as a reserve to be brought into account upon either maturity or
   sale of the stock concerned.

4. Personal Loans—Advances by way of personal loans have
   been adjusted for interest yet to mature as shown in the balance
   sheet. The policy is to add interest to the full advance at the
   commencement of the loan. This amount is brought into revenue
   during the appropriate financial years by applying the “Rule
   of 78”.

5. Mortgages—Mortgage applications approved but for which
   the funds have not been uplifted at 31 March 1976 amount to
   $514,100.

6. Property—The bank owns premises in Timaru, Temuka, and
   Waimate, and leases premises in Ashburton, Geraldine, Tinwald,
   and Timaru. The leases have been negotiated to provide long-term
   tenancy options.

7. Taxation—The amount provided for income tax is the
   amount of the calculated tax liability in respect of the accounting
   profit shown for the year by the profit and loss account.

1502

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