1786
THE NEW ZEALAND GAZETTE
No. 83

The funds obtained have been invested in mortgages to produce a higher income. All securities were originally investments made direct with local authorities to assist in filling loans raised by local bodies in the Bay of Plenty, and the sale of the securities does not affect the individual local authorities.

3. Shares—Medical Data Processing Ltd.—These shares have not been treated as those of an associated Company as a contract for sale had been entered into prior to the 31st day of March 1976.

4. Shares—Northern Trustee Computerbank Ltd.—These shares have been treated using the standard accounting practice adopted by the New Zealand Society of Accountants for an associated company.

Purchase price of 80,000 $1 ordinary shares .. .. .. $80,000
Less share of loss of Northern Computerbank Ltd. .. .. 1,176
Book value 31 March 1976 .. .. .. 78,824

5. Mortgages approved but not advanced as at 31 March 1976 .. .. .. 841,192

6. Capital Commitment—Expenditure committed to property development .. .. .. 25,000

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 1976, 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 1976, 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.

Tauranga, 24 May, 1976.

J. L. GREGORY, F.C.A., Auditor.

1422

SOUTHLAND SAVINGS BANK
BALANCE SHEET AS AT 31 MARCH 1976

Depositors’ accounts—
Ordinary accounts .. .. .. $49,791,804
Thrift Club Accounts .. .. .. 70,709
Sub-total .. .. .. 49,862,513
Investment accounts .. .. .. 6,758,670
Home ownership accounts .. .. .. 174,982
Farm ownership accounts .. .. .. 12,661
Total liability to depositors .. .. .. 56,808,826
National savings accounts .. .. .. 48,170
Add interest suspense account .. .. .. 1,243
Sub-total .. .. .. 49,413

Other liabilities—
Interest accrued on investment accounts .. .. 230,140
Mortgages .. .. .. ..
Owing to other trustee banks .. .. .. ..
Remittances in transit .. .. .. ..
Staff Provident fund .. .. .. ..
Sundry creditors .. .. .. 796
Other (detail) .. .. .. ..
Total other liabilities .. .. .. 230,936
Provision for donations .. .. .. 50,000
Provision for taxation
Current .. .. .. 29,972
Deferred .. .. .. 89,916
119,888
Reserve fund .. .. .. 3,883,160
61,142,223

Current assets—
Cash on hand and at bank .. .. .. $1,466,559
Fixed deposits .. .. .. 5,300,000
Interest accrued on investments .. .. .. 755,122
Remittances in transit .. .. ..
Sundry debtors .. .. .. 43,723
7,565,404

Investments—
New Zealand Government stock .. .. 26,658,387
Local authority securities .. .. 7,094,899
Mortgages .. .. .. 17,976,630
Personal loans .. .. .. 292,298
Total ordinary investments .. .. .. 52,022,214

National savings securities—
New Zealand Government stock .. .. 49,413
Cash on hand and at bank .. .. ..
Total national savings securities .. .. 49,413

Fixed assets—
Land and buildings .. Cost Price 1,657,615 Depreciation to Date 257,873 Book Value 1,399,742
Vehicles, equipment, furniture, etc. .. 527,201 421,751 105,450
Total fixed assets .. .. .. 1,505,192

61,142,223

Government stock reconciliation—
Cost price .. .. .. 26,579,096
Add Capital gain on purchase .. .. 79,291
26,658,387

National savings securities
New Zealand Government stock purchased at par.

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1976

Interest to depositors—
On open accounts .. .. .. $1,216,413
Closed accounts and matured investment accounts .. .. 138,596
Accrued on investment accounts .. .. 230,140
Home layby accounts: suspensory free deposits .. ..
Sub-total .. .. .. 1,585,149
Administration expenses .. .. .. 1,127,650
Trustees’ honoraria .. .. .. 8,402
Depreciation .. .. .. 46,475
Provision for taxation .. .. .. 266,831
Net profit—carried down .. .. .. 366,520
3,401,027

Interest on investments—
From New Zealand Government stock .. .. $1,423,891
From local authorities stock .. .. 411,909
From mortgages .. .. 1,178,169
From personal loans .. .. 22,623
From other sources .. .. 265,040
Sub-total .. .. .. 3,301,632
Income from other sources .. .. 99,395
3,401,027

APPROPRIATION ACCOUNT

Provisions for donations .. .. .. $50,000
Transfer to reserve .. .. .. 316,520
366,520

Net profit—brought down .. .. .. 366,520
366,520

GORDON G. GRIEVE, President.
L. R. D. PAYNE, General Manager.

NOTES TO THE ACCOUNTS

Statement of Accounting Policies: The general accounting principles recommended by the New Zealand Society of Accountants for the measurement and reporting of results on an