1848
THE NEW ZEALAND GAZETTE
No. 87

Total current assets
Investments—(see notes a and

1. New Zealand Government
   stock (nominal value
   $21,544,123) ..
   Local authority securities
   (nominal value $469,046)
   Mortgages ..
   Personal loans ..
   Less interest (unearned) ..

21,645,113
473,791
495,990
43,760

20,193,305
1,696,076
20,015,674
17,756,005
439,709
40,207

Total investments
Fixed assets at cost less depreciation (see notes b, c,
and 2)
Land and buildings ..
Leasehold improvements ..
Furniture and fittings ..
Office machinery ..
Data capturing equipment—landing charges
Security equipment ..
Motor vehicles ..
Medal and coin collection ..
Goodwill ..
Prepayment—data capturing equipment ..

42,586,808
457,479
48,197
50,785
176,090
31,432
37,516
13,920
5,262
1,850
110,719

326,198
47,737
45,004
74,952
9,571
38,935
13,820
5,233
3,700

$48,024,816 $43,666,333

EASTERN AND CENTRAL SAVINGS BANK REVENUE
ACCOUNT
YEAR ENDED 31 MARCH 1976

Interest to depositors—
On open accounts ..
Closed accounts and matured investment
accounts ..
Accrued on investment accounts ..

1976
$
819,819
316,684
328,377

1975
$
774,540
274,721
275,018

1,464,880 1,324,279

Administration expenses—
Trustee’s honoraria ..
Depreciation ..

1,288,933 1,048,503
5,489 5,719
61,658 42,883

Amortization—
Government stock and local authority
stock ..
Provision for taxation—
Tax paid profit—(carried down)

11,883
62,250
69,773

15,690
90,706
135,821

2,964,866 2,633,601

Interest on investments—
From New Zealand Government stock.. 1,134,728 1,073,508
From local authority stock .. 102,598 92,832
From mortgages and personal loans .. 1,491,682 1,274,231
From other sources .. 155,805 151,097

2,884,813 2,591,668

Income from other sources—
Commissions ..
Rents ..
Sundries ..
Realisation of assets—profit (net)

36,449
9,622
33,220
762

34,730
9,631
27,170
402

2,964,866 2,663,601

APPROPRIATION ACCOUNT
Year Ended 31 March 1976

Provision for donations ..
Transfer to general reserve ..

1976
$
14,000
55,773

1975
$
18,000
117,821

69,773 135,821

Net profit—brought down ..

1976
$
69,773

1975
$
135,821

69,773 135,821

NOTE a: Mortgages—Mortgages approved but not
yet uplifted total ..
NOTE b: Fixed assets—
Cost price ..
Depreciation to date ..
Book value ..
NOTE c: Capital commitments;
Premises development ..

.. $2,358,011
1,076,678
254,147
822,531
225,000

STATEMENT OF ACCOUNTING POLICIES

1. Amortization—New Zealand Government Stock and Local
   Authority Stock: It is the bank’s policy to amortize the discounts,
   premiums, and variations in exchange rates on Government
   stock and local authority securities over the term of the
   investment on a straight-line basis and to show the value of the
   securities in the balance sheet at cost price adjusted by the
   amortized amounts to date. In accordance with this policy a net
   sum of $11,883 has been debited to the Revenue Account for this
   financial year.

2. Depreciation: Previously, depreciation on assets was written
   off in accordance with the Inland Revenue Department schedule
   of ordinary rates. This year, depreciation has been charged using
   the straight-line method based on the economic life of the assets.
   The economic lives and residual values (where applicable) have
   been estimated for all Assets.

3. Stationery Stock on hand: This has been valued at the lower
   of cost or net realisable value on a FIFO basis after due allowance
   for damaged and obsolete stock.

4. Taxation Allocation:
   (a) The taxation provided in the revenue account is based on the
   pre-tax accounting profit for the year.
   (b) Special depreciation and first year allowances where applicable and accrued interest on investments are deductible
   from the accounting profit in arriving at the assessable
   income for the year.
   (c) The differences between the taxation provided and the
   actual charge for each year are accounted for as provisions
   for deferred taxation.

R. J. BURNS, President.
EWING ROBERTSON, General Manager.

AUDITORS’ REPORT

We have examined the balance sheet of the Eastern and Central
Savings Bank as at 31 March 1976, and the related revenue
account for the year then ended. Our examination was made in
accordance with generally accepted auditing standards 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 balance sheet with notes
attached and revenue account present fairly the financial position
of the Eastern and Central Savings Bank as at 31 March 1976,
and the results of its operations for the year then ended, in
conformity with generally accepted accounting principles applied
on the basis consistent with that of the preceding year, except for
depreciation as noted in the statement of accounting policies.

Hastings, 17 May 1976.

BROWN WEBB AND COMPANY,
Chartered Accountants.

1710

CONTENTS

ADVERTISEMENTS .... .... .... 1836
APPOINTMENTS .... .... .... 1802
BANKRUPTCY NOTICES .... .... .... 1834
DEFENCE NOTICE .... .... .... 1802
LAND TRANSFER ACT: NOTICES .... .... .... 1835
MISCELLANEOUS—
Climatological Table .... .... .... 1826
Corrigendum: Notices .... .... .... 1801
Counties Act: Notices .... .... .... 1810
Customs Act: Notice .... .... .... 1815
Customs Regulations: Notice .... .... .... 1817
Customs Tariff: Notices .... .... .... 1812
Environmental Impact Report: Notice .... .... .... 1812
Food and Drug Act: Notice .... .... .... 1810
Land Act: Notices .... .... .... 1815
Local Authorities Loans Act: Notices .... .... .... 1812
Maori Affairs Act: Notices .... .... .... 1811
Meat Regulations: Notice .... .... .... 1804
Officiating Ministers: Notices .... .... .... 1813
Post Office Act: Notice .... .... .... 1811
Potato Cyst Nematode Regulations: Notices .... .... .... 1815
Potato Growing Industry Act: Notice .... .... .... 1804
Public Works Act: Notices .... .... .... 1819
Regulations Act: Notice .... .... .... 1810
Reserve Bank: Statements .... .... .... 1831
Reserve Bank of New Zealand Act: Notice .... .... .... 1814
Sales Tax Act: Notices .... .... .... 1821, 1832
Standards Act: Notices .... .... .... 1815
PROCLAMATIONS, ORDERS IN COUNCIL, AND WARRANTS .... 1801

Price 35c
BY AUTHORITY: A. R. SHEARER, GOVERNMENT PRINTER, WELLINGTON, NEW ZEALAND—1976