2228 THE NEW ZEALAND GAZETTE No. 84

1977 1976
$ $
Provision for donations — 9,295
Provision for taxation
Current .. .. 8,634 11,512
Deferred .. .. 3,998 8,327
12,632 19,839

Reserve fund
Balance 1 April 1976 .. 417,257 393,158
Transferred from appropriations .. 33,033 24,099
450,290 417,257

$13,359,408 $11,837,606

1977 1976
$ $
Current assets
Cash on hand and at banks 350,088 220,113
Interest bearing deposits 484,669 433,704
Interest accrued on investments 89,937 79,220
Owing by other trustee
savings banks .. 13,755 8,113
Sundry debtors .. 10,136 101
948,585 741,251

Investments
New Zealand Govern-
ment stock .. 5,560,372 5,230,372
Local authority securities .. 253,181 218,551
Mortgages .. .. 6,072,702 5,243,945
Personal loans .. .. 107,915 88,048
11,994,170 10,780,916

Fixed assets
Land and buildings—cost
price .. 274,818 273,987
Depreciation to date .. 24,540 21,789
250,278 252,198

Furniture and equipment
—cost price .. 270,459 147,490
Depreciation to date .. 104,084 84,924
166,375 63,241
416,653 88,439

$13,359,408 $11,837,606

Notes to the Financial Statements
For the Year Ended 31 March 1977

Statement of Accounting Policies

1. General accounting policies: The general accounting principles recognised as appropriate for the measurement and reporting of results and financial position under the historic cost method of accounting have been adopted.

2. Recognition of income: Income earned is recorded on an accrual basis. Interest on personal loans is calculated according to "rule of 78."

3. Valuation of investments: Investments are valued at cost.

4. Fixed assets and depreciation: Fixed assets are valued at cost less accumulated depreciation. Depreciation has been charged using the straight-line method based on the economic life of the assets. In previous years Inland Revenue Department's standard rates of depreciation have been used.

5. Taxation: Taxation provisions are assessed on accounting profits. Where this income is taxable in a future tax period the provision is shown as deferred taxation.

6. Change in the basis of accounting: There have been no changes in accounting policies other than the adoption of depreciation on a straight line basis. This has not materially affected the accounts.

Report of the Auditors

We report that we have audited the books and accounts of the Westland Savings Bank of the year ended 31 March 1977 and have obtained all the information and explanations we have required.

In our opinion the accompanying profit and loss account, balance sheet, and notes, presents fairly the financial position of the bank at 31 March 1977 and the results for the year ended on that date, determined in accordance with the historical cost basis of accounting explained in note 1.

19 May 1977.

MARSHALL & HEAPHY, Chartered Accountants.

P. BLANCHFIELD, M.P., President.
J. J. LESLIE, General Manager.
3238

SOUTH CANTERBURY SAVINGS BANK
BALANCE SHEET AS AT 31 MARCH 1977

Liabilities
1977 1977 1976
$ $ $
Depositors' Balances:
Savings Accounts .. 12,270,316 11,173,317
Thrift Accounts .. 619,723 651,802
12,890,039 11,825,119
Current Accounts .. 389,113 217,886
Investment Accounts:
3 months .. 237,980 112,270
1 year .. 1,369,820 1,289,550
2 years .. 1,393,300 1,423,430
3 years .. 1,290,750 363,060
4,291,850 3,188,310
Housing Bonds .. 44,770 ..
17,615,772 15,231,315
Other Liabilities:
Interest accrued on invest-
ment accounts .. 166,054 116,908
Sundry creditors .. 22,978 26,603
Owing to other trustee banks 16,471 ..
Mortgage freehold property .. 30,000

Assets
1977 1977 1976
$ $ $
Current assets:
Cash in hand and at Bank.. 271,023 344,800
Fixed deposits .. 1,200,000 1,300,000
Owing by other trustee banks 10,173 13,244
Interest accrued on invest-
ments .. 151,977 118,961
Branch items in transit .. 9,059 19,934
Tax overpaid—refund due.. .. 5,736
1,642,232 1,802,675

Investments:
New Zealand Govt. stock
(face value) .. 7,890,000 6,995,000
Local authority securities .. 1,573,609 1,362,893
Mortgages .. 6,787,670 5,315,260
Personal loans .. 179,512
Less interest yet
to mature .. 17,505 162,007 84,047
16,413,286 13,757,200

Fixed assets:
Freehold land and building 122,625 115,242
Alteration to leasehold
premises .. 10,500 10,500