2308
THE NEW ZEALAND GAZETTE
No. 87

Current assets:
Cash on hand and at bank ..
Fixed deposits ..
Short term investments ..
Interest accrued on investments
Owing by other trustee banks
Pre-payments ..
Sundry debtors ..

516,907
950,000
1,000,000
864,957
54,890
5,320
4,432

3,396,506

Investments:
New Zealand Government stock (note 3)
Local authority securities (note 4)
Personal loans (note 5)
Debentures—Northern Trustee Computerbank Ltd. ..
Shares—Northern Trustee Computerbank Ltd. (note 6)

21,026,159
221,663
24,126,055
33,000
63,892

45,905,322

Fixed assets:

Cost
Depreciation
Book Value

Land and buildings ..
Vehicles, equipment, furniture, etc.

341,177
381,517

14,150
199,874

327,027
181,643

722,694
214,024
508,670

Total fixed assets: ..

508,670

$49,810,498

Note 7: Mortgages—Mortgages approved but not advanced at 31 March 1977

1,079,626

Note 8: Capital Commitment—Expenditure committed to property development

71,500

Note 9: Taxation Provision—The amount provided for income tax is the amount of the calculated tax liability in respect of the accounting profit shown for the year in the profit and loss account. The provision for deferred taxation represents the tax liability on accrued interest on investments included in income but not received as at 31 March, 1977.

T. H. MUIR, 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 at 31 March 1977, 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 31st day of March 1977, 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.

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

Tauranga, 23 May 1977.

1922

NOTES TO THE ACCOUNTS

Note 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.

Note 2: Depreciation—The fixed assets have been depreciated at ordinary 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.

Note 3: Government Stock—It has been the Bank’s policy to amortise discounts and premiums on Government stock securities over the term of the investment on a straight line basis, and to show the value of the stock in the balance sheet at cost price plus amortised discount to date. In accordance with this policy the sum of $269 has been credited to the profit and loss account for this financial year. This amount relates to stocks held at 31 March 1975. Following a ruling from the Inland Revenue Department the cost price of stocks purchased since 1 April 1975 at a discount or premium is the price paid for the stock, and no deduction from interest receivable is allowed for the interest content of the purchase. The Bank has decided to make provision over the term of the stock for losses or gains on maturity. In accordance with this policy the sum of $124 has been debited to the Profit and Loss Account for this financial year. The nominal value of the Bank’s Government stock holding is $21,090,140.

Note 4: Local Authority Securities—Securities with a nominal value of $1,130,267 were sold during the year, with a contract to repurchase. The funds released by the sales have been invested in first mortgages to produce a higher income. It is anticipated that these securities will be repurchased during the 1977-1978 financial year.

Note 5: Personal Loans—The Bank’s policy is to add interest on the loan to the principal sum at the date of advance. The interest is brought into revenue on the basis of the rule of 78.

Note 6: 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
Less shares of accumulated loss of Northern Trustee Computerbank Ltd.

$80,000
16,108

$63,892

A REFRESHER COURSE IN CALCULATIONS
TRAINING GUIDE No. 3, SECOND EDITION 1975
62 p.
85c
This refresher course is intended to help those who are required to use calculations on the job, or who are about to undertake various study courses. It includes multiplication and division, fractions, decimals, proportion, averages, percentages, and also the metric system. (Industrial Training Service, Department of Labour.)

CONTENTS

ADVERTISEMENTS —
APPOINTMENTS —
BANKRUPTCY NOTICES —
LAND TRANSFER ACT: NOTICES —
MISCELLANEOUS —
Animals Act: Notice —
Commerce Act: Notice —
Counties Act: Notice —
Customs Tariff: Notices —
Government Railways Act: Notices —
Introduction and Quarantine of Plants Regulations: Notice —
Land Act: Notices —
Local Authorities Loans Act: Notices —
Local Licensing Trusts Regulations: Notice —
Maori Affairs Act: Notices —
Marriage Act: Notice —
Milk Act: Notice —
Plant Varieties Act: Notices —
Post Office Act: Notice —
Potato Growing Industry Act: Notice —
Public Works Act: Notices —
Raspberry Marketing Regulations: Notices —
Reserve Bank: Statement —
Sales Tax Act: Notices —
Schedule of Contracts: Notices —
Secondary School Grants Regulations: Notices —
Traffic Regulations: Notices —
Vocational Training Council Act: Notice —
PROCLAMATIONS, ORDERS IN COUNCIL, AND WARRANTS

Page
2295
2262
2293
2294
2284
2272
2267
2277, 2283
2266
2274
2267, 2268
2272
2271
2263
2268
2273, 2276
2268
2272
2263, 2267
2292
2267, 2272
2291
2287, 2292
2282
2269
2272
2268
2261

Price 60c
BY AUTHORITY: E. C. KEATING, GOVERNMENT PRINTER, WELLINGTON, NEW ZEALAND—1977