New Zealand Gazette – 1978 – No. 6

Page 236

✨ Financial Statements



236 THE NEW ZEALAND GAZETTE No. 6

  1. New Zealand Government Stock Revaluation Reserves Arising from Adjustment of Book Value of Securities purchased at a discount or a premium and still held.
$ $
Balance (including taxation payable thereon) 31 October 1976 603,471
Add net appreciation for year 156,700
760,171
Less appreciation on maturities and sales (20,529)
739,642
Less deferred tax liability 332,839
406,803
Realised losses yet to be taken to Profit and Loss Account
Balance at 31 October 1976 of net losses for the years ended that date 41,332
Plus losses for the year 232,237
273,569
Less proportion of net loss charged to Profit and Loss Account 69,099
204,470
Less taxation thereon 73,411
131,059
Balance 31 October 1977 275,744
Per balance sheet 275,744

Whereas in prior years the deferred tax liability on the appreciation of New Zealand Government stock has been retained in the revaluation reserve, it is now included in the provision for taxation-deferred.
The 1976 figures have likewise been restated for comparative purposes.

PROFIT AND LOSS ACCOUNT FOR YEAR ENDING 31 OCTOBER 1977

1976 $N.Z. 1977 $N.Z.
3,008,025 Interest to depositors 3,700,597
1,883,392 Management and operating expenses 2,260,060
Directors fees—
4,891,417 Total expenses 5,960,657
265,733 Provision for taxation 302,608
324,787 Net profit after taxation 369,855
5,481,937 6,633,120
1976 $N.Z. Income from Investments— 1977 $N.Z.
2,572,600 New Zealand Government stock and local authority securities 2,952,693
2,856,620 Other investments .. 3,632,371
5,429,220 6,585,064
52,717 Other income 48,056
5,481,937 6,633,120

PROFIT AND LOSS APPROPRIATION ACCOUNT

1976 $N.Z. 1977 $N.Z.
92,706 Transfer to New Zealand Government stock revaluation reserve 156,700
41,718 Less tax adjustment .. 70,515
50,988 86,185
200,000 Transfer to general reserve 200,000
120,000 Provision for dividend 120,000
149,003 Balance carried forward 123,964
519,991 530,149

| 101,036 | Balance brought forward | 149,003 |
| 324,787 | Net profit for period.. .. .. .. .. . . .. .. .. | 369,855 |
| 171,215 | Transfer from New Zealand Government Stock revaluation reserve of stock matured or sold during period | 20,529 |
| 77,047 | Less Tax Adjustment | 9,238 |
| 94,168 | | 11,291 |
| 519,991 | | 530,149 |



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✨ LLM interpretation of page content

💰 New Zealand Government Stock Revaluation Reserves

💰 Finance & Revenue
Revaluation Reserves, Government Stock, Financial Adjustments, Taxation

💰 Profit and Loss Account for Year Ending 31 October 1977

💰 Finance & Revenue
Profit and Loss, Financial Statements, Income, Expenses, Taxation

💰 Profit and Loss Appropriation Account

💰 Finance & Revenue
Profit Appropriation, Financial Statements, Reserves, Dividends