1936
THE NEW ZEALAND GAZETTE
No. 55

Current Assets—
Cash on hand and at banks
Interest bearing deposits
Interest accrued on investments
Prepaid taxation

1979
$
816,006
551,100
118,606
29,302

1,515,014

Investments—
N.Z. Government stock
Local Authority securities
Mortgages
Personal loans

6,778,841
286,526
10,335,408
352,339

17,753,114

Fixed Assets—
Land and buildings—cost price
Depreciation to date

304,025
30,042

273,983

Furniture and equipment—cost price
Depreciation to date

217,126
79,586

137,540

411,523

$19,679,651

P. ROSELLI, President.
J. J. LESLIE, General Manager.

WESTLAND SAVINGS BANK
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1979

1979
$
Interest to Depositors—
On open accounts
On closed accounts
On matured investment accounts
Accrued on investment accounts

252,257
16,003
326,920
249,058

844,238

Administration expenses
Trustees honoraria
Depreciation
Provision for taxation

461,365
6,575
31,592
38,035

537,567

Net profit

49,969

$1,431,774

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR THE YEAR ENDED 31 MARCH 1979

Donations
Balance transferred to reserve fund

12,000
38,529

$50,529

1978
$
722,538
590,687
93,896
..

1,407,121

5,565,147
250,104
7,856,256
149,007

13,820,514

274,818
27,291

247,527

205,527
50,745

154,782

402,309

$15,629,944

1978
$
219,160
6,011
190,095
181,965

597,231

331,331
6,033
25,522
47,447

410,333

88,016

$1,095,580

20,000
68,016

$88,016

Interest on Investments—
From New Zealand Government stock
From local authorities
From mortgages
From personal loans
From other sources

1979
$
439,807
18,144
836,329
26,214
86,377

1,406,871

Income from other Sources—
Commission
Rents

11,159
13,744

24,903

Net profit
Donations overprovision in previous year

49,969
560

$50,529

1978
$
346,272
16,439
600,362
12,900
97,317

1,073,290

7,679
14,611

22,290

$1,431,774
$1,095,580

88,016

$88,016

WESTLAND SAVINGS BANK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 1979

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 on a basis consistent with the previous year.

2. Recognition of Income—Income earned is recorded on a accrual basis. Interest on personal loans is calculated according to “rule of 78.”

3. Valuation of Investments—Investments are valued at cost. Both New Zealand Government and Local Authority Securities are normally held to maturity and their value on redemption approximates 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.

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

Capital Commitments:
Reefton Premises Development
.. .. $150,000.

Commitments:
Mortgages approved but not yet uplifted
.. $531,968.

REPORT OF THE AUDITORS

We report that we have audited the books and accounts of the Westland Savings Bank for the year ended 31 March 1979, 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 1979, and the results of the year ended on that date, determined in accordance with the historical cost basis of accounting.

MARSHALL AND HEAPHY, Chartered Accountants.
4 May 1979.