2328
THE NEW ZEALAND GAZETTE
No. 70

Other liabilities—
Interest accrued on investment accounts .. 367,354
Interest accrued on term deposits .. 387,917
Interest accrued on housing bonds .. 2,022
Mortgages .. ..
Owing to other trustee banks .. ..
Remittances in transit .. ..
Staff provident fund .. ..
Sundry creditors .. .. 35,150
Others (details) .. ..
Total other liabilities .. .. 792,443
Provision for donations .. .. 55,000
Provision for taxation—
Current .. .. 29,972
Reserve fund .. .. 5,118,417
$89,628,188

Current assets—
Cash on hand and at Bank .. 2,581,107
New Zealand Government registered treasury bills .. 3,129,532
Fixed deposits .. 7,200,000
Interest accrued on investments .. 671,749
Remittances in transit .. ..
Sundry debtors .. .. 94,158
13,676,546

Investments—
New Zealand Government stock .. 29,840,658
Local authority securities.. 6,940,273
Mortgages .. 34,741,314
Personal loans .. 1,045,253
Total ordinary investments .. 72,567,498
National Savings Securities
New Zealand Government stock .. 24,612
Cash on hand and at Bank ..
Total national savings securities .. 24,612

Fixed assets—
Cost Price $ Depreciation To date $ Book Value $
Land and buildings .. 3,384,640 248,584 3,136,056
Vehicles, equipment and furniture etc. .. 719,093 495,617 223,476
Total fixed assets .. 3,359,532
$89,628,188

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1979
Interest to depositors—
On open accounts .. .. 1,465,783
Closed accounts, matured .. ..
Investment accounts and term deposits and redeemed housing bonds .. 795,694
Accrued on investment accounts, term deposits, and housing bonds .. 757,293
Home layby accounts—suspensory free deposits ..
Sub-total .. 3,018,770
Administration expenses .. 2,516,427
Trustees’ honoraria .. 8,131
Depreciation .. 66,158
Provision for taxation .. 321,660
Net profit carried down .. 424,525
$6,355,671

Interest on investments—
From New Zealand Government stock .. 1,689,553
From New Zealand Government registered treasury bills .. 89,493
From local authorities stock .. 452,678
From mortgages .. 2,836,555
From other sources .. 1,115,988
Sub-total .. 6,184,267
Income from other sources .. 171,404
$6,355,671

APPROPRIATION ACCOUNT
Provision for donations .. .. .. $5,000
Transfer to reserve .. .. .. 369,525
$424,525
Net profit brought down .. .. .. $424,525
$424,525

K. S. SEMMENS, President.
B. P. O’BYRNE, Assistant General Manager.

We, the undersigned, being the auditors of the Southland Savings Bank, appointed in terms of section 29 (3) of the Trustee Savings Banks Act 1948, report:

1. That we have examined the books, accounts, and vouchers of the Bank and have received all the information and explanations we have required.

2. We have verified the cash, investments, securities, and assets of the Bank as at 31 March 1979.

3. The General Manager has certified that to the best of his knowledge and belief, all requirements of the Trustee Savings Banks Act 1948, and regulations thereunder, have been complied with.

In our opinion, the above balance sheet and profit and loss account are properly drawn up so as to give respectively a true and fair view of the state of the Southland Savings Bank’s affairs as at 31 March 1979, and of the results of its business for the year ended on that date, in conformity with generally accepted accounting principles and applied on a basis consistent with that of the preceding year.

Invercargill, 11 May 1979.

HUTCHISON, HULL AND CO., Auditors.

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

1979 $ 1978 $
Interest to depositors—
On open accounts .. 1,285,259 1,131,464
Closed accounts and matured investment accounts .. 1,932,609 1,139,392
Accrued on Investment accounts .. 894,453 547,867
Home Lay-by accounts suspensory free deposits .. 752 1,029
Administrative expenses .. 4,113,073 2,819,752
Trustees’ honoraria .. 4,935 4,229
Depreciation .. 229,672 143,107
Provision for taxation .. 248,721 117,369
Net profit: carried down .. 364,224 154,247
$7,932,629 $5,711,129

Interest on investments—
From New Zealand Government stock .. 2,218,105 1,800,660
From local authorities stock .. 166,540 175,451
From mortgages .. 4,582,989 2,980,628
From other sources .. 683,658 560,360
Total interest .. 7,651,292 5,517,099
Income from other sources .. 281,337 194,030
$7,932,629 $5,711,129

PROFIT AND LOSS APPROPRIATION ACCOUNT
$ $
Net profit, brought down .. 364,224 154,274
Overprovision taxation .. (18,030) (1,745)
$346,194 $152,502
Provision for donations .. 30,000 18,000
Transfer to reserve .. 316,194 134,502
$346,194 $152,502