3240
THE NEW ZEALAND GAZETTE
No. 128

1980 1980 1979
$ $ $
Other income—
Sundry income .. .. 175,490 124,368
Total income .. .. 3,687,880 2,667,534
Less expenditure—
Interest on depositors accounts—
Savings paid and credited .. 596,916 568,484
Investment—Paid and
accrued .. .. 1,459,672 833,506
Total Interest .. .. 2,056,588 1,401,990
Other expenses—
Audit fees .. .. 10,000 7,467
Depreciation .. .. 60,188 30,135
Management and staff
expenses .. .. 828,873 646,003
General operating expenses .. 377,209 229,674
Office equipment expenses.. 97,805 107,481
Promotional expenses .. .. 56,282 40,057
Property expenses .. .. 35,906 29,105
Trustees fees .. .. 9,487 7,720
Total other expenses .. .. 1,475,750 1,097,642
Total expenditure .. .. 3,532,338 2,499,632
Net profit before taxation .. .. 155,542 167,902
Income taxation .. .. 66,898 63,400
Net profit after taxation .. .. 88,644 104,502
Net profit from revenue
account .. .. 88,644 104,502
Provision for donations .. .. (20,000) (20,000)
Provision for loss on sale of
statutory investments .. .. — (21,762)
1978/79 taxation over-
provided .. .. 464 (104)
Balance to reserve fund .. .. $69,108 $62,636

WANGANUI SAVINGS BANK
STATEMENT OF ACCOUNTING POLICIES

The general accounting principles as recommended by the New Zealand Society of Accountants for the measurement and reporting of profits on an historical basis have been followed. Particular accounting policies used which significantly affect the measurement of the bank’s profit and its financial position, are set out below:

1. Government Stock—(a) Government stock is recorded at face value, adjusted by any premium paid or discount received, which is amortised or credited to revenue over the term of the investment.

(b) Values of Government stock:

1980 1979
$ $
Face value .. .. 13,222,870 11,562,870
Less: Unexpired discounts .. .. 3,236 71,332
Accumulated provision for future
loss .. .. — 140,399
Add: Premiums paid not yet written off .. .. 189,128 —
Book value .. .. 13,408,762 11,351,139
Market value .. .. 10,258,960 9,510,626

The provision for future losses was eliminated through stock movements during the year. No further provision is considered necessary.

2. Other Investments—All investments, other than Government Stock are shown at cost price, and all are expected to realise the reported amounts at maturity.

3. Interest—(a) Interest on Investments. Interest on Investments and mortgages is brought into revenue during the period in which it is earned, rather than the period during which it is received.

(b) Personal Loans—The policy is to add interest to the full advance at the commencement of the loan, and this amount is brought into revenue during the appropriate financial year by applying the “Rule of 78”.

(c) Investment Accounts—Interest accrued on depositors’ investment accounts has been calculated at the full rate payable on the assumption that all deposits go through to maturity.

4. Depreciation—(a) Depreciation is calculated on a straight line basis. The principal write-off periods in use for fixed assets are:

Buildings .. .. 10 to 50 years
Office equipment .. .. 10 years
Furniture .. .. 10 years
Vehicles .. .. 5 years

(b) Head Office land and buildings were revalued in 1975 by $133,934 and depreciation is written off the buildings on the basis of that valuation. All other fixed assets are included at cost.

5. Taxation—Taxation charged against net profit recognises the affect of both current and deferred taxation.

6. Computer Equipment—Landing charges paid during the year have been written off against revenue.

7. Stock on Hand—The stock on hand shown in the balance sheet represents bulk stationery supplies which have been valued at cost.

8. Contingent Liabilities—There are outstanding letters of credit totalling $55,000 held by various trading banks to facilitate day-to-day transactions of our branches.

9. Commitments—Mortgages approved but not yet paid out totalled $579,025 at 31 March 1980.

S. G. LAURENSON, President.
G. I. C. McDOUALL, General Manager.

AUDITORS’ REPORT

We have audited the books and accounts of the Wanganui Savings Bank for the year ended 31 March 1980, in accordance with generally accepted auditing standards, and have carried out such procedures as we considered necessary.

In our opinion the above balance sheet, revenue account and appropriation account, together with the notes thereon, are properly drawn up so as to give respectively a true and fair view of the financial position of the Wanganui Savings Bank as at 31 March 1980, and the financial result of its transactions for the year ended on that date, in accordance with section 29 (2) of the Trustee Savings Banks Act 1948.

CLARKE MENZIES AND CO., Chartered Accountants.
Wanganui, 28/4/80.

1749

GENERAL PUBLICATIONS

NEW ZEALAND ARCHITECTURE
By Martin Hill
DEPARTMENT OF EDUCATION

44 p. 1976. $1.25

Beautifully illustrated with colour and black and white photographs, sketches and diagrams, this booklet shows the development of New Zealand’s architecture from the time of the first settlers, the early Maoris, to present day designs in housing and commercial buildings.

Ten sections include: The pa and the natural environment; Materials and form; New colonial styles; Architecture of extravagance; Natural design; The new look.

CONTENTS

ADVERTISEMENTS .. .. .. .. .. .. .. .. 3231
APPOINTMENTS .. .. .. .. .. .. .. .. 3194
BANKRUPTCY NOTICES .. .. .. .. .. .. 3228
LAND TRANSFER ACT: NOTICES .. .. .. .. 3229

MISCELLANEOUS—
Cinematograph Films Act: Notice .. .. .. 3224
Criminal Justice Act: Notice .. .. .. .. 3210
Commerce Act: Notices .. .. .. .. .. 3193
Customs Act: Notice .. .. .. .. .. .. 3210
Customs Tariff: Notices .. .. .. .. .. 3213
Electricity Act: Notice .. .. .. .. .. 3205
Forests Act: Notice .. .. .. .. .. .. 3204
High Court Sittings: Notice .. .. .. .. 3207
Heavy Motor Vehicle Regulations: Notice .. .. 3209
Hop Marketing Regulations: Notice .. .. .. 3204
Land Act: Notices .. .. .. .. .. .. 3206
Meat Export Control Act: Notice .. .. .. 3207
Marriage Act: Notices .. .. .. .. .. 3204
National Roads Board: Notice .. .. .. .. 3208
Post Office Act: Notice .. .. .. .. .. 3206
Public Works Act: Notices .. .. .. .. 3195
Regulations Act: Notice .. .. .. .. .. 3211
Reserves Act: Notices .. .. .. .. .. 3204, 3206
Sale of Liquor Act: Notices .. .. .. .. 3206
Sittings of Court of Appeal: Notice .. .. 3208
Schedule of Contracts: Notices .. .. .. 3210, 3212
Transport Act: Notices .. .. .. .. .. 3205, 3209
Water Recreation Regulations: Notice .. .. 3209

PROCLAMATIONS, ORDERS IN COUNCIL, AND WARRANTS .. 3193

Price $1.25c
BY AUTHORITY: P. D. HASSELBERG, GOVERNMENT PRINTER, WELLINGTON, NEW ZEALAND—1980