24 JANUARY
THE NEW ZEALAND GAZETTE
203

NOTES FORMING PART OF THESE ACCOUNTS

1. Bases of Accounting

These accounts are prepared on an historical cost basis. The following significant accounting principles have been applied:

(a) Premiums and discounts on dated investments are amortised from the date of purchase to maturity on a straight line basis. Realised profits and losses on sales of investments are taken to profit and loss account in equal instalments over five years commencing with the year in which disposal takes place. As redeemable quoted investments are normally held to or near maturity, no provision is considered necessary for any difference between the book amounts and the market values of such individual stocks quoted below book amounts at the balance date, neither have any transfers been made from reserves or out of the current year’s profits to write them down, apart from the amortisation of premium on stocks bought above par referred to above.

(b) Provision for taxation includes an appropriate adjustment for deferred taxation.

2. The market value of Government and local authority securities at 30 September 1979 was $88,627,000 (1978 $101,397,000).

3. There is a contingent liability for subsidies on home lay-by accounts.

4. The names of other group companies in New Zealand are listed for reference:

Australia and New Zealand Banking Group Limited
A.N.Z. Holdings Limited
A.N.Z. Custodians Limited
A.N.Z. Nominees Limited
ANZ Pensions (UK) Limited
ANZ Properties (New Zealand) Limited
Endeavour Investments (New Zealand) Limited
Subsidiary of Endeavour Investments (New Zealand) Limited:
UDC Group Holdings Limited
Subsidiaries of UDC Group Holdings Limited:
UDC Finance Limited
UDC Mercantile Securities Limited
UDC Properties Limited
UDC Developments Limited
UDC Nominees Limited
United Dominions Corporation Limited
Credit for Industry (NZ) Limited
Financial Services Limited
The Traders’ Finance Corporation Limited
United Finance Corporation Limited
Rentacolor New Zealand Limited
Mercantile Securities (Hong Kong) Limited
Quebracho Investments N.V.
Fifty-seven Willis Street Limited

REPORT OF THE AUDITORS TO THE MEMBERS OF A.N.Z. SAVINGS BANK (NEW ZEALAND) LIMITED

We have obtained all the information and explanations that we have required. In our opinion, proper books of account have been kept by the company so far as appears from our examination of those books. In our opinion, and to the best of our information and the explanations given to us, and as shown by the said books, the 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 company’s affairs as at 30 September 1979 and of the results of the business for the year ended on that date.

According to such information and explanations, the Accounts, the Balance Sheet and the Profit and Loss Account give the information required by the Companies Act 1955 in the manner so required.

Hutchison Hull & Co.
Chartered Accounts
Hunt Duthie & Co.
Chartered Accountants
} Joint Auditors.

Wellington New Zealand
7 November 1979

NATIONAL BANK OF NEW ZEALAND SAVINGS BANK LTD.
BALANCE SHEET AS AT 31 OCTOBER 1979

1979 1978
$N.Z. $N.Z.

Shareholders’ Funds—
Authorised and issued capital
ordinary shares of $2 each
Paid up capital—1,000,000 ordinary shares of $2 each paid up to 40 cents
400,000
400,000
General reserve
2,765,000
2,365,000
N.Z. Government stock revaluation Reserves (note 3)
304,974
335,321
Profit and loss appropriation account
335,104
229,438
3,805,078
3,329,759

Current liabilities and provisions—
Depositors’ balances:
Ordinary accounts
84,338,151
86,522,954
Home lay-by accounts
326,374
431,591
6 month investment accounts
103,474
63,935
9 year investment accounts
5,979,001
3,646,749
1 year investment accounts
50,300,109
13,445,325
2 year investment accounts
6,252,250
5,260,081
3 year investment accounts
18,400,963
16,866,391
165,700,322
126,237,046

Provision for taxation—
Current
455,624
470,014
Deferred (note 1b)
1,111,257
758,309
1,566,881
1,228,323

Provision for dividend
750,000
120,000
Other liabilities (including interest accrued)
2,819,230
2,022,586
3,569,230
2,142,586

Deposits at the National Bank of New Zealand Ltd.
17,608,863
13,340,818

Investments (note 1c)—
N.Z. Government stock
53,234,424
24,632,636
34% N.Z. Government special stock, at cost
37,000,000
42,700,000
Local authorities securities, at cost
3,931,190
3,230,158
94,165,614
70,562,794

Mortgages and other loans
60,029,044
47,833,650

Income accrued
2,837,990
1,200,452

On behalf of the Board.

S. T. RUSSELL, Chairman.
M. D. SEARANCKE, Secretary.

$174,641,511 $132,937,714

The notes annexed form part of these accounts.

PROFIT AND LOSS ACCOUNT FOR YEAR ENDING 31 OCTOBER 1979

1979 1978
$N.Z. $N.Z.

Expenditure—
Interest to depositors
6,632,683
4,530,866
Management and operating expenses
3,333,553
2,690,623
Directors fees

Total expenses
9,966,236
7,221,489
Provision for taxation
1,002,534
560,496
Net profit after taxation
1,225,319
685,051

$12,194,089 $8,467,036

Income—Investments—
New Zealand Government stock and local authority securities
5,001,509
3,163,382
Other investments
6,990,240
5,250,457

Other income
11,991,749
8,413,839
202,340
53,197

$12,194,089 $8,467,036

PROFIT AND LOSS APPROPRIATION ACCOUNT

Transfer to New Zealand Government Stock—
Revaluation reserve
143,356
86,013
Less tax adjustment
64,510
70,373

78,846
15,640

Transfer to general reserve
400,000
400,000
Provision for dividend
750,000
120,000
Balance carried forward
335,104
229,438

$1,563,950 $835,451

Balance brought forward
229,438
(7,095)
Net profit for period
1,225,319
685,051
Transfer from New Zealand Government stock revaluation reserve on account of stock matured or sold during period
198,532
286,354
Less tax adjustment
89,339
128,859

109,193
157,495

$1,563,950 $835,451