New Zealand Gazette – 1981 – No. 11

Page 248

✨ Financial Statements

248

THE NEW ZEALAND GAZETTE

No. 11

PROFIT AND LOSS ACCOUNT FOR YEAR ENDING 31 OCTOBER 1980

	1980	1979
	$NZ	$NZ
Expenditure—
Interest to depositors .. .. ..	11,395,347	6,632,683
Management and operating expenses .. .. ..	3,939,469	3,333,553
Directors fees .. .. ..	..	..
	——————	——————
Total expenses .. .. ..	15,334,816	9,966,236
Provision for taxation .. ..	1,146,243	1,002,534
Net profit after taxation .. ..	1,400,964	1,225,319
	——————	——————
	$17,882,023	$12,194,089
	——————	——————
	1980	1979
	$NZ	$NZ
Income—
Investments—
New Zealand Government stock and local authority securities .. ..	8,402,647	5,001,509
Other investments .. ..	9,334,603	6,990,240
	——————	——————
	17,737,250	11,991,749
Other Income .. ..	144,773	202,340
	——————	——————
	$17,882,023	$12,194,089
	——————	——————

PROFIT AND LOSS APPROPRIATION ACCOUNT

	1980	1979
	$NZ	$NZ
Transfer to New Zealand Government stock
Revaluation reserve .. 97,067		143,356
Less Tax Adjustment .. 43,680		64,510
	——————	——————
	53,387	78,846
Transfer to general reserve ..	600,000	400,000
Provision for dividend ..	750,000	750,000
Balance carried forward ..	332,681	335,104
	——————	——————
	$1,736,068	$1,563,950
	——————	——————
Balance brought forward ..	335,104	229,438
Net profit for period .. ..	1,400,964	1,225,319
Transfer from New Zealand Government stock
Revaluation reserve on account of stock matured or sold during period .. ..	..	198,532
Less tax adjustment .. ..	..	89,339
	——————	——————
	..	109,193
	——————	——————
	$1,736,068	$1,563,950
	——————	——————

NOTES TO THE ACCOUNT

1. Statement of Accounting Policies

(a) General—The general accounting principles recognised as appropriate for the measurement and reporting of results and financial position under the historical cost method have been followed.

The following specific accounting policies have been consistently applied.

(b) Tax Allocation—The charge for taxation in the profit and loss account is the amount of the estimated tax liability at current company taxation rates in respect of the net profit reported for the year. Timing differences arising from income receivable which has been accrued but not received in the current period and unrealised appreciation on investments (see note 3) are accounted for in the deferred taxation account.

(c) New Zealand Government and Local Authority Securities—These are all redeemable at par at fixed dates. Whilst in the ordinary course of business some realisation of the Bank's investment in these securities may take place at prices below book values, it is the opinion of the directors that existing reserves are sufficient to cover any losses that are likely to arise on sales undertaken in the normal course of business.

The book values of securities purchased at a discount or a premium are adjusted through New Zealand Government Stock Revaluation Reserve so as to obtain their redemption values by maturity dates (see note 3 below).

The difference between book values and proceeds on realisation of New Zealand Government stock is taken to profit and loss account in the year incurred.

As at 31st October 1980, the redemption value of New Zealand Government and local authority securities was $98,345,331, book value was $97,909,806 and market value (exclusive of accrued interest) was $94,558,247.
New Zealand Government Stock Revaluation Reserves—Arising from adjustment of book value of securities purchased at a discount or a premium and still held.

	NZ$	NZ$
Balance (including taxation payable thereon) 31 October 1979 .. .. .. ..		554,498
Add net appreciation for year .. ..		97,067
		——————
		651,565
Less appreciation on maturities and sales ..		..
		——————
		651,565
Less deferred tax liability .. ..		293,204
Per balance sheet .. .. ..		358,361

4291

THE NEW ZEALAND GAZETTE

The New Zealand Gazette is published on Thursday evening of each week, and notices for insertion must be received by the Government Printer before 12 o'clock of the day preceding publication.

Advertisements are charged at the rate of 20c per line.

All advertisements should be written on one side of the paper, and signatures, etc., should be written in a legible hand.

CONTENTS

	PAGE
ADVERTISEMENTS .. .. .. .. ..	239
APPOINTMENT .. .. .. .. ..	215
BANKRUPTCY NOTICES .. .. .. .. ..	237
DEFENCE NOTICE .. .. .. .. ..	214
LAND TRANSFER ACT: NOTICES .. .. .. ..	238
MISCELLANEOUS—
Broadcasting Act: Notice .. .. .. ..	230
Commerce Act: Notices .. .. .. ..	223, 233, 236
Customs Tariff: Notice .. .. .. ..	232
Family Benefits Act: Notice .. .. .. ..	222
Food and Drug Act: Notices .. .. .. ..	222
Hauraki Gulf Maritime Park Act: Notice .. .. ..	228
Import Control Regulations: Notice .. .. ..	234
Industries Development Commission: Notice .. ..	231
Land Act: Notices .. .. .. .. ..	225, 228
Local Government Act: Notice .. .. .. ..	228
Maori Affairs Act: Notice .. .. .. ..	230
National Roads Act: Notices .. .. .. ..	229
Post Office Savings Banks: Notices .. .. ..	235
Public Works Act: Notices .. .. .. ..	215
Regulations Act: Notice .. .. .. ..	233
Reserves Act: Notices .. .. .. ..	224
Reserve Bank: Statement .. .. .. ..	233
Reserve Bank: Reserve Asset Ratio .. .. ..	231
Schedule of Contracts: Notice .. .. .. ..	232
Standards Act: Notices .. .. .. ..	231
PROCLAMATIONS, ORDERS IN COUNCIL, AND WARRANTS .. ..	213

Price $1.40

BY AUTHORITY: P. D. HASSELBERG, GOVERNMENT PRINTER, WELLINGTON, NEW ZEALAND—1981

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VUW Te Waharoa — NZ Gazette 1981, No 11

NZLII — NZ Gazette 1981, No 11

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💰 Profit and Loss Account for National Bank of New Zealand Savings Bank Ltd. (continued from previous page)

Domain💰 Finance & Revenue
KeywordsProfit and Loss Account, National Bank of New Zealand Savings Bank Ltd., Financial Statements

💰 Profit and Loss Appropriation Account for National Bank of New Zealand Savings Bank Ltd. (continued from previous page)

Domain💰 Finance & Revenue
KeywordsProfit and Loss Appropriation Account, National Bank of New Zealand Savings Bank Ltd., Financial Statements

💰 Notes to the Account for National Bank of New Zealand Savings Bank Ltd. (continued from previous page)

Domain💰 Finance & Revenue
KeywordsNotes to the Account, National Bank of New Zealand Savings Bank Ltd., Financial Statements

📰 New Zealand Gazette Publication Details

Domain📰 NZ Gazette
KeywordsPublication Details, Advertisements, Submission Guidelines

📰 Contents of the New Zealand Gazette Issue 11

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KeywordsTable of Contents, Issue 11, Notices, Proclamations
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P. D. Hasselberg, Government Printer

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