2778
THE NEW ZEALAND GAZETTE
No. 116

The notes following form part of, and should be read in conjunction with the above financial statements.

NOTES TO THE ACCOUNTS

A. Statement of accounting policies—The general accounting principles recommended by the New Zealand Society of Accountants for the measurement and reporting of results on an historical cost basis, consistent with previous years, have been used in the preparation of the financial accounts.

The following particular principles have been applied:

Note 1: Depreciation—Straight-line depreciation has been applied to the Bank’s E.D.P. equipment to write it off over the period of its expected useful life. All other assets have been depreciated at the rates allowable by the Inland Revenue Department. The difference between these rates, and the straight-line method, is not considered to be material.

Note 2: Government stock—It has been the bank’s policy to amortise total discounts and premiums on Government stock securities over the term of the investment on a straight-line basis and to show the value of the stock in the balance sheet at its cost price adjusted by amortised discount or premium to date. From 1 April 1980 there has been an additional adjustment to recognise the accrued interest content as revenue in the purchase or disposal of stocks.

Note 3: Personal loans—The bank’s policy is to add total interest due to the loan when advanced, and interest is brought into revenue on the basis of the “Rule of 78”.

Note 4: Taxation—
(a) The provision for income tax charged in the profit and loss account is the calculated tax liability in respect of the accounting profit after adjusting for permanent differences;
(b) The provision for deferred taxation arises from timing differences relating to income accrued into the accounts but not received as at balance date.

B. Associate company—The bank’s investment in Northern Trustee Computerbank Ltd. has been shown in the accounts according to the standard accounting practice adopted by the New Zealand Society of Accountants for an associate company.

The investment is made up as follows:

Debentures ———— ———— ———— 33,000
Paid-up shares ———— ———— ———— 80,000
Share of accumulated profit, less dividends received, to year ended 31 March 1980 ———— ———— ———— 75,262

188,262

Plus share of profit for the year ended 31 May 1980 ———— ———— ———— 55,671
Less share of provision for taxation ———— ———— ———— 33,689

21,982
Less dividend received ———— ———— ———— 8,000

13,982

Investment as per balance sheet ———— ———— ———— $202,244

C. Fixed assets—

Accumulated Book
Cost Depreciation Value
Land ———— ———— 59,995 ———— ———— 59,995
Buildings ———— ———— 433,463 35,129 ———— 398,334
———— ———— 493,458 35,129 ———— 458,329
Furniture and fittings and alterations leased premises ———— ———— 550,531 318,024 ———— 232,507
Office and computer equipment ———— ———— 433,424 221,660 ———— 211,764
Motor vehicles ———— ———— 51,977 11,965 ———— 40,012

$1,529,390 $586,778 $942,612

The most recent Government or other external valuation of land and buildings is as follows:

Land ———— ———— ———— $150,300
Buildings ———— ———— ———— $480,000

$630,300

D. New Zealand Government Stock as at 31 March 1981—

Nominal value ———— ———— $35,193,140
Book value ———— ———— $35,264,825
Market value ———— ———— $30,142,163

Price $1.65

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

E. Commitments—
Mortgages:
Mortgages approved but not advanced as at 31 March 1981 (1980: $1,649,963) ———— $2,027,910
Capital:
Capital commitments in respect of plant, land and buildings as at 31 March 1981 ———— $16,100

4074

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.

ELECTORAL ROLLS
Government Bookshops no longer handle the sale of Electoral Rolls. Inquiries should be directed to the Director-General, Post Office, Electoral Roll Control Centre, P.O.H.Q., Wellington.

CONTENTS

ADVERTISEMENTS ———— ———— ———— 2765
APPOINTMENTS ———— ———— ———— 2732
BANKRUPTCY NOTICES ———— ———— ———— 2762
LAND TRANSFER ACT: NOTICES ———— ———— ———— 2763

MISCELLANEOUS—
Bobby Calf Marketing Regulations: Notices ———— ———— ———— 2744
Children and Young Persons Act: Notice ———— ———— ———— 2740
Corrigendum ———— ———— ———— 2731
Commerce Act: Notices ———— ———— ———— 2742, 2755, 2761
Customs Tariff: Notices ———— ———— ———— 2752
Education Act: Notices ———— ———— ———— 2740
Government Railways Act: Notice ———— ———— ———— 2737
Harbours Act: Notice ———— ———— ———— 2743
Import Control Regulations: Notices ———— ———— ———— 2741, 2760
Local Authorities Loans Act: Notices ———— ———— ———— 2750
Marriage Act: Notices ———— ———— ———— 2743
Meat Act: Notices ———— ———— ———— 2739, 2742
Milk Act: Notices ———— ———— ———— 2759, 2761
National Roads Board: Notices ———— ———— ———— 2741
Plant Varieties Act: Notices ———— ———— ———— 2733
Post Office Act: Notice ———— ———— ———— 2751
Public Works Act: Notices ———— ———— ———— 2740
Reserve Bank: Asset Ratio ———— ———— ———— 2751
Reserve Bank: Exchange Rates ———— ———— ———— 2751
Standards Act: Notice ———— ———— ———— 2760
Schedule of Contracts: Notice ———— ———— ———— 2760
Transport Act: Notice ———— ———— ———— 2739

PROCLAMATIONS, ORDERS IN COUNCIL, AND WARRANTS ———— ———— ———— 2731