15 OCTOBER
THE NEW ZEALAND GAZETTE
2881

(4) That notice of registration of this order with the Registrar of Companies be published once in the New Zealand Gazette.

SIMPSON, COATES AND CLAPSHAW.

4241

NEW ZEALAND WOOL BOARD

PURSUANT to regulation 15 of the Wool Industry Regulations 1978, notice is hereby given that the Adjusted Weighted Average Sale Price for the sale held on 9 October 1981 at Napier was 268.23 cents per kilogram (greasy basis).

As this price is below the Government’s supplementary minimum wool price of 320 cents per kilogram (greasy basis) the specified percentage for supplementation will be 19.3 percent for all wool sold at auction and nationally for privately sold wool from and including the 9th day of October 1981 until midnight on the day before the next auction sale to be held.

Dated this 13th day of October 1981.

A. J. N. ARTHUR, Levies Administration Manager.

4285

EASTERN AND CENTRAL SAVINGS BANK
BALANCE SHEET AS AT 31 MARCH 1981

1980 $ 1981 $
Assets—
Current Assets—
Cash resources 4,479,366 4,297,251
Interest accrued on investments 789,724 933,837
Sundry debtors 347,003 376,223
Prepayments 63,720 84,847
Stationery stock on hand 101,326 95,059
5,780,139 5,787,217

Investments (see note 2)
N.Z. Government stock and local authority stock 30,882,461 36,700,431
Mortgages 45,267,556 54,276,775
Overdraft advances and trustebank visa outstandings 64,286 580,360
Term and personal loans 1,783,096 5,442,792
Less: Unearned interest (248,546) 1,759,492
77,748,853 95,240,866

Fixed Assets (see note 3)
At cost or valuation 2,134,253 2,800,654
Less: Accumulated depreciation (533,944) 636,374
1,600,309 2,164,280

Total assets: $85,129,301 $103,192,363

Less: Liabilities
Depositors’ Funds
Savings accounts 47,693,020 54,065,068
Cheque accounts 3,175,680 4,658,569
Term investment accounts 30,243,124 39,775,086
81,111,824 98,498,723
Housing bonds 1,889,439 2,165,700
82,319,885 99,160,945

Current liabilities
Provision for donations 45,000 60,000
Sundry creditors 213,049 236,687
Commissioner of inland revenue (166,393) 210,173
Mortgage instalments due within 1 year 18,600 28,000
111,656 534,860

Term liabilities
Mortgages 208,000 373,333
Provision for deferred taxation 353,445 407,731
Home ownership—supplementary loans 8,764 27,834
570,209 808,898

Total liabilities 83,001,750 100,504,703

Excess of assets over liabilities 2,127,551 2,687,660

Represented by—
Retained earnings 1 April 1980 1,490,509 1,978,451
Add: Transferred from appropriation account 487,942 143,647
5,453 40
Special reserve term and personal loans 143,687
$2,127,551 $2,687,660

EASTERN AND CENTRAL SAVINGS BANK
STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED 31 MARCH 1981

Funds were provided:
From operations 619,869
Adjustment for items not involving movement of funds:
Depreciation 160,055
Deferred taxation 54,286
Investment amortisation 3,280
Total funds from operations 837,490
From other sources
Repayments of principal 16,841,060
N.Z. Government and local authority stock 1,761,505
Mortgages 12,384,998
Term and personal loans 1,635,733
Increase in long term borrowing 184,403
Decrease in working capital 416,126
$34,061,315

Funds were applied to:
New investments in—
N.Z. Government and local authority stock 7,582,755
Mortgages 21,394,217
Overdraft advances and trustebank visa outstandings (net) 516,074
Term and personal loans 3,784,483
Fixed assets additions (net) 723,986
Provision for donations (net) 59,800
$34,061,315

EASTERN AND CENTRAL SAVINGS BANK REVENUE ACCOUNT
FOR YEAR ENDED 31 MARCH 1981

1980 $ 1981 $
Income—
Interest—
N.Z. Government Stock 2,226,952 2,816,750
Local Authority Stock 35,011 48,357
Mortgages, Term and Personal Loans 4,746,429 6,824,905
Term Deposits and Overdrafts 693,980 671,551
7,702,372 10,361,563
Commissions 64,085 95,929
Rents 22,459 37,407
Sundry Income 14,632 204,283
7,897,513 10,699,182

Less: Expenses:
Interest on depositors’ funds 4,105,128 5,717,485
Administration expenses (see note 4) 2,933,352 3,835,625
Loss on sale of assets and investments 500,880 12,961
Investment amortisation 366,179 3,280
8,905,539 9,569,351

Net Profit: Before Taxation 534,971 1,129,831
Less: Provision for taxation 45,000 509,962
487,942 619,869

Tax paid profit for year—transferred to Appropriation Account 619,869

APPROPRIATION ACCOUNT
FOR YEAR ENDED 31 MARCH 1981

1980 $ 1981 $
Net profit for year, transferred from revenue account 534,971 619,869
Unclaimed donations 270 200
534,971 620,069
Less: Provision for donations 4,029 60,000
Special reserve term and personal loans 4,440 4,440
555,629
Balance: transferred to general reserve 64,440

NOTES TO THE ACCOUNTS

1. Statement of Accounting Policies—
   a. General Accounting Principles—The general accounting principles as recommended by the New Zealand Society of Accountants for the measurement and reporting of profit and financial position under the historical cost method has been followed in the preparation of these accounts, except for the revaluation of land.
   b. Particular Accounting Principles—The following particular accounting principles which materially affect the measurement of profit and financial position have been applied:
   a. Interest Income—Interest is recognised on an accrual basis. Term and personal loan interest excludes unearned interest, and has been apportioned according to the rule of 78 method.
   b. Fixed Assets—All fixed assets are valued at cost less accumulated depreciation with the exception of land which has been revalued in the 1979 year to the latest Government Valuations. For accounting purposes, depreciation is calculated using straight line rates based on the economic life of the assets. The following lives have been estimated:
   Buildings—40–50 years.
   Furniture and fittings—7–10 years.
   Motor vehicles—3 years to estimated residual value.
   c. Taxation—The charge for income tax is the amount of the tax liability in respect of the accounting profit for the year and includes both current and deferred tax.
   d. Current Assets—Debtors are valued at expected realisable value. Stock on hand as shown in the balance sheet represents bulk stationery supplies valued at cost less a provision for obsolescence.