12 MARCH
THE NEW ZEALAND GAZETTE
601

BANK OF NEW SOUTH WALES SAVINGS BANK (N.Z.) LIMITED

BALANCE SHEET AS AT 30 SEPTEMBER 1980

Less liabilities—

| Depositors accounts | 161,667 | 163,561 |
| Accrued interest and sundry balances | 3,803 | 3,370 |
| Provision for taxation | 271 | .. |
| Deferred tax | 858 | 624 |
| Total liabilities | 166,599 | 169,555 |

Net assets—

| | $4,003 | $3,097 |

Represented by—

Shareholders equity—

| Authorised and issued share capital 2 000 000 ordinary shares of $1 each | 2,000 | 2,000 |
| Less uncalled share capital 2 000 000 ordinary shares of 70c each | 1,400 | 1,400 |
| Paid up capital | 600 | 600 |
| General reserve | 2,500 | 1,850 |
| Retained income | 903 | 647 |
| Total shareholders equity | $4,003 | $3,097 |

On behalf of the Board:

T. J. N. FOLEY, Director.

J. W. MACKELLAR, Secretary.

28/11/80.

STATEMENT OF PROFIT AND LOSS—YEAR ENDED 30 SEPTEMBER 1980

Expenses—

| Interest paid to depositors | 9,800 | 8,051 |
| Management and operating expenses | 4,787 | 4,148 |
| Auditors remuneration | 5 | 3 |
| Total expenses | 14,592 | 12,202 |

Operating profit before tax

| | 1,647 | 1,220 |
| Income tax provided | 741 | 549 |
| Profit after tax | 906 | 671 |
| Retained income at 30 September 1979 | 647 | 776 |
| Transfer to general reserve | 1,553 | 1,447 |
| Retained income at 30 September 1980 | 650 | 800 |
| | $903 | $647 |

AUDITORS’ REPORT TO THE MEMBERS OF BANK OF NEW SOUTH WALES SAVINGS BANK (N.Z.) 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 Bank so far as appears from our examination of those books.

In our opinion, according to the best of our information and the explanations given to us and as shown by the books the financial statements on pages 3–6 are properly drawn up using the historical cost method so as to give a true and fair view of the state of the Bank’s affairs as at 30 September 1980 and the results of its business and changes in financial position for the year ended on that date. According to such information and explanations the financial statements give the information required by the Companies Act 1955 in the manner so required.

HUTCHISON, HULL AND CO., Chartered Accountants.

Wellington, New Zealand.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 1980

1. Statement of Accounting Policies—

The general accounting principles for the measurement and reporting of profits and losses under the historical cost method have been adopted in the preparation of these financial statements. The following particular accounting policies which materially affect the measurement of profit and of financial position have been applied and are unchanged from last year.

Valuation of Assets—New Zealand public securities are valued at cost adjusted annually for the proportion of discount or premium on purchase so as to allow redemption value by maturity date.

Sale of Public Securities—Profit or losses realised on sale of public securities are reflected in the statement of profit in equal annual instalments over the unexpired period to maturity or 5 years, whichever is the shorter.

Taxation—Deferred taxation has been adopted to account for timing differences primarily in respect of public security interest income accrued but not paid.

2. New Zealand public securities—

Book, redemption and market value of these securities at 30 September 1980 were—

3. Share capital—

At a meeting of shareholders on 14 December 1979, it was resolved that each of the $2 shares in the capital of the company be divided into two shares each of $1.

4. Statement of change in financial position—

Funds were applied to—

| Repayment of depositors balances | 3,894 |
| Increase in mortgages and loans | 9,386 |
| | $13,280 |

4358

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