1556

THE NEW ZEALAND GAZETTE

No. 67

$
Purua School—Special Project .. .. .. 400
Waimate North Anglican Church—150th Anniversary Project .. .. .. .. 300
Kawakawa Public Library .. .. .. 300
Paihia War Memorial Hall Extensions Committee .. 300
Boys' Brigade Northland Group .. .. .. 300
Girls' Brigade (Inc.) Northland Region .. .. 300
Northland Girl Guides Association .. .. .. 300
Royal N.Z. Life Saving Society—Northland Branch .. 300
Redhill Methodist Camp Trust .. .. .. 300
Lifeline (Whangarei) Inc. .. .. .. 300
Whangarei Beneficiaries and Old Folks Association .. 300
Mid-Northland Playcentres Association (Inc.) .. 300
Young Women's Christian Association of Whangarei .. 300
Kaikohe Aged, Widowed and Invalid Beneficiaries Association .. .. .. .. 200
Whangarei Marriage Guidance Council .. .. 200

$344,850

EASTERN AND CENTRAL SAVINGS BANK

BALANCE SHEET AS AT 31 MARCH 1980

1980

Assets
$
$

Current assets—

Cash resources .. .. 4,479,366
Interest accrued on investments .. .. .. 788,724
Accounts receivable .. .. 347,003
Prepayments .. .. .. 63,720
Stationery stock on hand .. 101,326
Commissioner of Inland Revenue .. .. .. 166,393

5,946,532

Investments (see note 2)—

New Zealand Government stock and local authority stock .. .. .. 30,882,461
Mortgages .. .. .. 45,267,556
Overdraft advances .. .. 64,286
Personal loans .. 1,783,096
Less unearned interest .. 248,546

1,534,550

77,748,853

Fixed assets (see note 3)—

At cost or valuation .. .. 2,134,253
Less accumulated depreciation .. .. .. 533,944

1,600,309

Total assets .. .. .. 85,295,694

Less:

1980

Liabilities
$
$

Depositors' funds—

Savings accounts .. .. 47,693,020
Cheque accounts .. .. 3,175,680
Investment accounts .. 7,170,304
Term-deposit accounts .. 23,072,820
Housing bonds .. .. 1,989,700

83,101,524
Add accrued interest .. 1,117,800

84,219,324
Less items in transit .. 1,899,439

Total liability to depositors .. .. 82,319,885

Current liabilities—

Provision for donations .. 45,000
Accounts payable .. .. 215,049
Commissioner of Inland Revenue .. .. ..
Mortgage instalments due within 1 year .. .. 18,000

278,049

Term liabilities—

Mortgages .. .. .. 208,000
Provision for deferred taxation .. .. .. 353,445
Home ownership—Supplementary loan .. .. 8,764

570,209

Total liabilities .. .. .. 83,168,143

Excess of assets over liabilities .. .. .. 2,127,551

1979
$

5,197,479

469,989
141,241
36,571
78,500
..

5,923,780

27,416,401
39,236,585
..
1,467,704
(190,718)

67,929,972

1,918,512

(437,101)

1,481,411

75,335,163

1979
$

46,105,494
2,609,127
10,613,912
12,277,412
1,557,400

73,163,345
819,673

73,983,018
1,244,502

72,738,516

40,000
208,804

227,727

18,000

494,531

226,000

234,546

3,990

464,536

73,697,583

1,637,580

Represented by—

Retained earnings 1 April 1979 .. .. .. 1,490,509
Add transferred from appropriation account .. 487,942

General reserve 31 March 1980 .. .. .. 1,978,451
Property revaluation reserve .. .. .. 143,647
Personal loans reserve .. .. .. .. 5,453

$2,127,551

1,088,582
401,927

1,490,509
143,647
3,424

$1,637,580

EASTERN AND CENTRAL SAVINGS BANK

REVENUE ACCOUNT FOR YEAR ENDED 31 MARCH 1980

1980

Income
$
$

Interest—

New Zealand Government stock .. .. .. 2,226,952
Local authority stock .. 35,011
Mortgages and personal loans .. .. .. 4,746,429
Term deposits .. .. 693,980

7,702,372
Commissions .. .. .. .. 64,085
Rents .. .. .. .. .. 22,459
Sundry income .. .. .. .. 108,597
Profit on sale of assets .. .. .. 1,830
Gain on investment amortisation .. .. .. 57,479

Total income .. .. .. 7,956,822

Less: Expenses:
Interest on depositors' funds .. .. .. 4,106,128
Administration expenses (see note 4) .. .. 2,933,352
Loss on sale of investments .. .. .. 16,462

Total expenses .. .. .. 7,055,942
Net profit before taxation .. .. .. 900,880
Less: Provision for taxation .. .. .. 366,179

Tax paid profit for year—transferred to appropriation account .. .. .. $534,701

1979
$

1,672,852
21,382

3,527,449
531,451

5,753,134
62,676
19,338
113,097
(866)

(6,082)

5,941,297

2,844,043

2,320,773
(36,580)

5,128,236
813,061
355,476

$457,585

APPROPRIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1980

1980
$
$
Net profit for year, transferred from revenue account .. .. .. .. 534,701
Unclaimed donations—1979 .. .. .. 270

534,971
Less: Provision for donations .. .. 45,000
Personal loans reserve .. .. .. 2,029
Tax short provided .. .. .. .. 47,029

Balance—transferred to general reserve .. $487,942

1979
$

457,585
80

457,665
40,000
1,514
14,224

$401,927

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. 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.
Office equipment—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.
Deferred taxation arises from timing differences between accounting and taxation recognition of income and expenditure. These differences relate to depreciation and investment income.

(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.

(e) Investments—Investments are disclosed at cost except for Government stock, which is at cost adjusted by interest accrued contained in the purchase price, and by the amortisation on a straight-line basis of premiums and exchange rate variations over the term of the investment. In accordance with this policy the amortisation credited to revenue for this financial year amounts to $57,479. (1979, $6082 debit).

(c) Changes in Accounting Policies—There have been no changes in accounting policies that would have a material effect on the determination of profit for the year.

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