New Zealand Gazette – 1981 – No. 67

Page 1557

✨ Financial Statements



28 MAY
THE NEW ZEALAND GAZETTE
1557

  1. Investments—
Nominal Value 1980 Book Value Nominal Value 1979 Book Value
New Zealand Government stock $30,495,351 $30,551,417 $27,241,721
Local authority stock 331,044 331,044 219,965
$30,826,395 $30,882,461 $27,461,686

The market value of the Bank’s Government stock holding is $23,877,667. Since stocks are generally held until dates of maturity, differences in market value and book value have little financial effect on the bank.

  1. Fixed Assets—
1980 Cost 1980 Accumulated Depreciation 1980 Book Value 1979 Cost 1979 Accumulated Depreciation 1979 Book Value
Freehold buildings $566,763 $51,968 $514,795
Office machinery 571,182 153,701 417,481
Other fixed assets 426,817 231,432 195,385
Land at Government value 333,750 333,750
Total fixed assets $1,918,512 $437,101 $1,481,411
1980 Cost 1980 Accumulated Depreciation 1980 Book Value 1979 Cost 1979 Accumulated Depreciation 1979 Book Value
Freehold buildings $744,648 $66,904 $677,744
Office machinery 527,784 201,106 326,678
Other fixed assets 498,471 265,934 232,537
Land at Government value 363,340 363,340
Total fixed assets $2,134,253 $533,944 $1,600,309

The current Government valuation of land and buildings is $786,800. Costs of additions since: $164,870.

  1. Administration Expenses—
1980 1979
Audit fee $8,000 $6,505
Depreciation 125,886 95,244
Mortgage interest 16,707 19,189
Trustees fees 8,160 5,763
  1. Commitments—

Mortgages approved but not yet uplifted … … … $2,219,500
Premises development … … … … … … … … … $231,202

R. N. CARTER, President.
E. ROBERTSON, General Manager.

AUDITOR’S REPORT

We have examined the balance sheet of the Eastern and Central Savings Bank as at 31 March 1980, and the related revenue account for the year then ended. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

In our opinion, the accompanying balance sheet, with notes attached, and revenue account present fairly the financial position of the Eastern and Central Savings Bank at 31 March 1980, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on the basis consistent with that of the preceding year.

BROWN WEBB AND CO.,
Chartered Accountants.

Hastings, 26 May 1980.

1952

TARANAKI SAVINGS BANK
BALANCE SHEET AS AT 31 MARCH 1980

Depositors’ accounts— 1980 1979
Ordinary account $28,412,328 $30,432,505
Thrift club 6,696,514 4,732,757
Home loan, ownership and farm ownership 3,089,244 1,792,933
Christmas club 151,128 134,336
Personal cheque accounts 38,349,214 37,092,536
Investment accounts and term deposits³ 1,776,519 1,459,779
Total depositors’ balance 71,214,299 67,531,009
National savings depositors’ balance 21,099 30,524

Other current liabilities—

1980 1979
Interest accrued on investment accounts and term deposits $740,359 $471,366
Sundry creditors 147,503 108,094
Provision for taxation³ 106,717
1973 taxation due 1979–80 16,192
Total other current liabilities 887,862 702,369
Provision for donations 50,000 40,000
Deferred taxation³ 565,033 394,114
Reserve Fund 3,531,082 3,155,149
$76,269,375 $65,853,165

Current assets—

$ $
Cash on hand and at bank 605,132 462,547
Fixed deposits¹ 8,091,000 6,800,000
Accrued interest on investments² 1,054,588 810,215
Sundry debtors 29,097 11,788
Taxation receivable⁴ 174,396
Total current assets 9,954,213 8,084,550

Investments—

$ $
New Zealand Government stock⁵ 26,253,470 23,043,470
Less discount not yet amortised 263,463 399,729
25,990,007 22,643,741
Transferable certificates of deposit⁶ 850,000 850,000
Less discount not yet amortised 4,683 11,963
845,317 838,037
Local authority stock at cost 260,599 241,764
Mortgages 33,706,319 30,298,713
Personal loans less unearned interest⁶ 1,335,450 853,672
Associate Company⁷—
Northern Trustee Computerbank Ltd. 187,086 151,418
Total investments 62,324,778 55,027,345

National savings securities—

$ $
New Zealand Government stock at cost 20,000 30,000
Cash on hand and at bank 1,099 524
Total national savings securities 21,099 30,524

Fixed assets—

$ $
Land 254,484 253,984
Buildings 2,840,128 2,128,048
Vehicles, office equipment, furniture 1,445,177 707,618
Less depreciation to date 570,304 458,904
Total fixed assets 3,969,285 2,710,746
$ $
$76,269,375 $65,853,165

The attached notes form part of and are to be read in conjunction with these accounts.

M. H. BURN, President.
B. J. RUDD, General Manager.

STATEMENT OF SOURCE AND APPLICATION OF FUNDS

Source of funds—

$
Profit after tax 422,800
Depreciation 126,744
Total funds from operations $549,544

From other sources—

$
Donation provision transferred 3,132
Increase in provisions for donations 10,000
Depositors’ funds 9,683,290
Deferred taxation 170,920
Total source of funds $10,416,886

Application of funds

$
Net purchase of fixed assets.. 1,385,283
Investments 3,372,381
Mortgages and personal loans 3,889,384
Share of associate company.. 35,668
Provision for donations 50,000
Increase in working capital .. 1,684,170
$10,416,886

Increase in working capital—

$
Cash 142,585
Fixed deposits 1,291,000
Debtors 17,309
Creditors (39,409)
Taxation 297,305
Accrued interest on investments 244,373
Accrued interest on investment accounts (268,993)
$1,684,170


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✨ LLM interpretation of page content

💰 Eastern and Central Savings Bank Financial Statements

💰 Finance & Revenue
26 May 1980
Banking, Financial Statements, Investments, Fixed Assets, Administration Expenses, Commitments
  • R. N. Carter, President
  • E. Robertson, General Manager
  • Brown Webb and Co., Chartered Accountants

💰 Taranaki Savings Bank Balance Sheet

💰 Finance & Revenue
Banking, Balance Sheet, Depositors' Accounts, Current Liabilities, Current Assets, Investments, National Savings Securities, Fixed Assets
  • M. H. Burn, President
  • B. J. Rudd, General Manager