1560
THE NEW ZEALAND GAZETTE
No. 67

Investments—
New Zealand Government securities .. 228,312,868
Local authority securities .. 36,564,597
Mortgages .. 306,996,833
Personal loans .. 11,040,512
Term loans .. 296,711
Overdrafts .. 51,922

Total ordinary investments .. 583,263,443

National savings securities—
New Zealand Government securities .. 334,260

Total national savings securities .. 334,260

Fixed assets—
Cost Accumulated Book
Depreciation Value
Land and buildings .. 11,148,843 1,252,663 9,896,180
Vehicles, equipment,
furniture, etc. .. 13,610,670 5,493,729 8,116,941

Total fixed assets .. 18,013,121

$658,755,368

PROFIT AND LOSS ACCOUNT

1980    1979
$   $

Interest to depositors—
On open accounts .. 9,419,093 8,940,455
Closed accounts and matured
accounts .. 13,699,045 8,318,875
Accrued on term accounts .. 6,123,647 4,629,251
Accrued on housing bonds .. 19,695 17,644
Accrued on solicitor’s trust .. 257,771 46,858
Home lay-by accounts—suspensory
free deposits .. 82,310 78,570

Subtotal .. 29,601,561 22,031,653
Administrative expenses .. 14,939,394 11,949,912
Trustees’ honoraria .. 10,380 6,862
Depreciation .. 1,204,106 1,007,312
Provision for taxation .. 3,191,397 3,251,806
Net profit—carried down .. 3,961,426 4,285,133

$52,908,264 $42,533,678

APPROPRIATION ACCOUNT

1980    1979
$   $

Provisions for donations .. 500,000 500,000
Transfer to reserve .. 3,473,426 3,792,248

$3,973,426 $4,292,248

PROFIT AND LOSS ACCOUNT

1980    1979
$   $

Interest on investments—
From New Zealand Government
securities .. 16,229,118 12,547,468
From local authorities securities .. 2,820,555 2,221,516
From mortgages .. 25,923,460 20,256,917
From personal loans .. 1,145,826 627,359
From term loans .. 1,659 —
From overdrafts .. 638 —
From other sources .. 5,791,272 6,024,974

Subtotal .. 51,912,528 41,678,234
Income from other sources .. 995,736 855,444

$52,908,264 $42,533,678

APPROPRIATION ACCOUNT

1980    1979
$   $

Net profit, brought down .. 3,961,426 4,286,133
Over provision for donations .. 12,000 6,115

$3,973,426 $4,292,248

C. BRENTON-RULE, President.
D. F. STEPHENS, General Manager.

Price $2.15
BY AUTHORITY: P. D. HASSELBERG, GOVERNMENT PRINTER, WELLINGTON, NEW ZEALAND—1981

STATEMENT OF ACCOUNTING POLICIES

The general accounting principles recommended by the New Zealand Society of Accountants for the measurement and reporting of profits on an historical basis have been followed. Particular accounting policies used which significantly affect the measurement of the bank’s profit and its financial position, are set out below:

(a) Depreciation—Fixed assets are being depreciated on a straight-line basis at rates which will write off the cost over their estimated useful lives to estimated residual values. The principal write-off periods are:

Buildings .. 40–100 years.
Computer and office calculating equipment .. 10 years.
Furniture and fittings .. 10–15 years.
Other fixed assets .. 3–15 years.

(b) Personal Loan Interest—Interest on personal loans is apportioned over the term of the loan, using the “Rule of 78” method.

(c) Taxation—Taxation charged against net profit includes both current and deferred tax. Deferred taxation arises from timing differences related to:

(i) Interest accrued on investments; and
(ii) Depreciation charges

(d) Valuation of Investments—Investments are recorded at cost. Both New Zealand Government and local authority securities are normally held to maturity and their value on redemption approximates cost.

Valuation of Land and Buildings—The latest Government valuation of land and buildings at 31 March 1980 totalled $19,223,250.

AUDITORS’ REPORT

We have audited the books and accounts of the Auckland Savings Bank for the year ended 31 March 1980, in accordance with generally accepted auditing standards, and have carried out such procedures as we considered necessary.

In our opinion, the balance sheet, profit and loss account, and appropriation account, together with the notes thereon, are properly drawn up so as to give respectively a true and fair view of the financial position of the Auckland Savings Bank as at 31 March 1980 and the financial result of its transactions for the year ended on that date, in accordance with section 29 (2) of the Trustee Savings Banks Act 1948.

CLARKE MENZIES AND CO.
Chartered Accountants.
Auditors.

Auckland, 29 April 1980.
1744

CONTENTS

ADVERTISEMENTS .. 1541
APPOINTMENTS .. 1503
BANKRUPTCY NOTICES .. 1539
LAND TRANSFER ACT: NOTICES .. 1541

MISCELLANEOUS—
Cinematograph Films Act: Notices .. 1521, 1522
Customs Act: Notices .. 1521
Customs Tariff: Notices .. 1528
Electricity Act: Notice .. 1512
Food and Drug Act: Notices .. 1513
Forests Act: Notices .. 1511
Land Act: Notices .. 1518
Maori Affairs Act: Notice .. 1520
Marriage Act: Notice .. 1512
National Roads Board: Notices .. 1515
New Zealand-Australia Free Trade Agreement: Notice .. 1514
Post Office Act: Notice .. 1512
Private Schools Conditional Integration Act: Notice .. 1521
Plant Varieties Act: Notice .. 1527
Public Works Act: Notices .. 1505
Regulations Act: Notice .. 1526
Reserves Act: Notices .. 1518
Reserve Bank: Summary of Trading .. 1526, 1531
Schedule of Contracts: Notices .. 1521
Standards Act: Notice .. 1521
Transport Act: Notice .. 1512

PROCLAMATIONS, ORDERS IN COUNCIL, AND WARRANTS .. 1501