2 SEPTEMBER
THE NEW ZEALAND GAZETTE
2899

Fixed assets—
Land and building cost
$ 1982
$ 1981
548,734
477,746
Depreciation to date ....
43,692
38,880
505,042
438,866

Furniture and equipment—
Cost price ....
533,007
396,464
Depreciation to date ....
177,878
111,924
355,129
284,540

$33,282,423
$28,592,213

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED
31 MARCH 1982

Interest to depositors—
1982
$ 1981
$
On open accounts ....
267,477
245,103
On closed accounts ....
61,329
19,918
Accrued on investment
accounts ....
1,440,547
1,106,872
655,686
425,194

Administration expenses
1,120,404
1,797,087
Trustees honoraria ....
2,946
8,345
Depreciation ....
80,834
51,360
Provision for taxation
50,179
—
1,254,363
957,694
Net profit ....
180,345
30,909

$3,859,747
$2,785,690

Interest on investments—
1982
$ 1981
$
From N.Z. Government
stock ....
1,038,432
813,203
From local authorities
30,144
25,120
From mortgages and
personal loans ....
2,369,182
1,778,725
From other sources ....
364,926
93,002
3,802,684
2,710,050

Income from other sources—
Commission ....
41,298
62,878
Rents ....
15,765
12,762
57,063
75,640

$3,859,747
$2,785,690

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR THE YEAR
ENDED 31 MARCH 1982

1982
$ 1981
$
Donations ....
20,000
7,000
Balance transferred to reserve fund ....
160,345
23,909
$180,345
$30,909

1982
$ 1981
$
Net profit ....
180,345
30,909
$180,345
$30,909

W. D. BENJAMIN, Deputy President.
J. J. LESLIE, General Manager.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 1982

1. Statement of Accounting Policies—
   (a) General accounting policies—The general accounting
   policies recognised as appropriate for the measure-
   ment and reporting of results and financial position
   under the historic cost method of accounting have
   been adopted on a basis consistent with the
   previous year.
   (b) Recognition of income—The income earned is recorded
   on an accrual basis. Interest on personal loans is
   calculated according to the rule of 78.

(c) Valuation of investments—All investments are shown
at cost with the exception of New Zealand Govern-
ment stock.
On the basis that Government stock will normally
be held to maturity the bank considers it appro-
priate to record such stock at nominal value.
Differences between cost and nominal value are
immaterial and have been transferred to interest
received or interest paid at the date of purchase.
(d) Fixed Assets and Depreciation—Fixed assets are valued
at cost less accumulated depreciation. Depreciation
has been charged using the straight line method
based on the economic life of the assets.
(e) Taxation—Taxation charged against net profit includes
both current and deferred tax. The income tax effect
of all timing differences between accounting and
taxation records is included under the heading
“deferred taxation” in the balance sheet with the
exception of those timing differences, the reversal
of which are not expected to give rise to a liability
for some considerable period ahead.

2. Commitments—Mortgages approved but not yet uplifted
   $268,000.

REPORT OF THE AUDITORS
We report that we have audited the books and accounts of
the Westland Savings Bank for the year ended 31 March
1982 and have obtained all the information and explanations
we have required.

In our opinion the accompanying profit and loss account,
balance sheet and notes represents fairly the financial position
of the bank at 31 March 1982 and the results of the year
ended on that date, determined in accordance with the histor-
ical cost basis of accounting and in accordance with section
29 (2) of the Trustees Savings Bank Act 1948.

MARSHALL & HEAPHY, Chartered Accountants,
6 May 1982.

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GENERAL PUBLICATIONS

MAORI RELIGION AND MYTHOLOGY PART 1
By Elsdon Best
NATIONAL MUSEUM BULLETIN No. 10
424 p. 1976. $18 plus $1.50 p & p
An account of the theory of the universe and its creation,
study of the origin of man, religious beliefs, rites, magic and
folklore of the Maori people of New Zealand. First published
in 1924, reprinted without textual alterations and retaining
the original bulletin numbers. (Government Printer.)