28 OCTOBER THE NEW ZEALAND GAZETTE 3597

EASTERN AND CENTRAL SAVINGS BANK
BALANCE SHEET AS AT 31 MARCH 1982

Current Assets—
Cash resources .. $ 8,288,989 $ 4,297,251
Interest accrued on
investments .. 1,501,051 933,837
Sundry debtors .. 783,208 376,223
Pre-payments .. 41,714 84,847
Stationery stock on
hand .. 116,790 95,059
10,731,752 5,787,217

Investments—
Government stock
and local authority
stock .. 46,097,845 36,700,431
Mortgages .. 63,192,666 54,276,775
Overdraft advances
and truste bank visa
outstandings .. 1,857,226 580,360
Term and personal
loans .. 12,995,998 5,442,792
Less unearned
interest .. 4,115,648 (1,759,492)
120,028,087 95,240,866

Fixed Assets—
At cost or valuation 3,588,964 2,800,654
Less accumulated
depreciation .. 849,984 (636,374)
2,738,980 2,164,280

Total assets .. $133,498,819 $103,192,363

Less liabilities—

Depositors’ funds—
Savings accounts .. 60,908,013 54,065,068
Cheque accounts .. 6,595,791 4,658,569
Term investment
accounts .. 57,122,911 39,775,086
Housing bonds .. 2,990,620 2,165,700
127,617,335 100,664,423

Depositors’ balances 130,083,985 102,172,969
Add: Accrued
interest .. 2,466,650 1,508,546
132,550,635 103,681,515

Less: Items in
transit .. 2,187,665 3,012,024
Net liability to
depositors .. 127,896,320 99,160,945

Current liabilities—
Provision for
donations .. 70,000 60,000
Sundry creditors .. 347,254 236,687
Commissioner of
Inland Revenue .. 178,291 210,173
Mortgage instalments
due within 1 year .. 28,000 28,000
623,545 534,860

Term liabilities—
Mortgages .. 342,000 373,333
Provision for deferred
taxation .. 634,122 407,731
Home ownership—
supplementary
loans .. 120,459 27,834
1,096,581 808,898

Total liabilities 129,616,446 100,504,703

Excess of assets over
liabilities .. 3,882,373 2,687,660

Represented by—
Retained earnings
1 April 1981 .. 2,534,080 1,978,451
Add: Transferred from
appropriation account .. 1,018,436 555,629
3,552,516 2,534,080

General reserve
31 March 1982 .. 143,687 143,687
Property revaluation
reserve 1 April 1981 .. 162,068 305,755
Add: net revaluations
for year .. 24,102 9,893
$3,882,373 $2,687,660

N. J. TOOMEY, President.
E. ROBERTSON, General Manager.

STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED 31 MARCH 1982

Funds were provided: From Operations—
Tax paid profits .. $ 1,060,309 $ 619,869
Adjustment for items not involving
movement of funds:
Depreciation .. 219,544 160,055
Deferred taxation .. 226,391 54,286
Taxation over-provided .. 42,166 —
Total funds from operations .. 1,548,410 834,210

From other sources—
Increase in depositors balances 28,735,375 16,841,060
Repayments of principal—
Government and local authority stock 2,201,178 1,761,505
Mortgages .. 10,922,139 12,384,998
Term and personal loans .. 2,489,894 1,635,733
Increase in long term borrowing 61,292 184,403
45,958,288 33,641,909

Funds were applied to: New Investments in—
Government and local authority stock 11,541,760 7,582,755
Mortgages .. 19,838,030 21,394,217
Overdraft advances and truste bank
Visa outstandings (net) .. 1,276,866 516,074
Term and personal loans .. 7,686,944 3,784,483
Fixed assets additions (net) .. 632,176 723,986
Investment amortisation .. 56,832 (3,280)
Provision for donations (net) .. 69,830 59,800
Increase in working capital .. 4,855,850 (416,126)
45,958,288 33,641,909

REVENUE ACCOUNT FOR YEAR ENDED 31 MARCH 1982

Income—Interest
N.Z. Government stock .. $ 4,017,650 $ 2,816,750
Local authority stock .. 30,686 48,357
Mortgages, term and per-
sonal loans .. 9,554,138 6,824,905
Term deposits and over-
drafts .. 1,393,804 671,551
14,996,278 10,361,563

Investment amortisation .. 56,832 (3,280)
Commissions .. 111,673 95,929
Rents .. 48,619 37,407
Sundry income .. 241,783 204,283
15,455,185 10,695,902

Total income .. 8,766,797 5,917,485
Interest on depositors’ funds .. 4,796,927 3,835,823
Administration expenses .. 12,957 12,961
Loss on sale of assets and investments ..
13,576,681 9,566,071
Net Profit: before taxation .. 1,878,504 1,129,831
Less: Provision for taxation .. 818,195 509,962
Tax paid profit for year, transferred to appropriation account .. $1,060,309 $619,869

APPROPRIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1982

Net profit for year, transferred from
revenue account .. $ 1,060,309 $ 619,869
Unclaimed donations .. 170 200
Taxation overprovided 1981 .. 42,166 —
1,102,645 620,069
Less: Provision for donations .. 70,000 60,000
Special reserve term and per-
sonal loans .. 14,209 4,440
$1,018,436 $555,629

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 and buildings.