5 AUGUST THE NEW ZEALAND GAZETTE 2621

The latest Government Valuation of Land & Buildings plus additions at cost are:

Date of Valuation Land Buildings Total
1977 .. .. .. 16,300 94,700 111,000
1978 .. .. .. 14,500 40,500 55,000
1979 .. .. .. 15,500 208,418 223,918
1980 .. .. .. 358,500 2,903,629 3,262,129
1981 .. .. .. 43,681 166,700 210,381

$448,481 $3,413,947 $3,862,42

The latest registered valuers valuation of buildings plus additions at cost is $6,776,303.

Note 9—Contingent Liabilities and Commitments:

Contingent Liabilities:-
Subsidy on Home Loan Account.

Commitments 1982 1981
Mortgages approved but not advanced $ $
as at 31 March .. .. 3.395,480 6,044,036

Capital Commitments 1982 1981
$ $
Commitments in respect of Plant, Land
and Buildings as at 31 March 572,100 234,565

SOUTH CANTERBURY SAVINGS BANK
BALANCE SHEET AS AT 31 MARCH 1982

Liabilities 1982 1982 1981
$ $ $

Depositors' Balances—
3 percent accounts .. .. 17,677,271 16,542,670
Current accounts.. .. 1,807,210 1,413,059

Term deposits—
30 days to 3 months .. .. 867,546 447,076
3 months to 6 months .. .. 808,124 602,642
1,675,670

Investment Accounts—
6 months .. .. .. 2,649,784 2,855,875
1 year .. .. .. 11,884,708 7,485,591
2 years .. .. .. 1,508,532 1,451,361
3 years .. .. .. 10,208,995 9,558,386
26,252,018 21,351,273

Housing Bonds .. .. .. 800 42,670
47,412,969 40,399,330

Other Liabilities—
Interest accrued on investment ac- counts .. .. 688,812 561,077
Sundry creditors .. .. .. 129,052 72,251
Provision for taxation .. .. 179,719 100,974
Prepaid .. .. .. 117,618 184,892

Tax payable .. .. .. 62,101
Provision for grants .. .. 35,000 30,000
Premium due on redemption of Government stock .. .. 16,050 16,050

Reserve Fund—
Balance at 31 March 1981 844,067 750,654
Capital profit from sale of vehicle .. .. 255
Add Balance of profit and loss appro- priation account, 31 March 1982 .. 193,901 93,413
1,038,193 844,067

$49,382,177 $41,922,775

Assets 1982 1982 1981
$ $ $

Current Assets—
Cash/Accounts .. .. .. 2,976,108 1,086,898
Local authorities .. .. .. 241,000 1,541,000
Interest accrued on bank investments .. .. 596,756 541,421
Taxes prepaid .. .. .. .. 83,918
3,786,864 3,253,237

Investments—
N.Z. Government stock (face value).. 16,865,500 15,600,000
Local authority securities .. .. 2,279,933 2,328,896
Mortgages .. .. .. 23,819,395 19,269,920
Personal loans 1,422,260
Less interest yet to mature 253,188
1,169,072 720,054
Term loans .. .. .. 444,658 53,720
Visa/overdrafts .. .. .. 144,886 37,144

44,723,644 38,009,734

Fixed Assets—
Land .. .. .. .. 125,817 53,023
Buildings .. .. .. .. 348,583 256,234
Leasehold premises .. .. 474,400 309,257
Office equipment and furniture .. 12,645 10,940
Motor vehicles .. .. .. 322,245 276,529
.. .. .. .. .. 37,294 37,993
846,584 634,719

Premium paid on purchase of Govern- ment stock .. .. 25,085 25,085

$49,382,177 $41,922,775

SOUTH CANTERBURY SAVINGS BANK
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING 31 MARCH 1982

1982 1981
$ $

To Interest credited and accrued to depositors .. 3,424,263 2,484,236
To Charges and administration expenses .. .. 1,680,110 1,267,700
To Depreciation .. .. .. .. .. 78,925 72,239
To Trustees fees .. .. .. .. .. 15,269 18,750
To Provision for taxation .. .. .. .. 179,719 100,974
To Net profit to profit and loss Appropriation Account 219,657 123,413
$5,597,943 $4,067,312

1982 1982 1981
$ $ $

By Interest—
N.Z. Government stock .. .. .. 1,582,723 1,223,556
Local authorities .. .. .. .. 212,425 208,758
Fixed deposits .. .. .. .. .. 464,503 405,436
Visa/overdrafts .. .. .. .. .. 16,929 1,282
Mortgages .. .. .. .. .. 3,002,573 2,084,973
Personal loans .. .. .. .. .. 183,429 81,783
Term loans .. .. .. .. .. 40,362 869

Total investment income .. .. .. 5,502,944 4,006,637
By Commission, brokerage etc. .. .. .. 87,064 57,735
By Rents received .. .. .. .. .. 7,995 2,900

$5,597,943 $4,067,312

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR YEAR ENDING 31 MARCH 1982

$ $
To Provision for grants .. .. .. .. 35,000 30,000
To Balance to reserve fund .. .. .. 193,901 93,413
$228,901 $123,413

$ $
By Net profit from profit and loss account .. .. 219,657 123,413
By Refund of income tax .. .. .. .. 9,244
$228,901 $123,413

A. J. BLAIR, President.
D. R. PARKER, General Manager.

AUDITORS' REPORT TO THE BOARD OF TRUSTEES

We, the undersigned, being the auditors of the South Canterbury Savings Bank appointed in terms of section 29 (3) of the Trustee Savings Banks Act 1948, report that: We have examined the balance sheet and accompanying financial statements and notes to the accounts for the year ended 31 March 1982. Our examination was made in accordance with the general principles of auditing and included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

In accordance with an accounting policy of the Bank depreciation on fixed assets has been calculated to reduce each asset to its estimated residual value by the end of its probable useful life. The rates used are those approved by the Commissioner of Inland Revenue. It is considered that the amount charged in the profit and loss account does not differ materially from that which would result from calculating depreciation had the straight line method been adopted.

We have obtained all the information and explanations that we have required and in our opinion proper books of account have been kept by the Bank and the accompanying balance sheet together with the profit and loss account and the notes attached thereto give true and fair view of the financial position of the Bank as at 31 March 1982 and the results of its operations for the year then ended.

Timaru, 24 May 1982.
HUBBARD CHURCHER AND CO.,
Chartered Accountants.

H