2676
THE NEW ZEALAND GAZETTE
No. 94

WELLINGTON SAVINGS BANK
BALANCE SHEET AS AT 31 MARCH 1982

Current liabilities—
$ 1982 $ 1981
Creditors .. 307,094 211,415
Taxation payable (note 4) 352,723 ..
Provision for donations 10,000 ..
Accrued interest on depositors’ balances 1,593,173 1,147,719
Term loans due within one year .. 39,792 28,373
2,302,782 1,387,507

Term liabilities—
Mortgages .. 58,694 125,134
Term loan .. 507,785 156,907
566,479 282,041

Deferred taxation payable (note 5) 708,918 486,373

Depositors’ balances—
Savings accounts .. 38,731,099 32,568,314
Term investment accounts (note 6) .. 42,497,295 34,190,754
Personal cheque accounts 3,511,617 2,549,331
84,740,011 69,299,399

Reserve fund—
Retained profit .. 1,561,211 700,196
$89,879,401 $72,155,516

Current assets—
$ 1982 $ 1981
Cash on hand and at bank .. 1,441,515 696,528
Deposits .. 3,250,000 6,942,845
Sundry debtors .. 486,293 260,317
Trusteebank Visa advances .. 644,807 301,904
Accrued income .. 1,066,215 1,052,235
6,888,830 9,253,829

Investments—
New Zealand Government stock (note 2) .. 31,401,553 25,474,542
Local authority stock (note 2) .. 389,197 977,058
Mortgages .. 49,361,469 35,125,216
Personal loans .. 1,365,032 690,559
82,517,251 62,267,375

Fixed assets—
Cost less depreciation (note 3) .. 473,320 634,312
$89,879,401 $72,155,516

The references in these accounts are to the numbered notes on the following pages which form an integral part of, and are to be read in conjunction with, these accounts.

H. L. M. PEIRSE, President.
M. R. JENSEN, General Manager.

30 April 1982.

AUDITORS’ REPORT TO THE TRUSTEES OF THE WELLINGTON SAVINGS BANK

We have obtained all the information and explanations that we have required. In our opinion proper accounting records have been kept by the Bank so far as appears from our examination of those records.

In our opinion, the accompanying balance sheet, profit statement and funds statement give, using the historical cost method, a true and fair view of the financial position of the bank at 31 March 1982, and the results of its business and the changes in financial position for the year ended on that date.

HUTCHISON HULL & CO.,
Chartered Accountants.

Wellington, New Zealand
30 April 1982.

PROFIT STATEMENT FOR YEAR ENDED 31 MARCH 1982

$ 1982 $ 1981
Income—
Interest on Government stock .. 3,194,555 2,454,941
Interest on local authority stock .. 94,799 107,671
Interest on mortgage and personal loan lending 6,680,980 4,020,395
Interest on other investments 848,777 976,932
Other income .. 209,587 126,060
11,028,698 7,685,999

Less: Expenses—
Interest to depositors .. 6,186,338 4,224,021
Audit .. 22,910 18,500
Equipment leasing .. 150,293 146,183
Mortgage interest .. 15,039 13,906
Trustees’ honoraria .. 13,210 11,490
Administration .. 3,256,144 2,645,242
Depreciation .. 125,766 97,926
9,769,700 7,159,268

Profit before taxation .. 1,258,998 526,731
Less: Taxation on profit (note 4) .. 566,549 237,029
692,449 289,702

Add: Extraordinary item net of taxation (note 7) .. 178,566 ..
871,015 289,702

Tax paid profit after extraordinary item .. 1,571,211 700,196
Retained profit brought forward .. 10,000 ..
$1,561,211 $700,196

FUNDS STATEMENT FOR YEAR ENDED 31 MARCH 1982

Source of funds—
$ 1982 $ 1981
From operations—
Tax paid profits .. 692,449 289,702
Add: Back items not requiring funds—
Depreciation .. 125,766 97,926
Taxation .. 566,549 237,029
Other .. (53,447) 4,324
1,331,317 628,981

From other sources—
Depositors’ balances increase .. 15,430,612 12,606,012
Repayment of investment principal on—
Mortgages and personal loans 8,969,058 5,470,898
Local authority stock .. 887,861 3,033
Government stock .. 25,200 ..
Sale proceeds of fixed assets net of purchases .. 225,947 ..
Term loan net increase .. 378,297 165,447
Decrease in cash resources .. 2,906,132 ..
$30,154,424 $18,874,371