New Zealand Gazette – 1983 – No. 109

Page 2446

✨ Bank Financial Statements



2446 THE NEW ZEALAND GAZETTE No. 109

Note 3

MORTGAGES—Mortgage and other loan applications approved but for which the funds have not been uplifted at 31 March 1983 amount to $1,321,800.

Note 4

CHARGES AND ADMINISTRATION EXPENSES—

Included in the above are:

Audit fees—

The scope of the audit has been enlarged following a review of the accounting system of the bank. This has resulted in increased cost in the current year.

1983 1982
Normal duties 38,664 12,000
Other services 7,375 11,640
$46,039 $23,640
Rent of leasehold premises $56,008 $43,857

Note 5

Taxation—

1983 1982
Balance of taxation provision at previous 31 March 62,101 83,918 (overpaid)
Less Adjustment to provision grants exemptions 1981 and 1982 14,192 47,909
83,918
Add Provision for current year 135,997 179,719
183,906 95,801
Less payments 218,642 33,700
$34,736 (overpaid) $62,101 (payable)

STATEMENT OF CHANGES IN FINANCIAL POSITION—YEAR ENDED 31 MARCH 1983

1983 1982
Funds were received from— $ $
Depositors 6,339,889 7,013,639
Operations—
Profit after taxation 166,219 219,657
Adjustment for items not involving the use of funds
Depreciation (net) 99,699 265,918 76,897 296,554
6,605,807 7,310,193
Less Grants paid 35,000 35,000
6,570,807 7,275,193
Increase in other liabilities and provisions 71,238 261,106
6,642,045 7,536,299

These funds were invested in mortgages—new advances | 4,912,550 | | 9,467,375 |
Less Repayments | 3,813,935 | | 4,917,700 |
| 1,098,615 | | 4,549,675 |
Government stock and local authority stock | 525,611 | | 1,216,537 |
Personal and other loans | 1,739,123 | | 947,698 |
Total investments | 3,363,349 | | 6,713,910 |
Net capital expenditure | | | |
Land and buildings | 78,031 | 171,845 | |
Other Assets | 175,452 | 253,483 | 116,917 | 288,762 |
Increase in cash resources and current assets | 3,025,213 | | 533,627 |
| $6,642,045 | | $7,536,299 |

2594

WANGANUI SAVINGS BANK

BALANCE SHEET AS AT 31 MARCH 1983

1983 1982
$ $
Depositors funds—
Savings 26,632,131 23,591,798
Personal cheque 3,158,163 2,480,676
Investment 32,966,663 26,015,103
Accrued interest (note 4) 1,001,895 694,753
Total liability to depositors 63,758,852 52,782,270

| Current liabilities— | | |
| Sundry creditors | 289,867 | 123,473 |
| Provision for donations | 40,000 | 35,000 |
| Provision for taxation (note 7) | 81,786 | 77,448 |
| Mortgages (Payable within 12 months) | 11,900 | 11,900 |
| Total current liabilities | 423,553 | 247,821 |
| Other liabilities— | | |
| Mortgages | 98,525 | 110,425 |
| Provision for deferred taxation (note 8) | 351,600 | 322,928 |
| Total other liabilities | 450,125 | 433,353 |
| Reserve fund— | | |
| Profit and loss appropriation balance brought forward | 971,029 | 634,756 |
| Appropriation account balance | 410,236 | 336,273 |
| | 1,381,265 | 971,029 |
| Revaluation reserve | | |
| Balance brought forward | 327,847 | 133,934 |
| Plus annual revaluation | 78,077 | 193,913 |
| | 405,924 | 327,847 |
| Total reserve fund | 1,787,189 | 1,298,876 |
| | $66,419,719 | $54,762,320 |
| Current assets— | | |
| Cash on hand and at bank | 1,317,556 | 556,234 |
| Fixed Deposit and short term investments | 5,048,000 | 2,148,000 |
| Interest accrued on investments | 641,063 | 672,075 |
| Sundry debtors and pre-payments | 435,191 | 247,205 |
| Stock (note 10) | 108,338 | 71,028 |
| Total current assets | 7,550,148 | 3,694,542 |
| Investments— | | |
| Government stock (note 2) | 20,371,203 | 18,349,186 |
| Local authority stock | 186,000 | 22,000 |
| Mortgages | 32,299,632 | 28,389,564 |
| Personal loans | 3,615,939 | 2,593,433 |
| Investment NTC bank (note 9) | 202,466 | 202,203 |
| Depositors overdrafts | 794,144 | 384,723 |
| Total investments | 57,469,384 | 49,941,109 |
| Fixed assets—(note 5) | | |
| Land | 272,000 | 237,515 |
| Building and improvements | 757,641 | |
| Less depreciation to date | 120,375 | 637,266 | 592,630 |
| Furniture and fittings | 181,784 | |
| Less depreciation to date | 97,810 | 83,974 | 71,132 |
| Vehicles | 61,080 | |
| Less depreciation to date | 13,919 | 47,161 | 31,235 |
| Office equipment | 605,185 | |
| Less depreciation to date | 245,399 | 359,786 | 194,157 |
| Total Fixed Assets | 1,400,187 | 1,126,669 |
| | $66,419,719 | $54,762,320 |

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1983

1983 1982
$ $
Income—
Investment income
New Zealand Government stock 2,163,261 1,804,279
Local authority 5,988 46,153
Mortgages 4,490,168 3,763,484
Personal loans 657,877 392,524
Fixed and call deposits 582,964 389,652
Total investment income 7,900,258 6,396,092
Other income—
Sundry Income 462,820 294,164
Total income 8,363,078 6,690,256
Less expenditure—
Interest on depositors accounts
Savings paid and credited 1,089,340 934,981
Investment—paid and accrued 3,668,796 2,759,692
Total interest 4,758,136 3,694,673


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✨ LLM interpretation of page content

💰 Notes to Accounts for South Canterbury Savings Bank (continued from previous page)

💰 Finance & Revenue
Accounting policies, Mortgages, Audit fees, Taxation

💰 Statement of Changes in Financial Position for South Canterbury Savings Bank

💰 Finance & Revenue
Financial position, Depositors, Investments, Mortgages

💰 Wanganui Savings Bank Balance Sheet as at 31 March 1983

💰 Finance & Revenue
Balance sheet, Depositors funds, Investments, Fixed assets

💰 Wanganui Savings Bank Profit and Loss Account for Year Ended 31 March 1983

💰 Finance & Revenue
Profit and loss, Investment income, Interest, Expenditure