2448 THE NEW ZEALAND GAZETTE No. 109

In our opinion, the accompanying balance sheet, profit and loss
account, appropriation account and statement of changes in financial
position, together with the notes thereon, are properly drawn up
using the historical cost method modified by the revaluation of land
and buildings, so as to give a true and fair view of the financial
position of the Wanganui Savings Bank as at 31 March 1983, and
the financial result of its transactions and the changes in financial
position, for the year ended on that date, in accordance with section
29 (2) of the Trustees Savings Bank Act 1948.

                McCULLOCH MENZIES.

Wanganui, 29 April 1983.

        WESTLAND SAVINGS BANK
    BALANCE SHEET AS AT 31 MARCH 1983

                1983            1982
                $               $

Depositors Accounts—
Ordinary 9,654,645 10,395,377
Special 6,106,271 1,921,630
15,760,916 12,317,007
Investment accounts 22,313,826 19,378,444
38,074,742 31,695,451

Other Liabilities—
Interest accrued on
investment accounts 901,367 655,686
Sundry creditors 16,645 22,238
918,012 677,924

Provision for Donations 20,000 20,000
Provision for Taxation—
Current ... 18,717
Deferred 158,517 83,992
158,517 102,709

Reserve Fund—
Balance 1 April 1982 786,339 625,994
Transfer from
appropriations 71,002 160,345
857,341 786,339
$40,028,612 $33,282,423

                1983            1982
                $               $

Current Assets—
Cash on hand and at
banks 755,786 1,176,710
Interest bearing deposits 3,372,100 1,592,100
Interest accrued on
investments 380,208 374,256
Debtors and prepayments 69,532 72,614
Prepaid taxation 50,064
4,627,690 3,215,680

Investments—
N.Z. government stock 13,597,676 11,679,754
Local authority securities 193,298 267,018
Mortgages and personal
loans 20,502,101 17,259,800
34,293,075 29,206,572

Fixed Assets—
Land and buildings cost 578,708 548,734
Depreciation to date 49,265 43,692
529,443 505,042

Furniture and Equipment—
Cost price 861,456 533,007
Depreciation to date 283,052 117,878
578,404 355,129
$40,028,612 $33,282,423

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

                WESTLAND SAVINGS BANK
    PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH
                                1983

                        1983            1982
                        $           $

Interest to Depositors—
On open accounts 265,829 267,477
On closed accounts 118,000 61,329
On matured investment
accounts 1,972,521 1,440,547
Accrued on investment
accounts 886,531 655,686
3,242,881 2,425,039

Administration Expenses— 1,382,115 1,120,404
Depreciation 4,013 2,946
Depreciation 110,744 80,834
Provision for taxation 75,112 50,179
1,571,984 1,254,363
Net profit 91,002 180,345
$4,905,867 $3,859,747

                        1983            1982
                        $           $

Interest on Investments—
From government stock 1,341,626 1,038,432
From local authorities 10,551 30,144
From mortgages and
personal loans 2,781,758 2,369,182
From other sources 679,132 364,926
4,831,067 3,802,684

Income from Other Sources—
Commission 54,082 41,298
Rents 20,718 15,765
74,800 57,063
$4,905,867 $3,859,747

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR THE YEAR
            ENDED 31 MARCH 1983

                        1983            1982
                        $           $

Donations 20,000 20,000
Balance transferred to reserve
fund 71,002 160,345
$91,002 $180,345

                        1983            1982
                        $           $

Net profit 91,002 180,345
$91,002 $180,345

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31
MARCH 1983

1. Statement of Accounting Policies:
   (a) General accounting policies—The accounting policies
   recognised as appropriate for the measurement 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 and includes the amortization of premiums
   and discounts on the purchase of Government and Local
   authority stock. Interest on personal loans is calculated
   according to the rule of 78.
   (c) Expenditure—Interest on depositor's accounts represents
   interest paid, credited or accrued for the financial year
   ended 31 March 1983. Other expenses, including computer
   development costs, are charged to the accounts in the year
   in which the expenditure is incurred.
   (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 is the estimated
   expense relating to the result of the year. It includes an
   amount for taxation, the payment of which is deferred to
   future periods, because taxation practice differs from
   accounting policies in the treatment of: