3118
THE NEW ZEALAND GAZETTE
No. 150

2. Investments:

The market value of the bank’s Government stock holding is $44,555,129. Since stocks are generally held until dates of maturity, differences in market value and book value have little financial effect on the bank.

3. Fixed Assets:

The current Government valuation of land and buildings is $1,085,000. Costs of additions since: $1,030,644.

4. Administration Expenses:

5. Commitments:

Loans approved but not yet uplifted $3,319,815

AUDITORS’ REPORT TO THE TRUSTEES OF THE EASTERN AND CENTRAL SAVINGS BANK

We have examined the balance sheet of the bank as at 31 March 1983, and the related profit statement and statement of changes in financial position for the year then ended. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

In our opinion, the accompanying balance sheet, profit statement and statement of changes in financial position present fairly, using the historical cost method, the financial position of the bank at 31 March 1983, and the results of its operations and the changes in financial position for the year then ended, in conformity with generally accepted accounting principles applied on the basis consistent with that of the preceding year.

BROWN WEBB & CO., Chartered Accountants.

11 May 1983. Hastings

2597

TARANAKI SAVINGS BANK

BALANCE SHEET AS AT 31 MARCH 1983

Deferred taxation (note 3) | 982,068 | 921,955 |
Term liability (note 10) | 700,000 | — |
Reserve fund | 5,475,818 | 4,535,735 |
| $142,601,835 | $117,951,798 |

Current assets—
Cash on hand and at bank | 1,431,496 | 1,921,539 |
Fixed deposits (note 4) | 9,591,000 | 5,501,000 |
Accrued interest on investments | 1,820,837 | 1,651,723 |
Sundry debtors | 89,241 | 104,660 |
Total current assets | 12,932,574 | 9,178,922 |

Investments—
N.Z. Government stock (note 5) | 48,420,898 | 40,845,481 |
Less discount not yet amortised | 915,576 | 513,889 |
| 47,505,322 | 40,331,592 |
Local authority stock at cost | 150,130 | 359,450 |
Mortgages | 70,304,808 | 60,168,120 |
Personal loans less unearned interest (note 6) | 3,080,147 | 2,281,198 |
Overdrafts | 549,427 | 343,785 |
Trusteebank Visa outstanding | 668,555 | 353,457 |
Associate company (note 7)—
Northern Trustee Computerbank Ltd. | 187,435 | 187,172 |
Total investments | 122,445,824 | 104,024,774 |

National savings securities—
at cost | 9,500 | 202 |
Cash on hand and at bank | — | 9,702 |
Total National Savings Securities | — | — |

Fixed assets (note 8)—
Land | 718,454 | 299,555 |
Buildings | 4,954,422 | 3,253,403 |
Vehicles, office equipment and furniture | 2,733,467 | 2,166,846 |
| 8,406,343 | 5,719,804 |
Less depreciation to date | 1,182,906 | 981,404 |
Total fixed assets | 7,223,437 | 4,738,400 |

$142,601,835 | $117,951,798 |

M. ABRAHAM, President.
B. J. RUDD, General Manager.

TARANAKI SAVINGS BANK
DETAILED PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1983

Administrative expenses—
Salaries and wages | 2,235,178.42 | 1,959,934.46 |
Trustees honoraria | 18,900.00 | 20,470.00 |
Advertising | 158,611.69 | 315,111.05 |
Stationery | 188,040.39 | — |
Rates and insurance premiums | 74,999.81 | 48,017.72 |
Share of earthquake premiums of properties mortgaged to the bank | 8,726.55 | 5,795.63 |
Staff superannuation fund contributions | 182,258.65 | 45,522.13 |
Rent—branch premises | 72,350.09 | 31,739.47 |
Light and heating | 35,983.74 | — |
General office expenses | 1,051,339.97 | 871,919.93 |
Expenses maintaining branch premises | 48,655.40 | 18,972.02 |
Depreciation | 289,744.20 | 252,811.57 |