5736

THE NEW ZEALAND GAZETTE

No. 232

Investments (see Note 2)
New Zealand
Government Stock
and Local Authority
Stock .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

64,089,744
71,413,963
9,302,760
3,065,737
5,731,712

153,603,916

Fixed Assets (see Note 3)
At cost or valuation
Less: Accumulated depreciation

5,466,955
1,382,955

4,084,000

Total Assets

$173,691,157

Less: Liabilities
Depositors’ Funds
Savings accounts
Cheque accounts
Term investments

$1984
163,491,720
3,098,163

$1983
141,248,407
3,099,363

Less: Items in transit
Net liability to depositors

166,589,883
812,907
165,776,976

144,347,770
2,380,467
141,767,303

Current Liabilities
Provision for Donations
Taxation
Provisional Tax paid
Mortgage instalments due within one year

80,000
621,460

70,000
593,331

Term Liabilities
Mortgages
Provision for Deferred Taxation
Housing Corporation of N.Z.

526,800
764,382

597,333

Total Liabilities
Excess of Assets over Liabilities

$5,790,668

$4,622,098

Represented by—
Transferred from Profit Statement
General Reserve 31/3/84
Property Revaluation Reserve 1/4/83
Net Revaluation for year
Special Reserve Term and Personal Loans

849,959
367,049
287,566

658,406
305,755
654,615

Total Reserve Fund

$5,790,668

$4,622,098

EASTERN AND CENTRAL SAVINGS BANK
STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED 31 MARCH 1984

Funds were provided:
From Operations
Tax Paid Profits
Adjustment for items not involving movement of funds:
Depreciation
Investment Amortisation
Total Funds from Operations
From Other Sources
Increase in Depositors Balances
Repayments of Principal—
N.Z. Government and Local Authority Stock
Mortgages
Term and Personal Loans
Decrease in Working Capital

$1984
960,935
312,124
155,088
1,117,971
24,009,673
15,123,317
12,177,031
5,367,671

$1983
748,356
290,934
(87,425)
951,865
13,870,983
5,402,839
12,007,512
2,971,803

$59,830,317
$28,107,645

Funds were applied to:
New Investments in—
New Zealand Government and Local Authority Stock
Mortgages
Overdraft Advances and Trusteebank Visa (net)
Term and Personal Loans
Decrease in Long Term Borrowing
Fixed Assets Additions (net)
Taxation Provision
Provision for Donations (net)

$1984
29,144,161
19,099,616
927,260
9,839,068
214,509
478,429
47,343
79,931

$1983
9,131,381
13,306,224
281,251
4,654,528
(516,432)
1,120,789
59,979
69,925

$59,830,317
$28,107,645

EASTERN AND CENTRAL SAVINGS BANK
PROFIT STATEMENT FOR YEAR ENDED 31 MARCH 1984

Income
New Zealand Government and Local Authority Stock
Mortgages, Term and Personal Loans
Overdrafts
Investment Amortisation
Commissions, Rents, Fees etc.
Total Income

$1984
6,108,603
12,414,174
1,914,878
155,088
560,416
21,153,159

$1983
4,687,510
11,171,277
1,672,834
87,425
397,702
18,016,748

Less: Expenses:
Interest on Depositors’ Funds (see Note 4)
Administration Expenses
Loss on Sale of Assets and Investments
Total Expenses
Net Profit: before Taxation
Less: Taxation

$1984
12,355,694
6,600,588
469,649
19,425,931
1,727,228
813,636

$1983
10,989,349
5,794,979
(82,457)
16,701,871
1,314,877
626,500

Tax Paid Profit for year
Add: Unclaimed Donations

$1984
766,293
960,935

$1983
(59,979)
748,356

Balance: Transferred to General Reserve

$849,959
$658,406

NOTES TO THE ACCOUNTS

1. Statement of Accounting Policies:

(a) General Accounting Principles—The general accounting principles as recommended by the New Zealand Society of Accountants for the measurement and reporting of profit and financial position under the historical cost method has been followed in the preparation of these accounts, except for the revaluation of land and buildings.

(b) Particular Accounting Principles—The following particular accounting principles which materially affect the measurement of profit and financial position have been applied:

(i) Interest Income—Interest is recognised on an accrual basis. Personal Loan interest excludes unearned interest, and has been apportioned according to the Rule of 78 method.

(ii) Fixed Assets—All fixed assets are valued at cost less accumulated depreciation with the exception of land and buildings which have been revalued to 90 percent of Professional Valuations.

For accounting purposes, depreciation is calculated using straight line rates based on the economic life of the assets. The following lives have been estimated:

E. S. J. CUSHING, President.
E. ROBERTSON, General Manager.