76
THE NEW ZEALAND GAZETTE
No. 1

LINCOLN COLLEGE
DECLARATION OF RESULT OF ELECTION
LINCOLN COLLEGE COUNCIL

I hereby declare the result of the election taken on Monday, the 3rd day of December 1984 for the election of one member of the Council of Lincoln College by the graduates of the University of New Zealand and the University of Canterbury, whose names are on the books of the college and the holders of diplomas granted by the college, to be as follows:

Candidates Votes
Received
Allison, Arthur John 504
Gibson, Albert Eric 334

I therefore declare the said Arthur John Allison to be elected for a term of 3 years commencing on 1 January 1985.

Dated at Lincoln College this 10th day of December 1984.

G. A. HAY, Returning Officer.

2982

AN ACT TO AMEND THE OTAGO FOUNDATION TRUST BOARD ACT 1962

NOTICE is hereby given that the Otago Foundation Trust Board proposes to apply for leave to bring into the House of Representatives during this present session of Parliament a Private Bill the objects of which are to empower the Board to sell further lands.

The promoter of this Private Bill is the Otago Foundation Trust Board.

Communications or notices to the promoter may be sent to and a copy of the Bill may be inspected at the offices of:

DOWNIE STEWART & CO., Solicitors for the Promoter.
Fifth Floor, T. & G. Building, 335 Princes Street (P.O. Box 1345),
Dunedin.

2235

A.N.Z. SAVINGS BANK (NEW ZEALAND) LTD, ACCOUNTS
30 SEPTEMBER 1984

A.N.Z. SAVINGS BANK (NEW ZEALAND) LTD.

Directors' Report

1. Retained earnings and appropriations: $000
   Retained earnings at 30 September 1983 1,398
   Profit after tax for the year was 2,442
   Total available for appropriation 3,840
   Amount transferred to reserves 1,080
   Interim dividend paid September 1984 1,080
   Retained earnings carried forward $2,760

2. Results for the year: The nature of the company's business has not changed during the year. The state of affairs of the company is considered to be satisfactory.

3. Final dividend: No final dividend is recommended in respect of the year ended 30 September 1984.

For and on behalf of the Board of Directors.

P. G. GILBERT and
F. BRAY, Directors.

Bases of Accounting:

These financial statements have been prepared in accordance with historical cost principles. There have been no material changes in accounting policies during the year.

(a) Amortisation and profits and losses on investments—Premiums and discounts on New Zealand Government and local securities are amortised from the date of purchase to maturity on a straight line basis.

As the majority of redeemable quoted investments are normally held to or near maturity, no provision is considered necessary for any difference between the book values and market values.

As from 1 October 1983, realised profits and losses on sales of New Zealand Government and local authority securities are taken to the profit and loss account in the year of sale. Prior to 1 October 1983, realised profits and losses on sales of such securities were taken to profit and loss account in equal instalments over five years commencing with the year of sale and amounts outstanding at 30 September 1983 will continue to be spread over the remaining years.

(b) Provision for doubtful debts—The charge for the provision for doubtful debts reflects the current volume of lending. A general provision is maintained in relation to the average level of loans and advances. This provision is deducted from loans in the balance sheet.

(c) Taxation—Tax effect accounting procedures are applied under the liability method on all timing differences.

PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 1984

Note 1984 1983
$000 $000
Gross income, including interest 24,215 27,491
Less expenses 19,783 22,686
Operating profit before income tax 4,432 4,805
Less income tax expense 1,990 2,161
Operating profit after tax 2,442 2,644
Retained earnings at beginning of year 1,398 1,398
Total available for appropriation 3,840 4,825
Less appropriations:
Transfer to reserves 3 2,372
Interim dividend 1,080 1,055
Retained earnings at end of year $2,760 $1,398

The notes form part of and should be read in conjunction with these accounts.

BALANCE SHEET AS AT 30 SEPTEMBER 1984

Note 1984 1983
$000 $000
Liabilities:
Authorised capital: 250,000 shares of $2 each 500 500
Shareholders' funds:
Paid up capital 500 500
Reserves 9,642 9,642
Retained earnings 2,760 1,398
Total shareholder's funds 12,902 11,540
Customers' accounts 173,044 201,880
Other liabilities 18,537 5,907
Provisions:
Provision for taxation 336 1,188
Provision for deferred taxation 2,805 3,549
$207,624 $224,064

Assets:
Deposits with ANZ Banking Group (New Zealand) Ltd. 13,157 18,576
Other current assets 1,875 2,239
Customers' accounts:
Mortgage and other loans 4, 5 139,103 140,590
Investments 6 53,489 62,659
$207,624 $224,064

On behalf of the Board:

P. G. GILBERT and
F. BRAY, Directors.

NOTES TO THE ACCOUNTS

Note 1984 1983
$000 $000

1. Income:
   New Zealand Government and local authority securities 6,301 6,482
   Mortgage and other loans 16,799 18,957
   Other 1,115 2,052
   $24,215 $27,491

2. Expenses:
   Interest paid depositors 11,658 14,971
   Management and operating expenses 8,116 7,707
   Auditor's remunerations 9 8
   $19,783 $22,686