4428 THE NEW ZEALAND GAZETTE No. 187

Investments—

Government stock (note 2) 28,263,742 25,825,991
Local authority stock 13,000 123,000
Mortgages 39,340,148 34,817,523
Personal loans (note 11) 4,891,964 4,132,869
Depositors overdrafts 1,918,228 1,459,623
Associated company (note 3) 841,380 352,117

Total investments 75,268,462 66,711,123

Fixed assets: (note 1d)

Land 887,340 319,800
Buildings and improvements 162,491 724,849
Less depreciation to date 220,946 650,967
Furniture and fittings 132,104
Less depreciation to date 88,842
Vehicles 77,946 88,932
Less depreciation to date 21,219 44,355
Office equipment 787,504 362,772
Less depreciation to date 444,624

Total fixed assets 1,533,098 1,425,626
$90,449,609 $79,315,247

To be read in conjunction with the notes to the accounts, which form part of the financial statements.

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1985

Income—

Investment income:

New Zealand Government stock 3,807,846 2,736,966
Local authority stock 10,294 12,074
Mortgages 5,275,203 4,563,224
Personal loans 825,316 794,651
Overdrafts 257,620 161,121
Trustebank Visa 85,377 60,040
Fixed and call deposits 1,592,169 1,096,033

Total investment interest 11,853,825 9,424,109

Other income—

Sundry income 420,197 392,736

Total income 12,274,022 9,816,845

Less expenditure—

Interest on depositors accounts:

Savings and current accounts—paid and credited 2,477,792 1,627,514
Investment—paid and accrued 4,491,980 4,063,121

Total interest 6,969,772 5,690,635

Other expenses—

Management and staff expenses 1,838,183 1,630,574
Trustees fees and expenses 25,393 26,587
General operating expenses 1,534,900 1,209,594
Audit fees 12,146 14,000
Property expenses 42,915 30,818
Office equipment expenses 117,785 87,738
Depreciation 159,956 168,703
Loss on disposal Government Stock 455,033

Total other expenses 4,186,311 3,168,014

Total expenditure 11,156,083 8,858,649

Net profit before taxation 1,117,939 958,196
Taxation expenses (note 4) (491,724) (430,139)
Associate company share of profits (note 3) 19,263

Net profit after taxation $645,478 $557,708

APPROPRIATION ACCOUNT

Net profit from profit and loss account $645,478 $557,708
Provision for donations (32,560) (32,600)
Prior year taxation (under) over provided (6,747)
Balance to reserve fund $612,918 $518,361

To be read in conjunction with the notes to the accounts, which form part of the financial statements.

FUNDS STATEMENT

STATEMENT OF CHANGES IN FINANCIAL POSITION FOR YEAR ENDED 31 MARCH 1985

Funds were provided—

From operations:
Net profit after tax 645,478 557,708
Plus adjustments not involving movement of funds—depreciation 159,956 168,703