New Zealand Gazette – 1985 – No. 205

Page 4890

✨ Financial Statements



4890 THE NEW ZEALAND GAZETTE No. 205

STATEMENT OF CHANGES IN FINANCIAL POSITION

1985 $ 1984 $
Source of Funds—
Profit after tax 2,383,878 1,812,879
Depreciation 398,990 361,527
Total funds from operations 2,782,868 2,174,406
From Other Sources—
Donation provision transferred 535 4,445
Increase in provision for donations 50,000 50,000
Depositors’ funds 21,535,690 23,931,400
Deferred taxation 162,391 162,891
Decrease in working capital — 4,293,479
Total source of funds $24,531,484 $30,616,621

| Application of Funds— | | |
| Net purchase of fixed assets | 1,374,304 | 1,639,761 |
| Investments | 1,933,827 | 16,709,688 |
| Mortgages and personal loans and overdrafts (net of Housing Corporation supplemented mortgages) | 10,074,633 | 11,577,373 |
| Trusteebank Visa outstanding | 814,872 | 539,799 |
| Provision for donations | 200,000 | 150,000 |
| Increase in working capital | 10,133,848 | — |
| | $24,531,484 | $30,616,621 |

Increase/Decrease in Working Capital—

1985 $ 1984 $
Cash 1,650,064 54,096
Cash deposits 8,589,348 (4,045,500)
Debtors (2,101) 86,729
Creditors 219,667 (402,862)
Taxation (13,765) (146,170)
Accrued interest on investments 166,655 224,527
Accrued interest on investment accounts (476,020) (84,299)
$10,133,848 ($4,293,479)

R. G. DUNLOP, J.P., President.
B. J. RUDD, J.P., General Manager.

NOTES TO THE ACCOUNTS

  1. Statement of Accounting Policies—
    The general accounting principles as recommended by the New Zealand Society of Accountants for the measurement and reporting of results and financial position have been followed in the preparation of these financial statements.

    —the measurement base adopted is that of historical cost
    —accrual accounting is used to match expenses and revenues

    The following particular accounting policies which significantly affect the measurement of the Bank’s profit and financial position have been applied on a basis consistent with previous years.

    Depreciation—Depreciable fixed assets are depreciated on a straight line basis at rates estimated to write off the cost, less residual value, over the useful life of each class of asset. The principal rates in use are:

    • Buildings: 1 percent and 2½ percent
    • Office equipment, fixtures and fittings: 10 percent and 20 percent
    • Computer equipment: 12.5 percent

    New Zealand Government Stock—
    New Zealand Government stock is recorded at par value less discount on acquisition which is amortised over the term of the investment on a straight line basis.

    The stock is regarded as a long-term investment and under normal circumstances is held to maturity and redeemed at face value. Periodically the stock is sold to improve interest yield. The realisable value of the stock fluctuates with movement in the rate of interest and it is customary for such fluctuations to be disregarded in the accounts of the long-term institutional investor.

  2. Term Investment Accounts—

1985 $ 1984 $
Under 1 year 36,848,972 29,324,602
1–2 years 38,198,914 25,934,742
2–3 years 9,197,225 12,522,947
3–5 years 8,228,869 8,419,852
$92,473,980 $76,202,143


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✨ LLM interpretation of page content

💰 Statement of Changes in Financial Position

💰 Finance & Revenue
Financial Position, Profit, Depreciation, Investments, Loans, Taxation
  • R. G. Dunlop, J.P., President
  • B. J. Rudd, J.P., General Manager

💰 Notes to the Accounts

💰 Finance & Revenue
Accounting Policies, Depreciation, Government Stock, Term Investments