New Zealand Gazette – 1986 – No. 109

Page 3046

✨ Financial Statements



3046
THE NEW ZEALAND GAZETTE
No. 109

  1. Taxation—
    The differences between the provision for taxation at the current rate of tax and that shown in the Profit Statement are as follows:
Taxation at current rates 594 340
Permanent differences 22 —
Timing differences not recognised (112) —
Re-estimate of timing differences not recognised (291) —
Additional deferred taxation provision required for the tax rate increase from 45% to 48% 66 —
$279 $340

Current charge represents:
Current tax payable 455 110
Net deferred tax (176) 230
$279 $340
  1. Government and Local Authority Securities—
Cost price plus amortisation 24,812 42,087
Nominal value 24,800 43,248
Market value 19,049 34,388
  1. Associated Company—
    Trusteebank Computer Limited—at cost:
Shares 997 —
Debenture 628 —
$1,625 —

In March 1986 the Bank purchased a 14.3% share in Trusteebank Computer Limited. In the period to 31 March 1986 there was no profit for equity accounting purposes. The company's balance date is 31 May.

  1. Fixed Assets—
1985 1984
Cost Accumulated Depreciation Book Value Cost Accumulated Depreciation Book Value
$000 $000 $000 $000 $000 $000
Improvements to leasehold premises 731 164 567 743 131 612
Furniture, fittings and equipment 2,308 772 1,536 2,038 512 1,526
Vehicles 109 30 79 80 17 63
$3,148 $966 $2,182 $2,861 $660 $2,201

  1. Term Liabilities—
    The Housing Corporation of New Zealand liabilities relate to supplemented mortgage loans advanced for eligible depositors under the Home Ownership Savings Scheme.

  2. Deferred Taxation Payable—

1986 1985
$000 $000
Deferred taxation last year 1,057 827
Current years charge 49 230
Additional provision required for the tax rate increase from 45% to 48% 66 —
Re-estimate of timing differences not recognised (291) —
$881 $1,057

Potential taxation for which no provision for deferred tax has been made | $430 | — |

  1. Depositors' Balances—
1986 1985
$000 $000
Repayable—
At call 60,598 57,048
Within 1 year 60,845 52,416
1–2 years 2,233 6,882
2–3 years 1,485 1,199
3–5 years 198 42
$125,359 $117,587

The Government guarantee of depositors' funds including accrued interest in terms of section 44 of the Trustee Banks Act 1983 and subsequent amendments was in force at balance date and continues to remain in force.

  1. Financing Commitments—
1986 1985
$000 $000
Mortgages approved but not uplifted 2,661 2,793
Capital commitments—data processing 363 3
—premises — 27
—associated company 315 —


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✨ LLM interpretation of page content

💰 Taxation Details and Adjustments

💰 Finance & Revenue
Taxation, Current rates, Permanent differences, Timing differences, Deferred taxation

💰 Government and Local Authority Securities

💰 Finance & Revenue
Securities, Cost price, Nominal value, Market value

💰 Investment in Associated Company

💰 Finance & Revenue
Associated company, Trusteebank Computer Limited, Shares, Debenture

💰 Fixed Assets Summary

💰 Finance & Revenue
Fixed assets, Improvements to leasehold premises, Furniture, Fittings, Equipment, Vehicles, Depreciation

💰 Term Liabilities Overview

💰 Finance & Revenue
Term liabilities, Housing Corporation of New Zealand, Mortgage loans

💰 Deferred Taxation Payable

💰 Finance & Revenue
Deferred taxation, Tax rate increase, Timing differences

💰 Depositors' Balances

💰 Finance & Revenue
Depositors' balances, Repayable funds, Government guarantee

💰 Financing Commitments

💰 Finance & Revenue
Financing commitments, Mortgages, Capital commitments, Data processing, Premises, Associated company