7 AUGUST THE NEW ZEALAND GAZETTE 3371

Fixed Assets (see note 3)
At cost or valuation 7,563,350 6,360,935
Less: Accumulated depreciation (see note 1 (d) (ii)) 1,763,356 1,726,829
5,799,994 4,634,106
Intangible Assets
Goodwill 64,026 -
Total Assets $222,277,382 $207,818,224

Liabilities:
Depositors’ Funds
Savings accounts 68,856,643 69,488,543
Cheque accounts 27,551,003 21,163,747
Term accounts 108,271,689 103,363,484
Depositors’ balances 204,679,335 194,015,774

Current Liabilities
Interest accrued for depositors 5,237,151 4,176,868
Provision for donations 50,000 90,000
Sundry creditors 2,827,301 528,680
8,114,452 4,795,548

Term Liabilities
Provision for deferred taxation 1,386,008 1,066,372
Government funded loans 858,391 943,459
2,244,399 2,009,831

Reserve Fund
General reserve 6,094,850 6,078,169
Property revaluation reserve 1,066,261 835,737
Special reserve term and personal loans 78,085 83,165
7,239,196 6,997,071
Total Liabilities 222,277,382 207,818,224

P. D. WILSON, President.
E. ROBERTSON, General Manager.

CONSOLIDATED PROFIT STATEMENT FOR YEAR ENDED 31 MARCH 1986

Income $ 1986 $ 1985
Interest
New Zealand Government and Local Authority Stock 8,486,477 7,637,450
Mortgages, loans and overdrafts 18,400,616 13,568,548
Money market investments 3,787,885 2,828,360
Investment amortisation (see note 1 (d) (iv)) 32,674,978 24,034,358
Commissions, rents, fees, etc. 104,042 139,765
Total Income 34,609,447 25,108,335
Less: Expenses
Interest on depositors’ funds 24,482,196 15,447,969
Administration expenses (see note 5) 9,492,851 7,479,611
Loss on sale of fixed assets and investments 45,017 201,199
Total expenses 34,020,064 23,128,779
Net Profit: Before taxation 589,383 1,979,556
Less: Provision for taxation 289,515 864,325
Net profit for the year after taxation 299,868 1,115,231
Less: Extraordinary items (see note 6) 73,560 -
Net profit for the year after tax and extraordinary items 226,308 1,115,231
Add:
Balance of reserve fund 31 March 1985 6,997,071 5,790,668
Less prior year adjustments (see note 7) 164,707 (50)
6,832,364 5,790,718
Property revaluation 31 March 1986 7,058,672 6,905,949
230,524 181,122
7,289,196 7,087,071
Less Appropriations:
Provision for donations 50,000 90,000
Balance of Reserve Fund 31 March 1986 $7,239,196 $6,997,071