New Zealand Gazette – 1986 – No. 155

Page 4191

✨ Financial Statements and Audit Report



2 OCTOBER THE NEW ZEALAND GAZETTE 4191

Deferred Taxation—

1986 $ 1985 $
Provision for deferred tax 1,307,350 1,144,959
1985/86 movement (276,518) 162,391
$1,030,832 $1,307,350
  1. Fixed Deposits—
    Coupon maturity dates cover the period April 1986 to July 1986. As these investments can be realised as liquidity conditions dictate they have been treated as current assets.

(Refer also note 1)

  1. New Zealand Government Stock— (Refer also note 1)
1986 $ 1985 $
Cost 55,785,990 65,119,217
Amortised discount 514,204 367,182
$56,300,194 $65,486,399

| Market value | 49,048,692 | 58,084,496 |

  1. Personal Loans—
    Interest on loans is added to the principal sum at the date of the advance. The interest revenue is recognised on the basis of the ‘Rule of 78’ method. Unearned interest as at 31 March was $1,392,883 (1985: $1,186,005).

  2. Trustebank Computer Ltd—
    The ordinary share investment has been shown using the equity accounting basis.

1986 $ 1985 $
Ordinary shares $1 each 997,000 140,000
Accumulated profits to previous year 153,943 138,380
Plus share of profit for year 79,132 74,811
Less share of provision for taxation — 34,294
1,210,191 278,897
Debentures (at cost) 522,750 563,000
$1,732,941 $841,380

On 15 March 1986 Trustebank Canterbury and Trustebank Wellington became shareholders.

  1. Fixed Assets—
    Fixed assets are recorded at cost:
Cost $ Accumulated Depreciation $ Book Value 1986 $ Book Value 1985 $
Land 872,651 — 872,651 856,407
Buildings 6,051,664 354,106 5,697,558 5,417,319
Plant, furniture and fittings 4,342,607 1,947,927 2,394,680 2,203,259
Total 1986 11,266,922 2,302,033 8,964,889
Total 1985 10,369,176 1,892,191 8,476,985

The latest valuation received in respect of properties totalled $10,658,000 (1985: $11,296,196)

  1. Contingent Liabilities and Commitments—
1986 $ 1985 $
Contingent liabilities nil nil
Mortgage commitments 2,279,000 2,929,000
Capital commitments 337,000 103,000

AUDITORS' REPORT TO THE TRUSTEES OF TARANAKI SAVINGS BANK

We have obtained all the information and explanations that we have required. In our opinion proper accounting records have been kept by the bank so far as it appears from our examination of those records.

In our opinion, according to the best of our information and the explanations given to us and as shown by the said records, the financial statements are properly drawn up so as to give, using the historical cost method, a true and fair view of the state of the bank’s affairs as at 31 March 1986 and the results of its business and the changes in financial position for the year ended on that date.

DELOITTE HASKINS AND SELLS, Chartered Accountants,
New Plymouth, 21 May 1986.



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✨ LLM interpretation of page content

💰 Notes to the Accounts (continued from previous page)

💰 Finance & Revenue
Accounting Policies, Deferred Taxation, Fixed Deposits, Government Stock, Personal Loans, Trustebank Computer Ltd, Fixed Assets, Contingent Liabilities

💰 Auditors' Report to the Trustees of Taranaki Savings Bank

💰 Finance & Revenue
21 May 1986
Audit, Financial Statements, Taranaki Savings Bank
  • DELOITTE HASKINS AND SELLS, Chartered Accountants