New Zealand Gazette – 1987 – No. 139

Page 4024

✨ Financial Statements

THE NEW ZEALAND GAZETTE

No. 139

BALANCE SHEET AS AT 30 SEPTEMBER 1986

	Notes	1986 $000	1985 $000
Assets
Deposit with Westpac Banking Corporation		13,834	6,546
Accrued interest		460	533
Deferred losses		1,196	1,834
New Zealand Public Securities	2	68,819	72,157
Mortgage and other loans		54,718	73,808
Investment in Subsidiary		500	500
Taxation Receivable		857	(169)
Total Assets		140,324	155,209

| | | | |
| Less liabilities | | | |
| Loan from The Commercial Bank Savings Bank (NZ) Ltd. | | 500 | 500 |
| Depositors accounts | | 120,868 | 135,696 |
| Accrued interest and other liabilities | | 4,948 | 5,171 |
| Provision for deferred Taxation | | 39 | 131 |
| Total Liabilities | | 126,355 | 141,498 |
| Net Assets | | 13,969 | 13,711 |

| | | | |
| Shareholders Funds | | | |
| Share Capital— | | | |
| Authorised and issued 14,400,000 ordinary shares of $1 each | | 14,400 | 14,400 |
| Less uncalled 2,000,000 ordinary shares of 70c each | | 1,400 | 1,400 |
| | | 13,000 | 13,000 |
| Revenue Reserves— | | | |
| Retained Earnings | | 969 | 711 |
| Total shareholders funds | | $13,969 | $13,711 |

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30TH SEPTEMBER 1986

1. Statement of Accounting Policies—

General Accounting Policies—The measurement base adopted is that of historical cost. Reliance is placed on the fact that the company is a going concern.

Accrual accounting is used to match expenses and revenues.

Significant Particular Accounting Policies—

Consolidation—

Group Accounts have not been prepared as the Directors are of the opinion that the expense of preparation would be out of proportion to the value to the members of the company.

Valuation of Investments—

New Zealand public securities are valued at cost adjusted annually for the proportion of discount or premium on purchase so as to allow redemption value by maturity date.

Whilst in the ordinary course of business some realisation of New Zealand public securities may take place at prices below book values, in the majority of cases these securities are held to, or close to maturity dates when they would be redeemed at face value. Accordingly, no provision is made for any difference between book value and market value of individual securities.

Sale of Public Securities—

Profit or losses realised on sale of public securities are reflected in the statement of profit in equal annual instalments over the unexpired period to maturity or 5 years, whichever is the shorter.

Taxation—

The liability method of interperiod tax allocation has been applied primarily in respect of public security interest income.

Changes in Accounting Policies—There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

2. New Zealand Public Securities

Book, redemption and market value of these securities at 30 September were:

	1986 $000	1985 $000
Book	68,819	72,157
Redemption	69,155	72,704
Market	65,763	61,294

STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED 30 SEPTEMBER 1986

Funds were provided:	1986 $000	1985 $000
From Operations—net profit after taxation	258	1,378
Dividend from subsidiary	-	3,985
From Other Sources—
Decrease in holdings of New Zealand Public Securities	3,338	10,420
Decrease in mortgages and loans	19,090	18,924
Decrease in accrued interest and other liabilities	548	1,757
Total	23,234	36,464

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VUW Te Waharoa — NZ Gazette 1987, No 139

NZLII — NZ Gazette 1987, No 139

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✨ LLM interpretation of page content

💰 Balance Sheet as at 30 September 1986

Domain💰 Finance & Revenue
KeywordsAssets, Liabilities, Shareholders Funds, Westpac Savings Bank

💰 Notes to the Financial Statements Year Ended 30th September 1986

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Valuation, Taxation, Westpac Savings Bank

💰 Statement of Changes in Financial Position for the Year Ended 30 September 1986

Domain💰 Finance & Revenue
KeywordsFunds Provided, Operations, Dividend, Westpac Savings Bank

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