✨ Financial Statement
NEW ZEALAND GAZETTE
No. 85
2096
| | Note | 1987
| | | $000 |
|----------------|------|-------|
| Auditors remuneration | 8 | 7 |
| Other Expenses | | 1,588 |
| Net Profit Before Taxation | | 3,914 |
| Taxation | | 1,879 |
| Net profit after taxation | 5 | 2,035 |
| Extraordinary item | (2) | – |
| Net profit after taxation and extraordinary items | | 2,033 |
| Retained earnings brought forward | | 969 |
| Retained earnings at year end | | 3,002 |
The notes form part of and should be read in conjunction with these accounts.
Balance Sheet as at 30 September 1987
Assets
| Notes | 1987 | |
|---|---|---|
| $000 | ||
| Deposit with Westpac Banking Corporation | 29,463 | |
| Accrued interest | 1,443 | |
| Provision for deferred taxation | 130 | |
| New Zealand Public Securities | 2 | 53,735 |
| Mortgage and other loans | 38,114 | |
| Investment in subsidiary | 3 | – |
| Total assets | 122,885 |
Less Liabilities
| 1987 | ||
|---|---|---|
| $000 | ||
| Deferred losses | 565 | |
| Loan from The Commercial Bank Savings Bank (NZ) Ltd. | – | |
| Depositors accounts | 100,770 | |
| Accrued interest and other liabilities | 3,826 | |
| Provision for taxation | 1,722 | |
| Total liabilities | 106,883 |
Net assets
| | | 16,002 |
Shareholders' Funds
| Notes | 1987 | |
|---|---|---|
| $000 | ||
| Share capital | 4 | 13,000 |
| Retained earnings | 3,002 | |
| Total shareholders funds | 16,002 |
The notes form part of and should be read in conjunction with these accounts.
On behalf of the board:
J. C. FAIR and R. W. R. WHITE, Directors.
Notes to the Financial Statements Year Ended 30 September 1987
1. Statement of Accounting Policies
General Accounting Policies
The financial statements are based on the general principles of historical cost accounting, including the going concern concept and the accrual basis of accounting.
Particular Accounting Policies
Consistency
The management fee paid to Westpac Banking Corporation was based on the direct costs associated with or apportionment in respect of Savings Bank activity. The accounting policy has been changed as it is considered more appropriate to only charge direct costs incurred.
Except for the above change there have been no significant changes in the accounting policies applied by the company during the period covered by these financial statements. All other policies have been applied on bases consistent with those used in previous years.
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 profit and loss statement in equal annual instalments over the unexpired period to maturity of the securities sold or 5 years, whichever is the shorter.
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VUW Te Waharoa —
NZ Gazette 1988, No 85
NZLII —
NZ Gazette 1988, No 85
✨ LLM interpretation of page content
💰
Westpac Savings Bank - NZ - Limited Financial Statement for the Year Ended 30 September 1987
(continued from previous page)
💰 Finance & Revenue11 November 1987
Financial Statement, Profit and Loss, Auditors' Report, Balance Sheet, Accounting Policies
- J. C. Fair, Director signing financial statement
- R. W. R. White, Director signing financial statement