✨ Financial Statement Continuation
19 MAY NEW ZEALAND GAZETTE 2097
Taxation
The company adopts tax effect accounting whereby income tax expense is calculated on pre-tax accounting profits after adjustment for permanent taxation differences. The tax effect of timing differences which occur where items are included or allowed for income tax purposes in a period different to that for accounting is shown in provision for deferred income tax and future income tax benefits, as applicable, at current taxation rates.
The liability method of inter-period allocation of income tax has been applied.
New Zealand Public Securities
Book, redemption and market value of these securities at 30 September were:—
| 1987 | 1986 | |
|---|---|---|
| $000 | $000 | |
| Book | 53,735 | 68,819 |
| Redemption | 53,860 | 69,155 |
| Market | 51,868 | 65,763 |
3. Investment in Subsidiary
During the year The Commercial Bank Savings Bank (NZ) Limited was sold to Westpac Holdings - NZ - Limited.
4. Share Capital
| 1987 | 1986 | |
|---|---|---|
| $000 | $000 |
Authorised Capital—
14,400,000 ordinary shares of $1.00 each | 14,400 | 14,400 |
Issued Capital—
12,400,000 ordinary shares of $1.00 each
2,000,000 ordinary shares of $1.00 each paid to 30 cents | 12,400 |
| 600 | 600 |
13,000 | 13,000 |
5. Extraordinary Item
| 1987 | 1986 | |
|---|---|---|
| $000 | $000 | |
| Increase in provision for deferred | ||
| taxation arising from change in | ||
| company rates | 2 | — |
6. Directors’ Emoluments
No emoluments are paid to the directors of the company.
Statement of Changes in Financial Position For the Year Ended 30 September 1987
| 1987 | 1986 | |
|---|---|---|
| $000 | $000 |
Funds were Provided:
From Operations:
Net profit after taxation | 2,033 | 258 |
From Other Sources:
Decrease in holding of New Zealand public securities | 15,084 | 3,338 |
Decrease in mortgages and loans | 16,604 | 19,090 |
Increase in provision for taxation | 2,579 | (1,026)|
Sale of investment in subsidiary | 500 | — |
| 36,800 | 21,660 |
Funds were Applied to:
Increase in the Deposit with Westpac Banking Corporation | 15,629 | 7,288 |
Repay depositors balances | 20,098 | 14,828 |
Decrease in provision for deferred Taxation | 169 | 92 |
Decrease loan from The Commercial Bank Savings Bank (NZ) Ltd. | 500 | — |
Increase in accrued interest and other liabilities | 404 | (548) |
| 36,800 | 21,660 |
PUBLISHED BY AUTHORITY OF DEPARTMENT OF INTERNAL AFFAIRS:
V. R. WARD, GOVERNMENT PRINTER, WELLINGTON, NEW ZEALAND—1988
Price $1.76 (inc. G.S.T)
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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
- V. R. Ward, Government Printer