New Zealand Gazette – 1989 – No. 81

Page 1894

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 81

DELOITTE HASKINS & SELLS, Chartered Accountants.
Wellington, New Zealand.
10 November 1988.

Profit and Loss Statement Year Ended 30 September 1988

Notes 1988 $'000 1987 $'000
Income—
Income from New Zealand public securities ... 4,519 8,098
Interest received on advances ... 5,426 8,068
Other ... 4,175 2,895
Total income ... 14,120 19,061
Less interest paid to depositors ... 10,126 13,559
Net Income ... 3,994 5,502
Expenses—
Management and operating expenses ... 1,320 1,580
Auditors' remuneration ... 10 8
Other Expenses ... 1,330 1,588
Net profit before taxation ... 2,664 3,914
Taxation ... 1,279 1,879
Net profit after taxation ... 1,385 2,035
Extraordinary item ... 2 (2)
Net profit after taxation and extraordinary items ... 1,385 2,033
Retained earnings at year beginning ... 3,002 969
Retained earnings at year end ... $4,387 $3,002

The notes form part of and should be read in conjunction with these accounts.

Balance Sheet as at 30 September 1988

Notes 1988 $'000 1987 $'000
Assets—
Deposit with Westpac Banking Corporation ... 74,919 29,463
Accrued interest ... 14 1,443
Provision for taxation ... 899 (1,722)
Provision for deferred taxation ... 1 130
New Zealand public securities 3 ... 53,735
Mortgage and other loans ... 24,994 38,114
Total assets ... 100,826 121,163
Less Liabilities—
Deferred losses ... — 565
Depositors accounts ... 80,706 100,770
Accrued interest and other liabilities ... 2,733 3,826
Total liabilities ... 83,439 105,161
Net assets ... $17,387 $16,002

| Shareholders' Funds— | | | |
| Share capital | 4 | 13,000 | 13,000 |
| Retained earnings | ... | 4,387 | 3,002 |
| Total shareholders funds | ... | $17,387 | $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 1988

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
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



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1989, No 81


NZLII — PDF NZ Gazette 1989, No 81




✨ LLM interpretation of page content

💰 Westpac Savings Bank Financial Statements, 30 September 1988 (continued from previous page)

💰 Finance & Revenue
10 November 1988
Financial Statements, Profit and Loss, Balance Sheet, Westpac Savings Bank
  • J. C. Fair, Director
  • R. W. R. White, Director