New Zealand Gazette – 1990 – No. 48

Page 1137

✨ Financial Statements



29 MARCH NEW ZEALAND GAZETTE 1137

1989 $000 1988 $000
Retained earnings at year beginning ... 4,387 3,002
Retained earnings at year end ... $6,341 $4,387

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

Westpac Savings Bank - NZ - Ltd. Balance Sheet as at 30 September 1989

Assets Notes 1989 $000 1988 $000
Deposit with Westpac Banking Corporation ... 73,189 74,919
Accrued interest ... 14 14
Mortgage and other loans ... 13,694 24,994
Total assets 86,897 99,927
Less Liabilities
Depositors accounts ... 65,461 80,706
Accrued interest and other liabilities ... 1,859 2,733
Provision for taxation ... 236 (899)
Total liabilities 67,556 82,540

| Net assets | | $19,341 | $17,387 |

Shareholders' Funds
Share capital—
Authorised and issued 14,400,000 ordinary shares of $1 each ... 2 14,400 14,400
Less uncalled 2,000,000 ordinary shares of 70c each ... 1,400 1,400
Revenue reserves—
Retained earnings ... 6,341 4,387
Total shareholders funds ... $19,341 $17,387

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

On behalf of the board:

R. W. R. WHITE and J. C. FAIR, Directors.

Notes to the Financial Statements Year Ended 30 September 1989

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

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.

The liability method of inter-period allocation of income tax has been applied.

Changes in Accounting Policies—There have been no significant changes in the accounting policies applied during the period covered by these financial statements. All policies have been applied on bases consistent with those used in previous years.

2. Share Capital

1989 $000 1988 $000
Authorised Capital—
14,400,000 ordinary shares of $1.00 each ... 14,400

| Issued Capital— | | |
| 12,400,000 ordinary shares of $1.00 each ... | | 12,400 | 12,400 |
| 2,000,000 ordinary shares of $1.00 each paid to 30 cents ... | | 600 | 600 |
| | $13,000 | $13,000 |



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✨ LLM interpretation of page content

💰 Westpac Savings Bank Financial Statements (continued from previous page)

💰 Finance & Revenue
20 November 1989
Financial Statements, Balance Sheet, Notes to Accounts, Westpac Savings Bank
  • R. W. R. White, Director
  • J. C. Fair, Director