UNITED BUILDING SOCIETY

Press, Volume LXXI, Issue 21464, 4 May 1935, Page 13

UNITED BUILDING SOCIETY

IMPROVED PROFIT FOR YEAR The annual report and balance-sheet of the United Building Society of Christchurch (Permanent), lor the year ended March 31, has been issued and shows a net profit of £4096 16s 7d compared with £4224 17s lOd last year. The annual meeting of shareholders will be held on Thursday, May 23. The directors' report its as follows: Your directors have pleasure in placing before you the eighth annual report., balance-sheet, and statement of accounts for the year ended March 31, 1935. The net profit for the year amounted to £4696 16s 7d, as compared with £4224 17s lOd for the previous year, and to that amount was added the balance of £333 4s 3d, brought forward from the last account, making a total of £5030 0s 10d to be dealt with. An interim dividend of 2J per cent, was paid on October 1, 1934, and a final dividend at the same rate on April 1, 1935, making a total dividend of 5 per cent, for the year, absorbing £4004 0 f ; 6d. A sum of £750 has been transferred to security depreciation reserve, making the total of that reserve £2OOO and leaving £275 14s 4d to be brought forward to the credit of nrofit and loss account for the current year. The balance of unpaid premiums on Starr-Bowkett loans was reduced during the year to £1046 0s 4d, against which there is a reserve fund for ■ a similar amount. These unpaid premiums are secured by first mortgages, and ore transferred to profit and loss account as instalments are paid. The genera] reserve fund stood at £4444 Is Id on March 31, 1934. During the year certain free of interest loans of the Starr-Bowkett Society were rearranged and converted into interest producing mortgages. The sum of £212 0s 5d was expended in this manner, leaving £4232 0s 8d to the credit of the general reserve fund on March 31, 1935 As; mentioned above, the amount of the security depreciation reserve has been increased, but the other reserve funds remain unchanged. During the year an additional property was taken over by the society, but your directors are of the opinion that full provision has been made for any losses that might be made in connexion with the society's securities. Because, of the difficult time through which we have been passing your directors have continued to accept payment of interest only, without instalments of capital, from some of the society's borrowers, but, in general payments have been kept well up to date. The retiring directors are Messrs Denys Hoare and W. F. Tait, both of whom, being eligible, offer themselves for rc-elcction. Shareholders are reminded that in terms of Rule 64, candidates for election to the board of directors, other than retiring directors, must be nominated in writing, such nomination to be signed by two shareholders and by the candidate. All nominations must be lodged in the office of the society at least seven clear days before the date fixed for the annual meeting. Financial Statomant RECEIPTS £ I. d. Petty cash In hand, March 31, J 93-1 ■ • • • 0 112 Cash in bank, March 31, 1931 3t><i « Mortgages repaid • • 11,010 0 G I'romiuims on mortgages ropai (1 . . * . Gl2 8 0 Interest received •• 5,!>58 13 <> Rout received . . 2GG 12 Temporary loans repaid . . to;> " Subßcripliou "11*' bharcs .. l'"i 17 5 Deposits received .. .. 31,257 3-i 4 Deposits withdrawn by society . - • * '.2,000 0 0 Valuation end inspection fe»s 42 15 G ■Member*' rate:i and insurance repaid . . 09 1G 10 Transfer fees . . ■ • I'J 0 0 Rule books .. •• 0 17 U Subscription "A" aharea .. 21 IB 0 Debentures paid of! ■ • 100 0 0 Sundry receipts . . • . G 10 ti £50,27,'! B -1 PAYMENTS y >i. d. Advr.ncr* on mortgage . . 0.92S O U Deposit!! made by society ~ 4,600 0 U Deposit? withdrawn £10:11 toeiety .. -• 25,000 5 U Interest paid .. 2 H Valuation feen paid 31 4 ti Inspection expenses .. G 15 0 Uxponnps of management— Salaries and clerical assistance ■ . ■ • 550 0 0 Liljht, heat, and cleaning -10 n 0 Directors' foes • ■ IS" " 0 Rent .. .. 110 0 0 Stamps and Rtationory . . 5110 11 General expenses . . 3 3 17 0 Legal expenses . . 0 12 0 Bank charges . . • ■ 2 0 0 877 10 2 "B" sliareo paid out .. 525 0 6 Audit fees .. •• 75 0 0 Debentures purchased . . 3,010 0 0 Members' insurance, rates, etc. . . . . 105 0 8 Insurances, vales, and out of pocket expenses on propert ie': . . . 10322 Expenditure on Seaview ro:itl property nebdividin;; shop . . . • . 122 12 1 Dividend paid April 1, 'in:;J. 2,001 11 ti Dividend paid October 1, U134 2,002 0 ti 4,003 12 0 Potty ctkli in hand, March 31, 1035 . . . . f, 1 11 National Bank of New Z'-.v I.ind, Ltd., ,"1 "-:;3 .. 2,0r, 1 14 6 2.357 1G S £50,273 8 -1 LIABILITIES Z B, d. Shnro capital: 200,000 shares of £1 each .. 200,000 0 0 Lesn unallotted .. 110,007 0 0 80,093 0 0 "35" shaven .. 21)7 0 8 Deposit-, at call .. U. 595 15 2 Deposit.?, .'1 months and over 10,308 G 0 30,004 1 8 Intorest- accrued on deposit;) 151 5 7 Sundry creditors . . . . G 1G 6 Dividend equalisation rca. . . 0,000 0 0 Security depreci. res. .. 2,000 0 0 Property reserve . . ■'lso 0 o General rosorve . . '1,232 0 H 12,582 0 S Reserve for unpaid premiums— Starr-Bowkett loans No. t Starr-Bowkett loans, No. 2 grunp . , . . 431 I! ti 1,046 O 4 Profit and loss acc. balance 2,278 0 4 £127,353 14 9 ASSETS Loans on mortgage— Z s. d. Starr-Bowkett loans, No. I I group . . . . 7,427 1 5 Starr-Bowkett loano, No. 2 group . . ■ • G.7C4 7 8 13,151 0 1 Less amounts on hand .'igainst final payments 509 2 0 12,042 7 1 Loans secured on Starr-Bow kett shares . . .. 02 18 3 Loans on Property— Wordsworth street .. . 1,342 0 9 Osborne tor., New Brighton 733 2 3 Sea View rd„ N. Brighton 1,897 2 1 3,972 \F> 1 New Zealand Government 4 per cent. Stock (£3045? at cost, . . . . 3,042 10 0 .Malvern Eler. Power Board A\ per cent. Debenture.) 3.£00 0 0 0,342 10 0 Deposits . . - ■ 2,000 o o Books of account .. «. 4 0 0 Adf'inc: machine .. 5 0 0 Kule books .. .. 12 15 2 Sundry debtors . . . . 642 16 11 Premiums, Starr-Bo'.vlrett . No'. 1 "group .. .. Cl 4 16 tf No. 2 group .. .. 431 3 8 1,046 0 4 Petty cash in hand . . 0 1 11 National Bank of Naw Zealand, Ltd. .. .. 2,851 14 6 "07.858 14 9