Financials
Income & Expenditure Accounts:
No 1 Department and Summary
 
 Interest
Received
Other
Income
Interest
Paid
Profit on
Sale of
Investments
Management
Expenses
Computer
Costs
Alteration
to Premises
Depreciation
Commission
on Changes
in
Investments
Amount
written-off
Investments
Reserve
for Repairs
Tax
 
Profit
 
 1958
2,513,457
19,909
2,103,691
0
284,013
0
1,438
16,057
0
1,125
20,000
57,283
49,759
 1959
2,349,402
18,006
1,943,657
0
287,682
0
1,086
4,902
0
0
40,000
57,211
32,870
 1960
2,297,202
20,537
1,884,184
0
298,820
0
1,053
2,207
0
167
40,000
50,911
40,397
 1961
2,358,116
21,300
1,869,210
0
315,554
0
2,445
13,906
0
0
60,000
71,926
46,375
 1962
2,378,783
22,506
1,850,355
0
336,272
0
619
999
0
0
70,000
81,646
61,398
 1963
2,454,462
24,023
1,839,026
0
357,595
0
10,246
16,874
0
0
0
107,837
146,907
 1964
2,455,213
25,781
1,848,461
0
382,925
0
3,963
12,168
0
0
0
101,325
132,152
 1965
2,530,551
27,533
1,841,793
0
403,885
0
26,991
6,638
0
29,406
0
127,577
121,794
 1966
2,712,970
30,068
2,001,853
0
429,807
0
33,611
33,242
8,314
136,644
0
25,688
73,879
 1967
2,837,077
32,637
1,962,325
0
448,990
0
7,758
15,889
0
0
0
0
434,752
 1968
2,576,016
35,436
1,767,002
0
495,758
0
20,533
54,973
0
13,447
0
0
259,739
 1969
2,470,328
36,665
1,657,807
0
513,477
0
17,419
91,763
0
51,935
0
0
174,592
 1970
2,511,490
40,178
1,566,815
0
558,780
0
2,327
36,194
9,602
284,154
0
0
93,796
 1971
2,904,919
46,373
1,671,376
1,868
652,134
0
13,336
56,399
6,257
140,586
0
0
413,072
 1972
2,987,840
56,883
1,995,891
344,309
748,357
1,217
58,201
21,719
5,793
21,210
0
0
536,644
 1973
3,472,311
134,071
2,081,676
0
887,562
130,449
39,933
20,891
27,985
0
0
0
417,886
 1974
4,029,184
170,309
2,326,918
0
977,111
179,741
43,510
15,558
1,580
0
0
0
655,075
 1975
4,640,246
189,195
2,401,823
0
1,283,414
211,017
49,185
14,678
0
0
0
0
869,324
 1976
5,488,309
216,364
2,534,670
3,102
1,679,110
262,501
151,855
94,822
0
0
0
0
984,817
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5,545,228
[1] No 1 Department
 
The following figures for the No 1 Department relate to the period April 1st 1957 to March 31st 1976, a period during which separate Income & Expenditure Accounts were published for the No 2 Department (also April 1st 1957 to March 31st 1976) and No 3 Department (January 1st 1967 to March 31st 1976).
 
The No 1 and No 3 Departments were combined from April 1st 1976, and no departmental figures were published from November 21st 1976.
In addition to the 5,545,228 added to Cumulative Reserves during the above period, there were net movements on the Reserve Accounts that amounted to a decrease of Reserves of 963,691. These movements resulted from sums being set aside in the General Reserve, the Development Reserve, and the Investment Reserve - and subsequently utilised for Computer Expenditure, amounts written-off Investments, etc. The net surplus for the No 1 Department for this period was therefore 4,581,537
 
 
 
[2] Summary
 
The Bank produced 61 Annual Reports and Statement of Accounts covering the period from September 1st 1919 to November 20th 1979. The accounting policies adopted over these years varied to reflect the current accounting standards, the level of disclosure, taxation treatment, and the law under which the Bank was operating.

In the first few years, a Receipts and Payments Account, or Statement of Accounts, was used, but from April 1st 1927, the reporting of income and expenditure was always in an Income & Expenditure Account (rather than a Profit & Loss Account), and the balance on this account each year was generally referred to as being the 'Excess of Income over Expenditure' and sometimes as the 'Surplus for the Year'. (For reasons of brevity, often termed 'Profit' or 'Surplus' in this website.)

The accumulated surplus that grew over the years was shown in a variety of ways in the annual Balance Sheet, sometimes being split into a General Reserve plus more specifically named reserves, such as the Development Reserve. Certain transactions, particularly involving transfers to these Reserves, were sometimes charged before declaring the annual surplus, sometimes as a movement within the total amount of Reserves. Similarly, transactions relating to profits or losses on the sale or maturity of Investments were not dealt with on a consistent basis. Comparison between reported annual surpluses can only be made, therefore, by reference to the various notes attached to the figures reproduced in this website.

For the sake of consistency, the Annual Surpluses reported here are the amounts declared to be the Excess of Income & Expenditure for the relevant year. Other transactions affecting the level of Reserves are detailed separately.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
The annually reported amounts of Surplus are summarised in the following sections of the website, which describe the progress of the Bank over specific periods. The total Surplus, and the total Movement in Reserves, of each period are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Separate Departmental Income & Expenditure Accounts were maintained following the introduction of the No 2 Department (April 1st 1957) and the No 3 Department (January 1st 1967). A separate No 1 Department was accounted for until March 31st 1976 (see above), at which date the No 1 and No 3 Departments were amalgamated for reporting purposes. The Surpluses accumulated to March 31st/November 20th 1976 for the Number 2 and No 3 Departments are detailed on the pages indicated on the first two lines that follow:
 
 
The following figures summarise the Bank's profitability over its life; further detail being provided where indicated ():
 
TOTAL INCOME (see Analysis of Income)
 193,649,015
TOTAL INTEREST PAID (see Interest Margins & Management Expenses)
 133,425,142
 46,602,751
EXCESS OF INCOME OVER EXPENDITURE
 13,621,122
NET MOVEMENT ON RESERVES 
 979,878
TOTAL RESERVES AT NOVEMBER 20th 1976 
 14,601,000
 
Surplus
for Period
()
 Movement in
Reserves
()
 Total
Reserves at
end of Period
()
 The Bank in 1927 (September 1st 1919 to March 31st 1927)
70,810
 29,183
 99,993
 The Bank in 1939 (April 1st 1927 to March 31st 1939)
 307,142
 0
 307,142
 The Bank in 1949 (April 1st 1939 to March 31st 1949)
 130,096
37,762
167,858
 The Bank in 1959 (April 1st 1949 to March 31st 1959)
 271,338
 118,125
 389,463
 The Bank in 1969 (April 1st 1959 to March 31st 1969)
 1,591,865
 242,819
 1,834,684
 The Bank in 1979 (April 1st 1969 to November 20th 1979)
 11,249,872
 551,987
 11,801,859
 TOTALS (being position at November 20th 1979)
 13,621,123
 979,877
14,601,000
 
 
 Income & Expenditure Account - No 2 Department (April 1st 1957 to November 20th 1976)
 533,681
 Income & Expenditure Account - No 3 Department (January 1st 1967 to March 31st 1976)
 846,945
 The Surplus accumulated for the No 1 Department (see [1] above) (April 1st 1957 to March 31st 1976)
 4,581,537
 Combined No 1 and No 3 Departments (April 1st to November 20th 1976)
 544,151
 Separate Departmental Accounts were discontinued from November 21st 1976;
    the surplus accumulated from this date to Novemver 20th 1979 was
 7,241,333
 Accumulated surplus prior to introduction of separate Departmental Income & Expenditure Accounts:
    September 1st 1919 to March 31st 1957
 853,353
 ACCUMULATED SURPLUS at November 20th 1979
 14,601,000
 
I&E A/c: No 2 Dept
 
I&E A/c: No 3 Dept
 
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