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

 

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

 

 

 

 

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
TOTAL EXPENDITURE (see Analysis of Management and Other Expenditure)	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