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1937/1938	Water Department	Electric Supply Department	Gas Department	Salvage Department	Rates Department	Total
April	32,991	12,230	11,166	1,599	1,318	59,304
May	12,683	35,496	28,102	2,750	9,303	88,334
June	1,825	8,894	2,283	245	17,488	30,735
July	1,979	15,344	14,421	94	9,048	40,886
August	1,539	32,911	25,337	46	2	59,835
September	188	11,455	2,138	20	0	13,801
October	33,560	11,793	14,144	215	2,516	62,228
November	14,127	38,574	28,457	178	12,620	93,956
December	1,351	14,381	1,855	64	14,842	32,493
January	2,035	8,284	12,153	58	9,655	32,185
February	1,751	37,099	29,319	7	2	68,178
March	166	22,941	2,460	8	0	25,575
	104,195	249,402	171,835	5,284	76,794	607,510

 

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General Manager's Observations on the Annual Accounts for the Year ended 31st March 1938: May 1938

 

Income and Expenditure Account.

 

The normal working expenses are up by £2,433. 19. 2d., as follows:

 

	£.  s.  d.
Salaries and Wages	1,304.  5. 2.
Printing, etc	617. 13. 1.
Heating, Lighting and Cleaning	42. 13. 8.
Rents, Rates and Insurance	182. 19. 8.
Postages, etc	472. 4. 5.
Repairs and Decorations	251. 1. 8.
Superannuation	82. 15. 5.
	2,953. 12.  1.
Less: Professional charges	519. 12. 11.
	2,433. 19. 2

 

The increase in salaries is due to (1) the operation of scale increases to general clerks (males); (2) increments to officers whose salaries are on an ascending scale until the minimum rate is reached; (3) increases under old agreements; and (4) promotions.

 

The increase in rents, etc represents £304 for rates, with a reduction of £35 on rents, £7 on insurance, and £80 on taxes.

 

The increase in printing, etc is represented by £584 for printing and £33 for advertising. Purchases in bulk supplies of pass books, forms, etc account for the increase of £584.

 

The increase in postages, etc represents £60 on postages and telephone charges; £435 on miscellaneous items, with a decrease of £23 on travelling expenses. The item for miscellaneous charges includes £200 in respect of Coronation festivities, and an additional £90 in respect of examination grants, and sundry items covering all Branches and Head Office amounting to £145.

 

The increase in repairs and decorations represents £202 on Bank buildings and £49 on flats attached to Bank premises.

 

The decrease in professional charges relates to £417 on valuations; £246 on legal charges, and an increase of £136 in audit fees and £8 in medical fees. In the 1937 Accounts the expenditure in valuation fees was high because of the period during which the Bank paid the Valuer £1 per case but only charged the borrower 10/-d. This was later adjusted so that the payment today equals the amount received. The 1937 Accounts also included legal costs in respect of the transfer of mortgages from the Solihull Council, namely, £244. The increase in audit fees is in accordance  with the scale approved by the Committee.

 

Expenditure not regarded as normal working expenses amounts to £54,165. 9. 8d. as compared with £40,353. 19. 3d last year, and is made up as follows:

 

	£. s. d.
Adaption of Premises	4,052. 14.  9.
Depreciation	28,101.   3.  2.
Income Tax	22,011. 11.  9.
	54,165.  9.  8.

 

Interest receivable is up by £97,251. 2. 6d, and interest credited to depositors is up by £78,036. 17. 1d.

 

The net result gives an excess of income over expenditure of £18,896. 17. 4d as compared with £15,684. 19. 8d last year.

 

Balance Sheet.

 

It will be observed that the investments held by the Corporation on behalf of the Bank stand at £12,426,000, as compared with £11,190,000 last year.

 

The outstanding liabilities on house purchase advances are increased by £104,921. 16. 10d.

 

The book value of Bank premises stands at £113,164. 5. 0d, compared with a valuation figure of £272,786.

 

The item for furniture and equipment stands at £2,204. 13. 3d, and comprises counters, home safes and new posting machines. The rest of the expenditure on furniture and equipment since the Bank was established has been written off.

 

 

 

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