Annual Report - 1928 (cont.)
 
(3) General Manager's Report
 
The following report was presented by the General Manager to a meeting of the Finance Sub-Committee on May 14th 1928. The report provides some analysis of the figures in the published Income & Expenditure Account, and explains the Bank's policy in relation to the value placed on Premises in the Balance Sheet. Unfortunately, the 'special returns' referred to (analysis of branches by Deposit Balances; Open Accounts; and Transcations) are not available.
 
The annual accounts for the year ended 31st March, 1928 have now been completed and audited. The Accounts, in draft, are submitted with the corresponding figures for the previous year.
 
The excess income for the year is the result of the more favourable terms of interest obtained in respect of money placed with the Corporation at call.
 
The same policy has been allowed as in previous years regarding the writing down and depreciation of buildings and properties. In all cases the buildings stand in the books at a lower figure than the valuation, and the only items now remaining in the furniture and equipment account are steel cabinets, counters, desks, desk screens, safes, wood branch bank erections and home safes.
 
During the year the final accounts in respect of several new buildings and alterations, viz: Northfield, where a sum of 562. 5. 8d. was written off to reach the valuation; 1,713. 6. 10d. at Nechells; 1,915. 19. 6d. at Birchfield and 957. 11. 3d. at Hall Green. In addition, the values of the old buildings at Witton (925) and Sherlock Street (800) have been written off. The cost of alterations and new buildings at Balsall Heath, Witton and Farcroft have been brought down in the adaptation account to a figure which equals the valuation, and the expenditure on architects' certificates for alterations at Sparkhill and Alum Rock remain in the adaptation account to be dealt with during the present year.
 
In the income and expenditure account the third item of expenditure is made up of 1,823. 7. 3d. Printing and Stationery and 1,035. 3. -d. Advertising. The fourth item is made up of 803. 18. 8d. Heating; 410. 19. 1d. Lighting and 954. 11. 6d. Cleaning. The fifth item comprises Rents 1,435. 12. 7d.; Rates 3,027, 18. -d; Taxes 195. 1. 2d. and Insurance 700. 8. 11d. The sixth item includes Postages and Telephone Charges 760. -. 1d; Travelling Expenses 292. 12. 9d. and Miscellaneous Expenses 1,045. 19. 7d. The professional charges are made up of Auditors' Fees 1,010. 8. 6d., Valuer's Fees 362. 11. 7d. and Medical Charges 47. 5. -d. Expenditure on Repairs and Decorations is divided as between Bank premises and houses, and shows 261. 14. 5d. for banks and 162. 11. 10d. for houses, less certain small credits. The contribution to the Superannuation Fund is made up of the percentage contribution on salaries and the fixed annual charge towards the deficiency. The non-recurrent expenditure includes the writing off of sums in respect of new premises and alterations, architects' charges, heating and lighting installations, etc. The estimated income tax charge has been placed at 6,000, which is considered to be the probable charge, but this cannot be determined until the accounts are dealt with by the Inland Revenue Authorities later in the year.
 
The special return showing the balances standing to the credit of depositors at the 31st March, 1928 is very interesting. It will be seen that the increase at Aston Branch is 22,048. 11. 11d., despite the fact that Birchfield and Witton Branches have been opened during the year as daily Branches. It was anticipated that the two last-named Branches would draw off Aston Branch, and, indeed, that was the reason for the additional Branches. While there have been substantial transfers there is also clear evidence that new business in and around Aston Branch can still be secured. The Branch is still too large for its accommodation, and the sooner a daily Branch is set up and a new Branch opened on the Lichfield Road the better. Small Heath continues to forge ahead, but it is hoped that the new Heybarnes Branch will take away from Small Heath, which is much too large for economical working. The rapid strides made by the Handsworth Branch indicates that we must look for easement in the direction of New Inns, a district where there would undoubtedly be strong support. Erdington Branch has had a very successful year, and consideration will have to be given to extending in this area before long. The question of turning some of the evening Branches in this area into daily Banks may, however, affect Erdington, and this point should be considered in connection with future extensions. Rotton Park is the subject of a special report which, if adopted, will help in easing a serious administrative difficulty. Bearwood's  increase clearly proves the necessity of more adequate premises, which matter has received the attention of the Committee. The rapid progress at Bordesley Green is very satisfactory, and the increases at Little Bromwich and Alum Rock point to the necessity of daily facilities. The experiment at Billesley appears to show that the necessity for a Branch in that area really did exist.
 
The absence of facilities in certain other parts of the City, such as Digbeth and Alcester Lanes End should be dealt with as early as possible, the population in those areas justifying provision being made.
 
The return of open accounts and number of transactions calls for no particular comment beyond saying that they indicate the volume of business undertaken at the various branches.
 
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