Financial Notes
ABBEY Roan.
The progress made by the Abbey Road Building Society would seem to be of the non-stop order, for in spite of the discouragement recently given by the Society to the rapid increase in the funds at its disposal, by a reduction in the rates of interest, the report just issued shows that the Share capital and Deposits at the end of 1982 had risen to over £39,000,000 compared with under £84,000,000 in the previous
year. The Advances made during the year amounted to £3,549,000, and the Mortgage balances now stand at £32,382,000. The balance-sheet is a good and liquid one, investments in ma/ice-table securities showing a book value of £5,266,000 and a market value of £5,480,000, while the cash at the bank and in hand was only a little under £1,000,000. The Profit and Loss account reveals a surplus of £1,653,000 after providing £250,969 for income tax, the corresponding item in the previous year having been only £65,748. This increase is due to the revision of the principles of assessment of Building Societies to income tax. -Dividends on fully-paid shares and shares withdrawn absorbed £1,380,094 and on partly-paid shares £42,847. The directors have added £100,000 to the No. 1 Reserve Fund, increasing it to 11,000,000, while to the No. 2 Reserve Fund £59,771 was added raising it to £250,000. To the Staff Fund £6,909 is allocated, leaving :;e balance to be carried forward of £78,490 compared with £14,8113
a year ago. It is altogether an excellent report. . * * * •
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