Saturday 11 September 1954 at The Valley (Att 32,340)

Charlton Athletic (0) 1 (Ayre 89): Bartram, Townsend, Firmani, Fenton, Chamberlain, Hammond, Hurst, Ayre, Leary, White, Kiernan.
Wolves (1) 3 (Slater 20, Smith 57, Swinbourne 82): Williams, Stuart, Shorthouse, Slater, Wright, Flowers, Smith, Broadbent, Swinbourne, Wilshaw, Mullen.

Referee: Mr B Griffiths (Newport, Mon).
Order of Goals: W,W,W,c.
Position: 1st.