1949 £ i. d.

188,742 6 4 289 10 6 52,029 6 11 7,139 18 4 173 15 10 84,005 5 4 16,391 1 - 880' 11 6 2,256 19 6 INCOME AND EXPENDITURE FOR 1950 Expenditure , Life- boats: — £ ». d. t «. t New Life-boats for the following Stations : On account — Aberdeen, Aberystwyth, Anstruther, Arbroath, Arran- more, Baltimore, Blyth, Bridlington, Buckie, Clogher Head, Clovelly, Cullercoats, Donaghadee, Dover, Eastbourne, Eyemouth, Hastings, Holyhead, Hoy- lake, Humber, Lytham, Margate, Minehead, New Brighton, Newbiggin, Newcastle (Co. Down), Padstow, Plymouth, Porthdinllaen, Portrush, Redcar, Rhyl, Rosslare Harbour, St. Abbs, St. Helier, Scarborough, Seaham, Teesmouth, Tynemouth, Whitehills, and materials for future building ----- 287,341 10 6 Upkeep of Cowes Office and Store - - - - 258 12 4 Alterations and Repairs to Life-boats - - - - 47,644 10 11 Rentals and Maintenance of Radio Equipment and Loud Hailers, and Radio Licences ----- 8,756 15 7 Consulting Naval Architect _____ 186 7 10 Salaries of Superintendent Engineer, Surveyor of Life- boats, Inspector of Machinery, Assistant Surveyors of Life-boats and Machinery, Draughtsmen, and Clerical Staff _________ 35,034 18 2 Travelling Expenses ---_-_- 15,936 13 11 Pensions under the Pension Scheme - - - - 1,428 -10 Contributions to 1938 Pension Scheme _ _ _ 2,222 17 - 398 810 7 1 296,908 14 3 81,431 18 10 119 4 11 842 11 5 2,439 7 2 1,680 6 5 168 - - Life-boat Carriages and Tractors: — New Tractors -------- 6,322 7 1 Alterations and Repairs to Life-boat Carriages - - 353 - 9 Repairs to Tractors -----__ 880 4 10 Salaries of Assistant Surveyor of Carriages, and Tractor Engineers _____--- 2,541 17 6 Travelling Expenses ____--- 1,977 10 - Contributions to 1938 Pension Scheme - 170 12 6 10 ftjLK 1O I 86,681 8 9 27,767 16 2 23,094 1 10 6 12 11 Life-boat Houses and Slipways : — • New Construction and Adaptation — — — — 18,767 15 10 Repairs and Maintenance -_-___ 25,019 - 1 Pension under the Pension Scheme — — — — — — — 38 786 15 11 60,868 10 11 68,533 7 1 8,953 7 10 87,672 11 3 473 16 4 669 18 - Life-boat Stores _______ 48,120 0 ! Life-boat Depot, including Rates, Insurance, Equip- ment and Repairs -_----_ 11,501 18 10 Salaries of Superintendent of Depot, Assistant, and Clerical Staff and Wages of Manual Workers - - 37,470 19 9 Pensions under the Pension Schemes _ - - - 724 11 6 Contributions to 1938 Pension Scheme - - - 686 14 - 50 381 4 1 47,769 13 5 26,609 5 2 2,818 6 2 515 16 1 Payments in Connexion with Life- boat Stations, such as Repainting and other Small Repairs to Life-boats, Life-boat Carriages, and Life-boat Houses, done locally; Conveyance of Boats, Carriages and Stores; Postages, etc. _______ 27,144 13 - Insurance under National Insurance Acts and against claims at Common Law ------ 3,275 9 10 Salaries of Assistant Secretaries, etc., of Stations - - 627 8 1 81 047 5 11 29,943 7 5 11,241 12 4 1,085 18 6 77,672 12 8 8,352 3 6 8,831 12 5 4,717 1 10 1,566 12 10 Wages, Rewards and Other Payments to Coxswains, Motor Mechanics and Crews: — Cost of Wreck Services, including Rewards to Life-boat Crews and others, Special Rewards and Recognitions, Medals and Vellums ______ 10,112 - 6 Grants to men injured in the Life-boat service - - 1,123 9 - Fees of Coxswains, Bowmen and Signalmen, Wages of Motor Mechanics, etc. ------ 80,649 18 9 Payments to Life-boat Crews and Launchers for exercises- 8,184 7 8 Annuities and Gratuities under the Regulations to Cox- swains, Bowmen, Signalmen, Part Time and Assistant Motor Mechanics ____--- 5,844 15 5 Pensions and Grants to Relatives of deceased Life-boat- men and others _____-- 4,621 2 10 Pensions and Gratuities under the Pension Scheme to Ex- permanent Crews of Life-boats - - - 1,567 10 8 112 103 4 f 110,467 14 1 081,172 15 11 Carried forward ----- 686,497 19 t Income Subscriptions, Donations, etc.:— - 7,700 2 - 6,833 8 - 20,697 12 - 25,529 17 11 288 18 8 -125,940 11 10 General Subscriptions to Headquarters — - ,, ,, through Station Branches — „ „ through Financial Branches- „ Donations to Headquarters - - - „ „ through Station Branches - ,, ,, through Financial Branches — Contributions from Harbour Authorities towards upkeep of Life-boat Stations ______ Contribution Boxes to Headquarters — — — — ,, „ through Station Branches — — „ „ through Financial Branches - - Life-boat Funds:—• Civil Service Life-boat Fund (per C. H. Barrett, Esq.) in respect of the following Life-boat Establishments: Blyth, Donaghadee, Hartlepool, Margate, Portrush, St. David's, Southend-on-Sea and Walmer - - 5,992 0 8 Bevan Reward Fund (per the Charity Commissioners) - 208 5 - 6,200 11 8 Income from Investments:— Dividends and Interest on Investments (less £5,728 16s. Id. tax) - - - 54,563 14 10 Less— Interest on certain Trust Funds trans- ferred to Special Purposes Fund Interest on certain Endowment Funds transferred to General Subscriptions, etc. (in accordance with the direc- tions of the respective donors) — £ s. d.

1,265 17 1 619 15 4 1,885 12 5 Income Tax recovered on Dividends 52,678 2 5 - 5,723 5 8 58,401 8 1 Carried forward - 810,589 6 6 1949 £ s. d.

«31,172 15 11 13,616 13 5 3,632 18 1 421 8 8 830 - 6 Expenditure £ s. d. £ s. (| Brought forward - 686,497 19 Life-boat Inspectors: — • Salaries of Chief Inspector, Deputy Chief Inspector, Inspectors of Life-boats and Clerical Staff - - 14,033 611 Travelling Expenses ------- 3,995 4 3 Pensions under the Pension Scheme — — — - 597 11 — Contributions to 1938 Pension Scheme - 924 - - 18,501 - 8 1,679 12 - 8,995 15 10 Rates and Repairs of Mechanics' Cottages, etc. .--__---_- 2,707 19 Administration : — One half of Salaries of Secretary, Deputy Secretary, Assistant Secretary, Accountant and Clerical Staff - 9,584 5 11 2,482 13 4 2,951 11 7 997 7 8 1,710 6 2 1,767 17 2 1,189 1 1 1,105 10 10 Heating Insurance, etc., of the House of the Institution - 2,591 17 6 Insurance under National Insurance Acts and against claims at Common Law - 2,887 19 7 Commissionaires and Nightwatchman — 1,046 9 10 Telephones, Postages and Parcels - 1,887 3 6 Pensions under the Pension Scheme - 1,653 1 8 Travelling and other Expenses of Chair- man and Committee of Management - 1,084 1 1 Contributions to 1938 Pension Scheme 1,118 19 10 12,204 7 10 6,102 3 11 12,269 13 - Less estimated amount chargeable to rais- ing of funds and publicity - - 6,136 16 6 6,102 3 11 7,100 2 11 393 15 - 769 1 2 3,456 19 11 Stationery, Office Expenses, Printing and Books - - 4,422 1 5 Auditors' Fee -------- 393 15 - Law Expenses _______ 992 6 1 Repairs and Improvements to the House of the Institu- tion --------- 815 19 9 26,817 18 9 117 2 - Grants in Connexion with Certain General Legacies ________ 1,301 15 ! 10,812 19 9 15,865 4 4 2,872 11 8 200 11 3 12,820 11 1 16,327 11 8 2,706 15 1 4,718 3 8 1,186 12 8 6,102 3 11 Publicity : — One half of Salaries of Secretary, Deputy Secretary, Assistant Secretary, Accountant and Clerical Staff (as above), and Salaries of Publicity Secretary, Under- study and Clerk _______ 12,369 4 2 Salaries of District Organizing Secretaries and Clerical Staff __-_-____ 16,267 13 7 Travelling expenses of District Organizing Secretaries - 3,152 8 7 Annual General Meeting - - - - - - 190 104 Advertising and Appeals — — — — _- 9,271 14 6 Stationery, Printing, Books, Films, Badges, Collecting Boxes, "Postages _______ 25,496 11 4 Printing and Binding the Annual Report and Life-boat Journal _-__-___ 2,269 3 8 Salaries and Commissions of Assistant Secretaries, etc. of Branches ________ 4,76! 5 1 Contributions to 1938 Pension Scheme - - - 1,163 3 11 Estimated proportion of Administration Expenses as above 6,134 16 6 73 608 4 8 751,896 14 - 52,615 5 9 131,127 - 7 Total Expenditure - 813,477 13 ; Deduct: — Expenditure on new Life-boats included in this account borne by: — Gifts and Legacies for special purposes - - 84,808 4 6 Reserve for Replacement of Life-boats — — - 202,533 6 — 183,742 6 4 21,616 5 6 287,341 10 6 Other expenditure included in this account borne by Special Gifts and Legacies ----- 21,948 13 1 205,358 11 10 £546,538 2 2 £504,187 9 f Income Brought forward - - - - Sundry Receipts:— 4,497 2 3 1,237 12 11 292 14 10 2,146 16 - Sale of old Stores _______ Rentals of Freehold and Leasehold Premises - - Supervision Fees re Construction of Life-boats for Other Authorities —_____ — — Refund of Excess Profits Tax on Depot War Work War Damage Claims re timber, stationery and office furniture _______ - 9,761 7 9 Total Ordinary Income Legacies for General Purposes - Tota Income for General Purposes - 599,060 8 9 599,060 8 » Gifts and Legacies for Special purposes transferred to Funds:— General Endowment:— Legacies - 2,694 6 11 Special Gift - - - - Special Purposes and Maintenance:— Legacies — - — — - Special Gifts - £ s. d.

125,727 13 10 14,380 4 1 -140,107 17 11 Total Income £741,862 13 7 Deduct:— Amount transferred to Reserve for Replacement of Life-boats -------- 100,000 - - 499,060 8 9 Transfer from General Purposes Fund to cover excess of expenditure, not borne by special funds, over income for general purposes — — — - — NOTE.—This account includes the receipts and dis- bursements of the Headquarters of the Institution for the year to 31st December, 1950, and of the Branches for the year to 30th September, 1950.

5,127 - 11 £504,187 9 8 Dr. GENERAL ENDOWMENT FUND, The Income to be applied for the purposes of the Institution £ s. d.

To BALANCE AT 31sx DECEMBER, 1950 _____ 269,058 11 8 £269,058 11 8 Dr. SPECIAL PURPOSES AND MAINTENANCE FUND, The Capital to be applied for the purposes of the Institution To DEFRAY EXPENDITURE AS SHEWN IN £ s. d.

INCOME AND EXPENDITURE ACCOUNT:—• ON NEW LIFE-BOATS __--_--_ 84,808 4 6 ON OTHER PURPOSES -------- 21,948 13 1 „ TRANSFER TO GENERAL PURPOSES FUND ----- 18,359 8 3 ,, TRANSFER TO RESERVE FOR REPLACEMENT OF LIFE-BOATS — 48,704 — 2 „ GRANTS IN CONNEXION WITH CERTAIN TRUST LEGACIES - - 896 6 5 „ BALANCE AT 31ST DECEMBER, 1950 ------ 345,030 7 4 £519,746 19 9 Dr. GENERAL PURPOSES FUND, £ s. d.

To PROVISION FOR ADDITIONAL LIABILITY, 1909 PENSION SCHEME - 479 6 1 ,, TRANSFER TO INCOME AND EXPENDITURE ACCOUNT - - 5,127 — 11 „ BALANCE AT 31ST DECEMBER, 1950 ------ 692,221 8 4 £697,827 15 4 Dr. RESERVE FOR REPLACEMENT OF £ s. d.

To EXPENDITURE ON NEW LIFE-BOATS ------ 287,341 10 6 LeSS BORNE BY SPECIAL PURPOSES AND MAINTENANCE FUND 84,808 4 6 202,533 6 - „ BALANCE AT 31ST DECEMBER, 1950 ------ 916,945 10 3 £1,119,478 16 8 31st December, 1950.

in accordance with the directions of the respective Donors.

By BALANCE AT 31 ST DECEMBER, 1949 - - - - „ LEGACIES (INCOME ONLY AVAILABLE) RECEIVED IN THE YEAR Cr.

£ s. d.

266,364 4 9 2,694 6 11 £269,058 11 8 31st December, 1950. Cr.

in accordance with the directions of the respective Donors. £ s. d.

By BALANCE AT 31sT DECEMBER, 1949 ------ 378,373 4 9 „ INTEREST ON UNEXPENDED BALANCES OF CERTAIN SPECIAL TRUST FUNDS __________ 1,265 17 1 „ LEGACIES AND GIFTS FOR SPECIAL PURPOSES (CAPITAL AVAILABLE) RECEIVED IN THE YEAR:— £ s. d.

Legacies ______ 125,727 13 10 Special Gifts - 14,380 4 1 140,107 17 11 £519,746 19 9 31st December, 1950.

By BALANCE AT SlST DECEMBER, 1949 - — — - „ TRANSFER FROM SPECIAL PURPOSES AND MAINTENANCE FUND ,, PROFIT ON SALE, REDEMPTION AND CONVERSION OF STOCKS Cr.

£ s. d.

076,446 19 9 18,359 8 3 3,021 7 4 £097,827 15 4 LIFE-BOATS, 31st December, 1950.

By BALANCE AT 31ST DECEMBER, 1949 - ,, TRANSFER FROM SPECIAL PURPOSES AND MAINTENANCE FUND „ TRANSFER FROM INCOME AND EXPENDITURE ACCOUNT - Cr.

£ s. d.

970,774 16 1 48,704 - 2 100,000 - - £1,119,478 16 3 GENERAL ENDOWMENT FUND (Income available in accordance with - 269,058 11 8 the directions of the respective Donors) SPECIAL PURPOSES AND MAINTENANCE FUND (Capital to be applied in accordance with the directions of the respective Donors) - 345,030 7 4 GENERAL PURPOSES FUND _-_--___ 692,221 8 4 Of this Fund £569,002 9s. 4rf. is available for the general purposes of the Institution and is intended to cover ordinary liabilities as they arise, insurance risks in respect of the Life-boat Fleet and Crews not otherwise covered, and contingencies. The balance of £123,218 19s. relates to Freehold and Leasehold Properties neces- sary to the Institution's work .

- 916,945 10 3 RESERVE FOR REPLACEMENT OF LIFE-BOATS - The estimated cost of replacing the entire Fleet exceeds £2,000,000.

and the estimated liability for replacements at present contem- plated exceeds £1,000,000, part of which will be met by Special Gifts and Legacies.

£2,223,255 17 7 (Signed) GODFREY BARING Chairman.

(Signed) A. D. BURNETT BROWN Secretary.

We have examined the above Statement, also the Income and Expenditure Account and correct and in accordance therewith. We have also verified the Investments 3, Frederick's Place, Old Jewry, London, E.C.2.

22 Feb. 1951.INVESTMENTS at last Valuation on 31st Dec., 1938, or cost if acquired since.

GENERAL ENDOWMENT FUND—Income only avail- able:— - 187,213 4 - 19,112 1 2 62,733 6 6 British Government, etc., Securities Colonial Government Stocks — - British Corporation Stocks — — - 1,495,810 14 8 61,111 19 9 OTHER FUNDS :—• British Government Securities — Colonial Government Securities - British Corporation and Public Boards Stocks - 111,004 2 - Sundry Small Investments bequeathed or pre- sented to the Institution - 14,467 11 1 1,682,394 7 6 Total Investments (Market value at 31st Dec., 1950, £1,907,622 18s. lid.) - FREEHOLD PREMISES (At cost)— Including Life-boat Depot at Boreham Wood — LEASEHOLD PREMISES :—(At cost less amounts written off)— Including 42/44 Grosvenor Gardens — — — BRANCH ACCOUNTS— Balances in hands of Branches, 30th Sept., 1950 Less Balance of Remittances between Head- quarters and Branches, October to December, 1950 ______ 61,367 14 10 34,776 19 10 1,951,452 19 2 84,863 13 7 38,355 5 5 26,590 15 - CASH AT BANKERS :— On Current Account On Deposit — - 21,993 4 5 100,000 - - — 121,993 4 5 £2,223,255 17 7 the Accounts of the Funds with the Books and Vouchers and find the same to be and inspected the Deeds of the Properties belonging to the Institution.

(Signed) PRICE WATERHOUSE & CO.

Auditors..