THE LIFE-BOAT [JUNE, i* Statement! INCOME AND EXPENDITURE— 1st Jan. to 31st Dec., 1954. 1953 £ 184,064 EXPENDITURE LIFE-BOATS:— £ s. d. £ i.

New Life-boats for the following Stations : On account — Campbeltown, Coverack, Exmouth, Filey, Fowey, Fraserburgh, Humber, North Sunderland, Padstow, Plymouth, Ramsgate, Runswick, St. Peter Port, Southend-on-Sea, Stornoway, Stromness, Stronsay, Troon, Walton ; materials • for future building and improvements and alterations to existing fleet . . . . . . . . 216,637 5 7 279 Upkeep of Cowes Office and Store . 384 911 24,323 9,799 352 36,611 Upkeep of and Repairs to Life-boats . . . . . . 32,751 8 9 Rentals and Maintenance of Radio Equipment and Loud Hailers, and Radio Licences .. .. .. 9,757 15 7 Consulting Naval Architect .. .. .. .. 353 18 - Salaries of Superintendent Engineer, Surveyor of Life-boats, Inspectors of Machinery, Assistant Surveyors of Life-boats and Machinery, Draughts- men, and Clerical Staff .. .. .. . . 87,172 12 - 11,243 Travelling Expenses .. .. .. .. .. 11,126 5 5 1,761 2,751 Pensions under the Pension Scheme .. .. .. 1,659 8 8 Contributions to 1938 Pension Scheme . . . . 2,741 5 4 271,183 19,215 312,604 9 I LIFE-BOAT CARRIAGES AND TRACTORS:— New Tractors . . .25 Sfi.'i 12 - 562 144 1,701 793 122 Repairs to Life-boat Carriages . . . . . . . . 880 5 5 Repairs to Tractors . . . . . . . . . . 424 5 1 Salaries of Assistant Surveyor of Carriages, and Tractor Engineers 1,740 4 6 Travelling Expenses 841 4 8 Contributions to 1938 Pension Scheme .. .. 124 14 10 22,537 16,359 23,140 LIFE-BOAT HOUSES AND SLIPWAYS :— New Construction and Adaptation .. .. .. 11,145 3 6 Repairs and Maintenance . . . . . . . . 20,657 8 10 39 Pension under the Pension Scheme . . . . . . 39 - - 39,544 33,639 7,651 40,413 753 729 31,841 12 I LIFE-BOAT STORES 39,274 16 11 LIFE-BOAT DEPOT:— Rates, Insurance, Equipment and Repairs . . . . 9,067 18 2 Salaries of Superintendent of Depot, Assistant, and Clerical Staff and Wages of Manual Workers . . 42,439 10 5 Gratuities and Pensions under the Pension Schemes . . 533 10 - Contributions to 1938 Pension Scheme . . . . 746 9 1 49 546 5° 787 7 20,651 PAYMENTS IN CONNEXION WITH LIFE-BOAT STATIONS :— Conveyance of Life-boats, Carriages, Tractors, and Stores; Work to Moorings; Telephones; Postages, etc 21,677 13 7 4,158 Insurance under National Insurance Acts and against claims at Common Law . . . . . . . . 4.134 10 11 289 Salaries of Assistant Secretaries, etc., of Stations . . 267 - - 25,098 11,868 990 88,460 26,079 4 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 . . . . . . 11,242 9 1 Grants to men injured in the Life-boat service . . 1,253 13 10 Fees of Coxswains, Bowmen and Signalmen, Wages of Motor Mechanics, etc. .. .. .. .. 96,163 12 8 7,760 Payments to Life-boat Crews and Launchers for 5,376 7,156 1,855 Annuities and Gratuities under the Regulations to Coxswains, Bowmen, Signalmen, Part Time and Assistant Motor Mechanics . . . . . . . . 4,862 6 - Pensions and Grants to Relatives of deceased Life- boatmen and others . . . . . . . . . . 6,242 7 2 Pensions and Gratuities under the Pension Scheme to Ex-permanent Crews of Life-boats .. .. .. 2,487 15 3 -- • - 130 567 5 £565,012 Carried forward £623,029 2 1953 7,097 5,295 21,352 15,055 50,419 150,113 1,675 339 13,432 3,934 268,711 INCOME SUBSCRIPTIONS, DONATIONS, ETC.:— 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 7.208 6,3( 2 21,785 24.334 57,387 174,559 1,800 265 16,360 4,414 s. d.

15 9 4 9 6 10 9 9 16 - 2 2 9 4 10 s. d.

314,478 1 2 6,188 208 6,396 LIFE-BOAT FUNDS :— Civil Service Life-boat Fund in respect of the following Life-boat Establishments: Blyth, Hartlepool, Holyhead, Margate, Portrush, Port St. Mary, St. David's, Southend-on-Sea and Walmer and Whitehills Bevan Reward Fund 5,805 1 4 208 5 - 6,013 6 4 52,485 1,310 633 1,943 50,542 5,615 56,157 INCOME FROM INVESTMENTS :— Dividends and Interest on Investments (less £4,108 12s. lOd. tax) Less— £ s. d.

Interest on certain Trust Funds transferred to Special Purposes Fund 1,239 9 - Interest on certain Endowment Funds transferred to General Subscriptions, etc. (in accordance with the directions of the respective donors) 676 10 5 57,569 - 1.915 19 5 Income Tax recovered on Dividends 55,653 1 3 6.373 16 4 62,026 17 7 I Kt O K. 11953 £ 565,012 15,398 4,902 1,537 1,544 23,381 1,826 24,014 3,151 3,233 1,633 2,077 1,456 1,169 1,745 38,478 19,239 19,239 6,119 473 1,817 811 28,459 544 2,000 2,847 18,214 5,335 245 9,870 26,002 3,700 6,132 1.905 1,530 19,239 95,019 716,241 42,699 141,365 184,064 34,650 218,714 497,527 12,000 £509,527 EXPENDITURE Brought forward LIFE-BOAT INSPECTORS:— Salaries of Chief Inspector, Deputy Chief Inspector, Assistant Chief Inspector, Inspectors of Life-boats and Clerical Staff Travelling Expenses Pensions under the Pension Scheme Contributions to 1938 Pension Scheme RATF i ATMD TIFPATRQ OF A/IFCHANirm' - COTTAGES, ETC. : ....

ADMINISTRATION:— £ s. d.

Salaries of Secretary, Assistant Secretary, Accountant, Internal Auditor, and Clerical Staff 24,819 16 11 Rent, Depreciation, Rates, Lighting, Heating Insurance, etc., of the House of the Institution . . . . 3,228 7 5 Insurance under National Insurance Acts and against claims at Common Law . . 3,335 9 8 Telephone Operator, Commissionaires and Nightwatchman 1,632 8 11 Telephones, Postages and Parcels . . 2,135 15 - Pensions under the Pension Scheme . . 1,146 3 - Travelling and other Expenses of Chairman and Committee of Management 1,128 16 4 Contributions to 1938 Pension Scheme 2,090 15 1 39,517 12 4 Less estimated amount chargeable to raising of funds and publicity .. 19,758 16 2 Stationery, Office Expenses, Printing and Books Auditors' Fee Law Expenses Repairs and Improvements to the House of the Institution GRANTS IN CONNEXION WITH CERTAIN LEGACIES FESTIVAL OF BRITAIN :— Exhibits at South Bank and on S.S. Campania EXPENSES CONNECTED WITH RAISING OF FUNDS AND PUBLICITY: Salaries of Publicity Secretary, Assistant and Clerical Staff .

Salaries of District OrganizingSecretaries and Clerical Staff Travelling expenses of District Organizing Secretaries Annual General Meeting Stationery, Printing, Books, Films, Badges, Collecting Printing and Binding the Annual Report and Life-boat Journal Salaries and Commissions of Assistant Secretaries, etc., of Branches Pensions under the Pension Scheme Contributions to 1938 Pension Scheme Estimated proportion of Administration Expenses as above Total Expenditure Deduct : — Expenditure on new Life-boats included in this account borne by: — Gifts and Legacies for special purposes Reserve for Replacement of Life-boats £ s. d. £ ».

623,029 2 16,188 10 11 5,833 2 1 1,842 4 5 1,624 10 7 "5 488 8 3,332 18 19,758 16 2 5,698 3 - 472 10 - 1,621 13 11 619 19 1 487 - 2,880 5 8 17,830 5 7 4,902 7 11 166 2 4 10,623 11 2 32,302 17 S 4,337 11 11 7,820 9 1 1,580 11 - 1,760 1 2 19,758 16 2 784,471 11 103,873 10 - 112,783 15 7 216,657 5 7 Other expenditure included in this account borne by Special Gifts and Legacies . . . . . . 51,286 8 10 Transfer to General Purposes Fund being excess of income for general purposes over expenditure, not borne by special funds ""*'""*" *"" 516,527 16 67,952 8 £584,480 4 ]1953 331,264 5,673 806 6,479 337,743 271,784 INCOME Brought forward SUNDRY RECEIPTS :— Sale of old Stores Rentals of Freehold and Leasehold Premises . .

Total Ordinary Income . .

LEGACIES FOR GENERAL PURPOSES . .

£ s. d. £ a.

382,518 5 3,924 1 10 782 7 2 4,706 9 387,224 14 297,255 10 d.

1 - 1 10 609,527 1,090 1,100 2,190 144,812 18,511 103,323 TOTAL INCOME FOR GENERAL PURPOSES 684,480 4 11 684,480 4 11 Gifts and Legacies for Special purposes transferred to Funds:— £ s. d.

General Endowment:— Legacies Special Gifts .. 2.795 10 2 2,795 10 2 Special Purposes and Maintenance:— Legacies 128,623 6 6 Special Gifts 48,335 12 1 176,958 18 7 775,040 609,527 100,000 509,527 Total Income .. 864,234 13 8 Deduct:— Amount transferred to Reserve for Replacement of Life-boats 100,000 - - 584,480 4 11 NOTE.—This account includes the receipts and disbursements of the Headquarters of the Institution for the year to 31st December, 1954, and of the Branches for the year to 30th September, 1954.1953 Dr. GENERAL ENDOWMENT FUN The Income to be applied for the purposes of the Institut 242,521 To BALANCE AT 31ST DECEMBER, 105-1 245,310 2 £242,521 £245,316 2 Dr. SPECIAL PURPOSES AND MAINTENANCE FU? The Capita] to be applied for the purposes of the Institut 42 699 34 050 49,386 6,620 9,732 934 238,455 £382,476 184,064 42,699 141,365 !»90,462 £1,131,827 To DEFRAY EXPENDITURE AS SHEWN IN INCOME AND EXPENDITURE ACCOUNT: — o NEW LIFE-BOATS „ TRANSFERS FOR EXPENDITURE PREVIOUSLY CHARGED AGAINST OTHER FUNDS: — RESERVE FOR REPLACEMENT OF LIFE-BOATS GENERAL PURPOSES FUND ,, TRANSFER TO GENERAL PURPOSES FUND ON FULFILMENT or TRUST ,, GRANTS IN CONNEXION WITH CERTAIN TRUST LEGACIES ,, BALANCE AT 31sT DECEMBER, 1954 Dr. RESERVE FOR REPLACEMENT OF To EXPENDITURE ON NEW LIFE-BOATS LeSS BORNE BY SPECIAL PURPOSES AND MAINTENANCE FUND . .

BALANCE AT 31ST DECEMBER, 1954 £ 103,873 51,286 13,549 - 530 896 246,517 £416,653 S 10 H 6 - 13 5 in 14 LIFE-BOA £ 216,657 103,873 112.783 091,227 s.

5 10 15 It £1,104.011 IS Dr. GENERAL PURPOSES FU1 '• £ i.

3,616 To PROVISION FOR ADDITIONAL LIABILITY, 1909 PENSION SCIIKMK .. 1,437 IS — ,, DUTY ON LEGACY RECEIVED PRIOR TO 1954 .. .. .. .. 1,465 " 3,237 ,, DEPRECIATION ON REVALUATION OF POST WAR CHF.DITS . . .. - - 470,741 ,, BALANCE AT 31ST DECEMBER, 1951 .. .. 541,793 4 £477,594 £541,6961953 £ 240,331 1,090 1,100 2,190 31st December, 1954.

in accordance with the directions of the respective Donors.

By BALANCE AT 31 ST DECEMBER, 1953 ,, LEGACIES AND SPECIAL GIFTS (INCOME ONLY AVAILABLE) RECEIVED IN THE YEAR: £ s. d.

Legacies 2,795 10 2 Special Gifts .. .. .. .. .. _ _ _ Cr.

£ s. d.

242,520 12 2 2,795 10 2 £242,521 £245,316 2 4 217,843 144,812 18,511 163,323 1,310 £382,476 982,441 49,386 100,000 £1,131,827 441,402 7,840 16,352 12,000 £477,594 31st December, 1954.

in accordance with the directions of the respective Donors.

By BALANCE AT 31sT DECEMBER, 1953 ,, LEGACIES AND GIFTS FOR SPECIAL PURPOSES (CAPITAL AVAILABLE) RECEIVED IN THE YEAR :— £ s. d.

Legacies 128,623 6 6 Special Gifts 48,335 12 1 „ INTEREST ON UNEXPENDED BALANCES OF CERTAIN SPECIAL TRUST FUNDS Cr.

£ s. d.

238,455 7 - 176,958 18 7 1,239 9 - £416,653 14 7 31st December, 1954.

By BALANCE AT SlST DECEMBER, 1953 „ TRANSFER FROM SPECIAL PURPOSES AND MAINTENANCE FUND AS ABOVE ..

„ TRANSFER FROM INCOME AND EXPENDITURE ACCOUNT Cr.

£ s. d.

990,462 8 9 13,549 6 7 100,000 - - £1 104,011 15 4 31§t December, 1954.

By BALANCE AT 31ST DECEMBER, 1953 ,, PROFIT ON SALE AND REDEMPTION OF INVESTMENTS ,, PROFIT ON SALE OF FREEHOLD PROPERTY „ REDEMPTION ON POST WAR CREDITS ..

„ TRANSFERS FROM SPECIAL PURPOSES AND MAINTENANCE FUND AS ABOVE ..

„ TRANSFER FROM INCOME AND EXPENDITURE ACCOUNT Cr.

£ s. d.

470,740 14 2 3,954 8 3 459 18 2 1,058 2 5 530 13 3 67,952 8 4 £514,696 4 71953 £ 242,521 GENERAL ENDOWMENT FUND (Income available in accordance with the directions of the respective Donors) j SPECIAL PURPOSES AND MAINTENANCE FUND (Capital to be applied in 238,455 j accordance with the directions of the respective Donors) 990,462 470,741 RESERVE FOR REPLACEMENT OF LIFE-BOATS The estimated cost of replacing the entire Fleet exceeds £3,000,000 and the estimated liability for replacements at present contemplated exceeds £1,000,000, part of which will be met by Special Gifts and Legacies.

GENERAL PURPOSES FUND Of this Fund £128,790 relates to Freehold and Leasehold Properties necessary to the Institution's work. The balance of £413,003 is available for the general purposes of the Institution and is intended to cover ordinary liabilities as they arise, including certain pensions, insurance risks in respect of the Life-boat Fleet and Crews not otherwise covered, and replacements other than Life-boats. Replacements at present contemplated include new construction and adaptation of Life-boat Houses £100,000 and provision of new Carriages and Tractors £60,000.

£1,942,179 £2,024,854 10 (Signed) GODFREY BARING Chairman.

(Signed) A. D. BURNETT BROWN Secretary.

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

21st February, 1955.INVESTMENTS at Valuation on 31st Dec., 1951, or cost if acquired since.

s. d.

GENERAL ENDOWMENT FUND—Income onlv available: .. 239,721 10 1 5,594 6 3 ..1,312,890 2 2 36,512 13 8 .. 101,442 14 11 20.832 2 3 British Government Securities British Corporation Stocks (Market value at 31st Dec., 1954, £208,791).

OTHER FUNDS :— British Government Securities Colonial Government Securities British Corporation and Public Boards Stocks Sundry Small Investments (Market value at 31st Dec., 1954, £1,074,722) ..

Total Investments (Market value at 31st Dec., 1954, £1,943,513) 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., 1954 .. 90,404 18 10 Less Balance of Remittances between Headquarters and Branches, October to December, 1954 52,351 10 2 CASH AT BANKERS (most of which is earning interest) 245,316 2 4 1,537,083 13 - 1,782.999 15 4 92,997 2 7 35,793 2 9 38,053 8 8 75,011 7 3 £2.024,854 16 7 Accounts of the Funds with the Books and Vouchers and find the same to be inspected the Deeds of the Properties belonging to the Institution.

(Signed) PRICE WATERHOUSE & CO.,.