INCOME AND EXPENDITURE— 1st Jan. to 31st Dec., 1955. 1954 £ 216,657 385 32,751 9,758 354 37,173 11,126 EXPENDITURE LIFE-BOATS :— New Life- boats for the following Stations : On account — Berwick - on - Tweed, Campbeltown, Cromarty, Douglas, Powey, Fraserburgh, Humber, Moelfre, Padstow, Plymouth, Port St. Mary, Ramsgate, St. Mary's, St. Peter Port, Southend-on-Sea, Stor- noway, Stromness, Stronsay, Tenby, Thurso, Troon, Walton, Wicklow; materials for future building and improvements and alterations to existing fleet Upkeep of Cowes Office and Store Upkeep of and Repairs to Life-boats Rentals and Maintenance of Radio Equipment and Loud Hailers, and Radio Licences Consulting Naval Architect Salaries of Superintendent Engineer, Surveyor of Life-boats, Inspectors of Machinery, Assistant Surveyors of Life-boats and Machinery, Draughts- men, and Clerical Staff Travelling Expenses £ s. d.

177,237 17 2 269 9 11 31,695 14 1 9,716 9 3 86 6 6 39,209 11 4 11,441 17 5 1 £ i. 1,659 Pensions under the Pension Scheme 1,912 14 6 2,741 Contributions to 1938 Pension Scheme 2,770 - 6 2 74 QJ./1 LIFE- BO AT CARRIAGES AND TRACTORS:— 4,180 7 7 25,864 12,580 880 424 1,740 Repairs to Life-boat Carriages Repairs to Tractors Salaries of Assistant Surveyor of Carriages, and Tractor Engineers 994 10 6 451 17 1 1,896 7 1 841 125 Travelling Expenses Contributions to 1938 Pension Scheme 811 5 10 124 14 10 11,145 20,658 39 LIFE- BO AT HOUSES AND SLIPWAYS :— New Construction and Adaptation Repairs and Maintenance Pension under the Pension Scheme 18,763 7 2 27,072 11 4 26 - - 81,842 39,275 9,068 42,440 533 746 LIFE-BOAT STORES LIFE-BOAT DEPOT:— Rates, Insurance, Equipment and Repairs Salaries of Superintendent of Depot, Assistant, and Clerical Staff and Wages of Manual Workers Pensions and Gratuities under the Pension Schemes . .

Contributions to 1938 Pension Scheme 10,376 1 5 44,092 9 11 850 15 - 797 16 4 45,861 18 42,263 9 52 787 56 117 9 21,678 PAYMENTS IN CONNEXION WITH LIFE-BOAT STATIONS:— Conveyance of Life-boats, Carriages, Tractors, and Stores; Work to Moorings; Telephones; Postages, 22,170 10 8 4,135 Insurance under National Insurance Acts and against claims at Common Law 4,314 13 8 267 Salaries of Assistant Secretaries, etc., of Stations 267 - - OR 7KQ in 11,242 1,254 96,164 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 Grants to men injured in the Life-boat service Fees of Coxswains, Bowmen and Signalmen, Wages of Motor Mechanics, etc. 10,056 8 3 806 - 9 102,806 15 9 8,315 Payments to Life-boat Crews and Launchers for 8,338 2 6 4,862 Annuities and Gratuities under the Regulations to Coxswains, Bowmen, Signalmen, Part Time and 6,242 Pensions and Grants to Relatives of deceased Life- boatmen and others 7,188 3 2 2,488 Pensions and Gratuities under the Pension Scheme to Ex-permanent Crews of Life-boats 1,839 13 8 1 fi 4/ifi M £623,029 Carried forward . . £602,786 8 1954 £ 7,209 6,362 21,785 24,335 57,388 174,559 1 800 265 16,360 4,415 INCOME AND EXPENDITURE— 1st Jan. to 31s 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 up Contribution Boxes to Headquarters „ „ through Station Branches „ „ through Financial Branches t Dec. 1955.

£ s. d. £ s. d.

8,197 16 5 6,238 4 1 21,797 12 8 18,972 8 11 58,541 3 10 194,205 10 3 1,800 - - 285 5 3 18,645 14 4 6,276 1 6 314,478 334,959 17 3 5,805 208 6,013 57,569 1,239 677 1,916 55,653 6,374 62,027 382,518 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, Walmer .and Whitehills Bevan Reward Fund 6,215 208 19 10 5 - INCOME FROM INVESTMENTS :— Dividends and Interest on Investments (less £2,918 17s. Id. tax) Less— £ s. d.

Interest on certain Trust Funds transferred to Special Purposes Fund 866 16 - Interest on certain Endowment Funds transferred to General Subscriptions, etc. (in accordance with the directions of the respective donors) 6,424 4 10 61,970 4 4 676 10 5 1,543 6 5 Income Tax recovered on Dividends Carried forward 60,426 17 11 2,450 19 11 62,877 17 10 404.261 19 11INCOME AND EXPENDITURE—1st Jan, to 31st Dec.,, 1955—continued.

1954 £ 623,029 16,189 5,833 1,842 1,625 « 5 489 3,383 24,820 3,228 3,336 1,632 2,136 1,129 1,146 2,091 39,518 19,759 19,759 5,698 472 1,622 620 28,171 487 2 880 17,830 4,902 166 10,624 32,303 4,338 7 820 1,581 1,760 19,759 lUGjoOo 784,472 103,873 112,784 216,657 51,287 516,528 67,952 £584,480 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 RATES AND REPAIRS OF MECHANICS' COTTAGES, ETC. : ADMINISTRATION :— £ s. d.

Salaries of Secretary, Assistant Secretary, Accountant, Internal Auditor, and Clerical Staff 27,867 14 11 Rent, Depreciation, Rates, Lighting, Heating, Insurance, etc., of the House of the Institution . . . . 3,107 16 9 Insurance under National Insurance Acts and against claims at Common Law . . 3,718 7 6 Telephone Operator, Commissionaires and Nightwatchman . . . . . . 1,657 - 2 Telephones, Postages and Parcels . . 2,563 6 6 Travelling and other Expenses of Chairman and Committee of Management 1,172 4 - Pensions under the Pension Scheme .. 1,143 4 8 Contributions to 1938 Pension Scheme 2,204 3 7 43,433 18 1 Less estimated amount chargeable to raising of funds and publicity . . 21,716 19 - Stationery, Office Expenses, Printing and Books Law Expenses Repairs and Improvements to the House of the-Institution GRANTS IN CONNEXION WITH CERTAIN LEGACIES EXPENSES OF CONFERENCE OF LIFE-BOAT SOCIETIES . .

EXPENSES CONNECTED WITH RAISING OF FUNDS AND PUBLICITY: Salaries of Publicity Secretary, Assistant and Clerical Staff Salaries of District Organizing Secretaries and Clerical Staff Travelling expenses Annual General Meeting Advertising and Appeals Stationery, Printing, Books, Films, Badges, Collecting Boxes, Postages Printing andBindingthe Year BookandLife-boat Journal Printing and Binding the War Supplement . .

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 1 Other expenditure included in this account borne by Special Gifts and Legacies . .

Transfer to General Purposes Fund being excess of income for general purposes over expenditure, not borne by special funds £ 16,983 3,902 1,642 1,559 21,716 6,348 472 1,535 430 3 275 19,036 3,847 188 12,575 35,931 4,231 2,517 8,064 1,399 1,905 21,716 97,166 80,071 77,237 48,882 s. d. £ 602,786 16 3 6 1 6 9 8 6 . 0 Qg7 -J 3,138 1 19 1 1 1 10 14 - 2 - 539 1 403 3 7 4 17 4 6 6 ]8 9 17 - 2 10 11 7 16 3 4 6 5 1 A. t*f 19 - 776,150 .

14 10 2 4 17 2 550,030 72,040 £622,071INCOME AND EXPENDITURE—1st Jan. to 31st Dec., 1955—continued.

INCOME Brought forward SUNDRY RECEIPTS :— Sale of old Stores Rentals of Freehold and Leasehold Premises ..

Total Ordinary Income LEGACIES FOR GENERAL PURPOSES s. d. £ s. d.

404,261 19 11 3,982 4 1 879 10 8 4,861 14 0 409,123 14 8 312,947 13 8 TOTAL INCOME FOR GENERAL PURPOSES 722,071 8 4 722,071 S 4 Gifts and Legacies for Special purposes transferred to Funds:— £ s. d.

General Endowment:— Legacies 306 17 6 Special Gift .. .. .. 500 - - Total Income 806 17 6 Special Purposes and Maintenance :— Legacies 64,800 7 11 Special Gifts 49,9951711 114,796 5 10 .. 837,674 11 8 Deduct:— Amount transferred to Reserve for Replacement of Life-boats 100.000 - - 622,071 8 4 NOTE.—This account includes the receipts and disbursements of the Headquarters of the Institution for the year to 31st December, 1955, and of the Branches for the year to 30th September, 1955.

£622,071 8 41954 £ 245,316 £245,316 To BALANCE AT 31sx DECEMBER, 1955 GENERAL ENDOWMENT FU1 The Income to be applied for the purposes of the Institu £ ».

246,122 II £246,122 1! SPECIAL PURPOSES AND MAINTENANCE FU The Capital to be applied for the purposes of the Instill 103,873 51,287 13,549 531 896 246,518 To DEFRAY EXPENDITURE AS SHEWN IN INCOME AND EXPENDITURE ACCOUNT :— ON NEW LIFE-BOATS ON OTHER PURPOSES „ TRANSFERS TO RESERVE FOR REPLACEMENT OF LIFE-BOATS FOR EXPENDITURE PREVIOUSLY CHARGED AGAINST THAT FUND „ TRANSFER TO GENERAL PURPOSES FUND ON FULFILMENT OF TRUST „ GRANTS IN CONNEXION WITH CERTAIN TRUST LEGACIES „ BALANCE AT 31ST DECEMBER, 1955 97,166 48,882 6,394 30 903 208,803 £416,654 £302,180 1 RESERVE FOR REPLACEMENT OF LIFE-BO 216,657 103,873 112,784 991,228 To EXPENDITURE ON NEW LIFE-BOATS LeSS BORNE BY SPECIAL PURPOSES AND MAINTENANCE FUND „ BALANCE AT 31ST DECEMBER, 1955 £1,104,012 £ i 177,237 1 97,166 1 80,071 1,017,551 £1,097,622 1 1,438 1,465 541,793 GENERAL PURPOSES Ft £ i To PROVISION FOR ADDITIONAL LIABILITY, 1909 PENSION SCHEME .. 1,170 „ Duty on Legacy Received Prior to 1954 „ Loss ON SALE AND REDEMPTION OF INVESTMENTS .. .. 950 I „ BALANCE AT 31ST DECEMBER, 1955 .. .. .. .. .. 614,918 £544,696 £617,03931st December, 1955.

in accordance with the directions of the respective Donors.

By BALANCE AT 31 ST DECEMBER, 1954 „ LEGACIES AND SPECIAL GIFTS (INCOME ONLY AVAILABLE) RECEIVED IN THE YEAR: £ s. d.

Legacies 306 17 0 Special Gift 500 - - £ s. d.

245,316 2 4 80G 17 6 £246,122 19 10 31st December, 1955.

in accordance with the directions of the respective Donors.

By BALANCE AT 31ST DECEMBER, 1954 ,, LEGACIES AND GIFTS FOR SPECIAL PURPOSES (CAPITAL AVAILABLE) RECEIVED IN THE YEAR :— £ s. d.

Legacies 64,800 7 11 Special Gifts 49,995 17 11 „ INTEREST ON UNEXPENDED BALANCES OF CERTAIN SPECIAL TRUST FUNDS ..

£ s. d.

246,517 10 6 114,796 5 10 866 16 - £362,180 12 4 31st December, 1955.

By BALANCE AT SlST DECEMBER, 1954 „ TRANSFER FROM SPECIAL PURPOSES AND MAINTENANCE FUND AS ABOVE ,, TRANSFER FROM INCOME AND EXPENDITURE ACCOUNT £ s. d.

991,227 19 9 6,394 10 4 100,000 - - £1,097,622 10 1 31st December, 1955.

By BALANCE AT 31ST DECEMBER, 1954 ,, Profit on Sale and Redemption of Investments „ PROFIT ON SALE OF FREEHOLD AND LEASEHOLD PROPERTY ,, REDEMPTION ON POST WAR CREDITS ..

„ TRANSFERS FROM SPECIAL PURPOSES AND MAINTENANCE FUND AS ABOVE „ TRANSFER FROM INCOME AND EXPENDITURE ACCOUNT £ s. d.

541,793 4 - 1,082 7 4 2,092 5 7 30 13 6 72,040 16 11 £617,039 7 41954 £ 245,316 246,518 991,228 541,793 GENERAL ENDOWMENT FUND (Income available in accordance with the directions of the respective Donors) SPECIAL PURPOSES AND MAINTENANCE FUND (Capital to be applied in accordance with the directions of the respective Donors) RESERVE FOE REPLACEMENT OF LIFE-BOATS The estimated cost of replacing the entire Fleet exceeds £4,000,000 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 £129,097 relates to Freehold and Leasehold Properties necessary to the Institution's work. The balance of £485,821 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: £60,000.

This statement of funds and relative assets indicates, by the figures in brackets, the diminution in the market values of investments at 31st December, 1955, which following the Institution's established practice of re-valuing its investments at quinquennial intervals, has not been taken into account in arriving at the balance of the relative funds. The next valuation is due at 31st December, 1956.

1,017,551 £2,024,855 ! (Signed) GODFREY BARING Chairman.

(Signed) A. D. BURNETT BROWN Secretary.

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

27th February, 1956.1054 INVESTMENTS at Valuation on 31st Dec., 1951, or cost if acquired since.

s. d. s. d.

239,722 5,594 245,316 Market value £268,791) 1,312,896 36,513 161,443 26,832 1,587,684 Market value il,674,722) 1,783,000 [Market value £1,943,513) 92,997 35,793 90,404 GENERAL ENDOWMENT FUND—Income only available: British Government Securities 240,528 13 7 British Corporation Stocks 5,594 6 3 246,122 19 10 (Market value at 31st Dec., 1955, £232,441).

OTHER FUNDS:— British Government Securities Colonial Government Securities British Corporation and Public Board Stocks Sundry Small Investments ..1,405,321 7 3 .. 36,512 13 8 .. 146,779 11 4 .. 27,009 7 3 (Market value at 31st Dec., 1935, £1,503,675) ..

Total Investments (Market value at 31st Dec., 1955, £1,736,116) 1,615,622 19 6 1,861,745 19 4 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., 1955 .. 78,844 - 1 Less Balance of Remittances between Headquarters and Branches, October to December, 94,185 10 13 34,911 1 8 75,012 £2,024,855 °0 889 7 1 CASH AT BANKERS (most of which is earning interest) . . . . . . 66,663 16 2 £2,087,395 14 9 lie Accounts of the Funds with the Books and Vouchers and find the same to be ind inspected the Deeds of the Properties belonging to the Institution.

(Signed) PRICE WATERHOUSE & CO., A nditfint.THE LIFE-BOAT SERVICE Its Expenditure at a Glance How each £100 of the Institution's Expenditure was paid out in 1955 £ s. d.

27 8 3 mm m mm New Construction.

36 3 8 B —i * Maintenance of Lifeboats and Stations (including Depot).

17 11 6 — Payments to Life-boat Crews.

4 1 0 mmm Administration.

14 15 7 a,ma Raising of Funds and Publicity at Headquarters and over 1,000 Branches.

£100 0 0 Its Income at a Glance How each £100 of the Institution's Income was obtained in 1955 £ s. d.

17 13 7 . Subscriptions, Donations.

Collecting Boxes.

15 2 1 _ _ Life-boat Days and House-to-House Collections.

6 2 8 __. Other Special Efforts.

1 15 11 m Boat-house Collections.

7 10 11 . __ Income from Investments.

45 2 8 mm.. mt. Legacies.

6 0 7 mmmm Special Gifts.

11 7 _ Other Sources.

£100 0 0.