1960 £ 197,541 334 42,558 17,618 65 PAYMENTS.

LIFE-BOATS:— New life-boats for the following stations: On account — Aith, Appledore, Boulmer, Broughty Ferry, Buckie, Howth, Lizard-Cadgwith, Longhope, Penlee, Port Patrick, Salcombe, Sheringham, Weston-super-Mare, Whitehills, materials for future building and improve- ments 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 £ 165,777 558 46,040 18,605 £ 49,901 15,348 Salaries of superintendent engineer, sur- veyor of life-boats, inspectors of machin- ery assistant surveyors of lifeboats and machinery, draughtsmen and clerical staff 52,707 Travelling expenses . . . . . . 15,149 3,667 3,934 Pensions under the pension scheme . . 3,763 Contribution to 1938 pension scheme . . 4,199 72,850 3,256 75,818 Less estimated amount chargeable to life- boat carriages and tractors . . . . 3,105 69,594 72,713 327,710 14,125 LIFE-BOAT CARRIAGES AND TRACTORS:— New carriages 17,696 303,693 277 17,840 Repairs to carriages New tractors 565 1,830 3,256 Repairs to tractors Estimated proportion of life-boats expenses as above . . 432 3,105 37,328 49,921 18,006 LIFE-BOAT HOUSES AND SLIPWAYS:— New construction and adaptation Repairs and maintenance 40,404 23,654 21,798 67,927 55,673 LIFE-BOAT STORES 64,058 63,482 3,167 LIFE-BOAT DEPOT:— New construction 12,538 53,983 2,439 1,280 302 Rates, insurance, equipment and repairs Salaries of superintendent of depot, assistant and c'erical staff and wages of manual workers Pensions and gratuities under the pension schemes . .

Contribution to 1938 pension scheme Provision for additional liability, 1909 pension scheme 12,583 55,271 3,062 1,480 814 73,709 35,166 6,663 230 LIFE-BOAT STATIONS:— Conveyance of life-boats, carriages, tractors and stores; work to moorings ; telephones, postages, etc.

Insurance under national insurance acts and against claims at common law Salaries of assistant secretaries, etc., of stations 34,248 7,008 320 73,210 42,059 41,576 604,406 Carried forward 567, ,817 RECEIPTS SUBSCRIPTIONS, DONATIONS, ETC.:— £ General subscriptions to headquarters .. .. .. 11,597 „ through station branches .. 8,857 „ „ through financial branches .. 37,172 „ donations to headquarters 36,378 „ through station branches .. .. 94,495 „ through financial branches .. .. 256,689 Contributions from harbour authorities towards upkeep of life-boat stations 1,800 Contribution boxes to headquarters .. .. .. 246 „ „ through station branches .. .. 19,277 „ ,, through financial branches .. 9,388 475,899 Carried forward 475,899 RECEIPTS AND PAYMENTS ACCOUNT PAYMENTS.

Brought forward COXSWAINS, MOTOR MECHANICS AND CREWS:— Cost of wreck services, including allowances to life-boat crews and others, special allowances 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.

Life-boat crews and launchers for exercises Annuities and gratuities under the regulations to coxswains, bowmen, signalmen, part time and assistant motor mechanics Pensions and grants to relatives of deceased life-boatmen and others Pensions and gratuities under the pension scheme to ex-permanent crews of life-boats 16,268 1,526 145,175 10,769 4,960 12,754 4,943 £ 567,817 LIFE-BOAT INSPECTORS:— Salaries of chief inspector, deputy chief inspector, inspectors and clerical staff Travelling expenses Pensions under the pension scheme Contribution to 1938 pension scheme Provision for additional liability, 1909 pension scheme RATES AND REPAIRS OF MECHANICS' COTTAGES, ETC £ ADMINISTRATION :— 44,507 Salaries of secretary, assistant secretary, accountant, internal auditor, and clerical staff 3,995 7,037 2,892 3,622 861 4,738 3,164 2,404 Rent, depreciation, rates, lighting, heating, insurance, etc., of the Institution's head- quarters Insurance under national insurance acts and against claims at common law Telephone operator, commissionaires and nightwatchman Telephones, postages, and parcels Travelling expenses of committee of management Gratuity and pensions under the pension scheme Contribution to 1938 pension scheme ..

Provision for additional liability, 1909 pension scheme 73,220 36,610 Less estimated amount chargeable to raising of funds and publicity 20,120 6,509 2,274 2,149 422 196,395 31,474 3,818 Stationery, office expenses, printing and books Auditors' fee Legal and professional expenses Repairs and improvements to Institution's headquarters 36,610 8,823 630 1,180 1,072 GRANTS IN CONNEXION WITH CERTAIN LEGACIES CONFERENCE OF LIFE-BOAT SOCIETIES ..

Carried forward 48,315 655 115 848,589 RECEIPTS Brought forward INCOME FROM INVESTMENTS:— Dividends and interest on investments (less £8,714 tax) Less:— Interest on certain trust funds trans- ferred to Special Purposes Fund .. 1,592 Interest on certain endowment funds transferred: (a) to general subscriptions, etc. .. 672 (b) to General Endowment Fund .. 2,485 78,731 £ 475,899 4,749 Income tax recovered on dividends 73,982 6,791 80,773 SUNDRY RECEIPTS:— Sale of old stores Rentals of freehold and leasehold premises Underwriting commission 7,533 1,393 698 9,624 Total ordinary receipts 566,296 Carried forward 566,296 PAYMENTS.

£ Brought forward RAISING OF FUNDS AND PUBLICITY:— Salaries of publicity secretary, assistant and clerical staff and wages of manual workers .. .. .. 10,280 Salaries of district organizing secretaries and clerical staff 33,442 Travelling expenses .. .. .. .. .. 6,697 Annual general meeting .. .. .. .. .. 510 Advertising and appeals .. .. .. .. .. 15,455 Stationery, printing, books, films, badges, collecting boxes, district offices expenses, postages .. .. 42,554 Printing and binding the year book and life-boat journal 5,768 Salaries and commissions of assistant secretaries, etc., of branches .. .. .. .. .. .. 9,543 Pensions under the pension scheme .. .. .. 2,865 Contribution to 1938 pension scheme 3,411 Provision for additional liability, 1909 pension scheme 2,523 Estimated proportion of administration expenses as above 36,610 Total payments £ 848,589 169,658 1,018,247 Transfer to General Endowment Fund being the amount of the year's receipts of gifts for endowment purposes 165 Transfer to Reserve for Replacement of Life-boats being the excess of the estimated average annual cost falling to be met from general purposes receipts over the payment on account of new life-boats in the year not met from special gifts, etc.

arrived at as follows: Estimated average annual cost of replacements falling to be met from general purposes receipts Deduct payments on account of new life- boats in the year 165,777 Less amount met from gifts and legacies for special purposes 131,695 Transfer to Reserve 100,000 34,082 £65,918 65,918 Transfer to General Purposes Fund (1960 Cr. see contra.) 154,777 £1,239,107 RECEIPTS.

Brought forward £ 566,296 LEGACIES FOR GENERAL PURPOSES Total receipts for general purposes 487,599 1,053,895 GIFTS AND LEGACIES FOR SPECIAL PURPOSES (The capital to be applied in accordance with the direc- tions of the respective donors.) Civil Service Life-boat Fund Special gifts Legacies 23,805 52,047 104,997 180,849 GIFTS AND LEGACIES FOR ENDOWMENT PURPOSES (The income therefrom to be applied in accordance with the directions of the respective donors).

Gifts Legacies 165 Total receipts ..

165 1,234,909 Transfer from Special Purposes and Maintenance Fund being the excess of payments in the year met from special gifts, etc., over the year's receipts for special purposes arrived at as follows: Payments in year met from gifts and legacies for special purposes (of which £131,695 relates to new life-boats and £53,352 to other items) Less receipts in year of gifts and legacies for special purposes Transfer from Special Purposes, etc. Fund 185,047 180,849 4,198 4,198 NOTE:—This account includes the receipts and payments of the headquarters of the Institu- tion for the year to 31st December, 1961, and of the branches for the year to 30th September 1961.

Transfer from General Purposes Fund £1,239,107 GENERAL ENDOWMENT FUND, The income to be applied for the purposes of the Institution £ 37,653 Loss on change of investments Duty on legacy received prior to 1960 2,229 235,721 £275,603 TRANSFER TO LIFE-BOATMEN'S BENEVOLENT FUND ENDOWMENT FUND ACCOUNT BALANCE AT 31sT DECEMBER, 1961 SPECIAL PURPOSES AND MAINTENANCE FUND, The capital to be applied for the purposes of the Institution TRANSFER TO RECEIPTS AND PAYMENTS ACCOUNT BALANCE AT 31ST DECEMBER, 1961 4,198 297,848 £302,046 RESERVE FOR REPLACEMENT OF LIFE-BOATS BALANCE AT 31sT DECEMBER, 1961 1,140,794 £1,140,794 GENERAL PURPOSES FUND, 36,046 LOSS ON CHANGE OF INVESTMENTS Loss on sale of property 47 709,710 TRANSFER TO LIFE-BOATMEN'S BENEVOLENT FUND REVENUE ACCOUNT Transfer to Receipts and Payments Account (see contra) BALANCE AT SlsT DECEMBER, 1961 £745,803 THE LIFE-BOAT 291 FOR THE YEAR ENDED 31st DECEMBER, 1961 in accordance with the directions of the respective donors.

BALANCE AT 31sr DECEMBER, 1960 APPRECIATION ON VALUATION OF INVESTMENTS AT 31sT DECEMBER, 1961 TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT UNEXPENDED INTEREST ON CERTAIN FUNDS £ 261,304 11,649 165 2,485 £275,603 FOR THE YEAR ENDED 31st DECEMBER, 1961 in accordance with the directions of the respective donors.

BALANCE AT 31sT DECEMBER, 1960 INTEREST ON UNEXPENDED BALANCES OF CERTAIN FUNDS ..

300,454 1,592 £302,046 FOR THE YEAR ENDED 31st DECEMBER, 1961 BALANCE AT 31ST DECEMBER, 1960 TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT 1,074,876 65,918 £1,140,794 FOR THE YEAR ENDED 31st DECEMBER, 1961 BALANCE AT 31sT DECEMBER, 1960 PROFIT ON SALE OF PROPERTY APPRECIATION ON VALUATION OF INVESTMENTS AT 31sT DECEMBER, 1961 TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT 535,748 52 55,226 154,777 £745 803 1960 £ 261,304 300,454 074,876 535,748 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 FOR REPLACEMENT OF LIFE-BOATS The estimated cost of replacing the entire fleet exceeds £6,000,000 and the estimated liability for replacements at present contemplated exceeds £900,000, part of which will be met by special gifts and legacies.

GENERAL PURPOSES FUND Of this fund £144,536 relates to freehold and leasehold properties necessary to the Institution's work. The balance of £565,174 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 other- wise covered, and replacements other than life-boats. Replace- ments at present contemplated include new construction and adapta- tion of life-boat houses £80,000 and provision of new carriages and tractors £120,000.

£ 235,721 297,848 1,140,794 709,710 172,382 £2,384,073 (Signed) HOWE, Chairman.

(Signed) S. M. WHORLOW, Secretary.

We have examined the above Statement, also the receipts and payments account and correct and in accordance therewith. We have also verified the investments 3 Frederick's Place, Old Jewry, London, E.C.2.

22nd February, 1962.

1960 £ 261,304 (Market value £248,929) INVESTMENTS revalued at market prices on the 31st December, 1961, following the Institution's established practice of revaluing its investments at quinquennial intervals:— Representing GENERAL ENDOWMENT FUND Income only available:— British government securities 1,271,974 26,250 122,301 72,049 Representing other funds:— Quoted— British government securities Dominion government securities British corporation stocks ..

Debenture stocks Ordinary stocks and shares 766,770 70,984 18,932 583,121 1,492,574 (Market value £1,464,682) 98,637 41,866 Unquoted— Short term loans to local authorities and monies on deposit account Mortgages, debentures and other securities 360,000 38,602 1,894,381 98,578 37,153 148,157 91,456 56,701 85,569 TOTAL INVESTMENTS 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 September, 1961 ..

Less balance of remittances between headquarters and branches, October to December, 1961 BANK BALANCES 146,577 89,172 £2,172,382 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.

LIFE-BOATMEN'S ENDOWMENT FUND £ Loss on change of investment 295 Balance carried forward at 31st December, 1961, represented by £2,799 Conversion 5i% Stock 1974 2,589 £2,884 REVENUE ACCOUNT Grants to beneficiaries 116 Balance carried forward at 31st December, 1961 .. .. 121 £237 SUMMARY OF TRANSACTIONS GRANTS TO BENEFICIARIES £ 1957 9 1958 40 1959 87 1960 82 (Signed) HOWE, Chairman.

(Signed) S. M. WHORLOW, Secretary.

We have examined the above statement with the books and vouchers of the Life-boat We have also 22nd February, 1962.

FOR THE YEAR ENDED 31st DECEMBER, 1961.

Transfer on 1st January, 1961, of £3,477 Funding 3J% Stock 1999/2004 from Royal National Life-boat Institution General Endowment Fund Subscriptions and Donations received and invested Appreciation on valuation of investments at 31st December, 1961 FOR THE YEAR ENDED 31st DECEMBER, 1961.

Transfer on 1st January, 1961, from Royal National Life-boat Institution General Purposes Fund Investment Income TO 31st DECEMBER, 1960 INVESTMENT INCOME 1957 1958 1959 1960 men's Benevolent Fund and find the same to be correct and in accordance therewith, verified the investment.

(Signed) PRICE WATERHOUSE & CO., Auditors..