LIFE-BOATS:— New life-boats for the following stations: On account— Aith, Appledore, Boulmer, Howth, Longhope, Lowestoft, Salcombe, Sheringham, Shoreham, St.

David's, Sunderland, Weston-super-Mare, Yarmouth (I. of W.), 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 240,845 816 52,523 18,193 Salaries of superintendent engineer, sur- veyor of life-boats, inspectors of machin- ery, assistant surveyors of life-boats and machinery, draughtsmen and clerical staff Travelling expenses Pensions under the pension scheme Contribution to 1938 pension scheme Less estimated amount chargeable to life- boat carriages and tractors 55,523 16,779 4,086 3,806 80,194 3,192 77,002 389,379 LIFE-BOAT CARRIAGES AND TRACTORS:— New carriages Repairs to carriages Repairs to tractors Estimated proportion of life-boats' expenses as above 30,388 625 773 3,192 34,978 LIFE-BOAT HOUSES AND SLIPWAYS:— New construction and adaptation Repairs and maintenance LIFE-BOAT STORES 27,871 27,233 55, KM 65,320 LIFE-BOAT DEPOT:— New construction .. .. .. .. .. .. 156 Rates, insurance, equipment and repairs .. .. .. 13,073 Salaries of superintendent of depot, assistant and clerical staff and wages of manual workers .. .. .. 56,761 Pensions and gratuities under the pension schemes .. 2,981 Contribution to 1938 pension scheme .. .. .. 1,309 Provision for additional liability, 1909 pension scheme .. 896 75,176 LIFE-BOAT STATIONS:— Conveyance of fife-boats, carriages, tractors and stores; work to moorings; telephones, postages, etc. .. .. 39,419 Insurance under national insurance acts and against claims at common law .. .. .. .. .. 7,486 Salaries of assistant secretaries, etc., of stations .. .. 410 47,315 Carried forward 667,272 1961 £ 11,597 8,857 37,172 36,378 94,495 256,689 1,800 246 19,277 9,388 RECEIPTS.

SUBSCRIPTIONS, DONATIONS, ETC:— £ General subscriptions to headquarters .. .. .. 10,280 „ „ through station branches .. 8,607 „ „ through financial branches .. 27,247 „ donations to headquarters .. .. .. 25,146 „ „ through station branches .. .. 93,711 „ „ through financial branches .. .. 288,717 Contributions from harbour authorities towards upkeep of life-boat stations 1,800 Contribution boxes to headquarters .. .. .. 304 „ „ through station branches .. .. 18,868 „ „ through financial branches .. .. 10,221 475,899 484,901 475,899 Carried forward 484,901 COXSWAINS, MOTOR MECHANICS AND CREWS:— Cost of wreck services, including allowances to life-boat crews and others, special allowances and recognitions, medals and vellums 19,368 Grants to men injured in the life-boat service .. .. 1,095 Fees of coxswains, bowmen and signalmen, wages of motor mechanics, etc. .. .. .. .. .. 145,457 Life-boat crews and launchers for exercises .. .. 12,633 Annuities and gratuities under the regulations to coxswains, bowmen, signalmen, part-time and assistant motor mechanics 4,872 Pensions and grants to relatives of deceased life-boatmen and others 15,207 Pensions and gratuities under the pension scheme to ex-permanent crews of life-boats .. .. .. 5,952 £ 667,272 LIFE-BOAT INSPECTORS:— Salaries of chief inspector, deputy chief inspector, inspectors and clerical staff 22,397 Travelling expenses .. .. .. .. .. .. 7,287 Pensions under the pension scheme .. .. .. 2,320 Contribution to 1938 pension scheme 1,795 Provision for additional liability, 1909 pension scheme .. 860 COTTAGES, RATES AND REPAIRS OF MECHANICS' ETC 204,584 34,659 6,158 ADMINISTRATION :— Salaries of secretary, assistant secretary, accountant, internal auditor, and clerical staff 47,954 Rent, depreciation, rates, lighting, heating, insurance, etc., of the Institution's head- quarters 3,881 Insurance under national insurance acts and against claims at common law, etc. .. 8,551 Telephone operator, commissionaires and nightwatchman .. .. .. .. 3,229 Telephones, postages and parcels .. .. 3,864 Travelling expenses of committee of management 687 Pensions under the pension scheme .. 1,819 Contribution to 1938 pension scheme .. 2,917 Provision for additional b'ability, 1909 pension scheme .. .. .. .. 1,729 74,631 Less estimated amount chargeable to raising of funds and publicity .. .. .. 37,315 Stationery, office expenses, printing and books Auditors' fee Legal and professional expenses Repairs and improvements to Institution's headquarters 37,316 9,757 630 3,530 2,030 GRANTS IN CONNEXION WITH CERTAIN LEGACIES CONFERENCE OF LIFE-BOAT SOCIETIES 53,263 510 205 Carried forward 966,651 RECEIPTS.

Brought forward £ 484,901 INCOME FROM INVESTMENTS Dividends and interest on investments Less:— Interest on certain trust funds transferred to Special Purposes Fund Interest on certain endowment funds transferred: (a) to general subscriptions, etc.

(b) to General Endowment Fund 2,121 492 1,695 91,865 4,308 87,557 SUNDRY RECEIPTS:— Sale of old stores Rentals of freehold and leasehold premises Underwriting commission 6,879 1,456 756 9,091 Total ordinary receipts 581,549 Carried forward 581,549 1961 £ 848,589 10,280 33,442 6,697 510 15,455 42,554 5,768 9,543 2,865 3,411 2,523 36,610 169,658 1,018,247 PAYMENTS.

Brought forward RAISING OF FUNDS AND PUBLICITY:— Salaries of publicity secretary, assistant and clerical staff and wages of manual workers Salaries of district organizing secretaries and clerical staff Travelling expenses Annual general meeting Advertising and appeals Stationery, printing, books, films, badges, collecting boxes, district offices expenses, postages Printing and binding the year book and life-boat journal Salaries and commissions of assistant secretaries, etc., of branches Pensions under the pension scheme Contribution to 1938 pension scheme Provision for additional liability, 1909 pension scheme . .

Estimated proportion of administration expenses as above Total payments 10,729 37,961 7,226 363 20,432 54,306 7,311 8,986 2,118 3,739 2,007 37,315 £ 966,651 192,493 1,159,144 165 Transfer to General Endowment Fund being the amount of the year's receipts of gifts for endowment purposes 206 Transfer to Special Purposes and Maintenance Fund being the excess of the year's receipts for special purposes over payments in the year met from special gifts, etc. ..

arrived at as follows: Receipts in year of gifts and legacies for special purposes Less payments in year met from gifts and legacies for special purposes (of which £108,159 relates to new life-boats and £56,917 to other items) Transfer to Special Purposes, etc., Fund (1961 Cr. see contra.) 218,875 165,076 £53,799 53,799 65,918 154,777 £1,239,107 Transfer to Reserve for Replacement of Life-boats (see contra.) Transfer to General Purposes Fund 175,329 £1,388,47? 961 £ 66,296 RECEIPTS.

Brought forward £ 581,549 87,599 LEGACIES FOR GENERAL PURPOSES 53,895 Total receipts for general purposes 555,162 1,136,711 23,805 52,047 04,997 .80,849 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 22,599 108,507 87,769 218,875 165 GIFTS AND LEGACIES FOR ENDOWMENT PURPOSES (The income therefrom to be applied in accordance with the directions of the respective donors.) Gifts Legacies 206 165 234,909 Total receipts ..

206 1,355,792 4,198 Transfer from Special Purposes and Maintenance Fund (see contra.) 165,777 131,695 34,082 100,000 .(65,918) Transfer from Reserve for Replacement of Life-boats being the excess of payments on account of new life- boats in the year not met from special gifts, etc., over the estimated average annual cost falling to be met from general purposes receipts arrived at as follows: Payments on account of new life-boats in the year ..

Less amount met from gifts and legacies for special purposes Deduct estimated average annual cost of replacements falling to be met from general purposes receipts Transfer from Reserve (1961 Dr. see contra.) 240,845 108,159 132,686 100,000 £32,686 32,686 NOTE:—This account includes the receipts and payments of the headquarters of the Institu- tion for the year to 31st December, 1962, and of the branches for the year to 30th September, 1962.

239,107 £1,388,478 The income to be applied for the purposes of the Institution Lass on change of investments .. .. .. .. .. .. .. — Transfer to Life-boatmen's Benevolent Fund Endowment Fund Account .. — BALANCE AT 31sx DECEMBER, 1962 237,622 £237,622 SPECIAL PURPOSES AND MAINTENANCE FUND, The capital to be applied for the purposes of the Institution Transfer to Receipts and Payments Account (see contra.) .. .. .. — BALANCE AT 31sT DECEMBER, 1962 353,768 £353,768 RESERVE FOR REPLACEMENT OF LIFE-BOATS, TRANSFER TO RECEIPTS AND PAYMENTS ACCOUNT .. .. .. .. 32,686 BALANCE AT 31ST DECEMBER, 1962 1,108,108 £1,140,794 GENERAL PURPOSES FUND, Loss on change of investments .. .. .. .. .. .. .. — Transfer to Life-boatmen's Benevolent Fund Revenue Account .... — BALANCE AT 31si DECEMBER, 1962 887,942 £887,942 FOR THE YEAR ENDED 31st DECEMBER, 1962 in accordance with the directions of the respective donors.

BALANCE AT 31sx DECEMBER, 1961 Appreciation on valuation of investments at 31s/ December, 1961 TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT UNEXPENDED INTEREST ON CERTAIN FUNDS £275,603 300,454 1,592 FOR THE YEAR ENDED 31st DECEMBER, 1962 in accordance with the directions of the respective donors.

BALANCE AT SlST DECEMBER, 1961 INTEREST ON UNEXPENDED BALANCES OF CERTAIN FUNDS TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT £302,046 1,074,876 65,918 FOR THE YEAR ENDED 31st DECEMBER, 1962 BALANCE AT 31ST DECEMBER, 1961 Transfer from Receipts and Payments Account (see contra.) ..

£1,140,794 535,748 52 55,226 154,777 £745,803 FOR THE YEAR ENDED 31st DECEMBER, 1962 BALANCE AT SlST DECEMBER, 1961 PROFIT ON SALE OF INVESTMENTS Profit on sale of property Appreciation on valuation of investments at 31st December, 1961 TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT STATEMENT OF FUNDS AND RELATIVE ASSETS 1961 £ 235,721 297,848 140,794 709,710 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 £1,300,000, part of which will be met by special gifts and legacies.

GENERAL PURPOSES FUND Of this fund £150,887 relates to freehold and leasehold properties necessary to the Institution's work. The balance of £737,055 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. Replacements at present contemplated include new construction and adaptation of life-boat houses £235,000 and provision of new carriages and tractors £100,000.

£ 237,622 353,768 1,108,108 887,942 384,073 £2,587,440 (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.

18th February, 1963INVESTMENTS at quinquennial valuation on 31st December, 1961, or cost if acquired since:— Representing GENERAL ENDOWMENT FUND Income only available:— British government securities (Market value at 31st December, 1962, £262,600) 237,622 Representing other funds:— Quoted— British government securities British corporation stocks ..

Debenture stocks Ordinary stocks and shares 821,747 147,016 65,362 894,822 (Market value at 31st December, 1962, £1,982,413) Total quoted investments (Market value £2,245,013) Unquoted— Short term loan to local authorities Mortgages, debentures and other securities TOTAL INVESTMENTS 100,000 45,219 1,928,947 2,166,569 145,219 2,311,788 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, 1962 ..

Less balance of remittances between headquarters and branches, October to December, 1962 161,961 109,399 105,333 45,554 BANK BALANCES 52,562 72,203 £2,587,440 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., Auditors.

[JUNE, 1963 LIFE-BOATMEN'S 1961 £ 295 2,589 ENDOWMENT FUND £ Loss on change of investments Balance carried forward at 31st December, 1962. represented by £3,444 3,225 Conversion 5J% Stock 1974 (Market value at 31st December, 1962, £3,478.) £2,884 116 121 Grants to beneficiaries Balance carried forward at 31st December, 1962 £3,225 REVENUE ACCOUNT 189 93 £237 £282 (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 18th February, '963.

OR THE YEAR ENDED 31st DECEMBER, 1962 1961 £ 2,229 580 75 Balance brought forward at 1st January, 1962 Subscriptions and Donations received and invested Appreciation on valuation of investments at 31st December, 1961 £ 2,589 636 £2,884 £3,225 •OR THE YEAR ENDED 31st DECEMBER, 1962 47 190 £237 Balance brought forward at 1st January, 1962 Investment income 121 161 £282 men's Benevolent Fund and find the same to be correct and in accordance therewith verified the investment.

(Signed) PRICE WATERHOUSE & CO., Auditors.

Notice All contributions for the Institution should be sent either to the honorary secretary of the local branch or guild, or to Stirling Whorlow Esq., the Secretary, Royal National Life-boat Institution, 42 Grosvenor Gardens, London, S.W.I.

AH enquiries about the work of the Institution or about this journal should be addressed to the Secretary.

The next number of THE LIFE-BOAT will be published in September, 1963..