1962 £ 240,845 PAYMENTS.

LIFE-BOATS.— New life-boats for the following stations: On account — Boulmer, Caister, Cullercoats, Hastings, Howth, Kirk- cudbright, Llandudno, Longhope, Lowestoft, Sal- combe, Seaham, Shoreham, St. Abbs, St. David's, Skegness, Sunderland, Yarmouth (I. of W.), materials for future building and improvements and alterations to existing fleet £ 311,782 £ 8i6 52,523 18,193 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 562 67,171 18,851 250 55,523 16,779 4,086 3,806 Salaries of superintendent engineer, sur- veyor of life-boats, inspectors of machin- ery, assistant surveyors of life-boats and machineryj draughtsmen and clerical staff 56,924 Travelling expenses . . . . . . 21,060 Pensions under earlier pension schemes . . 5,016 Contribution to staff pension fund . . 3,932 80,194 3,192 86,932 Less estimated amount chargeable to life- boat carriages and tractors .. .. 3,831 77,002 83,101 389,379 TO, 247 LIFE-BOAT CARRIAGES AND TRACTORS:— 11,058 481,717 625 Repairs to carriages 1,189 24,448 773 Repairs to tractors 2,439 3,192 Estimated proportion of life-boats' expenses as above . . 3,831 34,978 27,871 27,233 LIFE-BOAT HOUSES AND SLIPWAYS:— New construction and adaptation Repairs and maintenance 39,602 33,883 42,965 55,104 LIFE-BOAT STORES 73,485 7C.QT8 LIFE-BOAT DEPOT:— 2,409 13,073 56,761 2,981 1,309 896 Rates, insurance, equipment and repairs Salaries of superintendent of depot, assistant and clerical staff and wages of manual workers Pensions and gratuities under earlier pension schemes . .

Contribution to staff pension fund Provision for additional liability, 1909 pension scheme 12,716 61,666 3,522 1,546 75,176 39,419 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 46,827 8,632 81,859 410 Salaries of assistant secretaries, etc., of stations 409 47,315 55,868 667,272 Carried forward . . . . . . 811,812 62 RECEIPTS. r SUBSCRIPTIONS, DONATIONS, ETC.:— £ £ ",280 General subscriptions to headquarters 12,010 1,607 , 33 through station branches 8,536 ' 247 , „ through financial branches 34,042 [,146 3 donations to headquarters 42,119 l=7ii , „ through station branches 112,056 !)7i7 , „ through financial branches 291,498 Contributions from harbour authorities towards upkee [,8oo of life-boat stations 1,55° 304 Contribution boxes to headquarters 257 1,868 3, a, through station branches 26,798 1,221 33 „ through financial branches 14,047 542,913 4,901 Carried forward 542=913 1962 £ 667,272 19,368 i,095 145,457 12,633 4,872 15,207 5,952 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 . . . . .. .. .. 19,915 Grants to men injured in the life-boat service .. .. 993 Fees of coxswains, bowmen and signalmen, wages of motor mechanics, etc. .. .. .. .. .. .. 154,320 Life-boat crews and launchers for exercises .. .. 14,719 Annuities and gratuities under the regulations to cox- swains, bowmen, signalmen, part time and assistant motor mechanics .. . . . . . . .. .. 4,679 Pensions and grants to relatives of deceased life-boatmen and others .. . . . . .. .. .. 16,938 Pensions and gratuities under the pension scheme to ex- permanent crews of life-boats .. .. .. .. 6,753 204,584 22,397 7,287 2,320 1,795 860 LIFE-BOAT INSPECTORS:— Salaries of chief inspector, deputy chief inspector, inspec- tors and clerical staff .......... 25,588 Travelling expenses . . . . . . . . . . 10,402 Pensions under earlier pension schemes . . . . . . 2,474 Contribution to staff pension fund .. .. .. 2,841 Provision for additional liability, 7909 pension scheme . . — 34,659 6,158 47,954 3,881 8,55i 3,229 3,864 687 1,819 2,917 1,729 74,631 37,315 RATES AND REPAIRS OF MECHANICS' COTTAGES, ETC ADMINISTRATION:— Salaries of secretary, assistant secretary, ac- countant, internal auditor, and clerical staff .. 50,434 Rent, depreciation, rates, lighting, heating, insurance, etc., of the Institution's head- quarters .. . . .. .. .. 3,650 Insurance under national insurance acts and against claims at common law, etc. .. 9,363 Telephone operator, commissionaires and night watchman .. .. .. .. 4,147 Telephones, postages and parcels .. .. 4,564 Travelling expenses of committee of man- agement 761 Pensions under earlier pension schemes .. 2,023 Contribution to staff pension fund .. 5,392 Provision for additional liability, 7909 pension scheme .. .. .. .. .. — 80,334 4°,I67 Less estimated amount chargeable to raising of funds and publicity .. .. ..

9,757 630 3,530 2,030 Stationery, office expenses, printing and books Auditors' fee Legal and professional expenses Repairs and improvements to Institution's headquarters 40,167 10,249 630 4,286 2,750 53,263 510 205 966,651 GRANTS IN CONNEXION WITH CERTAIN LEGACIES CONFERENCE OF LIFE-BOAT SOCIETIES Carried forward1,865 9,121 , 492 4,695 it.308 SW57 6,879 '756 RECEIPTS.

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

(b) to General Endowment Fund SUNDRY RECEIPTS:— Sale of old stores Rentals of freehold and leasehold premises Underwriting commission 1,928 500 i,757 £ 89,093 4,185 6,307 1,616 584 £ 542,913 84,908 9,091 8,507 li,549 Total ordinary receipts ..

636,328 81,549 Carried forward ..

636,328 lit 1962 £ 966,651 Brought forward PAYMENTS.

10,729 37=961 7,226 363 20,432 54,306 8,986 2,118 3=739 2,007 37=315 RAISING OF FUNDS AND PUBLICITY:— Salaries of public relations officer, 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 earlier pension schemes Contribution to staff pension fund Provision for additional liability, 1909 pension scheme Estimated proportion of administration expenses as above 11,356 39=589 7,888 557 14=495 53=769 7=354 8,096 2,916 8,886 40,167 192=493 1=159=144 Total payments 206 Transfer to General Endowment Fund being the amount of the year's receipts of gifts for endowment purposes 53=799 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 the year of gifts and legacies for special purposes Less payments in year met from gifts and legacies for special purposes (of which £167,327 relates to new life-boats and £61,396 to other items) Transfer to Special Purposes, etc. Fund 233=738 228,723 5=015 175=329 Transfer to General Purposes Fund .. ...

£1,388,478 i=574=9 Brought forward ..

RECEIPTS.

£ 636,328 LEGACIES FOR GENERAL PURPOSES Total receipts for general purposes 653,375 1,289,703 GIFTS AND LEGACIES FOR SPECIAL PURPOSES (The capital to be applied in accordance with the directions of the respective donors.) Civil Service Life-boat Fund 25,474 Special gifts .. .. .. .. .. .. .. 145,105 Legacies 63,159 233,738 GIFTS AND LEGACIES FOR ENDOWMENT PURPOSES (The income therefrom to be applied in accordance with the directions of the respective donors.) Gifts Legacies .. .. .. .. .. ..

7,100 7,100 Total receipts 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 .. 311,782 Less amount met from gifts and legacies for special pur- poses 167,327 I44 455 Deduct estimated average annual cost of replacements falling to be met from general purposes receipts 100,000 Transfer from Reserve £44,455 44.455 NOTE:—This account includes the receipts and payments of the headquarters of the Institution for the year to 3ist December, 1963, and of the branches for the year to 3Oth September, 1963.

£i,574 996 1C 1962 £ GENERAL ENDOWMENT FUND The income to be applied for the purposes of the Institution 237,622 BALANCE AT 3131 DECEMBER, 1963 £237,622 SPECIAL PURPOSES AND MAINTENANCE FUNDI The capital to be applied for the purposes of the Institutiol 353,768 BALANCE AT SIST DECEMBER, 1963 360,711 £353,768 32,686 1,108,108 RESERVE FOR REPLACEMENT OF LIFE-BOAT TRANSFER TO RECEIPTS AND PAYMENTS ACCOUNT .. .. .. 44,451 BALANCE AT 3151 DECEMBER, 1963 1,063,65} £1,140,794 GENERAL PURPOSES FUNlJI 887,942 TRANSFER TO R.N.L.I. STAFF PENSION FUND ARISING ON THE ESTABLISH- MENT OF THIS FUND TO REPLACE THE 1938 PENSION SCHEME AND INCOR- PORATE OTHER PENSION ARRANGEMENTS FORMERLY NOT FUNDED BALANCE AT 3151 DECEMBER, 1963 192,001 939,4 £887,942FOR THE YEAR ENDED sist DECEMBER, 1963 in accordance with the directions of the respective donors.

BALANCE AT 3157 DECEMBER, 1962 TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT UNEXPENDED INTEREST ON CERTAIN FUNDS £ 237,622 7,100 i 757 £246,479 FOR THE YEAR ENDED sist DECEMBER, 1963 in accordance with the directions of the respective donors.

BALANCE AT 3151 DECEMBER, 1962 INTEREST ON UNEXPENDED BALANCES OF CERTAIN FUNDS TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT 353=768 1,928 5=015 £,360,711 FOR THE YEAR ENDED 3ist DECEMBER, 1963 BALANCE AT SIST DECEMBER, 1962 .. .. ..

1,108,108 £1,108,108 FOR THE YEAR ENDED 3ist DECEMBER, 1963 BALANCE AT 3151 DECEMBER, 1962 PROFIT ON SALE OF INVESTMENTS TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT 887,942 20,382 223,099 £1,131,423 I S 1962 j£j 237,622 353 768 GENERAL ENDOWMENT FUND (Income available in accordance with the directions of the respective donors) SPECIAL PURPOSES AND MAINTENANCE FUND (Capital to be applied in ac- cordance 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 £1,400,000, part of which will be met by special gifts and legacies 246,4 360,7 1,063,6 887,942 GENERAL PURPOSES FUND Of this fund £158,051 relates to freehold and leasehold properties necessary to the Institution's work. The balance of £781,372 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 adaptation of life-boat houses £288,000 and provision of new carriages and tractors £87,000.

939,4 £2,587,440 £2,610,2* Alt, (Signed) V. WYNDHAM-QUIN, Deputy Chairman.

(Signed) S. M. WHORLOW, Secretary.

We have examined the above statement, also the Receipts and Payments Account correct and in accordance therewith. We have also verified the investm 3, Frederick's Place, Old Jewry, London, E.C.2.

5th March, 1964INVESTMENTS at the quinquennial valuation on 3ist December 1961, or cost if acquired since:— Representing GENERAL ENDOWMENT FUND Income only available:— British government securities (Market value at 3ist December, 1963, £273,265) 246,479 Representing other funds:— Quoted— British government securities British corporation stocks Debenture stocks Ordinary U.K. stocks and shares U.S.A. stocks (Market value at 3ist Dec. 1963, £2,084,373) Total quoted investments (Market value £2,357,638) Unquoted— Short term loan to local authorities Mortgages, debentures and other securities Cash on deposit 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 Sept., 1963 Less balance of remittances between headquarters and branches, October to December, 1963 600,010 138,614 66,027 1,109,367 30,157 45,652 90,000 164,851 96,019 i 944,i75 2,190,654 135.652 2,326,306 107,856 5° i95 BANK BALANCES 68,832 57,077 £2,610,266 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.

Sfl "7 1962 3=225 ENDOWMENT FUND £ 3,618 Balance carried forward at 3ist December, 1963, represented by £3,825 Conversion 5i°0 Stock 1974 (Market value at 3ist Dec., 1963, £3,844) £3,225 189 93 Grants to beneficiaries Balance carried forward at 3ist December, 1963 £3,618 REVENUE ACCOUNT 230 ' 54 £282 £284 (Signed) V. WYNDHAM-QUIN, Deputy Chairman.

(Signed) S. M. WHORLOW, Secretary.

5th March, 1964.

We have examined the above statement with the books and vouchers of It accordance therewith. We bum I THE 1962 2,589 636 YEAR ENDED 3ist DECEMBER, 1963 Balance brought forward at ist January, 1963 Subscriptions and Donations received and invested £ 3=225 393 £3=225 £3=618 I THE 121 161 YEAR ENDED 3ist DECEMBER, 1963 Balance brought forward at ist January, 1963 Investment income ..

93 191 £282 £284 :-boatmen's Benevolent Fund and find the same to be correct and in verified the investment.

(Signed) PRICE WATERHOUSE & CO., Auditors.

Itf.