RECEIPTS AND PAYMENTS ACCOUN' PAYMENTS.

LIFE-BOATS:— New life-boats for the following stations: On account— Anstruther, Cromer, Ilfracombe, Kirkcudbright, Newbiggin, St. Abbs, Wells, materials for future building and improvements and alterations to existing fleet Upkeep of Cowes office and store Upkeep of and repairs to life-boats Rental and maintenance of radio equipment and loud hailers and radio licences Consulting Naval Architect Salaries of superintendent engineer, surveyor of life-boats, inspectors of machininery, assistant surveyors of life-boats and machinery, draughtsmen and clerical staff Travelling expenses Pensions under earlier pension schemes ..

Contribution to staff pension scheme Less estimated amount chargeable to lifeboat carriages and tractors 73,ooi 23,517 4,876 5,544 106,938 4 4i7 269,893 522 96,765 24,346 250 102,521 LIFE-BOAT TRACTORS AND CARRIAGES:— Repairs to carriages New tractors Repairs to tractors Estimated proportion of life-boats' expenses as above 291 19,958 3,885 4,417 LIFE-BOAT HOUSES AND SLIPWAYS:— New construction and adaptation Repairs and maintenance LIFE-BOAT STORES LIFE-BOAT DEPOT:— New construction 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 scheme 54,190 42,163 19,705 18,690 67,064 3 3io LIFE-BOAT STATIONS:— Conveyance of life-boats, carriages, tractors and stores; work to moorings; telephones, postages, etc 50,687 Insurance under national insurance acts and against claims at common law .. .. .. .. . • •• 11,062 Salaries of assistant secretaries, etc., of stations .. .. 64 Carried forward )R THE YEAR ENDED 3151 DECEMBER, 1965 1964 £ 12,077 9=649 30,019 85,211 123,095 309,672 2,050 242 26,036 I5,°49 RECEIPTS.

SUBSCRIPTIONS, DONATIONS, ETC.— £ General subscriptions to headquarters „ „ through station branches j, „ through financial branches „ donations to headquarters „ „ through station branches „ „ through financial branches Contributions from harbour authorities toward of life-boat stations Contribution boxes to headquarters „ „ through station branches jj jj through financial branches upke I35679 7,867 29,613 31,416 127,888 290,270 P 1,800 242 3i)3i9 I5 657 £ 613,100 549)751 613,100 Carried forward 549,751 RECEIPTS AND PAYMENTS ACCOUI 1964 £ 853,672 23,369 568 164,403 12,860 4,827 17,631 6,728 230,386 32,466 10,683 2,612 3,152 48,913 6,578 55,841 6,404 12,698 3,795 5 755 918 2,378 5,327 93,116 46,558 46,558 I3 947 630 6,320 6,674 74,129 860 1,713 1,216,251 PAYMENTS.

Brought forward 27,526 610 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. .. .. .. .. .. .. 182,395 Life-boat crews and launchers for exercises .. .. 15,743 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 .. .. .. .. .. .. .. 19,511 Pensions and gratuities under the pension scheme to expermanent crews of life-boats .. .. .. .. 14,535 LIFE-BOAT INSPECTORS:— Salaries of chief inspector, deputy chief inspector, inspectors and clerical staff .. . . .. .. .. 37,751 Travelling expenses .. .. .. .. .. .. 13,213 Pensions under earlier pension schemes .. .. .. 2,426 Contribution to staff pension scheme .. .. .. 4,678 RATES AND REPAIRS OF MECHANICS' COTTAGES ETC ADMINISTRATION:— Salaries of secretary, assistant secretaries, accountant, internal auditor, and clerical staff . . . . . . . . . . 66,345 Rent, depreciation, rates, lighting, heating, insurance, etc., of the Institution's headquarters . . . . . . . . . . 6,066 Insurance under national insurance acts and against claims at common law, etc. .. 10,266 Telephone operator, commissionaires and nightwatchman . . . . . . . . 3,353 Telephones, postages and parcels . . . . 7,126 Travelling expenses of committee of management .. .. . . . . . . 796 Pensions under earlier pension schemes . . 2,008 Contribution to staff pension scheme .. 6,846 Less estimated amount chargeable to raising of funds and publicity 102,806 5 M03 Stationery, office expenses, printing and books Auditors' fee . .

Legal and professional expenses Repairs and improvements to Institution's headquarters GRANTS IN CONNEXION WITH CERTAIN LEGACIES CONFERENCE OF LIFE-BOAT SOCIETIES INCOME TAX ON UNDERWRITING COMMISSION RECEIVED IN EARLIER YEARS Carried forward 51,403 12,002 683 7,344 1,961 OR THE YEAR ENDED 3ist DECEMBER, 1965 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 transferred: (a) to general subscriptions, etc...

(b) to General Endowment Fund SUNDRY RECEIPTS:— Sale of old stores Rentals of freehold and leasehold premises Underwriting commission ..

£ 108,902 3,378 526 1,874 5,778 8,694 2,269 361 £ 549,751 103,124 11,324 Total ordinary receipts 664,199 Carried forward 664,199 RECEIPTS AND PAYMENTS ACCOUN1 PAYMENTS.

Brought forward 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 scheme Estimated proportion of administration expenses as above £ 1,290,650 16,138 50,486 9,865 591 23,123 90,326 10,984 9,212 2,819 6,242 5M°3 Total payments 271,189 1,561,839 Transfer to General Endowment Fund being the amount of the year's receipts of legacies for endowment purposes 128 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 334,872 Less payments in year met from gifts and legacies for special purposes (of which £116,978 relates to new life-boats and £82,385 to other items) 199,363 Transfer to Special Purposes, etc. Fund 135,509 135,509 Transfer to General Purposes Fund 1,697476 )R THE YEAR ENDED 3ist DECEMBER, 1965—-continued RECEIPTS.

Brought forward LEGACIES FOR GENERAL PURPOSES Total receipts for general purposes., 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 .. .. .. .. 26,677 Special gifts 102,568 Legacies .. .. .. .. .. .. .. 205,627 GIFTS AND LEGACIES FOR ENDOWMENT PURPOSES (The income therefrom to be applied in accordance with the directions of the respective donors.) Gifts Legacies 128 Total receipts Transfer from Reserve for Replacement of Life-boats being the excess of payments on account of new lifeboats 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 .. 269,893 Less amount met from gifts and legacies for special purposes 116,978 152=915 Deduct estimated average annual cost of replacements falling to be met from general purposes receipts .. 125,000 Transfer from Reserve Transfer from General Purpose Fund 27.915 NOTE:—This account includes the receipts and payments of the headquarters of the Institution for the year to 3ist December, 1965, and of the branches for the year to 3oth September, 1965.

£ 664,199 599.135 1=263,334 334,872 128 1.598.334 27.915 71,227 1,697,476 1964 £ 248,720 £248,720 424=535 £424,535 20,507 1,243,146 £1,263,653 200,000 958,669 £1,158:669 GENERAL ENDOWMENT FUNB The income to be applied for the purpose of the Institutinl £ BALANCE AT 3151 DECEMBER, 1965 250,722 £250,722 SPECIAL PURPOSES AND MAINTENANCE FUNH The capital to be applied for the purposes of the Institutkj BALANCE AT 3151 DECEMBER, 1965 £5634 RESERVE FOR REPLACEMENT OF LIFE-BOATS TRANSFER TO RECEIPTS AND PAYMENTS ACCOUNT 27,915 BALANCE AT 3IST DECEMBER, 1965 1,215,231 £1,243,146 RESERVE FOR MANUAL WORKERS PENSION SCHEME BALANCE AT 3IST DECEMBER, 1965 196,000 £196,000 GENERAL PURPOSES FUNDi TRANSFER TO RESERVE FOR R.N.L.I. MANUAL WORKERS PENSION SCHEME ARISING ON THE ESTABLISHMENT OF THIS SCHEME TO REPLACE OTHER PENSION ARRANGEMENTS FORMERLY NOT FUNDED . . . . . . 196,000 TRANSFER TO RESERVE FOR REPLACEMENT OF LIFE-BOATS TRANSFER TO RECEIPTS AND PAYMENTS ACCOUNT ..

BALANCE AT 3 IST DECEMBER, 1965 71,227 691,982 £959,209 FOR THE YEAR ENDED 3ist DECEMBER, 1965 in accordance with the directions of the respective donors.

BALANCE AT 3isx DECEMBER, 1964 TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT UNEXPENDED INTEREST ON CERTAIN FUNDS £ 248,720 128 1,874 FOR THE YEAR ENDED 3ist DECEMBER, 1965 in accordance with the directions of the respective donors.

BALANCE AT 3151 DECEMBER, 1964 INTEREST ON UNEXPENDED BALANCES OF CERTAIN FUNDS ..

TRANSFER FROM RECEIPTS AND PAYMENT ACCOUNT FOR THE YEAR ENDED 3ist DECEMBER, 1965 BALANCE AT 3iST DECEMBER, 1964 TRANSFER FROM GENERAL PURPOSES FUND £250,722 424,535 3,379 135,509 £563,423 1,243,146 £1,243,146 FOR THE YEAR ENDED gist DECEMBER, 1965 TRANSFER FROM GENERAL PURPOSES FUND FOR THE YEAR ENDED 3ist DECEMBER, 1965 BALANCE AT SIST DECEMBER, 1964 PROFIT ON SALE OF INVESTMENTS TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT 196,000 £196,000 958,669 540 £959,209 STATEMENT OF FUNDS AND RELATIVE ASSET 1964 £ 248,720 424,535 1,243,146 958,669 £2,875,070 GENERAL ENDOWMENT FUND (Income available in accordance with the directions of the respective donors) .. .. .. .. .. 250,722 SPECIAL PURPOSES AND MAINTENANCE FUND (Capital to be applied in accordance with the directions of the respective donors) .. .. 563,423 RESERVE FOR REPLACEMENT OF LIFE-BOATS 1,215,231 The estimated cost of replacing the entire fleet exceeds £8,000,000 and the estimated liability for replacements at present contemplated exceeds £1,400,000, part of which will be met by special gifts and legacies.

RESERVE FOR R.N.L.I. MANUAL WORKERS PENSION SCHEME .. .. 196,000 Provision for Estimated Liability Pending Appointment of Trustees.

GENERAL PURPOSES FUND .. .. .. .. .. .. .. 691,982 Of this fund £183,284 relates to freehold and leasehold properties necessary to the Institution's work. The balance of £508,698 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 lifeboats.

Replacements at present contemplated include new construction and adaptation of life-boat houses £304,000 and provision of new carriages and tractors £48,000.

£2,917358 (Signed) V. WYNDHAM-QUIN, Chairman.

(Signed) S. M. WHORLOW, Secretary.

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

ist MARCH, 1966.

ist DECEMBER, 1965 1964 £ 248,714 543,512 137,222 118,737 1,301,677 61,777 2,162,921 2,411,635 50,000 46,064 30,000 126,064 2 37,6QQ Il6,4O4 56,769 224,883 133,628 91,255 ;2,875,070 INVESTMENTS at quinquennial valuation on 3ist December 1961, or cost if acquired since: — Representing GENERAL ENDOWMENT FUND Income only available : — British government securities (Market value at 3151 December, 1965, £265,096) Representing other funds : — Quoted — British government securities . . . . . . 423,926 British corporation stocks . . . . . . . . 141,822 Debenture stocks . . . . . . . . . . 96,578 Ordinary U.K. stocks and shares .. .. .. 1,317,851 U.S.A. stocks . . . . . . . . . . . . 142,003 (Market value at 3151. Dec. 1965, £2,098,146) Total quoted investments (Market value £2,363,242) . .

Unquoted — Short term loan to local authorities . . . . . . 155,000 Mortgages, debentures and other securities . . . . 41,607 Cash on deposit . . . . . . . . . . 5,762 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, 3Oth Sept., 1965 . . 205,130 Less balance of remittances between headquarters and branches, October to December, 1965 . . . . 106,040 £ 250,722 2,122,180 2,372,902 202,369 125,229 58,055 99,090 59,713 £2,917,358 le accounts of the funds with the books and vouchers and find the same to be id inspected the deeds of the properties belonging to the Institution.

(Signed) PRICE WATERHOUSE & CO., Auditors.

LIFEBOATMEN'S 1964 4=389 £4,389 267 27 £294 ENDOWMENT FUNI £ Balance carried forward at 315! December, 1965, represented by £4,652 Conversion 5i% Stock 1974 (Market value at 3151 Dec., 1965, £4,268*1 4.436 £4=436 Grants to beneficiaries Cash Balance carried forward at sist December, 1965 REVENUE ACCOUN1 249 22 £271 (Signed) V. WYNDHAM-QUIN, Chairman.

(Signed) S. M. WHORLOW, Secretary.

We have examined the above statement with the books and vouchers of the accordance therewith. We have ist MARCH, 1966.

NEVOLENT FUND : THE YEAR ENDED sist DECEMBER, 1965 1964 3,618 771 £4,389 Balance brought forward at 1st January, 1965 Subscriptions and Donations received and invested 4,389 47 £4,436 : THE YEAR ENDED sist DECEMBER, 1965 54 240 £294 Cash Balance brought forward at 1st January, 19 ' 5 Investment income 27 244 £271 •boatmen's Benevolent Fund and find the same to be correct and in verified the investment.

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