PAYMENTS.

LIFE-BOATS:— New life-boats, including payments on account for boats for the following stations:— Anstruther, Barry Dock, Cromer, Dover, Dun Laoghaire, Gorleston, Ilfracombe, Kirkcudbright, Newbiggin, North Sunderland, St. Ives, Trevose Head, Wells Materials for future building. Improvements and altera- tions to existing fleet Upkeep of Cowes office and store Upkeep of and repairs to life-boats Rentals and maintenence of radio equipment and loud hailers and radio licenses Consulting Naval Architect 363,625 411 26,548 250 Salaries of superintendent engineer, surveyor of life-boats, inspectors of machinery, assistant surveyors of life-boats and ma- chinery, draughtsmen and clerical staff ..

Travelling expenses Pensions under earlier pension schemes Contribution to staff pension scheme Less estimated amount chargeable to life-boat carriage and tractors 75)241 24,581 5)531 6,518 111,871 4)563 107,308 LIFE-BOAT TRACTORS AND CARRIAGES:— New carriages Repairs to carriages New tractors Repairs to tractors Estimated proportion of life-boat's expenses as above 785 _5_63 6,515 589,692 LIFE-BOAT HOUSES AND SLIPWAYS:— New construction and adaptation .. .. .. .. 110,009 Repairs and maintenance .. .. .. .. .. 38,057 12,426 LIFE-BOAT STORES LIFE-BOAT DEPOT:— New construction .. .. .. .. .. .. 39,896 Rates, insurance, equipment and repairs .. .. .. 16,739 Salaries of superintendent of depot, assistant and clerical staff and wages of manual workers . . . . .. 78,544 Pensions and gratuities under earlier pension schemes .. 5,181 Contribution to staff pension scheme .. .. .. 1)919 148,066 128,081 LIFE-BOAT STATIONS:— Conveyance of life-boats, carriages, tractors and stores; work to moorings; telephones, postages, etc. .. .. 61,010 Insurance under national insurance acts and against claims at common law .. .. .. .. .. .. 13,745 Salaries of assistant secretaries, etc. of stations .. .. 341 142,279 75,096 Carried forward 1,095,640 1965 13)679 7,867 29,613 31,416 127,888 290,270 1,800 242 3L3I9 I5.657 549.751 RECEIPTS.

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 upkeep of life-boat stations Contribution boxes to headquarters „ „ through station branches ..

„ „ through financial branches 12,461 8,646 30,761 45.205 131,208 333=123 i,800 179 32,904 16,733 613,020 549.751 Carried forward 613,020 95 1965 885,129 PAYMENTS.

Brought forward £ 1,095,640 COXSWAINS, MOTOR MECHANICS AND CREWS:— Cost of wreck services, including allowances to life-boat crews and others, special allowances and recognitions, 27,526 medals and vellums .. .. .. .. .. 30,525 610 Grants to men injured in the life-boat service .. .. 196 Fees of coxswains, bowmen and signalmen, wages of motor mechanics, etc 211,056 15,743 Life-boat crews and launchers for exercises .. .. 19,576 Annuities and gratuities under the regulations to coxswains, bowmen, signalmen, part time and assistant motor 4,872 mechanics .. .. .. .. .. .. .. 4,967 Pensions and grants to relatives of deceased life-boatmen 19,511 and others 18,990 Pensions and gratuities under the pension scheme to ex- *4,535 permanent crews of life-boats 265,192 LIFE-BOAT INSPECTORS:— Salaries of chief inspector, deputy chief inspector, in- 37,751 spectprs and clerical staff.. .. .. .. .. 41,345 13,213 Travelling expenses .. .. .. .. .. .. 12,024 2,426 Pensions under earlier pension schemes .. .. .. 2,475 4,678 Contribution to staff pension scheme .. .. .. 4,770 58,068 RATES AND REPAIRS OF MECHANICS' 7,232 COTTAGES, ETC.

£ ADMINSTRATION:— Salaries of secretary, assistant secretaries, accountant, internal auditor, and clerical 66,345 staff 69,459 Rent, depreciation, rates, lighting, heating, insurance, etc., of the Institution's head- 6,066 quarters .. .. .. .. .. 6,042 Insurance under national insurance acts and 10,266 against claims at common law, etc. .. 17,914 Telephone operator, commissionaires and 3,353 nightwatchman .. .. .. .. 4,204 7,126 Telephones, postages and parcels .. .. 8,618 Travelling expenses of committee of manage- 796 ment .. .. .. .. .. 957 2,008 Pensions under earlier pension schemes 6,846 Contribution to staff pension scheme .. 7,496 294,198 60,614 5=723 102,806 51=403 51,403 12,002 683 7,344 1,961 116,457 58,228 58,229 Less estimated amount chargeable to raising of funds and publicity Stationery, office expenses, printing and books .. ... 12,336 Auditors' fee . . .. .. .. .. .. .. 656 Legal and professional expenses .. .. .. .. 4,340 Repairs and improvements to Institution's headquarters .. 1,650 73=393 77,211 1,290,650 96 Carried forward 1,533=386 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 RECEIPTS.

£ 5=550 526 1,942 110,453 613,020 8,018 102,435 SUNDRY RECEIPTS:— Sale of stores .. .. .. ..

Rentals of freehold and leasehold premises Underwriting commission 8,451 2,299 629 Total ordinary receipts 726,834 Carried forward 726,834 97 1965 £ 1,290,650 715 921 16,138 50,486 9,865 591 23,123 90,326 10,984 9,212 9,212 2,819 6,242 51,403 PAYMENTS.

Brought forward GRANTS IN CONNEXION WITH CERTAIN LEGACIES INCOME TAX ON UNDERWRITING COMMISSION RECEIVED IN PREVIOUS YEAR SELECTIVE EMPLOYMENT TAX (REPAYABLE) IN 1967) 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 17,613 57,493 10,752 530 36,192 92,041 10,570 9,996 2,470 7,111 58,228 £ 1,533,386 1,538 166 7,520 271,189 1,561,839 Total payments 302,996 1,845,606 128 Transfer to General Endowment Fund being the amount of the year's receipts of legacies for endowment purposes 1,500 334,872 199,363 135,509 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 .. .. .. .. .. .. •. 424,908 Less payments in year met from gifts and legacies for special purposes (of which £199,618 relates to new life-boats and £98,183 to other items) .. .. 297,801 Transfer to Special Purposes, etc. Fund 127,107 127,107 Brought forward LEGACIES FOR GENERAL PURPOSES Total receipts for general purposes RECEIPTS.

£ 568,243 £ 7265834 295,077 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 24,493 Special gifts 185,966 Legacies 214,449 424,908 GIFTS AND LEGACIES FOR ENDOWMENT PURPOSES (The income therefrom to be applied in accordance with the directions of the respective donors.) Gifts Legacies .. .. .. .. .. .. ..

1,500 1,500 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: 1,721,485 Payments on account of new life-boats in the year .. 363,625 Less amount met from gifts and legacies for special purposes .. .. .. .. .. .. .. 199,618 164,007 Deduct estimated average annual cost of replacements falling to be met from general purposes receipts .. 150,000 Transfer from Reserve I4.Q07 14,007 Transfer from General Purpose Fund .. 238,721 NOTE:—This account includes the receipts and payments of the headquarters of the Institution for the year to 3ist December, 1966, and of the branches for the year to 3Oth September, 1966.

1,974,2131965 £ GENERAL ENDOWMENT FUND, The income to be applied for the purpose of the Institution £ 250,722 BALANCE AT SIST DECEMBER, 1966 273,351 £250,722 £273.351 SPECIAL PURPOSES AND MAINTENANCE FUND, The capital to be applied for the purposes of the Institution 563,423 BALANCE AT SIST DECEMBER, 1966 696,080 £563.423 27.915 1,215,231 £1,243,146 £696,080 RESERVE FOR REPLACEMENT OF LIFE-BOATS, 14,007 1,201,225 £1,215,232 TRANSFER TO RECEIPTS AND PAYMENTS ACCOUNT BALANCE AT 3181 DECEMBER, 1966 196,000 £196,000 RESERVE FOR MANUAL WORKERS PENSION SCHEME BALANCE AT SIST DECEMBER, 1966 196,000 £196,000 '196,000 71,227 691,982 GENERAL PURPOSES FUND, TRANSFER TO RESERVE FOR R.N.L.I. MANUAL WORKERS PENSION SCHEME — AMOUNT WRITTEN OFF ON VALUATION OF INVESTMENTS AT SIST DECEMBER, 1966 121,144 Loss ON SALE OF INVESTMENTS 22,298 TRANSFER TO RECEIPTS AND PAYMENTS ACCOUNT 238,721 BALANCE AT SIST DECEMBER, 1966 313,170 £959.209FOR THE YEAR ENDED 3ist DECEMBER, 1966 in accordance with the directions of the respective donors.

BALANCE AT 3151 DECEMBER, 1966 APPRECIATION ON VALUATION OF INVESTMENTS AT SIST DECEMBER, 1966 TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT INTEREST ON CERTAIN FUNDS £ 250,722 19,187 1,500 1,942 FOR THE YEAR ENDED sist DECEMBER, 1966 in accordance with the directions of the respective donors.

BALANCE AT SIST DECEMBER, 1965 INTEREST ON CERTAIN FUNDS TRANSFER FROM RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 3ist DECEMBER, 1966 BALANCE AT SIST DECEMBERJ 1965 563,423 5,550 127,107 £696,080 1,215,232 FOR THE YEAR ENDED sist DECEMBER, 1966 BALANCE AT 3isr DECEMBER, 1965 FOR THE YEAR ENDED 3ist DECEMBER, 1966 BALANCE AT SIST DECEMBER, 1965 PROFIT ON SALE OF INVESTMENTS SURPLUS ON SALE OF FREEHOLD PROPERTIES 196,000 3,351 1965 250,722 5 3)423 1,215,231 1965000 691,982 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 £9,000,000 and the estimated liability for replacements at present contem- plated exceeds £1,000,000, part of which will be met by special gifts and legacies.

RESERVE FOR R.N.L.I. MANUAL WORKERS PENSION SCHEME . . . .

Provision for Estimated Liability arising on the establishment of this scheme to replace other pension arrangements formerly not funded.

GENERAL PURPOSES FUND ..............

Of this fund £191,509 relates to freehold and leasehold properties necessary to the Institution's work. The balance of £121,661 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 over the next four years are expected to include new construction and adaptation of life-boat houses £296,000 and provision of new carriages and tractors £30,000.

273,351 696,080 1,201,225 196,000 313)170 £2,917,358 (Signed) V. WYNDHAM-QUIN, Chairman of the Committee of Management, (Signed) S. M. WHORLOW, Secretary.

AUDITOR'S REPORT TO THE COMMITTEE OF MANAGEMENT We have examined the foregoing accounts which are in accordance with the bool true and fair view of the Receipts and Payments of the Headquarters of the Institutia 3Oth September, 1966, and of the disposition of the relative funds held at those dates.

3 Frederick's Place, Old Jewry, London, E.C.2.

2ist FEBRUARY, 1967.1965 Kt 250,722 423,926 141,822 96,578 I»3i7=85i 142,003 155,000 41,607 5,762 INVESTMENTS REVALUED AT MARKET VALUE on 3ist December, 1966, following the Institution's established practice of Revaluing its Investments at Quinquennial Intervals .. .. ..

Representing GENERAL ENDOWMENT FUND Income only available:— British government securities Representing other funds:— Quoted— British government securities .. .. .. .. 434,487 British corporation stocks .. .. .. .. 130,707 Debenture stocks .. .. .. .. .. 82,109 Ordinary U.K. stocks and shares etc. .. .. 1,170,820 U.S.A. stocks (adjusted for loss of 25% of the dollar premium on future sale) .. .. .. .. 151,711 Total quoted investments Unquoted— 44,121 35,000 Short term loan to local authorities Mortgages, debentures and other securities Cash on deposit 1=969=834 2,243,185 202,369 125,229 58.055 205,130 106,040 99,090 59.713 TOTAL INVESTMENTS FREEHOLD PREMISES (At cost less amounts written off) LEASEHOLD PREMISES—(At cost less amounts written off):..

BRANCH ACCOUNTS:— Balances in hands of branches, 3Oth Sept., 1966 .. 203,348 Less balance of remittances between headquarters and branches, October to December, 1966 .. . . 96,444 BANK BALANCES 2,322,306 134=347 57,162 106,904 59=107 £2,679,826 DF THE ROYAL NATIONAL LIFE-BOAT INSTITUTION If the Institution and returns from branches. In our opinion the accounts give a br the year ended 3151 December, 1966, and the branches for the year ended (Signed) PRICE WATERHOUSE & CO., Chartered Accountants.ENDOWMENT FUND 1965 4=436 Amount written off on Valuation of Investments at 3ist December, 1966 161 Balance carried forward at 3ist Decembers 1966, represented by £4,702 Conversion 5$% Stock 1974 4332O 249 22 £271 RECEIPTS AND PAYMENTS ACCOUNT Grants to beneficiaries .. .. .. .. .. .. .. 259 Cash Balance carried forward at 3ist December, 1966 .. .. .. 9 £268 (Signed) V. WYNDHAM-QUIN, Chairman of the Committee of Management.

(Signed) S. M. WHORLOW, Secretary.

AUDITOR'S REPORT TO THE COMMITTEE OF MANAGEMENT We have examined the above accounts which are in accordance with the books of tk fair view of the disposition of the Fund at 3ist December, 1966, and the receipts and 2ist FEBRUARY, 1967FOR THE YEAR ENDED 3ist DECEMBER, 1966 1965 47 Balance brought forward at ist January, 1966 Subscriptsion and Donations received and invested £ 4.436 45 £4.436 FOR THE YEAR ENDED 3ist DECEMBER, 1966 27 244 Cash balance brought forward at ist January, 1966 Investment income 22 246 £271 C.268 OF THE ROYAL NATIONAL LIFE-BOAT INSTITUTION Life-Boatmen's Benevolent Fund. In our opinion the accounts give a true and payments for the year ended on that date.

(Signed) PRICE WATERHOUSE & CO., Chartered Accountants..