1966 £ 273,351 696,080 969,431 1,514,395 196,000 £2,679,826 ENDOWMENT FUNDS (Income only from which is available for expenditure in accordance with donors' directions) RESTRICTED FUNDS (to be applied as directed by donors) GENERAL FUND (see page 65) PROVISION FOR MANUAL WORKERS' PENSION SCHEME NOTE: The estimated cost of replacing the existing fleet is approximately £9,000,000 and the liability for replacements of life-boats at present contemplated is estimated at £845,000, part of which will be met by special gifts and legacies. In addition to this the current programme of capital work includes £194,000 for the construction and adaptation of life-boat houses and other shore works, and improvements to the existing fleet and facilities.

275,857 630,678 906,535 1,314,362 220,000 £2,440,897 (Signed) W. J. W. WOODS, Chairman of the Committee of Management.

(Signed) S. M. WHORLOW, Secretary.

AUDITORS' REPORT TO THE COMMITTEE OF MANAGEMEU In our opinion the above Statement of Funds and Assets and the annexed accoial for the year ended 31st December, 1967 and its branches for the year ended 30th Septembd 3 Frederick's Place, Old Jewry, London, E.C.2.

25th March, 1968.1966 £ 287,306 35,000 322,306 134,347 57,162 106,904 59,107 INVESTMENTS At market value on 31st December, 1966 with subsequent additions at cost (Market value on 31st December, 1967 £1,805,291) Deposits PREMISES At cost less amounts written off: Freehold Leasehold SELECTIVE EMPLOYMENT TAX RECOVERABLE BRANCH ACCOUNTS Balances at Branches BANK BALANCES (Including £445,439, proceeds of sales of investments during December) £ 1,559,665 67,000 1,626,665 142,913 51,271 4,862 116,490 498,696 £2,440,897 IT THE ROYAL NATIONAL LIFE-BOAT INSTITUTION fca true and fair view of the receipts and payments of the Headquarters of the Institution •S7 and of the disposition of funds held at those dates.

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

1966 £ 613,020 109,927 11,379 568,243 424,908 1,500 1,728,977 24,623 278,373 302,996 £1,425,981 1966 £ 363,625 150,690 514,315 226,067 11,641 38,057 128,081 102 383 75096 294,198 60614 5,723 77,211 9224 £1,542,610 £116,629 136,099 252,728 £116,629 RECEIPTS Subscriptions, Donations, etc.

Investment income Sundry Receipts Legacies for General Purposes Gifts and Legacies for Special Purposes Gift for Endowment Purposes Less: costs of Publicity and fund-raising: Advertising .. .. .. .. . . £16,511 Other 288,376 Net Receipts PAYMENTS Capital Payments: New life-boats and improvements in existing life-boats Shoreworks and other capital items Recurrent Payments: Maintenance and Development of Life-boats Tractors and Carriages Life-boat houses and slipways Stores Depot Life-boat station expenses . . . .

Coxswains, Mechanics and Crews Inspectorate Station cottages etc.

Administration Sundry other payments . .

COST OF THE LIFE-BOAT SERVICE DEFICIT— EXCESS OF PAYMENTS OVER RECEIPTS AMOUNT MET FROM (1966 TRANSFERRED TO) ENDOWMENT AND RESTRICTED FUNDS . . £62,896 BALANCE TRANSFERRED FROM GENERAL FUND (see page 65) 337,188 £ 102*489 17 24a $| 1.521,12* 304,8 £1,216,2« J 394.7H ""''I 491,M £1,616,9 £400-» £400 NOTE: The above account shows the receipts and payments of the Headquarters of the Institution for the year to 31st December, 1967 and of the branches for the year to 30th September, 1967.1966 £ ,907,214 396,170 1,511,044 252,728 22,298 121,144 3,351 1,514,395 Balance at 31st December, 1966 Deduct: Amount transferred to Receipts and Payments Account 337,188 Transfer to Manual Workers' Pension Scheme 24,000 Loss on sale of investments .. .. .. — Loss on restating investments at market value on 31st December, 1966 .. .. — Add: Surplus on sale of investments Surplus on sale of properties Balance at 31st December, 1967 160,778 377 £ 1,514,395 361,188 1,153,207 161,155 £1,314,3621966 £ £ 4,458 45 246 4,749 259 161 " 0 £4,329 4,320 9 £4,329 £ Balance at 31st December, 1966 Subscriptions and donations received and invested . . . .

Investment income Less: Grants to beneficiaries . . . . 249 Amount written off investment at 31st December, 1966 . . . . . . — Balance at 31st December, 1967 Represented by: £4,762 Conversion 5t% Stock, 1974 . . 4,375 Bank balance . . . . . . . . 10 £ 4,329 55 250 4,634 249 £4,385 £4,385 (Signed) W. J. W. WOODS, Chairman of the Committee of Management.

(Signed) S. M. WHORLOW, Secretary, AUDITORS' REPORT TO THE COMMITTEE OF MANAGEMENT OF THE ROYAL NATIONS LIFE-BOAT INSTITUTION In our opinion the above account of the Life-boatmen's Benevolent Fund gives a true and fair view of tl disposition of the Fund at 31st December, 1967, and the receipts and payments for the year ended on th date.

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

25th March, 1968.

(Signed) PRICE WATERHOUSE & CO., Chartered Account am.