1967 £ 275,857 ENDOWMENT FUNDS (Income only from which is available for expenditure in accordance with donors' directions) .. .. .. .. .. 279,243 630,678 906,535 1,314,362 220,000 RESTRICTED FUNDS (to be applied as directed by donors).

GENERAL FUND (see page 625) PROVISION FOR MANUAL WORKERS' PENSION SCHEME 674,846 954,089 1,303,598 220,000 NOTE: The cost of replacing the existing fleet is approximately £9,000,000 and the liability for replace- ments of life-boats at present contemplated is estimated at £650,000, part of which will be met by special gifts and legacies. In addition to this the current programme of capital work includes £190,000 for the construction and adaptation of life-boat houses and other shore works, and improvements to the existing fleet and facilities.

£2,440,897 £2,477,687 (Signed) W. J. W. WOODS, Chairman of the Committee of Management.

(Signed) S. M. WHORLOW, Secretary.

AUDITORS' REPORT TO THE COMMITTEE OF MANAGEMElfl In our opinion the above Statement of Funds and Assets and the annexed accoinP for the year ended 31st December, 1968 and its branches for the year ended 30th Septembfc 3 Frederick's Place, Old Jewry, London, E.C.2.

14th March, 1969.£ 1,559,665 67,000 1,626,665 142,913 51,271 4,862 116,490 498,696 £2,440,897 INVESTMENTS At market value on 31st December, 1966 with subsequent additions at cost (Market value on 31st December, 1968, £2,193,263) Deposits PREMISES At cost less amounts written off: Freehold Leasehold SELECTIVE EMPLOYMENT TAX RECOVERABLE ..

BRANCH ACCOUNTS Balances at Branches Deduct (1967 add): BANK BALANCES £ 1,590,341 633,000 2,223,341 143,020 50,313 10,632 105,138 2,532,444 (54,757) £2,477,687 OF THE ROYAL NATIONAL LIFE-BOAT INSTITUTION live a true and fair view of the receipts and payments of the Headquarters of the Institution 1968 and of the disposition of funds held at those dates.

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

1967 £ 614,998 RECEIPTS Subscriptions, Donations, etc. £ 641 156 102,486 Investment income 1 10 620 17,242 Sundry Receipts . .... 21 154 587,857 Legacies for General Purposes 689,616 198,041 500 Gifts and Legacies for Special Purposes Gifts for Endowment Purposes 357,141 200 1,521,124 16,511 Less: Costs of Publicity and fund-raising : Advertising . .... £24 685 1,819,887 288,376 Other . . . . . 279,352 304,887 304,037 £1,216,237 Net Receipts £1 515 850 1967 £ 394,708 103,142 PAYMENTS Capital Payments: New life-boats and improvements to existing life-boats Shoreworks and other capital items £ 332,501 57,413 497,850 276,449 10,884 Recurrent Payments: Maintenance and Development of Life-boats Tractors and Carriages 389,914 299,359 14,567 44,928 Life-boat houses and slipways 60959 134,885 Stores 109,452 116,439 Depot 151081 75,480 Life-boat station expenses 32,205 301,529 65,526 Coxswains, Mechanics and Crews Inspectorate 318,192 66,118 5,020 Station cottages etc. 7,60$ 84,856 Administration 77,329 2,475 Sundry other payments 1,879 £1,616,321 COST OF THE LIFE-BOAT SERVICE £1,528,661 £400,084 DEFICIT— EXCESS OF PAYMENTS OVER RECEIPTS £12,811 62,896 337,188 AMOUNT TRANSFERRED TO (1967 MET FROM) ENDOWMENT AND RESTRICTED FUNDS .. .. £44,108 BALANCE TRANSFERRED FROM GENERAL FUND (see page 625) 56,919 £400,084 £12,811 NOTES : (1) The above account shows the receipts and payments of the Headquarters of the Institution for the year to 31st December, 1968, and of the branches for the year to 30th September, 1968.

(2) Following a change in the basis of allocation the analysis of recurrent payments in 1968 is not strictly comparable with that in 1967.MOVEMENTS IN GENERAL FUND £ 1,514,395 1967 Balance at 31st December, 1967 Deduct: 337,188 Amount transferred to Receipts and Payments Account.

24,000 ; Transfer to Manual Workers Pension Scheme £ 1,314,362 56,919 361,188 1,153,207 161,155 £1,314,362 Add: 160,778 : Surplus on sale of investments 377 Surplus on sale of properties Balance at 31st December, 1968 1,257,443 46,155 .. £1,303,598 LIFE-BOATMEN'S BENEVOLENT FUND STATEMENT OF ENDOWMENT FUND FOR THE YEAR ENDED 31st DECEMBER, 1968 1967 £ £ £ £ 4,329 Balance at 31st December, 1967 4,385 Subscriptions and donations received and 55 invested 57 250 Investment income 253 4,634 4,695 249 Less: Grants to beneficiaries 256 £4,385 Balance at 31st December, 1968 £4,439 Represented by: 1 4,375 £4,828 Conversion 5|% Stock, 1974, at cost 4,433 10 1 Bank balance. . 6 £4,385 £4,439 (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 NATIONAL LIFE-BOAT INSTITUTION In our opinion the above account of the Life-boatmen's Benevolent Fund gives a true and fair view of the disposition of the Fund at 31st December, 1968, and the receipts and payments for the year ended on that date.

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

14th March, 1969.

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