1968 £ 279,243 674,846 954,089 1,303,598 220,000 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 171) PROVISION FOR MANUAL WORKERS' PENSION SCHEME 289,296 517,942 807,238 1,588,877 320,000 NOTES: (1) The cost of replacing the existing fleet is approximately £11,000,000 and the liability for replacements of life-boats at present contemplated is estimated at £450,000 part of which will be met by special gifts and legacies. In addition to this the current programme of capital work includes £180,000 for the construction and adaptation of life-boat houses and other shoreworks, and improvements to the existing fleet and facilities.

(2) The amount required to fund the proposed Manual Workers' Pension Scheme is to be established in 1970.

£2,477,687 j £2,716,115 (Signed) W. J. WOODS, Chairman of the Committee of Management.

(Signed) N. Dixon, Secretary.

AUDITORS' REPORT TO THE COMMITTEE OF MANAGEMENT In our opinion the above Statement of Funds and Assets and the annexed accoi Institution for the year ended 31st December, 1969, and its branches for the year ended 3 Frederick's Place, Old Jewry, London, E.C.2.

20th March, 1970.1968 £ 279,243 1,311,098 1,590,341 633,000 INVESTMENTS At market value on 31st December, 1966, with subsequent additions at cost (market value on 31st December, 1969, £2,054,016—1968, £2,193,263).

In respect of Endowment Funds In respect of Other Funds Deposits 289,296 1,476,428 1,765,724 674,090 143,020 50,313 PREMISES At cost less amounts written off: Freehold Leasehold 144,673 48,117 10,632 SELECTIVE EMPLOYMENT TAX RECOVERABLE . .

13,654 2,427,306 2,646,258 105,138 BALANCES AT BRANCHES .. .. £133,262 Less: Headquarters Bank Accounts 54,757 overdrawn 63,405 69,857 £2,477,687 £2,716,115 OF THE ROYAL NATIONAL LIFE-BOAT INSTITUTION give a true and fair view of the recorded receipts and payments of the Headquarters of the September, 1969, and of the disposition of funds held at those dates.

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

1968 £ 641,156 RECEIPTS Subscriptions, Donations, etc. £ 1 027 40| 110,620 Investment income 137 88* 21,154 Sundry Receipts 3427! 689,616 Legacies for General Purposes 697 81 357,141 200 Gifts and Legacies for Special Purposes Gifts and Legacies for Endowment Purposes 271,043 5,09fl 1,819,887 24,685 Less: Costs of Publicity and fund-raising: Advertising . . . . . . . . . £20 257 2,173,508 279,352 Other 283 353 304,037 303,610 £1,515,850 Net Receipts £1,86989*' 332,501 57,413 PAYMENTS Capital Payments: New life-boats and improvements to existing life-boats Shoreworks and other capital items 409,m 84,268 389,914 299,359 14,567 Recurrent Payments: Maintenance and Development of Life-boats Tractors and Carriages 493,440 312,419 19901 60,959 Life-boat houses and slipways 42648- 109,452 Stores 114668: 151,081 Depot 151 97$ 32,205 Life-boat station expenses 3821fli 318,192 Coxswains, Mechanics and Crews 322 51W 66,118 Inspectorate 79,995 7,606 Station cottages, etc. 7758 77,329 Administration 84295 1,879 Sundry other payments 2501 £1,528,661 COST OF THE LIFE-BOAT SERVICE £1,670,332 (£12,811) SURPLUS— EXCESS OF RECEIPTS OVER PAYMENTS (1968 DEFICIT— EXCESS OF PAYMENTS OVER RECEIPTS) £199,566 44,108 56,919 AMOUNT MET FROM (1968 TRANSFERRED TO) ENDOWMENT AND RESTRICTED FUNDS .. £151,814 BALANCE TRANSFERRED TO (1968 TRANSFERRED FROM) GENERAL FUND (see page 171) .. .. 351,380 (£12,811) £199,566 NOTE: The above account shows the receipts and payments of the Headquarters of the Institution for the year to 31st December, 1969, and of the branches for the year to 30th September, 1969.

170 RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER, 1969 1968 £ 641,156 110,620 21,154 689,616 357,141 200 RECEIPTS Subscriptions, Donations, etc.

Investment income Sundry Receipts Legacies for General Purposes Gifts and Legacies for Special Purposes Gifts and Legacies for Endowment Purposes 1,819,887 24,685 279,352 Less: Costs of Publicity and fund-raising: Advertising Other £20,257 283,353 304,037 £1,515,850 Net Receipts 332,501 57,413 PAYMENTS Capital Payments: New life-boats and improvements to existing life-boats ..

Shoreworks and other capital items 389,914 299,359 14,567 60,959 109,452 151,081 32,205 318,192 66,118 7,606 77,329 1,879 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 £1,528,661 (£12,811) 44,108 56,919 COST OF THE LIFE-BOAT SERVICE SURPLUS—EXCESS OF RECEIPTS OVER PAYMENTS (1968 DEFICIT—EXCESS OF PAYMENTS OVER RECEIPTS) AMOUNT MET FROM (1968 TRANSFERRED TO) ENDOWMENT AND RESTRICTED FUNDS .. £151,814 BALANCE TRANSFERRED TO (1968 TRANSFERRED FROM) GENERAL FUND (see page 171) .. .. 351,380 (£12,811) NOTE: The above account shows the receipts and payments of the Headquarters of the Institution for the year to 31st December, 1969, and of the branches for the year to 30th September, 1969.MOVEMENT IN GENERAL FUND 1968 £ 1,314,362 46,155 1,360,517 Balance at 31st December, 1968 Add: Amount transferred from Receipts and Payments Account Surplus on sale of investments Surplus on sale of properties £ 1,303,598 351,380 33,643 256 1,688,877 56,919 £1,303,598 Less: Further amount provided towards Manual Workers' Pension Scheme 100,000 Amount transferred to Receipts and Payments Account .. — Balance at 31st December, 1969 £1,588,877 LIFE-BOATMEN'S BENEVOLENT FUND CEMENT OF ENDOWMENT FUND FOR THE YEAR ENDED 31st DECEMBER 1969 £ 4,385 57 253 4,695 256 1968 Balance at 31st December, 1968 Subscriptions and donations received and invested Investment income Less: Grants to beneficiaries ..

£ 4,439 44 255 4,738 257 £4,439 4,433 6 Balance at 31st December, 1969 Represented by: £4,878 Conversion 5t% Stock, 1974, at cost Bank Balance 4,477 4 £4,481 £4,439 £4,481 led) W. J. W. WOODS, Chairman of the Committee of Management.

led) N. DIXON, Secretary.

MTORS' REPORT TO THE COMMITTEE OF MANAGEMENT OF THE ROYAL NATIONAL LIFE-BOAT INSTITUTION ur opinion the above account of the Life-boatmen's Benevolent Fund gives a true and fair view of the osition of the Fund at 31st December, 1969, and the receipts and payments for the year ended on that •ederick's Place, Jewry, London, E.C.2.

i March, 1970.

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