STATEMENT OF FUNDS AND ENDOWMENT FUNDS (From which only the income is available for expenditure in accordance with donors' directions) RESTRICTED FUNDS (To be applied as directed by donors) GENERAL FUND (seepage 119) PROVISION FOR MANUAL WORKERS PENSION SCHEME Notes: (1) The cost of replacing the existing fleet is approximately £12,000,000 (1969 £11,000,000). The Committee has at present resolved to replace certain life-boats, the cost of which is estimated at £1,120,000 (1969 £450,000) part of which will be met by special gifts and legacies. In addition to this the current programme of capital work includes £420,000 (1969 £180,000) for the construction and adaptation of lifeboat houses and other shoreworks, and improvements to the existing fleet and facilities.

(2) The actual liability arising on the establishment of the proposed Manual Workers Pension Scheme is to be ascertained in 1971; the Scheme replaces other pension arrangements formerly not funded.

1970 £ 289,296 704,822 994,118 1,633,911 320,000 £2,948,029 1969 £ 289,296 517,942 807,238 1,588,877 320,000 £2,716,115 (Signed) W. J. W. 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 accounts give a true and fair view of tit branches for the year ended 30th September, 1970, and of the disposition of funds held at those dates.

3 Frederick's Place, Old Jewry, London, EC2R 8DB.

5th APRIL, 1971. ASSETS AT 31st DECEMBER, 1970 INVESTMENTS At market value on 31st December, 1966, with subsequent additions at cost (market value on 31st December, 1970 £2,299,401—1969 £2,054,016) In respect of Endowment Funds In respect of Other Funds Deposits PREMISES At cost less amounts written off: Freehold Leasehold SELECTIVE EMPLOYMENT TAX RECOVERABLE BALANCES AT BRANCHES Less: Headquarters Bank Accounts overdrawn . .

149,812 267 1970 £ 289,296 1,744,920 2,034,216 551,000 146,338 54,995 11,935 2,798,484 149,545 £2,948,029 1969 £ 289,296 1,476,428 1,765,724 674,090 144,673 48,117 13.654 £2,716,115 OF THE ROYAL NATIONAL LIFE-BOAT INSTITUTION e recorded receipts and payments of the Headquarters of the Institution for the year ended 31st December, 1970, and its (Signed) PRICE WATER-HOUSE & CO., Chartered Accountants.RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1970 1970 RECEIPTS £.

Subscriptions, Donations, etc. . . . . . . . . . . . . . . 949,647 Investment income . . . . . . . . . . . . . . . . . . 103,898 Sundry Receipts . . . . . . .. . . . . . . . . . . 22,363 Legacies for General Purposes . . . . . . . . . . . . . . 820,297 Gifts and Legacies for Special Purposes . . . . . . . . . . . . 523,054 Gifts and Legacies for Endowment Purposes . . . . . . . . . . — 2,419,259 Less Costs of Publicity and fund-raising: Advertising 25,858 Other 380,723 406,581 NET RECEIPTS £2,012,678 PAYMENTS Capital Payments: New life-boats and improvements to existing life-boats . . . . . . 334,382 Shoreworks and other capital items . . . . . . . . . . . . 36,644 371,026 Recurrent Payments: Maintenance and Development of Life-boats . . . . . . . . 364,653 Tractors and Carriages . . . . . . . . . . . . . . 19,205 Life-boat houses and slipways .. .. .. .. .. .. .. 71,656 Stores 159,508 Depots 193,702 Life-boat station expenses . . . . . . . . . . . . . . 44,078 Coxswains, Mechanics and Crews . . . . . . . . . . . . 290,979 Dependants' Pensions, etc. . . . . . . . . . . . . . . 27,876 Inspectorate 111,738 Station cottages etc 8,570 Administration 100,008 Sundry other payments . . . . . . . . . . . . . . 3,341 COST OF THE LIFE-BOAT SERVICE £1,766,340 SURPLUS—EXCESS OF RECEIPTS OVER PAYMENTS £246,338 AMOUNT TRANSFERRED TO (1969 MET FROM) ENDOWMENT AND RESTRICTED FUNDS 127,257 BALANCE TRANSFERRED TO GENERAL FUND (see page 119) 119,081 £246,338 1969 £ 1,027,402 137,884 34,273 697,816 271,043 5,090 2,173,508 493,440 312,419 19,902 42,648 114,668 151,979 38,210 298,400 24,117 79,995 7,758 84,295 2,501 £1,670,332 £199,566 151,814 351,380 £199,566 Note: The above account shows the receipts and payments of the Headquarters of the Institution for the year to 31st December, 1970, and of the branches for the year to 30th September, 1970.MOVEMENTS IN GENERAL FUND Balance at 1st January . . . . . .

Add: Amount transferred from Receipts and Payments Account Profit on Sale of Investments Profit on Sale of Properties Less : Amount transferred to Restricted Funds Account Further Amount provided towards Manual Workers Pension Scheme . .

1970 £ 1,588,877 119,081 3,883 1,711,841 18,307 59,623 £1,633,911 7969 £ 1,303,598 351,380 33,643 256 1,688,877 100,000 £1,588,877 LIFE-BOATMEN'S BENEVOLENT FUND STATEMENT OF ENDOWMENT FUND FOR THE YEAR ENDED 31st DECEMBER, 1970 Balance at 1st January Subscriptions and donations received and invested Legacies received and invested Less : Grants to beneficiaries Balance at 31st December Represented by: £5,979 Conversion 5|% Stock, 1974, at cost (Market Value on 31st December, 1970 £5,620—1969 £4,293) 1970 £ 4,481 . . . . 36 987 281 5,785 272 £5,513 5,500 13 £5,513 1969 £ 4,439 44 255 4,738 257 £4,481 4,477 4 £4,481 (Signed) W. W. W. WOODS, Chairman of the Committee of Management.

(Signed) N. DIXON, 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, 1970, and the recorded receipts and payments for the year ended on that date.

3 Frederick's Place, Old Jewry, London, EC2R 8DB.

5th APRIL, 1971.

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