(REGISTERED CHARITY NUMBER.. 11840131
RNLI LIFESAVING ENDOWMENT
REPORT AND FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021

RNLI LIFESAVING ENDOWMENT
REPORT AND FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
Page
OFFICERS AND PROFESSIONAL ADVISERS
TRUSTEES, REPORT
STATEMENT OF TRUSTEES, RESPONSIBILITIES
INDEPENDENT AUDITOR'S REPORT
7-10
STATEMENT OF FINANCIAL ACTIVITIES
11
BALANCE SHEET
12
STATEMENT OF CASH FLOWS
13
NOTES TO THE FINANCIAL STATEMENTS
14-21

RNLI LIFESAVING ENDOWMENT
OFFICERS AND PROFESSIONAL ADVISERS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
Unless otherwise stsled, Trustees served for the full 18-month period.
TRUSTEES:
E Donaldson
C Hunter-Pease (resigned 14 December 2021 >
S Popham
R Boddinglon
P O'Leary
D Vvoulfe
M Wordsworth lappolnted 14 December 2021)
REGISTERED OFFICE:
West Quay Road
Poole
Dorset
BH151HZ
AUDITOR:
BDO LLP
55 Baker Street
London
W1U 7EU
BANKERS:
Barc5ays Bank PLC
Apex Plaza
Forbury Road
Reading
RG1 1AX
INVESTMENT MANAGERS: Stale Street Global Advisors
IFM Investors
Threadneedle
INVESTMENT ADVISORS:
Lane Clark & Pe8￿ck LLP
CUSTODIANS:
The Northem Trust Company

RNLI LIFESAVING ENDOWMENT
TRUSTEES, REPORT
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
The Trustees present their report along with the financial statements of the charity whlch cover the 18-monlh
period lo 31 December 2021. The financial slalements have been prepared based on the accounting
policies sel out in note 1 to the financial statements and comply with the Charitable Incorporated
Organisalion's (CIO) governing document. RNLI Lifesaving Endowment Is registered with the Charily
Commission under registration number 1184013.
OBJECTIVES AND ACTIVITIES
The objects of the RNLI Lifesaving Endowment as per ils registered conslilulion are the advancement of
saving lives al sea by establishing. building and investing an endowment fund which is capable of supporting
the Royal National Lifeboat Instilulion's IRNLII rescue services.
The CIO was created with an initial donation from the RNLI of £42.3m. In seeking lo preserve the RNLI'S
lifesaving services for the future, the CIO'S asgels will be invested In order to maintain and if possible
enhance their real lafler inflation) value and provide a source of funding to support the RNLI operations.
Charitable status and public beneflt
The Trustees confirm that they have referred lo the guKlance contained in the Charity Commission's general
guidance on public benefit when reviewing the Gharily's aims and objectives and in planning future activities.
The Trustees consider the CIO to be charitable both in its intention and practice. providing subslanlial public
benefit by preserving the RNLI'S ability to save lives al sea.
FINANCIAL REVIEW. ACHIEVEMENTS AND PERFORMANCE
For the 18-month period lo the 31 $1 December 2021 investments produced a lolal return of 18.OVo. Property
provided returns of 21.30/0 and Global equities 32.1°/o, although a relatively high level of Cash throughout
reduced the overall return. Overall, there was a surplus for the period of £6.8M. mainly due lo investment
gains of£6.9M.
Total income was £0.9M, principally due to investment income of £O.6M and 8 donation from the RNLI of
£326k1£274k of which related lo the Elizabeth O'Kelly Fund) for income accumulated on the fund$ as they
were held awaiting set-up of the CIO. There has also been a small donation of £16K in 2021.
A lolal donation of £930K was made in 2021 towards the RNLI'S rescue services, in line with overall
objectives and representing around 1Yo of the investment values over the last 2 years. £121K of this
donation will be made towards the RNLI'S rescue services in Ireland.
In 2021, there was subslanlial movement towards the new investment strategy wlth £7.OM transferred from
cash into equities. Al the end of 2021, £29.8M was invested in global equities, £8.4M in commercial propety
unit trusts and £10.8M was held in cash pending investment into an infraslruclure fund.
For 2022, the intention is to complete the investment of the cash into Infraslruclure. as per the investment
strategy and continue to donate at least 10/0 of overall inveslrnent values to help fund the RNLI'S lifesaving
services.
INVESTMENT STRATEGY & POLICY
The investment strategy is to have a long-lerm growth portfolio with modest income reqU1￿ment that:
Generates a real return over the long term through both capital growth and income.
Some illiquidity is acceptable.
Some mark-to-market volalilily is acceptable.
These objectives are PUTsued through a strategic investment policy which involves investing in a broadly
diversified spread of assets, covering global equities, pooled property funds and pooled infraslruclure funds.
In formulating and reviewing the investment policy. the RNLI'S Investment Committee IICI has considered a

RNLI LIFESAVING ENDOWMENT
TRUSTEES, REPORT
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
range of investment options and the need for diversbficalion and has regard lo the investment policles being
pursued by the Trustees of the RNLI'S other charitable reserves and the Trustees of the RNLI 1983
Contributory Pension Scheme. recognising that the RNLI'S overall market exposure is lo the aggregate of
these distinct asset pools. Before exercising any power of investment, the IC obtains advice from a suitably
qualified advisor. The IC intends lo move towards the following asset allocation over lime, allowing for
market conditions which includes the wider economic environment, liquidity in markets and the risk of an
economic downturn..
Global Equities- 60°h
* Infrastructure- 20W
. Property-20%
The allocation followed at any Ilme shall be a matter to be considered by the IC on a regular basis. and
proposals for any material change In strategy shall be ratified by the Trustee Board before implementation.
The Trustees have carefully considered the requiremonls of the Statement of ReGommended Practice
ISORP) and the Charity Commission's revised guidance note CC14 (issued in October 2011) and do not
believe there is any listed investment adverse to the purpose of Ihe CIO (saving lives at seal.
In relatlon to funds Whe￿ the investment manager is permitted lo make active decisions about the selection.
relenllon and realisation of investments, the Trustees expect the investment managers lo lake account of all
financlally material Gonsideralions (including climate change and other environmental, social and
governance consideralionsl, where permissible within applicable guidelines and reslriclions. The Trustees
seek to appoint managers that have appropriate skills and processes to do this, and from lime-to-lime review
how the managers are taking account of these issues in practice. All our managers are signatories to the UN
Principles for Responsible Investment.
Resgrves Pollcy
The Trustees note that at the end of December 2021 reserves tolalled £48.5M. the majority of which are
held as an expendable endowment. Of that, £42M is held as the RNLI Lifesaving Endowment for the
advancement of saving lives at sea and £6.5M is held as the Elizabeth O'Kelly Fund for the advancement of
saving lives at sea in or around Ireland.
The Trustees continue to review their reserves policy lo ensure there are adequate reserves available to
meet future requirements.
Risk management
The nature of the charity means that the main risk for the organisalion is investment risk. Investment risk
represents the likelihood that investment values will fall significantly, and this is managed through a
Statement of Investment Principles and an investment strategy, which is approved by the Trustees. The
Trustees rely on the RNLI'S Investment Commillee, using professional investment advisors. to manage this
risk and maximise investment returns al an acceptable risk level that is measured using a Value at Risk
(VARI metric.
PLANS FOR FUTURE PERIODS
While il is recognised that the Trustees have powers lo donate Capital to the RNLI in exlremis, the long-lerm
plans focus on growing the Endowment through further donations and an investment strategy focused on
capital growth. Over the next twelve months the key goal will be to finalise the investment strategy lo meet
the charity's objectives and ensure it is still sound in the current economic environment and in line with the
overall objectives.

RNLI LIFESAVING ENDOWMENT
TRUSTEES, REPORT
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
The RNLI Lifesaving Endowment is regulated by ils Constitution as a Charitable Incorporated Organisalion
and was registered on 20 June 2019 with the Charity Commission of England and Wales (11840131. The
address of the registered office is West Quay Road, Poole, Dorsel, BH15 1 HZ. The Trustees consider the
Trustees of the RNL5 to be the ultimate controlling party due to their ability lo appoint a majority of Trustees
to the board.
Organlsational structure
The Cons151ution allows for a minimum of three Trustees lo be appointed. Aside from the first Charity
Trustees Ilsted below, every Trustee shall be appointed for a term of three years.
All of the original Trustees have long experience of being a charrty Iruslee. The Trustees are unpaid and
details of Trustee expenses and any related paty transactions are disclosed in notes 5 and 12 to the
accounts.
The Charity Trustees manage the affairs of the CIO. They are responsible for selling strategy and are
responsible in law for the running of the RNLI Lifesaving Endowment.
The Trustees who served during the period were as follows=
E Donaldson (Chair)
C Hunler-Pease (resigned 14 December 2021)
S Popham
R Boddinglon
P O'Leary
D Woulfe
M Wordsworlh (appointed 14 December 2021)
E Donaldson. S Popham, D Woulfe and M Wordsworth are also RNLI Trustees.
Where new Trustees are appointed, they will be given a formal induction lo the work of the trust and
provided with the information they need to fulfil their roles, which includes information about the role of
Trustees. the organisation and charity law.
New Trustees will be appointed by the RNLI following an interview process and where they have the
necessary skills lo contribute lo the charity's management and development. Any appointment musl be
made al a meeting held according lo the ordinary practice of the RNLI.
The RNLI in exercising its rights of appointment, or removal. will ensure that at least ￿ Charity Trustees
are not also current Trustees or employees of the RNLI.
The Charity Trustees may delegate any of their powers or functions to a commillee or committees. and. if
they do, they shall determine the terms and conditions on which the delegallon is made.
Board meetings will be held as and when required bul no less frequently than twice per year.
The Charity Tnjstees may appolnt one of their number to chair their meetings and may at any time revoke
such appolntmenl. The Chair shall ordinarily be the Chair of RNLI for the time being unless the Charity
Trustees have for gocKI reason decided olherwise.
The members of staff engaged in the day-to-day adminislralion of the RNLI Lifesaving Endowment are
employed by the RNLI. The RNLI Lifesaving Endowment reimburses the RNLI for any direct costs incurred.

RNLI LIFESAVING ENDOWMENT
TRUSTEES, REPORT
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and adminislralive details are shown in the schedule of officers and professional advisers on
page1.
PROVISION OF INFORMATION TO AUDITORS
In determining how amounts are presented within items in the statement of income and retained earnings
and balance she8t. the Trustees have had regard lo the substance of the reported transaction or
arrangement, in accordance with generally accepted accounting principles or practice.
So far as each of the Trustees is aware at the lime the report is approved..
there is no relevant audit information of which the charity's auditors are unaware. and
the Trustees have tsken all steps that they ought lo have taken to make themselves aware of any
relevant audit information and to establish that the auditors are aware of that information.
AUDITOR
The auditor, BDO LLP, will be proposed for reappointment in accordance with section 144 of the Charities
Ac12011.
Approved by the Trustees on 18￿ March 2022 and signed on ils behalf by..
E Donalds
Trustee

RNLI LIFESAVING ENDOWMENT
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
The Trustees are responsible for preparing the Trustees. Report and the financial slalements in accordance
with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for
each financial year in accordance with United Kingdom Generally Accepted Accounting Practice {United
Kingdom Accounting Standards and applicable law).
Under charity law, the Trustees must not approve the flnancial statements unless they are satisfied that they
give a true and fair view of the stale of affairs of the charlly and of ils surpl¢Js or deficit for that period. In
preparing these financial stalemenls, the Trustees are required lo..
select suitable accounting policies and then apply them consislenlly
make judgements and estimates that are reasonable and prudent
slate whether applicable accounting standards have been followed. subject lo any material departures
disclosed and explained in the financial slalemenls
prepare the financial slalements on the going-concern basis unless it Is inappropriate to presume that
the charity will continue to operate.
The Trustees are responsible for keeping proper accounting records. These musl be sufficient to show and
explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position of
the charity, and enable them to ensure that the financial slalements comply with the UK Charities Act 2011
and applicable accounting regulations. They are also responsible for safeguarding the assets of the charity-
and. therefore, for taking reasonable steps lo prevent and detect fraud and olheT irregularities.

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF RNLI LIFESAVING ENDOWMENT
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
Opinion on the flnanclal statements
In our opinion. the financial statements-
give a true and fair view of the slate of the Charity's affairs as at 31 December 2021 and of its incoming
resources and application of resources for the period then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared In accordance with the requifements of the Charities Act 2011.
We have audited the financial slalemenls of RNLI Lifesaving Endowment I'the Charily°} for the 18-month
period ended 31 December 2021 which comprise the slalement of financial aclivilies. the balance sheet. the
statement of cash flows and notes to the financial slatemenls, including a summary of significant accounting
policies. The financial reporting framework that has been applied in their preparation is app5icable law and
United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting
Slandard applicable in the UK and RepubliG of Ireland (United Kingdom Generally Accepted Accounting
Praclicel.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We believe that the audit
evidence we have obtained is sufficient and appropriate to provlde a basis for our opinion.
Independenc8
We remain independent of the Charity in accordance with the ethlcal requirements relevant lo our audit of
the f1nancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other
ethical responsibilities in accordance with Ihese requirements.
ConGlusions rolated to going concern
In auditing the financial stalemenls, we have concluded that the Trustees, use of the going concern basls of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfomied, we have not identified any material uncertainties relating lo events
or conditions that, individually or collectively, may cast significant doubl on the Charity's ability lo continue as
a going concern for a period of at least ￿e1ve months from when the financial Statements are authorised for
issuo.
Our responsibilities and the responsibilities of the Trustees with respect lo going concem are described in
the relevant sections of this report.

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF RNLI LIFESAVING ENDOWMENT
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021 (CONTINUED)
Other information
The Trustees are responsible for the other information. The other information comprises the information
included in the Report. other than the financial slalemenls and our auditor's report Ihereon. The other
information comprises.. The Trustees, Report. Our opinion on the financial 51atemenls does not cover the
other information and, except lo the exlenl otherwise explicitly staled in our report, we do not express any
form of assurance conclusion Ihereon. Our responslbility is lo read the other information and, in doing so.
consider whether the other information is materially inconsislenl with the financial slalements, or our
knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material
inconsistencies or apparent material misslalements, we are required to determine whether there 15 a
material misstatement in the financial statements or a material mi5Stalement of the other information. If,
based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required lo report that fact.
We have nothing to report In this regar(l.
Matters on whlch wg are requlred to report by exceptlon
We have nothing to report in reswt of the following matters in relation to which the Charities Act 2011
requires us to report to you rf, in our opinion,.
the informatlon contained in the financial stalemenls is inconsistent in any material respect with the
Trustees, Report., or
adequate accounting records have not been kept., or
the financial statements are not in agreement with the accounting records and returns,. or
we have not received all the information and explanations we require for our audit.
Rgsponslbllltigs of Trustoes
As explained more fully in the Statement of Trustees. responsibilities, the Trustees are responsible for the
preparalh)n of the financial statements and for being satisfied that they give a true and fair view. and for such
internal control as the Trustees determines is necessary to enable the preparation of financial statements
that are free from material misslatemenL whether due lo fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to
continue as a going concern, disclosing, as applicable, malleTS related to going concern and using the going
con￿rn basis of accounting unless the Trustees either intend to liquidate the Charity or lo cease operations,
or have no realistic alternative but lo do so.
Auditorfs responsibllltles for the audlt of thg financial stat&ments
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance
with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misslalemenl. whether due to fraud or error. and lo issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with ISAS {UK} will always delecl a material misslatemenl when it exists.
Misstalemenls can arise from fraud or error and are considered material if. individually or in the aggregate.
they could reasonably be expe¢led to influence the economic decisions of users taken on the basis of these
financial slalements.

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF RNLI LIFESAVING ENDOWMENT
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021 (CONTINUED)
Extent to which the audk was capable of delecling Irregularit￿S, indudirw fraud
Irregularities, Including fraud, are instan￿S of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of
irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities.
including fraud is detailed below..
Based on our understanding of the Charity and the industry in which it operates, we identified that the
principal laws and regulations that diTeclly affect the financial slalements lo be the Charities Act 2011. We
assessed the extent of compliance with these laws and regulations a5 part of our procedures on the related
financial slalement Items.
In addition the Charity Is subject lo many other laws and regulations where the consequences of non-
compliance could have a material effect on amounts or disclosures in the financial slalemenls, for instance
through the imposition of fines or liligalion. We identified the following areas as those most likely lo have
such an effect: employment law. data protection and health and safely legislation. Auditing standards limit
the required audit procedures to identify non-compliance with these laws and regulations lo enquiry of the
Trustees and other management and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included..
Discussions with group management and internal audit. including consideration of known or
suspected instances of non-compliance with laws and regulations and fraud.,
Reading minutes of meeting of those charged with governance. reviewing internal audit reports and
the various charity commission.
Reviewing items included in the group's fraud and theft dalabage as well 8s the results of internal
audit's investigation into these matters.
Confirming all balances included with in investments lo direct third party confirmations.. and
In addressing the risk of fraud through management override of controls,. testing the appropriateness
of joumal entries and other adjustments, in particular any journals posted by senior management or
with unusual accounts combinations
Our audll procedures were deslgned lo respond lo risks of material misslalemenl in the financial slatemenls,
recognising that the risk of not detecting a material misslalemenl due lo fraud is higher than the risk of not
detecting one resulting from error. as fraud may involve deliberate concealment by. for example, forgery,
misrepresentations or through collusion. There are inherent limitations in the audit procedures performed
and the further removed non-compliance with laws and regulations is from the events and transactions
reflected in the financial stslemenls. the less likely we are to become aware of it.
A further description of our responsibllilles for the audit of the financial statements is located at the Financial
Reportlng Council's I"FRC's"I website al-.
hllps.'Ilwww.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report.

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF RNLI LIFESAVING ENDOWMENT
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021 (CONTINUED)
Use of our roport
Thls report is made solely lo the Charity's Iruslees. as a body. in accordance with the Charities Act 2011.
Our audit work has been undertaken so that we might stale to the Charity s Iruslees those mallers we are
required lo slate lo them in an audilorfs report and for no other purpose. To the fullest exlenl permitted by
law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's trustees
as a body. for our audit work, for this report. or for the opinions we have formed.
DO¢uSlgn￿tsY'.
EDO LLP
F3D8818FE9AC4C9
BDO LLP. statutory auditor
London, UK
Date 08 June 2022
BDO LLP is eligible for appointment as auditor of the charity by vlrtue of its eligibility for appointment as audllor of
company under section 1212 of the Companies Act 2006.
BDO LLP is a limited Ilability partnership registered In England and Wales (wllh reglslered number OC3051271.
10

RNLI LIFESAVING ENDOWMENT
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
Note
Unrgstricted
funds
£'ooo
Restricted
funds
£'ooo
Endowgd
funds
£'ooo
Total
2021
£'ooo
Totsl
54-wegk
period to
30 June
2020
£'ooo
Incomg and
endowments from:
Oonations and le
Investments
Total income and
endowments
acles
16
479
495
326
342
550
892
42.319
99
42,418
7¢
71
71
326
endlture on:
Raisin
funds
Charitable activities
Total expenditure
16
489
505
30
76
76
371
371
936
952
30
Net gainslllosses} on
investments
7b
6,900
6,900
(748)
Net
in¢omèl
<10)
15)
6,85S
6,840
41,640
ex
onditurg
Reconelliation of
funds:
Funds at 1 Jul 2020
Movement in funds
Funds at 31 Dgcember
2021
56
10
46
13
41.571
6.855
48.426
41.640
6,840
48,480
41,640
The Statement of Financlal Activities includes all gains and losses recognised in the perlod. All income,
expenditure and resulting nel movements are derived from continuing activities
Notes 110 14 form part of these financial slatemenl9.

RNLI LIFESAVING ENDOWMENT
BALANCE SHEET
REGISTERED CHARITY NUMBER: 1184013
AS AT 31 DECEMBER 2021
31
December
2021
£'ooo
30June
2020
Note
£'ooo
Fixed asset9:
Investments
48,953
41,670
Total flxed assets
41,670
Current assgts..
Debtors
Liabilities:
Creditors.. Amounts fallin
due within one
ear
489
30
Net curront
liabllltles
473
30
Totsl assets less current Ilabllltles
48.480
41.640
The funds of the charit
endable endowment funds
Reslricled funds
Unreslricled funds
Total charit funds
10b
10c
48,426
41,571
13
56
The accounts of the RNLI Lifesaving Endowment were approved and authorised for issue by the Trustees on
18th March 2022 and signed on ils behalf by
E Donaldson
Trustee
Notes 1 10 14 form parl of these financial statements.
12

RNLI LIFESAVING ENDOWMENT
STATEMENT OF CASH FLOWS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
2021
£'ooo
2020
£'ooo
Cash flows from oporatin
actlvltles:
Net cash used in operatlng aGtivities
167
Cash flows from Investin
activltles:
Dividends, interest and rents from invegtmenls
Purchase of investments
Proceeds from sale of investments
Net cash
mvlde(I b
investln
activlties
550
550
122
122
99
Cash flows from flnanclng activitiès..
Additions lo endowment
Dis
osal of endowment
28,161
28.206
Net cash provided by financin
actlvities
Change in cash and cash equivalents In the
ortin
riod
Reconclllation of cash flow:
Cash and cash equivalents at the beginning of the
reporting period
Changè In cash and Gash In the roportin
period
Cash and cash equivalents at tho end of the
rtin
eriod
ReGonclllatlon of not Income to ngt cash flow from operating activities
2021
£'ooo
2020
£'ooo
Net inGome/ for the reportlng perlod (as per the statement of
flnancial actlvltles)
6,840
41.640
Ad
ustmonts for:
IGainslAosses on investments
Investment income
Increase in creditors
Increase in debtors
Investment capital transferred by RNLI
6,900
550
459
16
748
99
30
42.319
Net cash used in o
eratin
activlties
167
Notes 110 14 form part of these financial slalemenls.
13

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
ACCOUNTING POLICIES
The RNLI Lifesaving Endowment was registered as a Charitable Incorpor21ed Organisation on 20
June 2019 with the Charity Commission of England and Wales (1184013). The address of the
registered office is West Quay Road, Poole. Dorsel, BH15 1 HZ.
Basls of aG¢ountlng
The financial slatemenls have been prepared urKler the historical cost convention.
These accounts are prepared in accordance with the Charities SORP {FRS 102) 'Accounling and
Reporting by Charities.. Statement of Recommended Practice applicable lo Gharllies preparing their
accounts in acGordance with the Financial Reporting Standard applicable in the UK and the Republic
of Ireland IFRS 1021 {effeclive 1 st January 2019}', Financial Reporting Standard 102 ' The Financial
Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011.
The RNLI Lifesaving Endowment meets the definition of a public benefit entity under FRS 102.
The financial statements cover the 18-month period from 1 Juty 2020 10 31 December 2021.
b)
Crltical accounting judgements and key sources of estimation uncertalnty
Preparation of the financial slalemenls requires the Trustees lo make judgements and estimates.
The Trustees consider that there are no material judgements in appSying accounting policies or key
sour¢es of estimation unceTlainty-
Assessment of going concern
The Trustees have assessed whether the use of the going concern assumption Is appropriate in
preparing these financial slatemenls. The Trustees have made this assessment In respect lo a
period of one year from the date of approval of these financial statements.
The Trustees of the charity have concluded that there are no material uncertainties related lo events
or conditions that may cast significant doubl on the ability of the charity to continue as a going
concern. The Trustees are of the opinion that the charity will have sufficient resources to meet ils
liabilities as they fall due.
d)
Income
Incoming resources are included in the SOFA when the RNLI Lrfe5aving Endowment Is entitled lo
the income, the receipt is probable, and the amount can be quantified wllh reasonable accuracy. If
these conditions are not mel the income is deferred.
Donations mad8 by the RNLI are recognised as income in the charity either when paid or al the date
when the RNLI has a legal liability lo make the donation payment if earlier.
All external donations are accounted for when received.
Investment income is recognised on a receivable basis.
14

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
Expendlture
All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all costs related to the category. ITfecoverable VAT is charged as an expense against the
activity for which the expenditure arose.
Costs of raising funds includes the legal fees incurred in the eslablishmenl of the RNLI Lifesaving
Endowment and investment fees.
Expenditure on charitable activities comprises donations and allocated support costs.
Donations are recognised in the financial slalements following approval by the Trustees.
Investments
Investments held as fixed assets and for which there is a quoted market value are valued al the bid-
price ruling at the balance sheet dale. Investment gains and losses arising during the year are
included in Ihe SOFA.
gl
Fund ￿CoUntIng
The RNLI Lifesaving Endowment funds fall into the following categories..
Expendable endowments are capital sums that are donated under the reslriclion that they are
invested and that only the income arising is available for expenditure in accordance with the donors,
d1￿Ctions. These capital sums may be spent at the discretion of the Trustees of the RNLI Lifesaving
Endowment. where necessary. and in accordance with the donors. directions.
Regtricted fullds are only available for expenditure in accordance with the donors, directions.
Unreslricled funds are sums that are freely available for general use within the Charitable
Objectives.
h)
Pregentatlon Gurrency
The functional currency of the RNLI Lifesaving Endowment is in pounds sterllng because that Is the
currency of the primary economic environment in which the charity operates.
Exchange rate galns and losses
Transactions in foreign currencies are recorded using the rate of exchange rullng al the date of the
Iransacuon. Monetary assets are translated at the rale of exchange ruling al the balance sheet date.
Gains and losses on exchange are included in the SOFA.
i)
Taxatlon
The RNLI Lifesaving Endowment is exempl from lax on income and on gains falling within sections
518 and 564 of the Income Taxes Act 2007 or section 256 of the Taxation of Chargeable Gains Act
1992 to the exlenl that these are applied lo its charitable objects. No lax ¢harges have arisen in the
Fund.
Flnanclal Instruments
The Gharily only has financial assets and financial liabilities of a kind that quallfy as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their setuement value.
15

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
DONATIONS AND LEGACIES
2021
£'ooo
2020
£'ooo
Donation from RNLI
Donations
326
16
42,319
342
RESOURCES EXPENDED
Dlrert costs Othgr alloeated costs
Total
2021
£'ooo
16
936
Total
2020
£'ooo
30
£'ooo
£'ooo
Raislng funds
Charitable activities
Support costs
16
929
17)
952
30
952
30
30
Total 2020
Support costs are allocated to relevant categories based on their percentage share of overall direct
costs.
Charitable activities comprise one donallon made to the RNLI.
SUPPORT COSTS
Total
2021
£'ooo
Total
2020
£'ooo
Audit fees
Legal fees
21
26
Audit fees of £7K (inclusive of VATI are payable lo the external auditor.
TRUSTEES, EXPENSES AND REMUNERATION
No Trustees, or any persons connected with them. received remuneration.
There were no Iruslees, expenses paid during the period.
STAFF COSTS
There were rK) employees during the perlod.
16

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
INVESTMENTS HELD FOR MORE THAN ONE YEAR
All investments are basic financial instruments and are measU￿d at fair values
Unrestricted
funds
£'ooo
Restricted
funds
£'ooo
Endowgd
funds
É'ooo
Total 2021
Total 2020
£'ooo
£'ooo
Investment assets
uities
Pro
ert
Cash arsd de
osits
Market value at 31
December 2021
29.802
8,376
10,248
48.426
17,og6
7,205
17.369
41,670
8,376
10,775
48.953
456
456
71
71
(bl Analysis of
movement
Market value at 1 July
2020
Additions
Transfers
Dis
osals
Gainsl{lossesl on
investment
Market value at 31
December 2021
Ori
Inal cost
13
41,571
41,670
479
71
28,161
28,711
99
42,319
109
13
28,206
6.900
28,328
6.900
{7481
456
71
48,426
48,953
41,670
456
71
45.636
46.163
Investment Income
uilies
Pro
Cash and de
Total
479
71
550
99
osits
479
71
550
DEBTORS
Total
2021
£'ooo
Total
2020
£'ooo
RNLI debtor
16

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
CREDITORS
Total
2021
£'ooo
Total
2020
£'ooo
Awruals
RNLI creditor
30
489
489
30
10.
FUNDS ANALYSIS
a) Balance Sheet- analysis of funds 2021 summary
Unrestrictgd
funds
2021
£'ooo
456
410
Restrlcted
funds
2021
£'ooo
71
63
Endowed
funds
2021
£'ooo
48,426
Total
2021
£'ooo
Investments
Net current assets
Total
48,953
473
48,480
48,426
b} Endowed funds- analysis of major funds
Name
fund
of
Purposg
fund
of
Opening
balance
2021
£'ooo
36,168
Investment
galns
2021
£'ooo
6.003
Incorne
Expendlture
Closing
balancè
2021
£'ooo
41.896
2021
£'ooo
52
2021
£'ooo
13271
RNLI
Lifesaving
Endowment
The
advancement
of saving lives
al sea
The
advancement
of saving lives
at sea in
Ireland
Elizabeth
O'Kelly Fund
5,403
897
274
1441
6,530
Total
endowed
funds
41,571
6.900
326
1371)
48,426
c} Restricted funds- analysis of major funds
Name offund
Purpose of fund
Openlng
balance
2021
£'ooo
Income
Expenditurg
Closlng
balance
2021
£'ooo
2021
£'ooo
71
2021
£'ooo
176)
Elizabeth
O'Kelly Fund
The advancement of
saving lives al sea in
Ireland
Total endowed
funds
13
71
(76)
18

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
11.
FINANCIAL COMMITMENTS
There were no capital commitments at the end of the period
There are no other liabilities, Gontingent or otherwise, that are not provided in these accounts.
12.
RELATED PARTY TRANSACTIONS
The RNLI L ￿eSaving Endowment donated £930K12020'. £Nil} to the RNLI during the period.
An additional donation of £326K was made in 2021 by the RNLI (2020: £42.3MI.
The RNLI recharged the administration costs of the charitable incorporated organisalion, for
example, auditor fees. legal fees and investment fees. The RNLI also provided accounting support
for which no charge was made.
13.
ULTIMATE CONTROLLING UNDERTAKING
RNLI Lifesaving Endowment is consolidated into the financial statements of the Royal National
Lifeboat Institution.
The ultimate controlling undertaking is the Royal NalDnal Lrfeboal Institution, incorporated under
Royal Charler in the United Kingdom. Copies of the consolioaled financial statements of the Royal
National Lifeboat Instilulion, including RNLI Lifesaving Endowment, can be obtained from Wesl
Quay Road, Poole, Dorset. BH15 1HZ.
19

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
14.
2020 COMPARATIVES- FUNDS
All comparatives for 2020 are for the period 20 June 2019 to 30 June 2020.
a. Statement of Flnancial Activities- p￿vIOuS year comparatives
Note
Unrestrlcted
funds
£'ooo
Restricted
funds
£'ooo
Endowed
funds
£'ooo
Total
2020
£'ooo
Income and
endowments from:
Donations and le
Investments
Total income and
endowments
acies
42,319
42,319
99
42,418
7c
86
86
13
13
42,319
Expenditure on..
Raisin
funds
Total expenditure
30
30
30
30
Net (losses) on
investments
7b
(7481
(748)
Net income
13
41,640
Reconciliation of funds:
Total funds carried
forward
56
13
41.571
41,640
b. Consolidated balance sheet- analysis of funds 2020 summary
Unrèstrlcted
funds
2020
£'ooo
86
30
56
Restricted
funds
2020
£'ooo
13
Endowgd
funds
2020
£'ooo
41,571
Total
2020
£'ooo
Investments
Creditors
Total
41,670
30
41.640
13
41,571
20

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2021
14.
2020 COMPARATIVES- FUNDS (CONTINUED)
. Resources expended
Dlrect
costs
Other
allocated
costs
£'ooo
26
(26)
Total
2020
£'ooo
£'ooo
30
Raising funds
Support costs
26
30
30
Support costs are allocated to relevant calegortes based on Ihelr percentage share of overall direct
osts.
d. Endowed funds- analysis of major funds
Name of fund
Purpose of fund
Opening
balance
2020
£'ooo
Investment
(losses)
2020
£'ooo
{6511
Transfers
Closing
balance
2020
£'ooo
36,168
2020
£'ooo
36,819
RNLI Lifesavir
Endowment
Elizabeth
O'Kelly Fund
The advancement of
savin
lives at sea
The advancement of
saving lives al sea in
Ireland
{97)
5.500
5,403
Total endowed
funds
(748)
42,319
41,571
Restricted funds- analysis of major funds
Name of futid
Purposo of fund
Oponing
balance
2020
£'ooo
Income
Expendlture
Closing
balance
2020
£'ooo
13
2020
£'ooo
13
2020
£'ooo
Elizabeth
O'Kelly Fund
The advancement of
saving lives al sea in
Ireland
Total endowèd
funds
13
13
21