(REGISTERED CHARITY NUMBER: 11840131
RNLI LIFESAVING ENDOWMENT
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

RNLI LIFESAVING ENDOWMENT
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page
OFFICERS AND PROFESSIONAL ADVISERS
TRUSTEES, REPORT
STATEMENT OF TRUSTEES, RESPONSIBILITIES
INDEPENDENT AUDITOR'S REPORT
7-10
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
12
STATEMENT OF CASH FLOWS
13
NOTES TO THE FINANCIAL STATEMENTS
14-21

RNLI LIFESAVING ENDOWMENT
OFFICERS AND PROFESSIONAL ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2022
Unless othenNise slated, Trustees served for the full year.
TRUSTEES:
E Donaldson
S Popham (resigned 22 July 20221
R Boddinglon
P O'Leary
D Woulfe
M Wordsworth
J Islam lappoinled 2 March 20221
REGISTERED OFFICE:
Wesl Quay Road
Poole
Dorset
BH15 1HZ
AUDITOR:
BDO LLP
55 Baker Street
London
W1U 7EU
BANKERS:
Barclays Bank PLC
Apex Plaza
Forbury Road
Reading
RG1 1AX
INVESTMENT MANAGERS: Slate Street Global Advisors
IFM Investo
Threadneedle
INVESTMENT ADVISORS:
Lane Clafk & Peacock LLP
CUSTODIANS:
The Northern Trust Company

RNLI LIFESAVING ENDOWMENT
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their report along with the financial statements of the charity which cover the year
ended 31 December 2022. The financial statements 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 Charity Commission under
registration number 1184013.
OBJECTIVES AND ACTIVITIES
The objects of the RNLI Lifesaving Endowment as per ils registered constitution are the advancement of
saving lives al sea by establishing, building, and investing an endowment fund which can support the Royal
National Lifeboat Institution's IRNLII rescue services.
The CIO was created with an initial donation Irom the RNLI of £42.3M. In seeking lo preserve the RNLI'S
lifesaving services for the future, the CIO'S assets will be invested in orLler to maintain and if possible.
enhance their real (after inflalionl value and provide a source of funding lo support the RNLI operations.
Charitable status and public beneflt
The Trustees Confirm that they have referred lo the guidance contained in the Charity Commission's general
guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
The Trustees consider the CIO to be charitable both in its intention and practice, providing substantial public
benefit by preserving the RNLI'S ability to save lives al sea.
FINANCIAL REVIEW, ACHIEVEMENTS AND PERFORMANCE
For the year to the 31 December 2022 investments produced a total loss of-3.4D/o. Propeity provided losses
of -10.1¥0 and Global equities -8.80/0, although this was offset by gains of 14.80kn in InfrastrLJCture and some
holdings in cash throughout the year. Overall, there was a deficit for the period of -£2.5M, mainly due lo
investment losses of -£2.4M.
Total income was £0.3M, principally due lo investment income 1£47k of which related to the Elizabeth
O'Kelly Fund).
A total donation of £459K was made in 2022 towards the RNLI'S rescue services, in line with overall
objectives and representing around 1 Yo of investment values as at the end of 2022. £62K of this donation
was made towards the RNLI'S rescue services in Ireland.
At the end of 2022, the charity holds £45.9M of investments, with £27.2M invested in global equities, £7.4M
in commercial propety unit trusts and £10.4M held in Infra51ructure. There was also a cash holding of £0.9M
that will be moved into global equities in 2023.
For 2023, the intention is to continue to donate al least 10k of overall investment values to help fund the
RNLI'S lifesaving services.
INVESTMENT STRATEGY & POLICY
The investment strategy is lo have a long-lerm growth portfolio with modest income requirement that..
Generates a real return over the long term through both c8pII81 growth and income.
Some illiquidity is acceptable.
Some mark-lo-market volalilily is acceptable.
These objectives are pursued through a strategic investment policy which involves investing in a broadly
diversified spread of assets, covering global equities, pooled property funds and pooled infrastructure funds.
In formulating and reviewing the investment policy, the RNLI'S Investment Committee IICI has considered a

RNLI LIFESAVING ENDOWMENT
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
range of investment options and the need for diversification and has regard to the investment policies being
pursued by the Trustees of the RNLI'S other charitable reseives 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 works on behalf of the Trustees of the RNLI and the CIO and there is a requirement
Ihat al least 2 members of the IC are Trustees of the CIO.
The IC finalised the move lo the desired asset allocation in 2022, as follows..
Global Equities 60.
Infraslruclure- 20Yo
Property - 20%
The allocation followed at any time shall be a maller lo 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 implemenlalion.
The Trustees have carefully Considered the requirements of the Statement of Recommended Practice
ISORPI and the Charity Commission's revised guidance note CC14 and do not believe there is any listed
investment adverse to the purpose of the CIO (saving lives al sea}.
In relation to funds wh@re the investment manager is permilled lo make active decisions about the selection,
retention and realisation of inveslmenls, the Trustees expect them lo lake account of all financially material
considerations (including climate change and other environmental, social and governance considerations),
where permissible within applicable guidelines and restrictions. The Trustees seek lo appoint managers that
have appropriate skills and processes to do this, and from lime-lo-lime review how the managers are taking
account of these issues in practice. All our managers are signatories lo the UN Principles for Responsible
Investment.
Reserves Policy
The Trustees note that al the end of De￿rnber 2022 reserves lotalled £45.9M, the majority of which are
held as an expendable endowment. Of that, £39.7M is held as the RNLI Lifesaving Endowment for the
advancement of saving live5 at sea and £6.2M 15 held as the Elizabeth O'Kelty Fund for the advancement of
saving lives al sea in or around Ireland.
The Trustees continue to review their reserve5 policy to ensure there are adequate reserves available to
meet future requirements.
Risk management
The nature of the charity Th￿an$ 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
Slalement of Investment Principles and an investment strategy, which is approved by the Trustees. The
Trustees rely on the RNLI'S Investment Committee, using professional investment advisors, lo manage this
risk and maximise investment returns at an acceptable risk level that is measured using a Value at Risk
(VARI metric.
PLANS FOR FUTURE PERIODS
While it is recognised that the Trustees have powers lo donate capital lo the RNLI in extremis, 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 ensure the investment strategy meets the
charity's objectives and that il is still sound in the current economic environment.

RNLI LIFESAVING ENDOWMENT
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
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 Wales111840131. The
address of the registered office is Wesl Quay Road, Poole, Dorsel, BH15 1 HZ. The Trustees consider the
Trustees of the RNLI lo be the ultimate controlling party due lo their ability lo appoint a majority of Trustees
to the board.
Organisational structure
The Constitution allows for a minimum of three Trustees to be appointed. Aside from the first Chaiily
Trustees listed below, every Trustee shall be appointed for a term of three years.
All of the original Trustees have long experience of being a charity trustee. The Trustees are unpaid and
details of Trustee expenses and any related party 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)
S Popham (resigned 22 July 20221
R Boddington
P O'Leary
D Woulfe
M Wordsworth
J Islam (appointed 2 March 20221
D Woulfe, M Wordsworth and J Islam are also RNLI Trustees. On 22 July 2022, E Donaldson and S
Popham stepped down as RNLI Trustees.
Vvhere new Trustees are appointed, they will be given a formal induction lo the work of the trust and
provided with the information they need lo 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 must be
made at a meeting held according lo the ordinary practice of the RNLI.
The RNLI in exercising ils 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 lo a committee or commillees, and, if
they do, they shall determine the terms and conditions on which the delegation is made.
Board meetings will be held as and when required bul no less frequently than ￿lce per year.
The Charity Trustees may appoint one of their number lo chair their meetings and may al any lime revoke
such appoinlmenl. The Chair shall ordinarily be the Chair of RNLI for the time being unless the Charity
Trustees have for good reason decided otherwise.
The members of staff engaged in the day-to-day administration 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 YEAR ENDED 31 DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of officers and professional advisers on
page 1.
PROVISION OF INFORMATION TO AUDITORS
In determining how amounts are presented within items in the slalemenl of income and retained earnings
and balance Sheet, 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 time the report is approved..
there is no relevant audit information of which the charity's auditors are unaware. and
the Trustees have taken 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 reappoinlmenl in accordance with section 144 of the Charities
Act2011.
Approved by the Trustees on 15U) March 2023 and signed on its behalf by..
E Donaldson
Trustee

RNLI LIFESAVING ENDOWMENT
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordan
with applicable law and regulations. Charity law requires the Trustees lo prepare financial statements for
each financial year in accordance with United Kingdom Geneially Accepted Accounting Practice Iuniled
Kingdom Accounting Standards and applicable lawl.
Under charity law, the Trustees musl not approve the financial statements unless they are satisfied that they
give a true and fair view of the Slate of affairs of the charity and of ils surplus of deficit for that period. In
preparing these financial statements. the Trustee5 are required lo..
select sullable accounting policies and then apply them consistently
make judgements and estimates that are reasonable and prudent
state whether applicable accounting standards have been followed. subject lo any rnalerial departures
disclosed and explained in the financial statements
prepare the financial statements 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 must be sufficient to show and
explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of
the charity, and enable them to ensure that the financial stslemenls 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 delecl fraud and other irregularities.

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF RNLI LIFESAVING ENDOWMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
Opinlon on the financial statements
In our opinion. Ihe financial ststements..
give a true and fair view of the slate of the Charity's affairs as al 31 December 2022 and of ils incoming
resources and application of resources for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice", and
have been prepared in accordance with the requirements of the Charities Act 2011.
We have audited the financial slalements of RNLI Lifesavin9 Endowment I'lhe Charity'l for the year ended
31 December 2022 which comprise the slalement of financial aclivilie5, the balance sheet, the statement of
cash flows and notes lo the financial slatemenls. including a summary of significant accounting policies. The
financial reporting framewoik that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting
Praclicel.
Basis for oplnlon
We condLJCted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial slalements section of our report. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remain independent of the Charity in accordance with the ethical requirements relevant lo our audit of
the ftnancial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
Conclusions related to golng concern
In auditing the financial statements, we have concluded that the TTuslees' use of the going con￿rn basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo events
or conditions that. individually or collectively. may cast significant doubt on the Charity's ability to continue as
a going con￿rn for a period of al least twelve months from when the financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going con￿rn are described in
the relevant sections of this report.

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF RNLI LIFESAVING ENDOWMENT
FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Other information
The Trustees are responsible for the other information. The other information comprises the information
included in the Report and Financial Statements. other than the financial slalemenls and our auditor's report
thereon. Our opinion on the financial slalemenls does not cover the other information and, except to the
exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is lo read the other information and, in doing so, consider whether the other information is
materially inconsislenl with the financial slalemenls or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required lo determine whether there is a material misslalemenl in the financial
slalements themselves. If, based on the work we have performed, we conclude that there is a material
misslatemenl of this other information, we are required to report that fact.
We have nothing lo report in this regard.
Matter8 on which we are required to report by exception
We have nothing lo report in respect of the following mallers in relation lo which the Charities (Accounls and
Reports) Regulations 2008 requires us lo report to you if, in our opinion.,
the information given in the Trustees, Report for the financial year for which the financial slalemenls are
prepared is inconsislenl in any material respect with the financial slalements., or
adequate accounting records have not been kept.. or
the financial slalements 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.
Responslblllties of Trustees
As explained more fully in the Statement of Trustees, reswnsibililies, the Trustees are responsible for the
preparalFon of the financial slalemenls and for being satisfied that they give a true and fair view, and for such
internal control as the Trustees determine is necessary lo enable the preparation of financial statements that
are free from material misstalemenl, whether due lo fraud or error.
In preparing the financial statements, the Trustees are responsib￿ for assessing the Charity's ability to
continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going
concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations,
or have no realistic allernalive bul to do so.
Auditor's re5ponsibilitles for the audlt of the flnancial Statements
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 lo fraud or error, and lo issue an auditor's report that includes
our opinion. Reasonable assurance is 8 high level of assLJrance, bul is not a guarantee that an audit
conducted in accordance with ISAS IUKI will always delect a material misslalemenl when il exists.
Misstatements can arise from fraud or error and are considèred material if, individually or in the aggregate.
they could reasonably be expected lo influence the economic decisions ol users taken on the basis of these
fi'nancial statements.

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF RNLI LIFESAVING ENDOWMENT
FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED
Extent to whlch the audlt was capable of detecting irregularltles, including fraud
Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to delect material misslalemenls in respect of
irregularities, including fraud. The extent lo which our procedures are capable of dete¢ling irregularities.
including fraud is detailed below..
Based on our understanding of the Charity and the industry in which il operates, we identified that the
principal laws and re9ulalions that directly affect the financial statements to be the Charities Act 2011. We
asses8ed the exlenl of compliance with these laws and regulations as part of our procedures on the related
financial statement items.
In addition the Charity is subject to many tsther laws and regulations where the consequences of non-
compliance could have a material effect on amounts or disclosures in the fi'nancial stalemenls, for instance
through the imposition of fines or litigation. We identified the following areas as those most likely lo have
such an effect.. employment law, data protection and health and safety legislation. In order lo help identify
instances of non-compliance with other laws and regulations that may have a material effect on the financial
stalemenls, we made enquiries of management and those charged with Governance about whether the
enlily is in compliance with such laws and regulations and we inspected any relevant regulatory and legal
correspondence. We assessed the extent of compliance with these laws and regulations as part of our
procedures on the related financial statement items.
Audit PTo¢edures 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 correspondence with the Charity Commission"
Reviewing items included in the group's fraud and theft database as well as the results of internal
audit's investigation into these mallers;
Confirming all balances included with in investments lo direct third party confirmations.. and
In addressing the risk of fraud through management override of controls.. lesling the appropriateness
of journal entries and other adjustments, in particular any journals posted by senior management or
with unusual accounts combinations
Our audit prO￿dureS were designed lo respond to risks of material misslatemenl in the financial slalements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not
detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery,
misrepresenlalions or through collusion. There are inherent limitations in the audit procedure8 performed
and the further removed non-¢ompliance with laws and regulations is from the events and transactions
reflected in the financial slalemenls, the less likely we are lo become aware of it.
A further description of our resy)nsibilities for the audit of the financial 51atemenls is located al the Financial
Reporting Council's l FRC'S") website at..
https.'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 YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Use of our report
This report 15 made solely lo the Charity's Iruslees, as a body, in accordance with the Charities Act 2011,
Our audit work has bèen undertaken so that we might stale to the Charity's trustees those mallers we are
required lo stale lo them in an auditor's report and for no other purpose. To the fullest extent permilled by
law, we do not accept or assume responsibility lo anyone other than the Charity and the Charity's Iruslees
as a body, for our audit work. for this report, or for the opinions we have formed.
DO¢uS*n￿by'.
EDO LLP
73D8814FE9AC4C9
BDO LLP, slalulory auditor
London, UK
Dale 26 April 2023
BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as
auditor of a company unLler section 1212 of the Companies Act 2006.
BDO LLP is a limited liability partnership registered in England and Wales Iwilh registered number
OC3051271.
10

RNLI LIFESAVING ENDOWMENT
STATEIVIENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
Note
Unrestricted
funds
£'ooo
Restricted
funds
£'ooo
Endowed
funds
£'ooo
Total
2022
£'ooo
Total
18 month
period to
3111212021
£'ooo
Income and
endowments from:
Donations and le
Investments
Total income and
endowment5
acies
342
550
892
7c
298
298
47
47
345
345
Ex
enditure on:
Raisin
funds
Charitable a¢livilies
Total expenditure
10
318
328
10
467
477
16
936
952
55
55
94
94
Nel gainslllossesl on
investments
7b
12,4111
12,4111
6,900
Net
incomel
130)
(81
{2.5051
{2,5431
6,840
ex
enditure
Reconciliation of
funds:
Funds at 1 January
2022
Movement in funds
Funds at 31 December
2022
46
48,426
48.480
41,640
30
16
2,505
45,921
2,543
45,937
6.840
48.480
The Statement of Financial Activities includes all gains and losses recognised in the period. All income.
expenditure and resulting net movements are derived from continuing activities
Notes 1 to 14 form part of these financial slalements.

RNLI LIFESAVING ENDOWMENT
BALANCE SHEET
REGISTERED CHARITY NUMBER: 1184013
AS AT 31 DECEMBER 2022
31
December
2022
£'ooo
31
December
2021
£'ooo
Note
Fixed assets:
Investments
45,901
Total fixed assets
45.901
48.953
Current assets:
Bank and cash
Debtors
16
20
16
Total current assets
36
16
Llabilitigs..
Creditors.. Amounts fallin
due within one
ear
489
Net current assetsl
liabilities
36
473
Total assets less current liabillties
45,937
The funds of the charil
Ex
endable endowment funds
Restricted funds
Unreslricled funds
Total charit funds
10b
10c
45,921
48,426
16
46
48.480
The accounts of the RNLI Lifesaving Endowment were approved and aulhorised for issue by the Trustees on
151h March 2023 and signed on ils behalf by
E Donaldson
Trustee
Notes 110 14 form parl of these financial slalemenls.
12

RNLI LIFESAVING ENDOWMENT
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
£'ooo
2021
£'ooo
Cash flows from o
eratin
activltles:
Net cash used in operating activitios
970
167
Cash flows from investin
activities..
Dividends, interest and rents from investments
Purchase of investments
Proceeds from sale of investments
Net cash providgd by investing actlvities
345
345
872
872
550
550
122
122
Cash flows from financln
activlties:
Additions lo endowment
Disposal of endowment
8,755
28,161
28,206
Net cash
rovided by flnancing activities
114
45
Change in cash and cash equivalents in the
re
ortln
erlod
16
Reconciliatlon of cash flow:
Cash and cash equivalents at the beginning ol the
reporting perlod
Chan
e in cash and cash in the reportlng perlod
Cash and cash equlvalents at thg end of tho
re
ortln
erlod
16
16
Reconclliation of net Income to net cash flow from operatlng actlvltles
2022
£'ooo
2021
£'ooo
Net income/ for the reporting perlod (as per the statement of
financial activities)
6,840
Adjustments for:
Lossesl
ainsl on investments
Investment income
Decreasellincrease in creditors
Increase in debtors
2,411
345
489
6.900
550
459
16
Net ¢ash used In o
oratin
activitigs
970
167
Notes 1 10 14 form parl of these financial stalerrEnls.
13

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
ACCOUNTING POLICIES
The RNLI Lifesaving Endowment was registered as a Charitable Incorporated Organisalion on 20
June 2019 with the Charity Commission of England and Wales 11184013}. The address of the
registered office is West Quay Road, Poole, Dorsel, BH15 1 HZ.
Basis of accountlng
The financi81 statements have been prepared under the historical cost convention.
These accounts are prepared in accordance with the Charities SORP IFRS 1021 'A¢counling and
Reporting by Charities.. Slalemenl of RecommenLled Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic
of Ireland IFRS 1021 leffeclive 1st January 20191,, Financial Reporting Standard 102 The Financial
Repoiling 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 enlily under FRS 102.
bl
Critlcal accounting judgements and key sources of estlmation uncertainty
Preparation of the financial slalements requires the Trustees to make judgements and estimates.
The Trustees consider that there are no material judgements in applying accounting policies or key
sources of estimation uncertainty.
Asse85ment of going concern
The Trustees have assessed whether the use of the going concern assumption is appropriate in
preparing these financial slalements. 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 uncerlainlies related lo events
or conditions that may cast significant doubt 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 lo meet ils
liabilities as they fall due.
d)
Income
Incoming resources are included in the SOFA when the RNLI Lifesaving Endowment is enlilled to
the income, the receipt is probable. and the amount can be quantified with reasonable accuracy. If
these conditions are not mel the income is deferred.
Donations made by the RNLI are recognised as income in the charity either when paid or al the date
when the RNLI has 8 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 YEAR ENDED 31 DECEMBER 2022
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all costs related lo the category. Irrecoverable 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 establishment of the RNLI Lifesaving
Endowment and investment fees.
Expenditure on charitable activities comprises donations and allocated support costs.
Donations are recognised in the financial statements following approval by the Tru51ee$.
Investments
Investments held as fixed assets and for which there is a quoted market value are valued at the bid-
price ruling al the balance sheet dale. Investment gains and losses arising during the year are
included in the SOFA.
gl
Fund accountlng
The RNLI Lifesaving Endowment funds fall into the following categories..
Expendable endowments are capital sums that are donated under the restrlction that they are
invested and that only the income arising is available for expenditure in accordance with the donors,
directions. These capitsl sums may be spent al the discretion of the Trustees of the RNLI Lifesaving
Endowment, where necessary, and in accordance with the donors. directions.
Reslricled funds 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)
Presentation currency
The functional currency of the RNLI Lifesaving Endowment is in pounds sterling because that is the
currency of the primary economic environment in which the charity operates.
Exchange rate gains and losseg
Transactions in foreign currencies are recorded using the rale of exchange ruling at the dale of the
Iransaclion. Monetary assets are translated at the rate of exchange ruling al the balan￿ sheet dale.
Gains and losses on exchange are included in the SOFA.
Taxation
The RNLI Lifesaving Endowment is exempt 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 extent that these are applied lo ils charitable objects. No tax charges have arisen in the
Fund.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
inslrumenls. Basic financial instruments are initially recognised at transaction value and
subsequently measured al their settlement value.
15

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
DONATIONS AND LEGACIES
2022 18 month
period to
3111212021
£'ooo
£'ooo
Donation from RNLI
Donations
326
16
342
RESOURCES EXPENDED
Direct costs Other allocated costs
Total 18 month
2022
period to
3111212021
£'ooo
16
936
£'ooo
£'ooo
£'ooo
10
467
Raising funds
Charitable activities
Support costs
10
459
181
477
952
477
952
952
Total 2021
Support costs are allocated to relevant categories based on their percentage share of overall direct
costs.
Charitable activities comprise one donation made to the RNLI12021.' donations).
SUPPORT COSTS
Total
2022
Total
18 month
period to
3111212021
£'ooo
£'ooo
Audit fees
Legal fees
Audit fees of £8K linclusive of VATI are payable to the external auditor.
TRUSTEES, EXPENSES AND REMUNERATION
No Trustees, or any persons connected with them, received remuneration.
There were no trustees, expenses paid during the period.
STAFF COSTS
There were no employees during the period.
16

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
INVESTMENTS HELD FOR MORE THAN ONE YEAR
All investments are basic financial instruments and are measured al fair values
Unrestricted
funds
£'ooo
Restricted
funds
£'ooo
Endowed
funds
£'ooo
Total 2022
Total 2021
£'ooo
£'ooo
Investment assets
uilies
Pro
erl
Infraslruclure
Cash and de
osits
Market value at 31
December 2022
27,167
7,357
10,442
935
45,901
27,167
7,357
10.442
935
45.901
29,802
8,376
10,775
48.953
Ib) Analysis of
movement
Maiket value at 1 January
2022
Additions
Dis
osals
Gainslllossesl on
investment
Market value at 31
December 2022
Ori
inal cost
456
71
48,426
48.953
41,670
298
754
47
118
8,755
8,869
{2,4111
9,100
9.741
12,4111
28,711
28.328
6,900
45,901
45,901
48,953
Investment Income
uities
Pro
Infrastructure
Cash and de
Total
298
47
345
550
osits
298
47
345
550
DEBTORS
Total
2022
£'ooo
Total
2021
£'ooo
RNLI debtor
20
16
20
16
17

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
CREDITORS
Total
2022
£'ooo
Total
2021
£'ooo
Accruals
RNLI creditor
489
489
10.
FUNDS ANALYSIS
al Balance Sheet- analysis of funds 2022 summary
Unrestricted
funds
2022
£'ooo
Restricted
funds
2022
£'ooo
Endowed
funds
2022
£'ooo
45,901
20
45,921
Total
2022
£'ooo
Investments
Nel current assets
Total
45,901
36
16
16
bl Endowed funds- analysis of major funds
Name
fund
of
Purpose
fund
of
Opening
balance
2022
£'ooo
41,896
Investment
losses
2022
£'ooo
12,0861
Income
Expenditure
Closing
balance
2022
£'ooo
39,729
2022
£'ooo
2022
£'ooo
1871
RNLI
Lifesaving
Endowment
The
advancement
of saving lives
al sea
The
advancement
of saving lives
al sea in
Ireland
Elizabeth
O'Kelly Fund
6,530
13251
{71
6.192
Total
endowed
funds
48,426
12,4111
1941
45.921
cl Restricted funds - analysis of major funds
Name of
fund
Purpose of fund
Opening
balance
2022
£'ooo
Income
Expenditure
Closing
balance
2022
£'ooo
2022
£'ooo
47
2022
£'ooo
1551
Elizabeth
O'Kelly
Fund
Total
endowed
funds
The advancement
of saving lives al
sea in Ireland
47
1551
18

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
11.
FINANCIAL COMMITMENTS
There were no capital commitments al the end of the period
There are no other liabilities, contingent or otherwise, that are not provided in these accounts.
RELATED PARTY TRANSACTIONS
12.
The RNLI Lifesaving Endowment donated £459K12021.. £930KI to the RNLI during the period.
No additional donation was made in 2022 by the RNLI (2021.. £326KI.
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
foT which no charge was made.
13.
ULTIMATE CONTROLLING UNDERTAKING
RNLI Lifesaving Endowment is consolidated into the financial statements of the Royal National
Lifeboat Inslilulion.
The ultimate controlling undertaking is the Royal National Lifeboat Instilulion, incorporated under
Royal Charler in the United Kingdom. Copies of the consolidated financial slalements of the Royal
National Lifeboat Inslitulion, including RNLI Lifesaving Endowment, can be obtained from Wesl
Quay Road, Poole, Dorsel, BH15 1 HZ.
19

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEf41BER 2022
14.
2021 COMPARATIVES- FUNDS
a. Statement of Financial Activities- previous year comparatives
Note
Unrestricted
funds
£'ooo
Restricted
funds
£'ooo
Endowed
funds
£'ooo
Total
2021
£'ooo
Income and
endowments from:
Donations and le
Investments
Total income and
endowments
acies
16
479
495
326
342
550
892
7¢
71
71
326
Ex
Ènditure on:
Raisin
funds
Charitable activities
Total expendlture
16
936
952
489
505
76
76
371
371
Nel Ilossesl on
investments
7b
6,900
6,900
Net income
10
6.855
6.840
Reconciliation of funds".
Funds al 1 Jul 2020
Movement in funds
Funds at 31 December
2021
56
10
46
13
6,855
48,426
6,840
48,480
b. Consolidated balance sheet- analysis of funds 2021 summary
Unrestricted
funds
2021
£'ooo
456
410
46
Restricted
funds
2021
£'ooo
71
63
Endowed
funds
2021
£'ooo
48,426
Total
2021
£'ooo
Investments
Creditors
Total
48.953
473
20

RNLI LIFESAVING ENDOWMENT
NOTES TO THE FINANCIAL STATElblENTS (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2022
14.
2021 COMPARATIVES- FUNDS ICONTINUEDI
Resources expended
Dlrect
costs
Other
allocated
osts
£'ooo
Total
2021
£'ooo
£'ooo
16
936
Raising funds
Charitable activities
Support costs
16
929
171
952
952
Support costs are allocated to relevant categories based on their percentage share of overall direct
costs.
d. Endowed funds - analysis of major funds
Name
fund
of
Purpose
fund
of
Opening
balance
2021
£'ooo
36,168
Investment
gains
2021
£'ooo
6,003
Income
Expendlture
Closing
balance
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 al
sea in Ireland
Elizabeth
O'Kelly Fund
5,403
897
274
{441
6,530
Total
endowed
funds
41,571
6,900
326
{3711
48.426
e. Restricted funds analysis of major funds
Name offund
Purpose of fund
Opening
balance
2021
£'ooo
13
Income
Expenditure
Closing
balance
2021
£'ooo
2021
£'ooo
71
2021
£'ooo
1761
Elvzabelh
O'Kelly Fund
The advancement of
saving lives al sea in
Ireland
Total endowed
funds
13
71
{761
21