RNLI ANNUAL REPORT AND ACCOUNTS 2011

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RNLI notes to the accounts (continued)FOR THE YEAR ENDED 31 DECEMBER 20117 InvestmentsFree anddesignatedreserves£MRestrictedreserves£MEndowmentreserves£Ma) Investment assetsEquities 50.4 - - 50.4 47.5Absolute return funds 26.0 75.3 9.1 110.4 111.5Fixed interest 76.4 - - 76.4 63.4Property unit trusts 12.7 - 0.5 13.2 12.8Deposits and cash 0.5 - - 0.5 0.7Market value at 31 December 2011 166.0 75.3 9.6 250.9 235.9Total2011£MTotal2010£Mb) Analysis of movementMarket value at 1 January 2011 149.4 76.4 10.1 235.9 230.0Additions 78.9 - - 78.9 230.4Disposals (65.3) (2.1) - (67.4) (242.0)Net realised gains 6.5 - - 6.5 17.0Net unrealised gains/(losses) (3.5) 1.0 (0.5) (3.0) 0.5Market value at 31 December 2011 166.0 75.3 9.6 250.9 235.9Original cost 152.5 65.3 9.2 227.0 201.5c) Investment incomeEquities 0.8 - - 0.8 1.7Absolute return funds 1.3 0.3 - 1.6 0.9Fixed interest 2.0 - - 2.0 1.5Property unit trusts 0.5 - - 0.5 0.4Deposits and cash - - - - 0.1Foreign exchange losses - - - - (0.1)Total 4.6 0.3 - 4.9 4.5At the end of December 2011, overseas investments amounted to £54.2M (2010: £49.3M).The RNLI holds 100% of the share capital of RNLI (Sales) Limited, amounting to £0.5M (2010: £0.5M), and RNLI College Limited,amounting to £1.0M (2010: nil).The RNLI held no derivative instruments as at 31 December 2011 (2010: none). Several of the pooled investment funds held by theRNLI use derivative products within their portfolios to reduce market risk in line with their investment strategies.8 Stocks Total2011£MOperational stock 12.6 12.2Gifts and souvenirs 1.4 1.3Total 14.0 13.5Total2010£M28
9 Debtors Total2011£MLegacies receivable 25.7 21.1Trade debtors 0.3 0.2Income tax and VAT recoverable 1.6 1.9Other debtors 1.5 1.6Prepayments and accrued income 0.4 0.9Total 29.5 25.7A proportion of legacies receivable may be received after more than 1 year, but this figure cannot be determined with any accuracydue to the inherent uncertainty in the timing of legacy income receipt.Total2010£M10 Creditors Total2011£MAmounts falling due within 1 yearTrade creditors 9.0 6.6PAYE taxes and social security 1.1 1.0Pension creditor 0.7 0.8Dependants’ pensions 0.3 0.3Other creditors including VAT - 0.1Finance leases 0.1 0.1Accruals and deferred income 3.5 3.2Total 14.7 12.1Total2010£MAmounts falling due after more than 1 yearFinance leases - 0.1VAT liability on non-business use of buildings - 0.6Total - 0.7Pension liabilitiesDependants’ pensions 4.9 5.3Defined benefit pension liability 33.4 38.1Total 38.3 43.4An amount, disclosed above as Dependants’ pensions, of £5.2M (2010: £5.6M), of which £4.9M (2010: £5.3M) falls due aftermore than 1 year, has been provided to meet future payments to dependants of former crew members who have lost their liveson lifeboat service. These amounts have been calculated by an actuarial valuation at 31 December 2011. Further details areshown in note 14.29
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RNLI ANNUAL REPORT AND ACCOUNTS 2011

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