All five crew members on board the George Elmy lifeboat lost their lives on the evening of November 17, 1962, when it was capsized by two huge waves.

The lifeboat was just 30 yards from Seaham Harbour's South Pier after rescuing the five crew members of the fishing boat Economy, which had foundered in stormy seas off Dawdon Colliery.

The only survivor of the accident was a member of the fishing boat crew, who was washed ashore clinging to the propeller shafts of the upturned lifeboat.

To mark the 47th anniversary of the tragedy, RNLI volunteers at the Sunderland station donated £500 to help bring the lifeboat back to its former glory.

The ambitious project started in May after the East Durham Heritage Group bought he George Elmy on ebay.

Since arriving back in Seaham, it has been stored at Seaham Docks while the group carried out initial preservation work and the early stages of restoration.

Paul Nicholson, senior helmsman at Sunderland RNLI, said: "The 20 operational volunteers at the lifeboat station decided to make a personal donation to the appeal in memory of our colleagues who were lost at sea 47 years ago during that fateful night at Seaham Harbour."

It is hoped the restoration project will be completed in time for the 50th anniversary of the disaster in 2012.

Brian Scollen, a member of the heritage group, said: "This donation is a massive boost to the team involved with the project especially as it has been giving by serving RNLI volunteers who help those in difficulty off our local waters."

Elsewhere, a photographic exhibition was held in Dow House, South Crescent, to mark the anniversary.

Brian said the exhibition included a collection of photographs around the lifeboat and Seaham itself. It was aimed at raising the profile of the group and the restoration appeal.

Further information about the project is available at www.seahamlifeboats.oneuk.com