The William Riley of Birmingham and Leamington, which served in the town between 1909 and 1931, was officially unveiled at midday after having undergone more than £20,000 of restoration mainly funded by the Heritage Lottery Fund (HLF).

The downpours of rain throughout the day failed to dampen people's spirits when the boat was unveiled by Maureen Goodwill, the wife of Whitby MP Robert, to mark the two-and-a-half year's of work.

Treasurer of Whitby Historic Lifeboat Trust (WHLT), Dave Charlton, who found the boat for sale on an internet auction site gave a short speech, as did HLF representative, John Watson before Mr Goodwill and his wife unveiled the name of the boat.

She was blessed by Canon David Smith and later in the afternoon, at 3pm, the boat was launched in the harbour and rowed by the Ales Angels, a group of drinkers from York as well as others who had been involved in the project, to Collier Hope and back with the weather against them all the way.

On 10 July the Ales Angels, together with lifeboat men and other volunteers, plan to row the boat down the coast from Hartlepool arriving in Whitby on 13 July, hopefully in time for the Flag Weekend and the annual blessing of the town's fishing fleet.

Lifeboat press officer Pete Thomson said it had been a great day despite the weather and a wonderful celebration.

"It was quite a disappointment with the weather. Instead of a garden party people turned out with their umbrellas.

"After a typical summer's day on the Saturday it was quite disheartening to be woken on the Sunday after having experienced a night of hard rain.

"The rain did not ease throughout the day of the ceremony to the disappointment of those who had gathered.

"The dedication went ahead unabated with a launch on the slipway later in the afternoon to round off the day of contrasts.

"If it had been a fine day it would have been magical. As it was it was a great success although a damp one."

Mr Thomson said they are now looking for a permanent home for the vessel, which is famous for its participation in the 1914 wreck of the hospital ship Rohilla off Whitby, so it can be on permanent public display in the next year.

The national Sea Cadets have also expressed an interest in using the boat as part of doing the Duke of Edinburgh award scheme.