RNIB Group Annual Report and Financial Statements 2014/15 Contents
1 At a glance 2014/15 highlights 2 Chair and Chief Executive introduction 4 Structure and objectives 12 Trustees’ strategic report 14 Our strategy 16 Our values 18 Our commitment to change 20 Our work 38 Other information 52 Governance and financials 54 Independent auditors’ report 58 Consolidated statement of financial activities 62 Balance sheets 64 Group cash flow statement 67 Notes to the financial statements 131 Who’s who at RNIB
The images in this document are of RNIB and Action for Blind People customers and volunteers.
Visit us online for the latest news and information about our services and products.
www.rnib.org.uk shop.rnib.org.uk At a glance Royal National Institute of Blind People (RNIB) Trustees’ report and the audited consolidated financial statements have been prepared in accordance with the ‘Statement of Recommended Practice (SORP) – Accounting and Reporting by Charities (2005)’ as revised in May 2008, and the Charities Act 2011. This report covers the work of the RNIB Group of charities throughout the UK, which includes Action for Blind People, RNIB Charity, Cardiff Institute for the Blind and RNIB Specialist Learning Trust.
2014/15 highlights
60,000 94% 20,000
We have provided advice services 94 per cent of children and young Over 20,000 of our Talking Books to over 60,000 blind and partially people in our schools and college are available for download via sighted people. achieved their individual targets. RNIB Overdrive.
< Back to Contents Annual Report and Financial Statements 2014/15 1 Overview Chair and Chief Executive introduction
As a group of charities, RNIB, in the UK have access to a qualified sight Action for Blind People, Cardiff loss adviser. This is a huge job but one that is absolutely necessary so people Institute for the Blind and RNIB get the practical and emotional support Specialist Learning Trust are they need to face the future without fear. united in making every day Everyone is different and will want a better for everyone affected different level of independence – our by sight loss. job is to make sure people get the right mix of skills and tools to make confident For people living with sight loss choices. This year we have worked today, the world can be a tough place. to provide advice services to over Continued cuts to services and income, 66,000 people, we have extended our Kevin Carey an uncertain political future and the confidence-building services to support Chair risk of isolation and depression all over 21,000 people, we have identified impact on the quality of life for someone £14.8million in unclaimed benefits and with a sight problem. Every day of provided over 1,500 people with peer this year we have worked to ensure support through our telephone-based newly diagnosed people are reached Talk and Support groups. Despite the sooner, people are supported to live continuing problems with the Access the independent lives they choose, to Work scheme, which we challenged society is a more inclusive place and at a Select Committee Inquiry, we no one needlessly loses their sight. have supported 647 people to get In the next 15 minutes someone’s life or keep a job. will change forever. Someone will feel Getting out and about with confidence more alone than they have ever felt is essential and this year we have before. Someone’s future will feel bleak. Lesley-Anne Alexander CBE campaigned to make that a less Uncertain. Even terrifying. In the next daunting experience. Throughout the Chief Executive 15 minutes, someone will be told they year we have been in negotiation with are losing their sight. This year we have Stagecoach, Go Ahead Group and worked to ensure more eye departments Arriva for the implementation of the bus
2 RNIB Group < Back to Contents charter, with First Bus and five This has been the first year of our Thank you to our army of volunteers other operators already signing up. current 2014/19 strategy and inside whose time helps us to deliver vital We launched a report called “Who put this report you will find out more about services. Thank you to the people that there?” based on feedback from the progress we have made towards who step forward to campaign at a 500 blind and partially sighted campaign achieving our goals. local and national level to fight for the supporters to increase awareness of the Everything we have achieved this year rights of blind and partially sighted challenges of the street environment. has only been possible through the people everywhere. Technology is changing the lives generosity and commitment of our Each and every one of you, along with of people with sight loss. We have supporters. A huge thank you to our the dedicated staff of RNIB, Action for supported nearly 7,000 people of all donors and the people who leave us a Blind People, Cardiff Institute for the ages through our UK digital inclusion legacy in their will. Thank you to the local Blind and RNIB Specialist Learning Trust, services to develop confidence in using fundraising groups for the work with their is making a huge difference to the lives technology. We have now made over local communities to raise money for us. of people with sight loss in the UK. 20,000 of our Talking Books available for download via RNIB Overdrive along with podcasts, Insight Radio content and our most popular monthly talking newspapers and magazines. No one should needlessly lose their sight. This year we have worked to secure access to new treatments for vitreomacular traction and diabetic Kevin Carey Lesley-Anne Alexander CBE macular oedema. We have also Chair Chief Executive supported over 3,000 people with in- depth information on eye conditions, treatments and living with sight loss through our Eye Health Information Service to help people understand their conditions and manage their own eye health.
< Back to Contents Annual Report and Financial Statements 2014/15 3 Overview Structure and objectives
Our legal structure In April 2014, RNIB Charity was set up Members’ Forum and the RNIB Cymru, (company number 08971500, charity Northern Ireland and Scotland Member Royal National Institute of number 1156629; charity number Forums elected a Country Chair who Blind People (RNIB) is a SC044876 in Scotland and 1173 in the automatically became a Trustee on the registered charity, number Isle of Man (foreign company number Board. RNIB’s Honorary Officers were 226227, in England and Wales 5909F)). On 1 July 2014, we restructured elected by an electoral college and number SC039316 in the RNIB group of charities in order to comprising members of the Board and Scotland. Established in 1868, support the effective delivery of our new the UK Members’ Forum. Additionally, strategy. RNIB Charity and Action a proportion of our Trustees were RNIB was incorporated under for Blind People, both subsidiaries of appointed by the Board itself, following Royal Charter in 1949, with a RNIB, will provide a focus for customers a process of open competition. Trustees Supplemental Charter in 1993 in terms of service delivery. We have also served a three-year term of office, (revised in 2007 and 2014). amalgamated our support functions into following which they could choose to RNIB to ensure efficiencies for all charities retire or seek re-election/re-appointment. within the Group. However, no Trustee could serve for more than three consecutive terms of three RNIB is governed by a Trustee Board. years of office, unless they became one Until 30 June 2014, this consisted of of the RNIB’s Honorary Officers (RNIB 18 people and now consists of 10 people. Group Chair, Vice-Chairs or Honorary The Trustee Board meets a minimum of Treasurer) when they could serve for no four times a year and takes all important more than three consecutive terms of strategic, policy and financial decisions, three years in that capacity. and has overall responsibility for RNIB Group activities. There are no restrictions From 1 July 2014, six Trustees are on the way in which RNIB can operate. nominated by RNIB Charity and two Trustees are nominated by Action for Until 30 June 2014, a number of Trustees Blind People to serve on the Board. were elected to serve on the Board; five Two independent Trustees are appointed Trustees were elected by the English by the Board itself. region representatives of the UK
4 RNIB Group < Back to Contents During an initial transitional period, the Board will elect its Honorary Officers (Chair, Vice-Chair and Honorary Treasurer) from within the Board itself. Thereafter the Honorary Officers will be elected by an electoral college comprising the Board and the UK Members’ Forum. Trustees serve for a three-year term of office, but may serve for no more than three consecutive terms of three years, other than in the case of an Honorary Officer, in exceptional circumstances approved by the Board. An induction pack is provided to all new Trustees and they are invited to attend an intensive induction day during which they are provided with information on the key services provided by RNIB and the main challenges and policy issues facing RNIB. Each Trustee receives an annual appraisal during which any individual training needs are identified. Where collective training needs are 80% of our Trustees established, these are delivered to the are blind or Board as a whole. partially sighted.
< Back to Contents Annual Report and Financial Statements 2014/15 5 Overview
Structure and objectives
How we are managed • Governance Committee • Trustees Review Payments Committee: (and Nominations Committee): reviewing whether it is in the interests Our management and taking an overview of the governance of RNIB to pay or contract with Trustees governance structures arrangements of RNIB and supporting or connected persons or any other changed on 1 July 2014. the Board and Strategic Management individual involved in RNIB Governance, The key committees that Team (SMT) in ensuring that effective for the provision of services to the governance structures are in organisation, rather than any other support the Board and a place. Appointing a panel to review company or individual description of their areas of nominations and act as interview • RNIB Cymru Committee: (until 30 responsibility are as follows: panel for Trustee applicants June 2014) taking an overview of the • International Committee: (until 30 arrangements and range of services • RNIB Group Audit Committee: June 2014) delivering the international for blind and partially sighted people overseeing effective auditing, element of RNIB Group Strategy in Cymru and supporting the Board financial reporting, internal controls 2009/14 and acting as the planning, and SMT in ensuring that appropriate and risk management within RNIB coordinating and monitoring forum arrangements are in place within the • Executive Committee: (until 30 June for RNIB’s international affairs context of RNIB Group’s Strategy 2014) pre-digesting complex matters • Investments Committee: overseeing • RNIB Northern Ireland Committee: for the RNIB Group Board; advises the effective investment of funds for (until 30 June 2014) taking an the Board with a view to ensuring RNIB on behalf of the Board. Acting overview of the arrangements and the alignment of budget and service in an advisory role on the effective range of services for blind and priorities, including consideration investment of funds to the Trustees of partially sighted people in Northern of the budget and business plan the RNIB Retirement Benefits Scheme Ireland and supports the Board and • Fundraising Committee: (from 1 July • Remuneration Committee: reviewing SMT in ensuring that appropriate 2014) supporting the delivery of the the salaries for the Chief Executive and arrangements are in place within strategic priorities and outcomes in Group Directors and other relevant the context of RNIB Group’s Strategy the RNIB Group Strategy 2014/19 by matters, such as the general position developing fundraising strategies and relating to remuneration at RNIB advising on key issues relating to their implementation
6 RNIB Group < Back to Contents • RNIB Scotland Committee: (until 30 Following the restructure on 1 July June 2014) taking an overview of the 2014, SMT comprised the Chief arrangements and range of services Executive and the: for blind and partially sighted people in Scotland and supports the Board • Group Director, Fundraising; and SMT in ensuring that appropriate • Group Director, Resources; arrangements are in place within the • Managing Director, Engagement context of RNIB Group’s Strategy. of RNIB Charity; The three committees for Cymru, • Managing Director, Places of Northern Ireland and Scotland are RNIB Charity; now part of the governance structure of RNIB Charity. • Managing Director, Solutions of RNIB Charity; and The day-to-day management of RNIB • the Chief Executive of Action for is delegated to SMT. Until 30 June 2014 Blind People. this comprised the Chief Executive and the Group Directors of: On 1 April 2015, we added a Group Director, People to SMT. The Chief • Supporting Independent Living; Executive of RNIB, with the support • Inclusive Society; of the rest of SMT, reports to the Board of Trustees for approval of all • Solutions; major decisions. Full details of SMT • Fundraising; can be found in the section • Resources; and “Who’s who at RNIB”. • the Chief Executive of Action for Blind People.
< Back to Contents Annual Report and Financial Statements 2014/15 7 Overview
Structure and objectives
RNIB Membership This was an exciting year for membership with rapid growth in numbers from 10,980 in March 2014 to 13,548 in March 2015. This was due to strong recruitment based on a free nine-month trial offer and an overall high level of retention of both new and existing members. Work also started on the creation of a new RNIB Group Community of blind and partially sighted people bringing together members, campaign supporters and those involved in Action Connect. All of this puts blind and partially sighted people at the centre of RNIB with the UK Members’ Forum supporting the Board and influencing policy via members ‘on the ground’ experiences. Every member is kept up to date with the latest news from RNIB via our award- winning members’ magazine ‘Vision’. The supplemental charter and bye-laws require that 75 per cent of the Board of RNIB members form Trustees are blind or partially sighted. a strong community and voice for blind and Currently, 80 per cent of our Trustees partially sighted people.
8 RNIB Group < Back to Contents are blind or partially sighted. It is our not approve the financial statements The Trustees are responsible for keeping intention that in time all members of unless they are satisfied that they give a accounting records that are sufficient the UK Members’ Forum are blind or true and fair view of the state of the affairs to show and explain the charity’s partially sighted. of the charity and the Group and of the transactions and disclose with reasonable incoming resources and application of accuracy at any time the financial position Our registered office resources of the charity and the Group for of the charity and the Group and enable We are registered at 105 Judd Street, that period. In preparing these financial them to ensure that the financial London WC1H 9NE statements, the Trustees are required to: statements comply with the Charities Act Telephone 020 7388 1266. 2011, the Charity (Accounts and Reports) • select suitable accounting policies and Regulations 2008 and the Charities and then apply them consistently; Statement of Trustees’ Trustee Investment (Scotland) Act 2005 responsibilities • observe the methods and principles and the Charities Accounts (Scotland) The Trustees are responsible for in the Charities SORP; Regulations 2006 (as amended). They preparing the Trustees’ strategic are also responsible for safeguarding the • make judgements and estimates that assets of the charity and the Group and report and the financial statements are reasonable and prudent; in accordance with applicable law hence for taking reasonable steps for the and regulations. • state whether applicable UK Accounting prevention and detection of fraud and Standards have been followed, subject other irregularities. The law applicable to charities in England to any material departures disclosed & Wales and Scotland requires the The Trustees are responsible for the and explained in the financial maintenance and integrity of the charity Trustees to prepare financial statements statements; and for each financial year. Under that law the and financial information included on the Trustees have prepared the financial • prepare the financial statements charity’s website. Legislation in the UK statements in accordance with UK on the going concern basis unless governing the preparation and Generally Accepted Accounting Practice it is inappropriate to presume that dissemination of financial statements (UK Accounting Standards and applicable the charitable company will continue may differ from legislation in other law). Under that law the Trustees must in business. jurisdictions.
< Back to Contents Annual Report and Financial Statements 2014/15 9 Overview
Structure and objectives
Statement of public benefit Where we provide specialist services or products for which we charge and The Trustees confirm that they have these are supplied directly to blind and complied with the duty in section 17 partially sighted people then we provide of the Charities Act 2011 to have due a significant subsidy for these from our regard to the Charity Commission’s own charitable funds. Where fees are general guidance on public benefit, paid through central or local government “Charities and Public Benefit”. or commercial organisations then the RNIB’s charitable objects are enshrined pricing model covers the costs for the within its Charter and as such the delivery of the service and long-term Trustees ensure that this Charter is maintenance and development. We carried out for the public benefit through also where necessary provide individuals our three strategic priorities. This is done with access to assistance in applying through delivery of services that whilst for funding. aimed primarily at those who are blind or This report allows us to show how our partially sighted, are where appropriate charitable funds are distributed and open to all who might benefit throughout spent, and the benefits and impact that the UK. has on those using the services and the Membership of RNIB is not a requirement wider impact on society for the reported to use our services. year and in the future.
10 RNIB Group < Back to Contents Relationship with other charities of the Glynn Vivian Home of Rest for the Our associations Blind (Glynn Vivian). This charity operated We maintain close links and support a Care Home in Wales which had closed the aims of other organisations such enable us to share prior to us becoming the sole Trustee. as local, national and international The Home has now been sold and the skills and expertise charities working with or for people proceeds of the sale have been used for with sight problems. We also work closely to reach more people services to blind and partially sighted with other disability charities on issues people in Wales. effected by sight loss. of mutual concern. We deliver services in partnership with some societies for blind In April 2013, RNIB Specialist Learning and partially sighted people, and some Trust was set up as an Academy Trust, of our funding comes from charities which then took on responsibility for and trusts which support our aims. the Three Spires School in Coventry in September 2013, which provides Between April 2009 and February 2010, education for primary-aged pupils with we formed associations with Action for special educational needs. Blind People (Action) and Cardiff Institute for the Blind (CIB) enabling us to share In April 2014, RNIB Charity was set up. skills and expertise to reach more people On 1 July 2014, we restructured the RNIB with sight problems in a more cost- group of charities in order to support the effective way. effective delivery of the new strategy. RNIB Charity will provide a focus for In September 2010, the Charity customers in terms of service delivery. Commission approved a scheme whereby RNIB became the sole Corporate Trustee
< Back to Contents Annual Report and Financial Statements 2014/15 11 Trustees’ strategic report 14 Our strategy 16 Our values 18 Our commitment to change 20 Our work 38 Other information
12 RNIB Group < Back to Contents Blind and partially sighted people are at our heart and influence everything we do.
< Back to Contents Annual Report and Financial Statements 2014/15 13 Trustees’ strategic report Our strategy
RNIB is passionate about So for our new strategy, we will support improving the lives of blind and many more people to make the most of their lives, influence society to include partially sighted people. Losing blind and partially sighted people, and your sight can be a frightening, work with partners to raise awareness lonely experience. People are at about sight loss. And, above all, we their most vulnerable soon after will be there so that everyone with diagnosis. Blind and partially serious sight loss gets the practical and emotional support they need to sighted people want to live rebuild their lives. independently so they make We are committed to maintaining our the most of their lives. They focus on outcomes for blind and partially want society to include them as sighted people so we have devised an equal citizens and consumers. innovative way to monitor the impact And we, of course, want fewer our services have. For each of our nine people to lose their sight. strategic outcomes we have developed a series of indicators that show what life is like for the wider blind and partially sighted population to give us the broad context for our work, and so we know how many blind and partially sighted people our services are reaching and what kind of change we are achieving. This approach enables us to monitor impact over the whole of our five-year strategy period. We are committed to maintaining our focus on outcomes for blind and partially sighted people.
14 RNIB Group < Back to Contents Our ambition for the 2014/19 strategy is to make every day better for everyone affected by sight loss.
< Back to Contents Annual Report and Financial Statements 2014/15 15 Trustees’ strategic report Our values
We have adopted a set of values new RNIB Group Community bringing that describe our ethos and drive together our campaign supporters, our members and Action Connect, and we our behaviours: we are led by will launch a development programme blind and partially sighted to support blind and partially sighted people, we are collaborative, people to prepare for civic leadership creative, inclusive and open. opportunities in the voluntary, statutory and commercial sectors. Blind and partially sighted people are at RNIB forms partnerships with leading our heart and influence everything we eye health and sight loss organisations do. Over the past year our membership across the UK to raise awareness has grown to 13,548 and we have of sight loss and build capacity. We extended Action Connect, a community founded the UK Vision Strategy to foster of people affected by sight loss able to change and improve provision for eye share their experiences with one another health: the strategy is the UK’s response and to help us improve what we do by to the World Health Organisation’s communicating through digital channels. Global Action Plan for the Prevention In 2015/16 we will work with blind and of Avoidable Blindness and we are partially sighted people to shape a delighted to be working in partnership to implement the UK Vision Strategy in each country of the UK.
Our members have grown from 10,980 to 13,548.
16 RNIB Group < Back to Contents < Back to Contents Annual Report and Financial Statements 2014/15 17 Trustees’ strategic report Our commitment to change
We want to reach many • Extending our volunteer network and thousands more people, tripling providing more volunteer training the number of customers we • Developing new ways for people living serve directly by 2019, so we with sight loss to get involved in our are committed to continually work across Action and RNIB improving our services. • Developing partnerships of all kinds, with a specific focus on local sight Our strategy sets out six change areas; loss charities customer engagement, volunteering, • Embedding standards of accessibility involving blind and partially sighted across all our activities and processes people, partnerships, accessibility and • Getting the right technology and IT digital. To deliver this we are changing infrastructure in place with a central what we do by: hub for the knowledge we hold to make it easier to share. • Setting out the standards we want for our customers and how we need to be set up to deliver them
We are committed to continually improving our services.
18 RNIB Group < Back to Contents We are led by blind and partially sighted people.
< Back to Contents Annual Report and Financial Statements 2014/15 19 Trustees’ strategic report Our work
Being there – people Outcome 1 Impact we aim to achieve losing their sight can in 2015/16 Newly diagnosed people with At the moment only 31 per cent of rebuild their lives. significant deterioration in their sight hospital eye departments are covered have increased emotional well-being, by a sight loss adviser service. Right from the first diagnosis and they, their family and friends have We want to ensure everyone who practical support when they need it experiences sight loss has emotional everyone affected by sight loss to rebuild their lives. and their families and friends, and practical support when they need it. What we have done We will work with clinical commissioning need advice and practical and groups, hospitals and ophthalmologists emotional support. We are We want to make sure no one faces to make the case for sight loss advisers. focused on making sure more blindness alone so we secured support We will conduct research and evaluation for more sight loss advisers (also called people are reached early. to demonstrate the value of eye clinic eye clinic liaison officers (ECLOs) or support services. We will work to secure vision support officers) able to give new sight loss adviser posts across tailored advice and much-needed the UK and to protect existing posts. emotional support to people in the eye We aim to increase the number of clinic. We have also trained 35 new patients who see a sight loss adviser sight loss advisers and 169 eye clinic in 2015/16 to 23,118. volunteers to provide support in even more hospitals. Our impact RNIB Group sight loss advisers have 17,446 supported 17,446 people across the UK. 90 per cent of these people say people across the UK they received all or most of the were supported through practical support they needed and sight loss advisers. 87 per cent said they felt either much more or more reassured after seeing a sight loss adviser.
20 RNIB Group < Back to Contents Dennis’ story In June 2011, Dennis went for a routine appointment at the opticians. They noticed something in the corner of his eye, a sort of shadowing and advised him to visit his GP. He had noticed something as well but thought nothing of it: “I just thought my glasses needed cleaning or something like that.” However, once the shadowing had started, the decline was immediate. Within a matter of weeks he was registered blind. Following the diagnosis Dennis admits he went into shock. What Dennis feared most was the loss of his independence. On the advice of his consultant he contacted the clinic’s sight loss adviser, Cathie Burke. “I couldn’t believe how she talked to me like she understood what I was going through.” Cathie gave him practical help, putting him in touch with social services, linking him to a financial expert who could help him fill out forms claiming the right benefits. Emotionally it continued to be hard and he admits breaking down two or three times a day at the beginning but says Cathie’s support, along with his wife’s, was invaluable.
< Back to Contents Annual Report and Financial Statements 2014/15 21 Trustees’ strategic report
Our work
Independence and Blind and partially sighted What we have done people should be able to make We have continued to extend our Inclusion – blind and informed choices about their advice and support to ensure more partially sighted people lives. There should be access to people are able to maintain control the support, services, products over their own lives. Our advice services can make the most of have supported 60,336 blind and their lives and society and technologies that enable partially sighted people. We significantly a good quality of life, along with extended our services to support 21,125 includes blind and opportunities to develop the blind and partially sighted people of all partially sighted people skills for confident living. ages to live their lives with confidence We are focused on promoting and to be as independent as they want as equal citizens and to be. We have delivered structured ongoing independence. confidence-building programmes consumers. across the UK and we have trained peer Barriers to using mainstream goods facilitators who are blind and partially and services result in isolation and sighted to share their experiences with exclusion. We are raising awareness others. 1,563 people have taken part within communities and society to in telephone-based Talk and Support secure changes in behaviour that sessions; we know that for many who result in improved access for blind find leaving their home difficult these and partially sighted people. sessions are the highlight of their week. Our impact Outcome 2 Our confidence-building programmes Blind and partially sighted people are delivered in partnership with have the skills, tools, confidence local and national partners, to ensure and support they need to enhance that everyone attending gets the their choice, control, enjoyment and opportunity to find out about the independence in daily living and make broad range of services and support the most of their sight. available. With rehabilitation services
22 RNIB Group < Back to Contents in many areas under significant strain these programmes play a crucial role in providing essential information, while also giving people the chance to consider the emotional impact of their sight loss. We were delighted that 100 per cent of those taking part in our evaluation said they would recommend the programmes to other people with sight loss. Impact we aim to achieve in 2015/16 “ For the first time in months “Thinking about the future, We will support 72,400 blind and I had hope and a way of when I think about it I’m partially sighted people to live independently through our Helpline, enabling me to do things terrified, losing my Advice Service and Emotional Support independently.” independence. Though I Service. We will retain our current Amy know through RNIB people Quality marks for our Advice and Legal Rights services. lead fulfilling lives even though they’re blind.” The new Care Act requires local authorities to provide free rehabilitation Barbara services so we will develop a comprehensive picture of the level and quality of rehabilitation services, be clear about the criteria for a good rehabilitation service and improve services in 10 of the poorest- performing local authority areas.
< Back to Contents Annual Report and Financial Statements 2014/15 23 Trustees’ strategic report
Our work
Our impact PIP. It’s important for younger blind and Outcome 3 partially sighted people too. Teenager Our 2012 Annual Report drew attention Sophie told us that the income she Blind and partially sighted people, to our concern that the proposed change gets from PIP is important as it gives family and carers maximise their from Disability Living Allowance (DLA) her financial independence from her income from benefits. to Personal Independence Payment (PIP) parents: “It does help because like at failed to recognise sight loss is a serious the age of 18 you can’t survive off What we have done disability and people who can’t see face your parents. So to me it’s money to We have worked to maintain the extensive and ongoing extra costs. be able to live.” economic independence of more We highlighted a significant risk that blind and partially sighted people, blind and partially sighted people would Impact we aim to achieve their family and carers by ensuring be hit hard and lose income as this new in 2015/16 blind and partially sighted people benefit was introduced. receive the benefits they are entitled We will take all necessary steps to So we worked with blind and partially to. The number of people accessing defend Attendance Allowance, DLA sighted people to secure clear changes our service has doubled to 12,392. and PIP to maintain the economic to the government’s assessment criteria independence of blind and partially Our expert Welfare Advice and Legal to make sure they would receive PIP sighted people. Rights teams have supported people to maintain their independence in to claim welfare benefits they were areas of life others take for granted, entitled to, identifying £14.8million such as travel and seeing family. of unclaimed benefits and we have Our 2014 Annual Report celebrated campaigned tirelessly to maintain the the fantastic success of this work as 12,392 level of eligibility and entitlement for the government agreed to change The number of people blind and partially sight people. the assessment criteria for PIP to accessing our Welfare take into account these needs. Advice Service has doubled We are delighted our research this year to 12,392 and we have has shown the long-term impact of this identified £14.8 million work. Sandra is one of many supported in unclaimed benefits. by our Welfare Rights service to claim
24 RNIB Group < Back to Contents Sandra’s story Sandra applied for her Personal Independence Payment in November 2013. When she approached RNIB in August 2014, she was still waiting for an assessment and had been informed by the Department for Work and Pensions that this might take a further six months. We contacted the assessors on her behalf and requested her claim be listed as a matter of urgency. The assessors confirmed a slot had become available and Sandra was scheduled for an assessment a few weeks later. We provided Sandra with advice and guidance on the assessment process and the evidence she needed to present. Following the assessment, Sandra was awarded the enhanced rate of the daily living component at £81.30 per week and the standard rate of the mobility component paid at £21.55 per week. This award was back-dated to November 2013 and Sandra received a lump sum payment and yearly increase totalling £10,488.
< Back to Contents Annual Report and Financial Statements 2014/15 25 Trustees’ strategic report
Our work
campaign supporters, to increase Outcome 4 awareness of the challenges of the “In Nottingham the Blind and partially sighted people are street environment for blind and bus drivers are loads able to get out and about confidently partially sighted people when they are out and about. better than they used and safely on their own terms. to be. Some even get What we have done Our impact For many people with sight loss getting We have supported blind and partially off their bus to alert out and about is a major challenge. sighted people to make their voice heard. me they are there if Blind and partially sighted people have First buses, Go Ahead and Stagecoach asked us to focus on making public have signed up to our bus charter, as I’m not in calling transport more accessible and street have seven regional bus companies, distance.” environments safer. So throughout the all making a public commitment to take year we have been in negotiation with into account the needs of passengers Passenger with sight loss Stagecoach, Go Ahead Group and Arriva with sight loss. to make bus travel more accessible. Our campaigners have used the We have provided resources that enable resources we developed to challenge our campaigners to work with and shared spaces, lack of crossing points, encourage the sign-up of their local inaccessible crossings and pavement operators. We have run 10 Swap with obstructions. As a result, a number of 500 Me events to improve driver awareness schemes across the country have been Some 500 blind and and behaviour. reversed, altered or implemented which partially sighted campaign We launched a report called “Who put have made the built environment supporters have called that there?” based on feedback from more accessible. for safer streets. 500 of our blind and partially sighted
26 RNIB Group < Back to Contents Impact we aim to achieve in 2015/16 We will ensure more blind and partially sighted people have access to buses as and when they need them by continuing to engage with the five major bus operators so they publicly commit to the RNIB bus charter to provide accessible services. We will build on “Who put that there?” by launching a template street charter for campaigners to use to negotiate street charters relevant to their areas. Our aim is for five local authorities to sign-up to street charters by March 2016.
< Back to Contents Annual Report and Financial Statements 2014/15 27 Trustees’ strategic report
Our work
Outcome 5 Ian’s story “I was a guy who loved his computer, Blind and partially sighted people I used BlackBerry products and was into are able to make more use of social media, but in 2011 I suddenly lost household, digital, communication my sight. Thanks to RNIB, within a couple and entertainment services, products of months I had an opportunity to learn and technologies. how to use a screen reader on my laptop What we have done with a tutor. Four years on, I have a new computer and the staff at RNIB Scotland The popularity of our Switch on to have advised me on technology that I’ve technology events and product found much easier to use and provided me demonstrations show there is high with lots of advice. RNIB has been a great demand for advice and support about source of information and support. In the new technologies. Yet we know from our last year I’ve went on a voice computing research the most significant barriers course, got back into the social media people with sight loss face to getting scene that I loved so much and I’m actively on with technology are belief their sight in Twitter and Facebook. And I’m back loss itself is a barrier, a lack of skills or out there looking for work.” availability of training and not knowing what to use the internet for. So that’s why our UK-wide technology support services have focused on giving people the skills, tools and confidence they need to make the most of technology to improve their independence. 20,000 We have transformed our product Over 20,000 of our services to give customers more choice Talking Books are and we have developed some pioneering available for download technology partnerships to ensure we via RNIB Overdrive. remain at the forefront of technical
28 RNIB Group < Back to Contents innovation for blind and partially sighted books on my iPhone and iPad. It was so people. In response to increasing easy to use the app, and so nice to listen “I have Guide [talking requests from our readers for a simple to books while I was in the garden or on software] for my digital download library, we have a long journey.” expanded our Talking Books Service computer, because and launched our new digital library Impact we aim to achieve in 2015/16 I can’t read the screen. called RNIB Overdrive. I’m learning to do new Our impact It’s vital we help people make the most of advances in technology so no one things all the time with We have supported 6,912 people of all is left behind and we know from our ages through our UK digital inclusion customers that they want us to offer it. It guides me services to develop confidence in more information, support and training using technology. People tell us what about technology. So we are absolutely through the computer a difference technology makes to their delighted about the launch of Online and gives me options everyday lives. Today, a new Big Lottery Fund project We have now made over 20,000 of our led by RNIB, to help people with sensory about what I can do.” talking books available for download loss across the UK get online. Over three Cathy via RNIB Overdrive along with podcasts, years we’ll reach 2million people with RNIB Insight Radio content, and sensory loss to encourage them to get our most popular monthly talking online and we will deliver face-to-face newspapers and magazines. Readers support to 125,000 people with sensory can now download directly onto their loss to give them information and computers, smartphones and tablets, knowledge to increase their skills, enable and manage their own bookshelf, wish them to feel confident using technology list and returns. We have already had and help them to stay safe online. Online some really positive comments from Today is being delivered in partnership people who love the idea of being able with Action for Blind People, Action on to choose a book themselves, and have Hearing Loss, Guide Dogs, North Wales it downloaded straight onto their device. Society for Blind People, Sense and Brian who trialled our new service told Vision Support. us: “It was lovely to be able to listen to
< Back to Contents Annual Report and Financial Statements 2014/15 29 Trustees’ strategic report
Our work
Our impact Outcome 6 We are delighted 94 per cent of children Blind and partially sighted learners and young people in our schools and 94% college were achieving their individual are able to achieve their potential at 94% of children and young school, college and university. targets during the last academic year. We successfully campaigned with people in our schools and What we have done parents and other organisations to college achieved their individual targets. Through the care and education protect provision of sensory support for provided by our expert staff at RNIB children and young people. And 98 per Pears Specialist Learning Centre, cent of professionals who have accessed Sunshine House School and RNIB our resources say they are better College Loughborough we have helped enabled to support blind and partially children and young people, including sighted learners. those with complex needs, to reach Impact we aim to achieve their potential and supported their families. We have worked to influence in 2015/16 the Children and Families Act to We will maintain and improve the ensure specialist services for blind and excellent quality of our support to partially sighted learners are protected children, young people and parents and we have equipped educators to provided by RNIB schools, college and support blind and partially sighted family services. We want every blind learners. Through Load2Learn, a web- and partially sighted child to get the based service delivered by RNIB and support they need at school so we will Dyslexia Action, we offer free access develop a picture of the level and quality to downloadable resources for schools of specialist education support services. and colleges to help thousands of We will set criteria for good specialist students throughout the UK get access education support, including good to textbooks in a format which is suitable education, health and care planning, to their needs. and showcase examples of best practice and challenge local authorities where education support services are being threatened. 30 RNIB Group < Back to Contents Nicole’s story “Since Nicole has started at RNIB Pears Centre, she’s much calmer, she’s not so anxious, she doesn’t get so frustrated. She can explain, I think really how she feels, if she feels pain. She has become more independent. I think her mobility skills are improving and I think she’s blossoming now into a nice, happy young lady.” Sharon, Nicole’s mum
Fabian’s story “They’ve developed him into a confident, adaptable young man. If Fabian hadn’t attended RNIB Pears Centre, I think he would be lost and I think I would too. It’s the best choice that I’ve ever made. The achievements that Fabian has made over the years, I mean, I couldn’t have asked for anything better, I really couldn’t. I’m happy and so is Fabian.” Jacqui, Fabian’s mum
< Back to Contents Annual Report and Financial Statements 2014/15 31 Trustees’ strategic report
Our work
During 2014, problems with the Outcome 7 Access to Work scheme increased Blind and partially sighted people are and many blind and partially sighted 647 people experienced severe delays able to develop skills to gain and retain We’ve supported 647 work and to volunteer. and/or the provision of inappropriate equipment. We made representations people to get or keep What we have done to a Select Committee Inquiry and to their job. We want to equip more blind and the Department for Work and Pensions’ partially sighted people with the (DWP) own review to make sure that knowledge and skills they need to either the voice of blind and partially sighted move closer to the labour market, or people was heard. into work. So we have provided 5,034 Impact we aim to achieve people with employment advice and in 2015/16 support. We have established a young ambassadors programme so people We will increase the number of people who we’ve supported can go on to we support, especially those furthest support others and we have worked with from the labour market, to equip them employers to enable them to employ with the skills and tools they need to more blind and partially sighted people. progress into work. We will define what constitutes good employment services Our impact and challenge providers who are not Government sources say only 45 per delivering positive outcomes for blind cent of working age people with sight and partially sighted job seekers. loss are in employment so we are We will work to defend and improve delighted that we have supported 647 Access to Work support. blind and partially sighted people to get or keep their job.
32 RNIB Group < Back to Contents Rosie’s story “If you are blind or partially sighted and can’t generate enough income to live it can become quite a depressing cycle. It’s been one of the best years of my life. It’s been absolutely amazing. It’s been one of the best things that has ever happened to me – getting a job and being able to prove to myself and other people around me that sight loss isn’t going to hold me back. “ My advice is if you have any questions or worries just pick up the phone. It’s not something I would have done a couple of years ago, but now I am starting to see the breadth of the support that is available I would really encourage people to pick up the phone and call RNIB.”
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Our work
In response to demand from people with New debit and saving cards launched Outcome 8 sight loss for assurance on accessible by Royal Bank of Scotland (RBS) are Information about key services, including products and from businesses who want the first products to receive the RNIB health and transactions with key service to ensure their products are accessible, Approved quality mark. RBS have been providers are accessible to blind and we have launched RNIB Approved. RNIB awarded the mark after developing the partially sighted people. Approved is our new quality assurance new cards in partnership with RNIB. mark that will help blind and partially The cards are the first of their kind What we have done sighted people identify products that to be completely accessible for blind We have maintained pressure on are easy to use. Products which are people and aim to make everyday government services to ensure people granted RNIB Approved status have to banking easier for blind and partially with sight loss are not excluded as all go through a rigorous process which sighted people. They offer a number delivery moves to digital by default. involves testing by accessibility experts of accessibility features to ensure We have particularly focused on before being reviewed by a panel of blind customers with sight loss can use them ensuring people can access information and partially sighted people. independently and with confidence. they receive from health, employment Our impact A notch on the bottom right corner and banking services. We have aids with orientation and different supported legal cases against the Our legal representation to the DWP braille characters in the top right corner Department of Work and Pensions led to a major internal review that indicate whether the card is a debit or (DWP) for not providing information in has resulted in the DWP proposing to savings card. accessible formats, we have supported establish a special unit to deal with NHS England to develop an Accessible accessible information. Information Standard which will be Seven major banks have made a public mandatory from June 2016 and we have commitment to introduce talking ATMs 42% continued to promote the need to make and 42 per cent of all cash machines are cash machines accessible to blind and now activated to talk (11,894 out of a 42% of all cash machines partially sighted customers. possible 28,500 ATMs owned by the are now activated to talk. big seven banks).
34 RNIB Group < Back to Contents Impact we aim to achieve in 2015/16 We will maintain pressure on NHS England to launch the Accessible Information Standard as planned, in June 2016. We will inform and empower blind and partially sighted people to request personal health information in accessible formats. Our target is for 20,000 blind and partially sighted people to request their NHS patient information in their preferred format. It’s really important blind and partially sighted people can go about their everyday business with ease and confidence. It can be a frustrating and time-consuming process to find accessible products so we will extend RNIB Approved so that it becomes a mark that blind and partially sighted people recognise and trust.
We have continued to promote the need to make cash machines accessible to blind and partially sighted customers.
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Our work
We also want to focus on preventing Through our innovation project in Prevention – Fewer sight loss amongst at-risk groups so we Bradford we have pioneered a new people lose their sight. have pioneered work with those at risk of approach to support people to manage avoidable sight loss through community diabetes and prevent avoidable sight engagement with specific target groups. loss. We have secured Department of Health funding to work with GP Practices Outcome 9 Our impact and people living with diabetes in areas We improved access to eye care of high deprivation in Leeds, Liverpool Fewer people experience significant services by engaging with NICE and the and Manchester. GP practice staff and sight loss. We will support people to Scottish Medicines Consortium (SMC) patients will work together using the cope with sight loss by increasing their to secure access to new treatments “Living Well with Diabetes” folders and knowledge and understanding of their for vitreomacular traction and diabetic consistent messages to improve self- eye condition. macular oedema. We continued to management. What we have done challenge clinical commissioning Using the folder, a practice nurse groups that do not comply with their Raising awareness of sight loss is reported: “Talking through the results legal obligation to introduce new critical if more people are to take page with people, I realised that people treatments within three months of responsibility for eye health. We have don’t understand the difference between NICE/SMC approval. We also challenged given eye health information and advice ‘hypo’ and ‘hyper’ so then they take the the eight hospital trusts that did not by digital, telephone and face-to-face wrong action to try to put it right.” have rapid referral schemes for wet channels so people understand their eye AMD in place and to date six have “I have a 67-year-old male patient. condition and treatment. There should responded positively and adopted He was overweight, drinking too be better eye care services and access new arrangements. much, lots of social activities. He is an to sight-saving treatments so we have intelligent man. Going through the folder engaged commissioning and delivery By supporting 2,840 individuals with he realised that he wasn’t doing as well bodies to ensure they implement in-depth information on eye conditions, as he thought. He lost weight and is effective plans for eye care that reflect treatments and living with sight loss back in control without more medication. their communities. We have influenced our Eye Health Information Service The folder motivated him; it helped him at local and national levels to make has helped people to understand to focus and remember.” sure eye health is a public health and their conditions and manage their – Practice Nurse in Bradford. research priority across the UK. own eye health.
36 RNIB Group < Back to Contents Impact we aim to achieve Sarah’s story in 2015/16 “ It’s indescribable the emotion you We will improve eye care services in go through when someone tells you three eye clinics and spread the learning you’re going blind... having previously across eye clinics in the UK. We will also been someone who travelled the improve eye care services in nine CCG world, very independent, it’s life- (Clinical Commissioning Group) areas. changing. It’s something people say We will improve the support people easily; that was life-changing. living with diabetes receive to help them You’re going to lose your sight – manage their condition to prevent sight that’s life-changing, but it doesn’t loss. We will improve the information really sum it all up.” provided to those with diabetic eye disease, including those in early stages, by enabling 20,000 health practitioners (GPs, practice nurses and optometrists) to better support people with diabetes to manage their condition and we will share learning on how to improve take-up of diabetic retinopathy screening to every screening service across the UK.
2,840 Our Eye Health Information Service helped 2,840 people to understand their eye condition.
< Back to Contents Annual Report and Financial Statements 2014/15 37 Trustees’ strategic report Other information
Financial review Like many other voluntary organisations, we have felt the impact of government 2014/15 is the first year of RNIB Group’s £114.5 Million cuts on our service income but have new strategy. This has been based Incoming Resources continued to focus on this area and around our four priorities: Being there; income has risen by £2million or 5 per Legacies: 30% Independence; Inclusion; and Prevention. cent (2014: rise of £0.5million or 1 per The Group Statement of Financial Donations and Gifts: 28% cent). We endeavour to be constantly Activities (SoFA) reflects our strategy. and consistently more effective whilst Services: 40% In 2014/15, 58 per cent (2014: 62 per ensuring we are delivering to meet Other: 2% cent) of our overall incoming resources the needs of blind and partially came from fundraising activity (including sighted people. 30 per cent, or £34million, from legacies; Group incoming resources have fallen 2014: 34 per cent or £40.8million), by £4.2million (2014: rise of £1.6 40 per cent (2014: 37 per cent) from million). This is due to the two areas service-related income and 2 per cent highlighted above, together with an (2014: 1 per cent) from other sources. increase in income from the defined Donations and Gifts remained level. benefit scheme of £0.4million (2014: Legacy income fell from £40.8million increase of £1.4 million), which in the to £34million – a drop of £6.8million. previous year was offset by a fall in gains The timing of income from this source on disposal of properties that amounted is notoriously difficult to estimate to £nil (2014: fall of £2.2 million), a VAT despite the sophisticated tools we use. refund of £0.6million (2014: £nil) and a The figure in 2013/14 was also very fall in investment income of £0.4million high as our average cash income from (2014: fall of £2.2million). legacies over the last five years has been £36million.
38 RNIB Group < Back to Contents Group resources expended were split and charitable activities of £46million and that there was a surplus of between supporting our four strategic (2014: £22.4million) to the Group in £0.6million relative to the technical priorities of Being there: 6 per cent 2014/15 (note 4). provisions (the level of assets agreed (2014: 5 per cent), Independence: 68 per Free reserves disclosed in the Group by the Trustees and RNIB as being cent (2014: 70 per cent), Inclusion: 7 per balance sheet at the end of the appropriate to meet member benefits, cent (2014: 8 per cent) and Prevention: year stood at £23.3million (2014: assuming the scheme continues as a 1 per cent (2014: 3 per cent), together £22.5million). However, during the year going concern). Contributions by RNIB with the costs of raising funds (17 we changed our approach to our free therefore reduced to 12.5 per cent per cent; 2014: 13 per cent) and the reserves across the Group and put in for future accrual of final salary governance costs for the organisation place an agreement that we would jointly benefits from 1 January 2015. As of (1 per cent; 2014: 1 per cent). What we hold free reserves between RNIB and 1 January 2015, RNIB also ceased did with these resources is explained Action. On this basis, free reserves for to make additional contributions of in “Our work in 2014/15” earlier in the Group amount to £27.8million (RNIB: £828,000 a year that were due to be this report. Total resources expended £23.3million; Action: £4.5million), which paid until 30 June 2018. have fallen by £2.1million (2014: rise of is favourable to our reserves policy of The three subsidiary trading entities of £4.2million) due to actions in recognition £22.5million (see reserves section). the Group contributed £500,000 (2014: of the drop in income from legacies. An actuarial valuation was carried out at £221,000) to the RNIB Group through RNIB’s associated charities are RNIB 31 March 2014 by the pension scheme’s gift aid, and two subsidiary charities Charity, Action for Blind People (Action), actuary Aon Hewitt, using the projected gifted nil (2014: £278,000) to RNIB. Cardiff Institute for the Blind (CIB), unit method. The valuation disclosed We are very grateful for the continued RNIB Specialist Learning Trust and that the market value of the scheme’s support of donors through legacies, gifts BucksVision. These charities contributed assets (excluding defined contribution and donations, as well as the work of our income of £41.3million (2014: £23.4 and additional voluntary contribution many volunteers, which allows the vital million) of which £17.1 million related to assets) at that date was £175.9million, work of RNIB to continue. grants from RNIB (2014: £10.9million)
< Back to Contents Annual Report and Financial Statements 2014/15 39 Trustees’ strategic report
Other information
Fundraising review amounted to £5.5million (2014: incurred in raising public awareness £8.4million). The net proceeds of this about matters relating to sight loss. Total voluntary income for 2014/15 fundraising activity have been restricted These costs have been included within amounted to £64.6million (2014: within these financial statements for the costs of ‘Charitable activities’. £71.7million), a decrease of £7million the benefit of Action. The fall year-on- The increase from last year is due to against 2013/14. This is due to the year is due to the adoption of a Group the reduction in the allocation to raising level of income from legacies in the free reserves policy to ensure we awareness, work on a new CRM system year. We are pleased to have achieved use our resources as effectively as and investment in medium- to long- this against the background of the possible to support blind and partially term income. current economic difficulties that we all sighted people. face. Gifts in kind included in voluntary Our investment in fundraising is vital to income amount to £0.3million (2014: On 1 July 2014, RNIB and RNIB Charity sustaining our income and our ability £0.3million) for pro bono work from entered into an association agreement. to plan and fund direct services, but we various firms of lawyers and £0.2million Under the terms of that agreement RNIB remain focused on driving efficiencies (2014: £0.2million) for advertising. has responsibility for the fundraising and reducing our costs. There is also £3.1million (2014: operation of RNIB Charity in return for RNIB is a member of the Fundraising £3million) of lottery and statutory a grant. The grant in 2014/15 amounted Standards Board (FRSB) scheme, the grants within income from charitable to £10.4million. The net proceeds of this body of self-regulation of fundraising activities which is actively supported fundraising activity have been restricted in the UK, and as a member we adhere by our fundraising team. within these financial statements for the to the highest standards of good benefit of RNIB Charity. On 1 April 2009, RNIB and Action practice. RNIB is also a member of entered into an association agreement. Fundraising costs for 2014/15 the Institute of Fundraising and adheres Under the terms of that agreement RNIB amounted to £20.7million (2014: to contemporary best practice codes has taken over the responsibility for £15.7million). The fundraising costs are of fundraising. the fundraising operation of Action in net of an internal recharge in the sum of return for a grant. The grant in 2014/15 £4.7million (2014: £5.2million) for costs
40 RNIB Group < Back to Contents Investment policy • To invest ethically – RNIB wishes to uncertainty have led us to hold its avoid unethical investments, and in investments in a low-risk and liquid Statement of investment principles particular tobacco stocks due to the portfolio. Investment decisions are taken on the link between smoking and certain advice of the Investment Committee It is our aim to perform an annual conditions that result in sight loss. whose members have a finance, desktop review of Investment Managers investment or commercial background. The benchmark allocation for and to meet them as appropriate. investments is 20-30 per cent in RNIB’s investment policy is to hold RNIB has mandates with Legal & General equities, 30-40 per cent in bonds and assets to achieve an appropriate return and Foreign & Colonial (F&C) and fee 30-40 per cent in cash. This strategy with an appropriate level of risk when structures are: was developed with the advice of Hewitt considered alongside RNIB’s business Associates and takes into account the • Legal & General Ethical Trust plan and level of reserves. It has three nature of RNIB’s business as reflected – 0.3 per cent per annum investment objectives: in its business plans. At 31 March 2015, • Legal & General Cash Trust • To invest prudently – the basic the allocation of investments is 25.7 per – 0.2 per cent per annum investment strategy of RNIB has been cent in equities, 34.6 per cent in bonds • Foreign & Colonial Ethical Bond to invest in a way that the minimum and 39.7 per cent in cash. level of reserves is very likely to remain Fund Share Class 2 – 0.55 per cent It is our intention to maintain sufficient covered, but with some investment risk per annum. short-term cash holdings to meet being taken on the assets over and The Endowment Funds are managed fluctuating needs, and to make above this minimum level by F&C. F&C fee structures are: appropriate use of an overdraft facility • To invest in liquid assets – RNIB could as required with the RBS. • Foreign & Colonial Ethical Bond Fund call upon its quoted investments at Share Class 2 – 0.55 per cent per RNIB Group’s reserves policy is to set any point. It should be straightforward annum the level of free reserves using a risk- to sell RNIB’s assets down to cash, based approach. The level of reserves • Foreign & Colonial Stewardship Income and doing so should result in the cash is reviewed on an annual basis and is Fund (Dist) Share Class 2 – 0.88 per being available quickly and without the currently set at £22.5million. Planned cent per annum. potential for significant adverse impact project expenditure from designated on the value of investments funds and the current economic
< Back to Contents Annual Report and Financial Statements 2014/15 41 Trustees’ strategic report
Other information
The Group investments include a further holding. The performance of the £8,000) of which £1,000 (2014: £2,000) £49,000 (2014: £49,000) relating to CIB investments held by RNIB at 31 March related to RNIB. RNIB’s short-term and £6,536,000 (2014: £9,145,000) to 2015 against each fund’s benchmark deposits were all overnight placements Action. Other than the investments of index is detailed in the following table. and the average return made was 0.1 Staffordshire Blind, all Action’s funds are As our UK equities are invested in an per cent (2014: 0.17 per cent). now managed by Legal & General, using Ethical fund, the stocks in the index are At 31 March 2015, the unrealised pooled funds to match the allocation screened before being accepted into gain on the Endowment Funds was set out in their investment strategy, and the fund. £405,000 (2014: loss £32,000), and their performance is closely monitored Cash deposits are placed on behalf of the breakdown of the unrealised gain against, and closely matches, publicly by fund can be found in note 20. available market benchmarks. The the RNIB Group including the Associated investments of Staffordshire Blind Charities by their respective banking The Elizabeth Eagle-Bott and Dr Duncan are managed by Investec Wealth organisations. Leeds Funds are held in the F&C and Investment. At 31 March 2015, the Group’s cash and Responsible UK Income Fund and the F&C Responsible Sterling Bond Fund. Investment performance short-term deposits stood at £3.3million The funds in which the investments (2014: £2.1million). During the year the The Emma Nye Fund is held in the F&C are held are measured against agreed Group received interest of cash and Responsible UK Income Fund only. benchmark indices for each relevant short-term deposits of £8,000 (2014:
Value at 31 March 2015 Actual holding Target holding +/– Performance in year to 31 March 2015 Fund Benchmark +/– £’000 % % % % % Cash 4,771 39.7 40.0 -0.3 +0.2 +0.4 -0.2 Corporate 8,571 34.6 35.0 -0.4 +13.1 +13.1 – bonds UK equities 4,166 25.7 25.0 +0.7 +7.9 +2.9 +5.0 Total 17,508 100.0 100.0
42 RNIB Group < Back to Contents The Bristol Blind and GDC Rushton both voluntary and service. are met through planned income. Funds are held in the F&C Responsible The Trustees consider that in order The level of free reserves has been Sterling Bond Fund only. to meet these needs, and to operate calculated excluding the FRS17 surplus. The Sunshine Fund is held in the F&C effectively, RNIB Group needs reserves At 31 March 2015, RNIB held designated Responsible Sterling Bond Fund, F&C of £22.5million based on the current funds totalling £43.8million (2014: Responsible UK Income Fund and F&C analysis of risk. RNIB Group’s free £46.7million). Of this, £38.8million Money Markets Fund. reserves were £27.8million (RNIB: (2014: £39.6million) relates to £23.3million; Action: £4.5million) at 31 properties and £1.6million (2014: Reserves policy March 2015 (2014: £29.6million; RNIB: £1.7million) relates to other assets. RNIB Group’s reserves policy focuses on £22.5million; Action: £7.1million). The Both of these are used directly the level of ‘free reserves’. Free reserves Trustees have agreed a business plan in undertaking RNIB’s objectives. exclude restricted funds and designated in support of the strategy which aims The remaining funds amounting to funds, which include the net book value to keep reserves close to the reserves £3.4million (2014: £5.4million) represent of land and buildings occupied by RNIB policy level during the new strategy the investment and mergers funds services and activities. The assessment period. This includes a planned deficit together with amounts expected to of free reserves excludes any surplus or in 2015/16 of £3.1million. be spent within three years on the deficit reported on the pension scheme. The actuarial valuation of RNIB’s Pension maintenance and replacement of The recommended free reserves level is Scheme at 31 March 2015 for the properties and other assets and specific calculated annually as part of the budget purposes of FRS17 showed a surplus of projects. The fund definitions can be process on the basis of the financial £12.6million (2014: £6.5million), which found within note 20. impact of the current risks facing RNIB is added to the level of free reserves as Where restricted fund balances are in Group. The reserves policy is reviewed required by FRS17. The corresponding a deficit situation, then unless these annually by the Trustees. asset does not result in an immediate will be covered by forthcoming receipts, RNIB Group seeks to maintain free cash flow impact on RNIB. A full triennial the deficit balances are charged to reserves within RNIB, RNIB Charity and valuation of the pension fund took general funds. Such balances in 2015 Action, to manage the risks to which place as at 31 March 2014 and the amounted to £49,000 (2014: £36,000), RNIB Group is exposed in the course of updated valuation has been produced all of which are to be covered by its business, including but not limited to and considered by the Pension Scheme forthcoming receipts. safeguarding against volatile income, Trustees. Contributions to the scheme
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Other information
Risk management We established an internal strategic Risk 3: We do not have the right Trustee, risk committee (lead by senior officers) employee and volunteer capacity or Risk is not only about threats that who will undertake formal review of capability. have to be managed; it is equally strategic and significant operational about the potential failure to seize Risk 4: We do not have adequate and risks every quarter and play a key role opportunities. RNIB views the strategic appropriate IT and digital infrastructure in ensuring mitigation plans are up to management of risk as an integral to deliver our strategy. date and relevant. The internal strategic part of its decision-making processes risk committee report directly to the Risk 5: We do not have adequate or and culture, supporting effective Strategic Management Team, who in appropriate governance or processes planning and evaluation of its activities. turn report on risk management to the in place. Risk management is focused on Audit Committee twice a year. risks associated with delivering our Risk 6: Our actions or behaviour 2014/19 strategy and business plan, In preparation for the new strategic damages the RNIB Group brand or with identified risks embedded in our period 2014/19 the internal strategic reputation with key stakeholders. strategic and operational management risk committee reviewed our In order to manage these risks there are processes. existing strategic risk register, risks a number of controls and mitigations in identified through business planning Governance of the Group’s risk place including (but not limited to): and considered the wider external management ultimately sits with 1. Five-year strategy, business plan and environment. As a result they have the Board of Trustees. Detailed budget which has regular Strategic developed a new set of strategic risks consideration of risk is delegated Management Team and Board of and risk factors which have been signed to the Audit Committee, who are Trustees oversight. off by the Board of Trustees. There are assisted by senior management in six key strategic risks which cover both 2. Strategically aligned Governance continually reviewing risk and reporting external and internal risks: structures including subsidy charity to the Board. agreements. Risk 1: Insufficient resources to deliver Our risk management approach details the 2014/19 strategy. 3. Group-wide organisational values. the structures and processes that have been put in place, and the key roles and Risk 2: Inability to respond to a 4. Financial controls and policies (such responsibilities for successful significant change in the external as reserves, investment policies and risk management. environment. ethical fundraising).
44 RNIB Group < Back to Contents 5. Disaster recovery and business adequately managed. Overall we are This year we have increased our continuity planning. confident our risk position remains volunteer numbers from 4,020 to 6. Controls related to statutory within acceptable levels. 4,811, and our volunteers themselves are giving us more of their time to help compliance obligations (such as Going concern health and safety, data protection, achieve this ambition. On average each safeguarding). Having reviewed the strategic risks volunteer gives us 9.8 hours per month, facing RNIB, the business plan for the up from last year by 10 per cent. 7. Proactive and targeted campaigning. period 2015/16 and beyond, and the The range of volunteering opportunities 8. Involvement of blind and partially cash and investments forecast over increases, attracting more people to help sighted people in our campaign and the same period, the Board of Trustees us reach more people with sight loss, influencing work. considers that there are sufficient for example: reserves held at 31 March 2015 to Strategic partnership work. 9. manage those risks successfully despite • Our Living with Sight Loss volunteers 10. Staff and volunteer recruitment the current uncertain economic outlook. are there for people to help them come policy and procedures which are aligned The Trustees consider that there is a to terms with losing their sight, our to strategy. reasonable expectation that the Group campaigns volunteers continue to have a significant impact on local issues and Overall, deployment of the Group’s risk has adequate resources to continue in our community fundraising groups are management controls and mitigations operational existence for the foreseeable expanding across the UK continue to remain effective where future. Accordingly, they continue to they are already well-embedded, and adopt the ‘going concern’ basis in • Our Online Today service launched in where new risks have been identified preparing the Annual Report and February. We are recruiting and training mitigations are being implemented. Financial Statements. volunteers to help blind and partially sighted people get online over the The Board of Trustees are therefore Our volunteers next three years. satisfied that the major risks have been We have huge ambitions to reach many identified and processes for addressing more people with sight loss. In order them have been put in place. It is to do this we need to increase our recognised that any control systems can volunteer involvement in everything we only provide reasonable but not absolute do so people with sight loss can get the assurance that major risks have been support they need when they need it.
< Back to Contents Annual Report and Financial Statements 2014/15 45 Trustees’ strategic report
Other information
“I thoroughly enjoy volunteering and would recommend anyone to take some time if they have any.” RNIB Cymru volunteer
46 RNIB Group < Back to Contents As well as increasing our volunteer make reasonable adjustments to allow Engagement with staff engagement, we need to maintain our people with differing disabilities to RNIB has a number of mechanisms high standards of customer service. work for us. for engaging with staff and seeking 9 out of 10 of our customers are happy As a sight loss charity we ensure all their views, both formal and informal. with the quality of services provided by blind and partially sighted applicants In September, we signed a recognition volunteers and 9 out of 10 volunteers who meet the minimum requirements agreement with Unite and UNISON recommend volunteering with us for the role are automatically offered trades union which gives them collective to others. an interview and given constructive bargaining rights over certain terms and Employing disabled people feedback if they are unsuccessful. conditions of employment. We currently In addition, where there are two equally have five staff union representatives. RNIB is a disability charity working matched applicants, one of whom is We also have a Staff Forum and a to support people with sight loss. blind or partially sighted and one is not, number of Staff Forum representatives We seek to support all our staff that the role is then offered to the applicant who meet at a site, regional and has a disability, regardless of its cause. who is blind or partially sighted. national level to discuss areas that Last year, RNIB introduced five values Currently, 10.7 per cent (2014: 10.5 are specifically of interest to staff but which underpin everything that we do. per cent) of our employees tell us also to receive information about the Two of these specifically refer to people that they have a disability. Through financial health of the organisation and with disabilities. They are: dedicated resources in our IT team we how we are achieving our strategic • Led by blind and partially sighted are able to provide specialist advice goals. We now have a permanent Staff people – blind and partially sighted and support to ensure that disabled Forum chair and have held our first Staff people are at the heart of everything staff have the appropriate equipment Forum conference bringing all staff we do; and training to perform effectively. representatives together to talk about • Inclusive – we include and value people Additional reasonable adjustments are their role. with diverse experience, abilities and also made for disabled staff as required. backgrounds. RNIB also operates a trainee scheme to provide work opportunities for blind and RNIB makes sure that we comply with partially sighted people and these have the Equality Act (Disability Discrimination been successful in providing a route to Act in Northern Ireland) and seek to permanent employment both within and external to RNIB.
< Back to Contents Annual Report and Financial Statements 2014/15 47 Trustees’ strategic report
Other information
69 per cent of staff agreeing that they Environmental impact would recommend RNIB as a good RNIB Group has come to the end of a place to work and 88 per cent of staff five-year plan to reduce environmental understanding the aims of the charity. impact in five priority activities: All five of the key staff engagement zero carbon, zero waste, health and scores which we use to benchmark happiness, sustainable materials and against the annual charity-wide survey sustainable transport. showed an increase against last Some excellent results were achieved, year’s scores. most notably in waste, sustainable materials and transport. The target to Health, safety and reduce our carbon footprint by 10 per the environment cent from the energy use in buildings We are firmly committed to achieving was not achieved across all of our our goals of environmental sustainability portfolio of properties. We will, however, and ensuring the safety of our people continue, across all of RNIB Group, to through the continued development of strive towards further reductions in all our safety, health and environmental five activities identified in the RNIB five- We are continually looking for ways in management systems. We recognise year plan. Future environmental targets which we can engage more with our that our people are our single most and initiatives will be aimed at ensuring Staff Forum representatives and this important asset within the organisation. compliance with the new Energy year, they were involved for the first time Through the provision of sound Saving Opportunity Scheme in the analysis of the feedback from the risk management techniques and a Regulations (ESOS). annual staff survey. They are also asked comprehensive training programme we The performance for the year against our for their views on changes to HR-related will ensure they are both competent targets is set out in the following table. policies and procedures. and confident to undertake their roles; The staff survey was run again towards working in ways which are efficient and the end of 2014 and showed favourable cost-effective for the benefit of all who results when benchmarked against the work in, and access, our services. charity sector averages with scores of
48 RNIB Group < Back to Contents Priority Target 2014/15 2013/14
Zero carbon Buildings – 10 per cent total 4,195 (2 per cent increase 4,085 (slight reduction from
reduction (CO2 tonnes) over five from baseline) baseline) years – [baseline 4,104]
Zero waste Reduce total waste by 10 per cent 601 (in line with baseline) 549 (9 per cent decrease) over five years [baseline 602]
Zero waste Recycling rate of 40 per cent 43 per cent 44 per cent per annum
Sustainable transport Reduce air, road and rail travel (CO2 542 (36 per cent reduction) 655 (23 per cent reduction) tonnes) by 2.5 per cent per annum for five years [baseline 846]
Sustainable materials Develop a sustainable Implemented Implemented procurement policy
Health and happiness Reduce staff sickness levels from 11.27 days 10.26 days 10 working days in 2011
Health and happiness Improve staff satisfaction ratings 78 per cent 64 per cent in biennial staff survey from 73 per cent
< Back to Contents Annual Report and Financial Statements 2014/15 49 Trustees’ strategic report
Other information
Zero carbon Sustainable transport Health and happiness The figures represent the amount of By far our best efforts have been in the Sickness absence levels have increased electricity/gas usage in our buildings reduction of CO2 emissions from the by 9.8 per cent from 10.26 working days converted to carbon tonnes. This year use of the various transport options: lost per person in 2013/14 to 11.27 in there has been a 2 per cent increase air, road and rail transport. A year-on- 2014/15. Health and well-being benefits
(from baseline) in CO2 tonnes energy year reduction has been achieved and available to staff continue to be reviewed used for our buildings. This increase in we create 36 per cent less CO2 than with the aim of reducing sickness CO2 is due to higher than average use we did in 2010/11. We will continue to absence levels and encouraging healthy of gas (compared to the average for encourage all of our staff and volunteers lifestyles. The HR team plays a key role the last 20 years) at nearly all of our to use rail instead of road transport in the support of managers managing sites which is attributable to a colder and to make greater use of telephone sickness absences; return to work winter period. conferencing. interviews have increased and case handling has improved. Zero waste Sustainable materials Waste initiatives have continued to The Sustainable Procurement Policy be successful in many parts of the has been reviewed and approved. organisation; however, we have seen This is supported by more efficient changes in our property portfolio, which processes for the evaluation of means a creation of decommissioning contractors ensuring we work alongside waste that would not generally have suppliers with sound environmental been created. principles and practices.
50 RNIB Group < Back to Contents Going forwards The HSFE team work hard, and in close The governance of health, safety, fire collaboration with colleagues across the and environment will continue to be business, to identify these new risks enhanced during 2015/16 with further and implements effective measures developments to, and efficiencies in, to reduce or eliminate their impact. our safety management systems. In 2015/16 the HSFE team will The Health, Safety, Fire and Environment continue to advance our environmental (HSFE) team will continue to improve credentials, in particular by ensuring our performance and processes, through compliance with the new ESOS, requiring a range of monitoring activities and the detailed collection and analysis of introduction of a suite of intuitive risk energy data, and the identification of assessment techniques. Performance opportunities for reduced and smarter indicators will be agreed and monitored energy use. by the HSFE group. Key areas will include: fire safety management, The Trustees’ report, including the risk assessment processes and lone strategic report, was approved by the working. Also, as the range of activities Board of Trustees and authorised for across the Group continues to expand, issue on 16 July 2015. so too does the potential for new risks.
Kevin Carey Alan Tinger Chair Honorary Treasurer
< Back to Contents Annual Report and Financial Statements 2014/15 51 Governance and financials
54 Independent auditors’ report 58 Consolidated statement of financial activities 62 Balance sheets 64 Group cash flow statement 67 Notes to the financial statements 131 Who’s who at RNIB
52 RNIB Group < Back to Contents Making every day better for everyone affected by sight loss.
< Back to Contents Annual Report and Financial Statements 2014/15 53 Governance and financials Independent auditors’ report
Report on the financial What we have audited In applying the financial reporting statements The Group financial statements framework, the Trustees have made and the parent financial statements a number of subjective judgements, Our opinion (‘the financial statements’), which are for example in respect of significant In our opinion the financial statements, prepared by RNIB Group comprise: accounting estimates. In making such defined below: • the Group and parent charity balance estimates, they have made assumptions and considered future events. • give a true and fair view of the state of sheets as at 31 March 2015; the Group’s and the parent charity’s • the Group charity statement of financial affairs as at 31 March 2015 and of activities for the year then ended; the Group’s incoming resources and application of resources and the • the Group cash flow statement for the Group’s cash flows, for the year year then ended; then ended; • the notes to the financial statements, • have been properly prepared in which include a summary of significant accordance with UK Generally accounting policies and other Accepted Accounting Practice; and explanatory information. • have been prepared in accordance The financial reporting framework that with the requirements of the Charities has been applied in their preparation Act 2011, the Charities and Trustee is applicable law and UK Accounting Investment (Scotland) Act 2005 and Standards (UK Generally Accepted regulation 8 of the Charities Accounts Accounting Practice). (Scotland) Regulations 2006 (as amended) and regulation 15 of The Charities (Accounts and Reports) Regulations 2008. This opinion is to be read in the context of what we say in the remainder of this report.
54 RNIB Group < Back to Contents Other matters on which we are Other information in the Annual Report required to report by exception Under the Charities Act 2011 and the Charities Accounts (Scotland) Sufficiency of accounting records and Regulations 2006 (as amended we are information and explanations received required to report to you if, in our opinion, Under the Charities Act 2011 and the information given in the Trustees’ the Charities Accounts (Scotland) report is inconsistent in any material Regulations 2006 (as amended) respect with the financial statements. we are required to report to you if, We have no exceptions to report arising in our opinion: from this responsibility. • we have not received all the information and explanations we require for our audit; or • sufficient accounting records have not been kept by the parent charity; or • the parent charity financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility.
< Back to Contents Annual Report and Financial Statements 2014/15 55 Governance and financials
Independent auditors’ report
Responsibilities for the financial of the Charities Accounts (Scotland) • the reasonableness of significant statements and the audit Regulations 2006 (as amended)) and accounting estimates made by the for no other purpose. We do not, in Trustees; and Our responsibilities and those of giving these opinions, accept or assume • the overall presentation of the financial the Trustees responsibility for any other purpose or to statements. As explained more fully in the Trustees’ any other person to whom this report is Responsibilities Statement, the Trustees shown or into whose hands it may come In addition, we read all the financial are responsible for the preparation of save where expressly agreed by our prior and non-financial information in the financial statements and for being consent in writing. the RNIB Group Annual Report and satisfied that they give a true and Financial Statements 2014/15 (the fair view. What an audit of financial ‘Annual Report’) to identify material statements involves inconsistencies with the audited Our responsibility is to audit and express We conducted our audit in accordance financial statements and to identify an opinion on the financial statements in with International Standards on Auditing any information that is apparently accordance with applicable law and ISAs (UK and Ireland) (‘ISAs (UK & Ireland)’). materially incorrect based on, or (UK & Ireland). Those standards require An audit involves obtaining evidence materially inconsistent with, the us to comply with the Auditing Practices about the amounts and disclosures knowledge acquired by us in the Board’s Ethical Standards for Auditors. in the financial statements sufficient course of performing the audit. If we This report, including the opinions, to give reasonable assurance that become aware of any apparent material has been prepared for and only for the financial statements are free from misstatements or inconsistencies we the charity’s Trustees as a body under material misstatement, whether caused consider the implications for our report. section 144 of the Charities Act 2011 by fraud or error. This includes an and in accordance with section 44(1)(c) assessment of: of the Charities and Trustee Investment • whether the accounting policies are (Scotland) Act 2005 and regulations appropriate to the Group’s and the made under those Acts (regulation 30 parent charity’s circumstances and of The Charities (Accounts and Reports) have been consistently applied and Regulations 2008 and (regulation 10 adequately disclosed;
56 RNIB Group < Back to Contents PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 16 July 2015
PricewaterhouseCoopers LLP is eligible to act, and has been appointed, as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and section 144(2) of the Charities Act 2011.
< Back to Contents Annual Report and Financial Statements 2014/15 57 Governance and financials Consolidated statement of financial activities
Notes Unrestricted Restricted Endowment Total 2015 Total 2014 funds funds funds £’000 £’000 £’000 £’000 £’000 Incoming resources Incoming resources from generated funds Voluntary income Donations and gifts 27,921 2,729 – 30,650 30,859 Legacies 28,608 5,369 – 33,977 40,797 Total voluntary income 56,529 8,098 – 64,627 71,656 Activities for generating funds Merchandising and sponsorship 538 – – 538 348 Investment income 2 260 375 – 635 1,056 Total incoming resources from generated funds 57,327 8,473 – 65,800 73,060 Incoming resources from charitable activities Being there 87 1,404 – 1,491 2494 Independence 17,446 22,798 – 40,244 39,006 Inclusion 209 4,201 – 4,410 2,021 Prevention 4 68 – 72 629 Total incoming resources from charitable activities 1.5 17,746 28,471 – 46,217 44,150 Other incoming resources Other income – VAT claim 629 – – 629 – Other Income – defined benefit pension scheme 1,806 – – 1,806 1,434 Net gain on disposal of fixed assets 13 – – 13 3 Total incoming resources 1.5 77,521 36,944 – 114,465 118,647
58 RNIB Group < Back to Contents Notes Unrestricted Restricted Endowment Total 2015 Total 2014 funds funds funds £’000 £’000 £’000 £’000 £’000 Resources expended Costs of generating funds Costs of generating voluntary income 1.6 17,522 3,192 – 20,714 15,705 Merchandising/sponsorship costs 6 – – 6 28 Investment management costs 48 12 – 60 115 Total costs to generate funds 1.6/6 17,576 3,204 – 20,780 15,848 Charitable activities Being there 4,204 2,365 – 6,569 5,761 Independence 49,950 30,614 – 80,564 84,152 Inclusion 4,410 3,843 – 8,253 9,741 Prevention 579 387 – 966 3,562 Total charitable activity costs 6 59,143 37,209 – 96,352 103,216 Governance costs 5 948 465 – 1,413 1,540 Total resources expended 6 77,667 40,878 – 118,545 120,604 Net outgoing resources before transfers (146) (3,934) – (4,080) (1,957) Transfers 20 69 (69) – – – Net outgoing resources before other recognised gains and losses (77) (4,003) – (4,080) (1,957)
< Back to Contents Annual Report and Financial Statements 2014/15 59 Governance and financials
Consolidated statement of financial activities
Notes Unrestricted Restricted Endowment Total 2015 Total 2014 funds funds funds £’000 £’000 £’000 £’000 £’000 Balance brought forward (77) (4,003) – (4,080) (1,957) Gains on investment assets 612 662 405 1,679 1,150 Actuarial gains (losses) on defined benefit pension schemes 22 3,435 (1,645) – 1,790 (22) Net incoming resources attributable to non-controlling interest – (7) – (7) – Net movement in funds 12 3,970 (4,993) 405 (618) (829) Total funds balance brought forward at 1 April 2014 75,670 25,335 5,329 106,334 107,163 Total funds balance carried forward at 31 March 2015 20 79,640 20,342 5,734 105,716 106,334
60 RNIB Group < Back to Contents A Statement of Total Recognised It is worth noting that all incoming Gains and Losses is not required and outgoing resources through as all gains and losses are our associated charities – Action included in the Statement of for Blind People, RNIB Charity, Financial Activities. Incoming Cardiff Institute for the Blind and resources of RNIB during the RNIB Specialist Learning Trust – year were £89,461,000 (2014: are treated as restricted as these £106,453,000) less resources funds relate to the specific services expended by RNIB at £89,817,000 provided by each entity. (2014: £106,687,000) led to a deficit of £356,000 (2014: deficit of £234,000). All incoming resources, resources expended and resulting net movements in funds are derived from continuing activities. The Isle of Man Government require that we disclose the income and expenditure in the Isle of Man which amounted to £145,000 (2014: £162,000) and £163,000 (2014: £188,000) respectively. The notes that follow form part of the financial statements.
< Back to Contents Annual Report and Financial Statements 2014/15 61 Governance and financials Balance sheets
Notes Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Fixed assets Tangible assets 13 73,986 76,237 60,395 62,320 Investments 14 24,795 33,833 18,215 24,644 Total fixed assets 98,781 110,070 78,610 86,964 Current assets Stocks and work in progress 15 1,051 1,010 – 904 Debtors: amounts falling due within one year 16 24,761 21,020 21,156 19,400 amounts falling due after one year 17 – – 731 643 Investments 14 931 1,236 859 1,236 Cash at bank and in hand 3,253 2,080 1,323 835 Total current assets 29,996 25,346 24,069 23,018 Creditors: amounts falling due within one year 18 12,303 13,075 6,695 11,008 Net current assets 17,693 12,271 17,374 12,010 Total assets less current liabilities 116,474 122,341 95,984 98,974 Creditors: amounts falling due after one year 19 19,026 20,000 19,026 20,000 Net assets excluding pension asset 97,448 102,341 76,958 78,974 Defined benefit pension asset 22 8,275 3,993 12,596 6,482 Net assets including pension asset 105,723 106,334 89,554 85,456 Non-controlling interest in net assets 7 – – – Net assets 21 105,716 106,334 89,554 85,456
62 RNIB Group < Back to Contents Notes Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 The funds of the Group/RNIB: Endowment funds 20 5,734 5,329 5,733 5,328 Restricted income funds 20 20,342 25,335 4,181 4,458 Unrestricted income funds: Designated 20 43,808 46,701 43,808 46,701 General 20 23,236 22,487 23,236 22,487 Pension reserve 20/22 12,596 6,482 12,596 6,482 Total unrestricted income funds 20 79,640 75,670 79,640 75,670 Total Group/RNIB funds 20 105,716 106,334 89,554 85,456
These financial statements were approved by the Board of Trustees on 16 July 2015 and signed on behalf of RNIB by Kevin Carey, Chair, and Alan Tinger, Honorary Treasurer.
Kevin Carey Alan Tinger Chair Honorary Treasurer
< Back to Contents Annual Report and Financial Statements 2014/15 63 Governance and financials Group cash flow statement
2015 2014 £’000 £’000 Net cash outflow from operating activities (7,399) (1,964) Returns on investments and servicing of finance Investment income 635 780 Interest element of finance lease rental payments and loan (1,160) (1,220) Net cash outflow from investments and servicing of finance (525) (440) Capital expenditure and financial investment Purchase of tangible fixed assets (1,286) (2,060) Proceeds from sale of tangible fixed assets – 3 Purchase of investments (7) (15) Proceeds from sale of investments 10,773 4,045 Net decrease in endowment investments – 64 Proceeds from sale of property held for sale 613 – Cash acquired on merger/association – (20) Net cash inflow from capital expenditure and financial investment 10,093 2,017 Net cash inflow (outflow) before management of liquid resources and financing 2,169 (387) Management of liquid resources Cash deposited to short-term deposits – 961 Net cash from the management of liquid resources – 961 Financing Net decrease in endowment investments – (64) Finance loan paid (1,000) (1,203)
64 RNIB Group < Back to Contents 2015 2014 £’000 £’000 Net cash outflow from financing activities (1,000) (1,267) Increase (decrease) in cash 1,169 (693)
2015 2014 £’000 £’000 Increase (decrease) in cash 1,169 (693) Cash at 1 April 2014 2,079 2,772 Cash at 31 March 2015 3,248 2,079
Reconciliation of net income to net cash outflow from operating activities 2015 2014 £’000 £’000 Net outgoing resources before transfers (4,080) (1,957) Investment income (635) (1,056) Depreciation 3,093 3,166 Non-monetary assets acquired on association (388) (1,377) Gifted assets – 149 Investment management fees charged to portfolio 13 56 Costs on disposal of investment property deducted from transfer to current asset – 100 Investments – 100 Loss on disposal of tangible fixed assets 461 2,086 (Decrease) increase in current creditors (775) 334 Increase (decrease) in long-term creditors 26 (2) Decrease in pension provision (2,492) (2,824) Interest charged on finance lease payments and loan 1,160 1,220 Increase in debtors (3,741) (2,431) (Increase) decrease in stock (41) 572 Net cash outflow from operating activities (7,399) (1,964)
< Back to Contents Annual Report and Financial Statements 2014/15 65 Governance and financials
Group cash flow statement
Analysis of change in net debt 31 March 2013 Cash flow 31 March 2014 Cash flow 31 March 2015 2013/14 2014/15
£’000 £’000 £’000 £’000 £’000 Cash at bank 2,774 (694) 2,080 1,173 3,253 Bank overdraft (2) 1 (1) (4) (5) Total cash 2,772 (693) 2,079 1,169 3,248 Debt due within one year (1,000) – (1,000) – (1,000) Debt due after one year (21,205) 1,205 (20,000) 1,000 (19,000) Total change in net debt (19,433) 512 (18,921) 2,169 (16,752)
66 RNIB Group < Back to Contents Notes to the financial statements
1. Statement of statements under the heading 1.3 Foreign currency transactions accounting policies “Group” on a line-by-line basis, Foreign currency transactions completed adopting uniform accounting policies. within the year are included at their The principal accounting policies The term ‘Associated Charity’ refers to transacted sterling equivalents. Assets adopted in the preparation of these organisations that have entered into a and liabilities are valued using those financial statements are as follows: formal association agreement with RNIB. rates published by HM Revenue and Their objectives contribute to those of Customs as at the balance sheet date. 1.1 Basis of preparation the RNIB Group Strategy and under the Any foreign exchange gains or losses are The financial statements have been tests of control they are deemed to be charged to the SoFA. prepared under the historical cost charitable subsidiaries of RNIB. convention, modified to include 1.4 Fund accounting the revaluation of investments and The net assets at the date of association Unrestricted funds comprise properties held for sale, in accordance or merger are assessed on a fair value accumulated surpluses and deficits with applicable accounting standards basis for the purposes of consolidation on general funds that are available for in the UK and the Statement of into the results for the RNIB Group. The use at the discretion of the Trustees in Recommended Practice – “Accounting results of the subsidiaries acquired furtherance of the general objectives and Reporting by Charities” (SORP during the year are included in the SoFA of RNIB. 2005) as revised in May 2008, the from the effective date of acquisition. Charities Act 2011, the Charities and The intra-Group transactions, balances Designated funds are unrestricted funds Trustee Investment (Scotland) Act 2005 and unrealised profits are eliminated that the Trustees of RNIB have set aside, and the Charities Accounts (Scotland) in full. Any negative goodwill arising is out of general funds and comprise sums Regulations 2006. The financial written off in the year of acquisition and of money for specific projects that can statements are prepared on a going included as an incoming resource within either be the updating of existing, or concern basis. The accounting policies the SoFA. Where specific assets are the development and piloting of new, have been consistently applied across gifted to RNIB as part of the acquisition, charitable services. the Group from year to year. these are treated as a donation and Also within the designated funds are transferred to RNIB. ‘service properties’ and ‘other fixed 1.2 Group financial statements No separate SoFA has been presented assets’. ‘Service properties’ represents The results of each of RNIB’s subsidiary for RNIB alone as permitted by the value of RNIB’s interests in land and undertakings, as listed in note 4, have paragraph 397 of the SORP. buildings, for the provision of services to been consolidated in these financial people with sight problems. This value is
< Back to Contents Annual Report and Financial Statements 2014/15 67 Governance and financials
Notes to the financial statements for the year ended 31 March 2015 shown in a separate designated fund, as 1.5 Incoming resources £30,000 where we have yet to receive the properties represented are essential Donated goods and services are estate accounts. for the provision of RNIB’s services. included at the value to RNIB where Investment income, interest on Transfers in respect of additions to these can be quantified. No amounts are deposits and income in connection property in the year are made from the included in these financial statements with services to people with sight general fund and the development fund. for the services donated by volunteers. problems is recognised on an accruals Transfers are made from this fund to Income from trading in subsidiary basis. Where an incoming resource the general fund in respect of property undertakings is transferred to RNIB is received in advance of the activity disposals during the year. Property by covenanting the profits of those to be performed then the incoming depreciation is charged to this fund. undertakings. Donations are accounted resource is deferred and included ‘Other fixed assets’ represents other for as soon as their amount and receipt in creditors. Income from the sale of assets in use by RNIB. The assets of is certain. Donations include Gift Aid goods is recognised when orders are associated charities are held within based on amounts recoverable at the fulfilled. Investment income arising on the restricted funds. accounting date. endowment funds is credited to the Restricted funds comprise income Accrued income is provided for in appropriate fund in accordance with received with special conditions respect of revenues that have been the prescribed conditions. attached. Income for a specific purpose earned in the current financial year but not spent in any year is carried forward in are yet to be invoiced. 1.6 Resources expended (a) Expenditure, including irrecoverable the relevant fund. Also within restricted Pecuniary legacies are recognised on funds are the results of the associated VAT, is accounted for on an notification. Residuary legacies are accruals basis. charities, which are operating under recognised when probate is granted and narrower objectives than those of RNIB. there is sufficient information to value (b) Included within charitable activity Endowments received are credited them. In practice this is usually when costs is an apportionment of public directly to the relevant endowment the assets and liabilities statement is awareness expenditure representing fund. Income arising from the related received: they are included at 95 per the costs incurred by RNIB in educating investments is allocated to the general cent of their valuation (to reflect the the public to be aware of the needs of fund or to the relevant restricted fund, uncertainty of estate administration). people with sight loss. depending on the terms of endowment. Reversionary interests involving a life (c) Support costs include both Group tenant are not recognised. We do and corporate costs and are incurred in not include any notification below
68 RNIB Group < Back to Contents support of direct service expenditures. of these are included at their fair value as at the agreement date. Assets in the Allocation of support service costs is course of construction are transferred to the relevant category of asset and on a mixture of bases (see note 7). depreciated when practical completion is achieved. The minimum threshold for (d) Fundraising expenses include those capitalisation is £2,500. costs incurred in raising donations Depreciation is provided on all tangible fixed assets, except freehold land and assets and legacies. under construction, at rates calculated to write off the cost on a straight-line basis (e) Governance costs are incurred in over their expected useful lives. Where the assets have been acquired under a relation to the running of RNIB and the finance lease then depreciation, and any impairment, is provided at rates calculated charitable subsidiaries. This includes to write off the cost, less estimated residual value of each asset, over the life of the strategic planning and attending to primary lease. The standard rates of depreciation are as follows: the statutory affairs of RNIB and the Service properties charitable subsidiaries. Freehold buildings 50 years (f ) Grants payable are charged to the Leasehold land and buildings – lease longer than 50 years 50 years SoFA when a constructive obligation exists, that is when the recipient has Leasehold land and buildings – lease shorter than 50 years Lease period been informed. Machinery, vehicles and equipment Motor vehicles; fixtures and fittings; equipment 5 years 1.7 Fixed assets Computer hardware 3 years Tangible assets are recorded at cost, including irrecoverable VAT, or where Fixed assets are subject to review for impairment when there is an indication of a donated, open market valuation at the reduction in their carrying value. Any impairment is recognised in the SoFA in the time of donation. Under the transitional year in which it occurs. provisions of Financial Reporting Standard 15 (FRS15), RNIB has adopted 1.8 Investments the valuations of properties as at 31 Listed investments are stated at mid-market value at the balance sheet date. March 1999, where known, at cost and Investment properties are stated at market value as advised by RNIB’s property these will not be updated. Where assets advisers at the balance sheet date and this is done on an annual basis. are acquired through entering into Association agreements, then the cost The investment in subsidiary undertakings is at cost.
< Back to Contents Annual Report and Financial Statements 2014/15 69 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
The SoFA includes the net gains comprises products suitable for use 1.12 Leased assets and losses arising on disposals and by blind and partially sighted people. Leases are regarded as finance leases revaluations throughout the year. Provisions are considered for each line where their terms transfer to the lessee of stock which has been held for more substantially all of the benefits and 1.9 Property held for sale than a year. burdens of ownership other than the Included within current asset right to legal title. investments are properties held for sale. 1.11 Pension scheme These are properties that are actively For the defined benefit pension schemes The obligations to the lessor are shown being marketed and where there is a of the RNIB Group, the current service as part of the borrowings and the rights reasonable expectation that the sale costs, gains and losses on settlements in the corresponding assets are treated will be completed within the next 12 and curtailments, are charged to in the same way as owned fixed assets. months. The value of such assets is resources expended. Similarly, pension All operating leases and rental expenses determined by the expected proceeds finance costs arising from changes are charged to the SoFA as incurred of the sale guided by the professional in the net of the interest costs and over the term of the lease on a straight- valuations received and net of estimated expected return on assets are charged line basis. disposal costs. to resources expended. Where income 1.13 Taxation On transfer to property held for sale the arises as a result of such changes this is shown in the SoFA as an ‘other’ RNIB is a registered charity, and as such unrealised gains and losses are included is entitled to certain tax exemptions along with other gains and losses within incoming resource. Actuarial gains and losses are recognised immediately in on income and profit from investments the SoFA. On completion the realised and surpluses on any trading activities gains and losses will be recognised in the SoFA as ‘Actuarial gain, or loss, on Defined benefit pension scheme’. The carried out in furtherance of RNIB’s the incoming and outgoing resources primary objectives, if these profits are within the SoFA. Group and RNIB defined benefit pension scheme asset/liability is shown on applied solely for charitable purposes. 1.10 Stocks the face of the balance sheet. For the Stock of raw materials, consumables and defined contribution schemes of the finished goods held for resale is valued RNIB Group the amount charged to the at the lower of cost and net realisable SoFA in respect of pension costs and value. Cost is standard cost on a first-in other post-retirement benefits are the first-out basis. Finished goods for resale contributions payable in the year.
70 RNIB Group < Back to Contents 2. Investment income
2015 Group 2014 Group £’000 £’000 General funds Investment income from quoted investments 233 424 Bank interest receivable 1 2 Rents 22 47 Royalties 20 – Restricted funds Investment income from quoted investments 352 583 Bank interest receivable 7 – Total 635 1,056
Details of our investment policy can be found in the financial review section of the Trustees’ strategic report.
< Back to Contents Annual Report and Financial Statements 2014/15 71 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
3. Net assets acquired on and a company limited by guarantee as an Academy Trust. This resulted in merger/association and registered in England and Wales the transfer of assets from Coventry City (number 8016572). BucksVision is a Council in September 2013. The value RNIB Enterprises Limited entered local society that delivers services to of fixed assets transferred was reviewed into a limited liability partnership on people who are blind or partially sighted during the year and an updated valuation 11 September 2014 in the form of RNIB in Buckinghamshire. received which resulted in the reduction Business Services LLP. There were no of £544,000 in the year. assets or liabilities transferred at the RNIB associated with NTNM in February date of acquisition. 2009 and the two charities subsequently The assets and liabilities in the table merged on 30 June 2013. below are as at the date of merger or Action for Blind People entered into RNIB established a new charity in April transfer and have been accounted for an association with BucksVision on using the acquisition method. 1 July 2014, (charity number 1147814) 2013, the RNIB Specialist Learning Trust,
BucksVision £’000 Fixed assets 43 Investments 309 Current assets 572 Creditors – amounts falling due within one year 20 Creditors – amounts falling due after one year – Net assets 904 Net assets in the subsidiary 904 Fair value adjustment –
There were no purchase or consideration costs incurred in acquiring these net assets. The resulting negative goodwill of £904,000 was recognised in the year ended 31 March 2015 and included as an incoming resource within the SoFA.
72 RNIB Group < Back to Contents The table below relates to the year ended 31 March 2014.
NTNM RNIB Specialist Total 2014 Learning Trust £’000 £’000 £’000 Fixed assets 376 1,248 1,624 Investments – – – Current assets 108 94 202 Creditors – amounts falling due within one year 132 – 132 Creditors – amounts falling due after one year 203 – 203 Net assets 149 1,342 1,491 Net assets in the subsidiary 149 1,342 1,491 Fair value adjustment – – –
There were no purchase or consideration costs incurred in acquiring these net assets. The resulting negative goodwill of £1,491,000 was recognised in the year ended 31 March 2014 and included as an incoming resource within the SoFA.
< Back to Contents Annual Report and Financial Statements 2014/15 73 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
4. Net income from trading activities of subsidiary undertakings A summary of the results for the year ended 31 March 2015 of the subsidiaries of RNIB operating under association agreements follows:
RNIB Action CIB NTNM Bucks RNIB Total 2015 Total 2014 Charity Vision Specialist Associated Associated Learning charities charities Trust £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Total incoming resources 25,116 14,124 554 150 131 1,237 41,312 23,355 Total outgoing resources (24,907) (18,593) (522) (150) (330) (1,452) (45,954) (22,390) Net incoming (outgoing) resources before transfers 209 (4,469) 32 – (199) (215) (4,642) 965 Net gains on investment assets – 658 – – 2 – 660 402 Net gains on revaluation of fixed assets – (531) – – – – (531) 4,420 Actuarial gain (loss) on defined benefit pension scheme – (1,481) (78) – – (86) (1,645) 456 Net movement in funds 209 (5,823) (46) – (197) (301) (6,158) 6,243 Funds brought forward – 26,012 565 – – 1,260 27,837 21,743 Funds transferred on association – – – – 904 – 904 – Funds transferred to RNIB on merger – – – – – – – (149) Funds carried forward 209 20,189 519 – 707 959 22,583 27,837
74 RNIB Group < Back to Contents RNIB Action CIB NTNM Bucks RNIB Total 2015 Total 2014 Charity Vision Specialist Associated Associated Learning charities charities £’000 £’000 £’000 £’000 £’000 Trust £’000 £’000 £’000 Fixed assets 209 22,858 1,932 – 40 1,565 26,604 30,070 Current assets 5,179 1,889 220 7 691 561 8,547 3,630 Creditors – amounts falling due within one year 5,179 1,666 165 7 24 475 7,516 2,731 Creditors – amounts falling due after one year – – 731 – – – 731 643 Pension scheme liability – 2,892 737 – – 692 4,321 2,489 Net assets 209 20,189 519 – 707 959 22,583 27,837
RNIB Charity delivers regional services with net fundraising receipts being (2014: £121,000) to cover additional in Cymru, Northern Ireland and Scotland restricted for Action. Since 1 July 2014, costs funded from income restricted and national services across the UK, RNIB has delivered support functions for Cymru. grant funded by RNIB. RNIB provides for Action. The sum of such grants NTNM provided newspapers, magazines the fundraising service, with net amounted to £6,505,000 in the year and information in accessible formats fundraising receipts being restricted for (2014: £10,640,000). for people with sight problems and RNIB Charity. The sum of such grants CIB provides a wide range of services to also people with other disabilities. RNIB amounted to £10,351,000 in the year blind and partially sighted people within provided operational funding and the (2014: not applicable). Cardiff and the Vale of Glamorgan. RNIB fundraising service, with net fundraising Action delivers regional services provides the fundraising service, with net receipts being restricted for NTNM. RNIB in England through their Action fundraising receipts being restricted for has not paid a grant to NTNM in the year Teams in the areas of work, leisure, CIB. The sum of such grants amounted (2014: £112,000). NTNM merged with housing, support for beneficiaries, to £95,000 in the year (2014: £nil). RNIB on 30 June 2013. and information and education. RNIB RNIB has also paid a grant to CIB in provides the fundraising service, the year amounting to £172,000
< Back to Contents Annual Report and Financial Statements 2014/15 75 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
BucksVision provided services for which provides education for primary Glynn Vivian Home of Rest for the Blind blind and partially sighted people in age pupils with special educational (Glynn Vivian). RNIB Enterprises Limited Buckinghamshire. BucksVision became needs. No financial support was given holds the controlling interest in RNIB an associated charity to Action on to the Trust. The Trust’s year end is 31 Business Services LLP. 1 July 2014. RNIB has not paid a August and so the consolidation is on A summary of the results for the year grant to BucksVision in the year the basis of management accounts. ended 31 March 2015 of the subsidiaries (2014: not applicable). RNIB also has five wholly owned of RNIB follows below: RNIB Specialist Learning Trust is subsidiaries. These are RNIB Enterprises an Academy Trust that took over Limited, RNIB Services Limited, National responsibility for Three Spires School Library for the Blind (NLB), Blind Centre in Coventry in September 2013 and for Northern Ireland (BCNI) and the
RNIB Enterprises RNIB Services NLB BCNI RNIB Business Total Total Limited Limited Services LLP 2015 2014 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Total incoming resources 538 6,595 10 – 90 7,233 5,698 Total outgoing resources (68) (6,572) (10) – (76) (6,726) (5,199) Net incoming resources 470 23 – – 14 507 499 Amount gifted/covenanted to RNIB (470) (23) – – – (493) (499) Non-controlling interest – – – – (7) (7) – Net movement in funds – – – – 7 7 – Funds brought forward 5 – – – – 5 5 Capital investment – – – – 10 10 – Funds carried forward 5 – – – 17 22 5
76 RNIB Group < Back to Contents A summary of the net assets as at 31 March 2015 of the subsidiaries of RNIB follows:
RNIB RNIB NLB BCNI RNIB Business Total 2015 Total 2014 Enterprises Services Services LLP Limited Limited £’000 £’000 £’000 £’000 £’000 £’000 £’000 Investment 10 – – – – 10 – Current assets 337 1,583 5 – 100 2,025 818 Creditors – amounts falling due within one year 342 1,583 5 – 76 2,006 813 Non-controlling interest – – – – 7 7 – Net assets 5 – – – 17 22 5
RNIB Enterprises Limited The trading activities include commercial sponsorship and a scheme for the recycling of toner cartridges, with the consent of RNIB. A £200,000 facility remains available to RNIB Enterprises Limited and if called upon would be made by RNIB to cover the working capital requirements. RNIB Services Limited administers RNIB’s school fees. NLB exists as a shell charity to receive donations and legacies, which are transferred to RNIB to be ring-fenced for the RNIB National Library Service. BCNI exists as a shell charity to receive donations and legacies, which are transferred to RNIB to be ring-fenced for RNIB Northern Ireland. Glynn Vivian exists as a shell charity following the sale of the property previously owned by Glynn Vivian. RNIB is the sole Corporate Trustee and on the grounds of control Glynn Vivian has previously been consolidated within the financial statements of the RNIB Group. The charity is now dormant and so there is no disclosure in the tables above.
< Back to Contents Annual Report and Financial Statements 2014/15 77 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
RNIB Enterprises Limited is one of two We want to help our customers corporate members of RNIB Business provide accessible information and Services LLP. The Limited Liability environments economically for those Partnership has been set up to work with sight loss. in partnership with MPH Accessible A summary of the net assets as at Media Limited to provide services to 31 March 2015 of the subsidiaries the commercial and public sectors of RNIB follows: both in the UK and internationally. Associated Subsidiaries Total Total charities subsidiaries subsidiaries 2015 2014 £’000 £’000 £’000 £’000 Total incoming resources 41,312 7,233 48,545 29,053 Total outgoing resources (45,954) (6,726) (52,680) (27,589) Net incoming resources before transfers (4,642) 507 (4,135) 1,464 Net gains on investment assets 660 – 660 402 Net gains on revaluation of fixed assets (531) – (531) 4,420 Actuarial loss on defined benefit pension scheme (1,645) – (1,645) 456 Amount gifted/covenanted to RNIB – (493) (493) (499) Non-controlling interest – (7) (7) – Net movement in funds (6,158) 7 (6,151) 6,243 Funds brought forward 27,837 5 27,842 21,748 Investment of capital – 10 10 – Funds transferred on association 904 – 904 – Funds transferred to RNIB on merger – – – (149) Funds carried forward 22,583 22 22,605 27,842
78 RNIB Group < Back to Contents A summary of the net assets as at 31 March 2015 of all RNIB subsidiaries follows:
Associated Subsidiaries Total Total charities subsidiaries subsidiaries 2015 2014 £’000 £’000 £’000 £’000 Fixed assets 26,604 10 26,614 31,214 Current assets 8,547 2,025 10,572 4,448 Creditors – amounts falling due within one year 7,516 2,006 9,522 3,544 Creditors – amounts falling due after one year 731 – 731 643 Pension scheme liability 4,321 – 4,321 2,489 Non-controlling interest – 7 7 – Net assets 22,583 22 22,605 28,986
The total net assets of the associated charities as at 31 March 2015 amounting to £22,605,000 (2014: £28,986,000) are held within the Group restricted and endowment funds as detailed in note 20.
< Back to Contents Annual Report and Financial Statements 2014/15 79 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
5. Governance costs
Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Internal audit 83 104 79 84 External audit – PricewaterhouseCoopers LLP 155 143 41 76 External audit – other 8 9 – – Other services – PricewaterhouseCoopers LLP 11 7 11 7 Legal fees – Associated charities 165 246 88 215 Trustees’ expenses 73 69 57 54 Costs incurred in running the Chairman’s Office 48 47 48 47 International activity – including World Blind Union 66 67 66 67 General costs incurred in servicing RNIB’s corporate committees and the statutory affairs of RNIB 804 848 545 688 Total governance costs 1,413 1,540 935 1,238
80 RNIB Group < Back to Contents 6. Resources expended – Group
Direct costs Support Total 2015 Total 2014 costs £’000 £’000 £’000 £’000 Costs of generating funds Costs of generating voluntary income 15,395 5,319 20,714 15,705 Merchandising and sponsorship costs 2 4 6 28 Investment management fees 60 – 60 115 Total costs to generate funds 15,457 5,323 20,780 15,848 Charitable activities Being there 5,295 1,274 6,569 – Independence 65,841 14,721 80,562 89,913 Inclusion 6,951 1,303 8,254 9,741 Prevention 703 264 967 3,562 Total charitable activity costs 78,790 17,562 96,352 103,216 Governance costs 824 589 1,413 1,540 Total resources expended 95,071 23,474 118,545 120,604
< Back to Contents Annual Report and Financial Statements 2014/15 81 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
7. Support costs allocation
Human Finance Information Legal Property Other Total Total Resources Technology Services Services 2015 2014 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Costs of generating funds Costs of generating voluntary income 672 412 1,321 70 92 2,752 5,319 4,171 Merchandising and sponsorship costs – 3 – – – 1 4 4 Investment management fees – – – – – – – 16 Total costs to generate funds 672 415 1,321 70 92 2,753 5,323 4,191 Charitable activities Being there 200 195 362 16 78 423 1,274 – Independence 2,620 2,062 3,800 189 863 5,187 14,721 13,241 Inclusion 144 127 335 20 28 649 1,303 1,341 Prevention 47 16 60 3 3 135 264 714 Total charitable activity costs 3,011 2,400 4,557 228 972 6,394 17,562 15,296 Governance costs 13 185 48 3 4 336 589 1,009 Total resources expended 3,696 3,000 5,926 301 1,068 9,483 23,474 20,496
Basis of allocation: Legal Services – Pro rata on basis of costs Human resources – Headcount Property services – Floor space Finance – Pro rata on basis of costs Other (including strategy and performance, Information and technology services – Networked computers Group support) – Pro rata on basis of costs
82 RNIB Group < Back to Contents 8. Taxation RNIB is a registered charity and is thus exempt from tax on income and gains falling within sections 478 – 489 of the Corporation Tax Act 2010 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charge arises in any of the non-charitable subsidiary entities included in the Group financial statements due to their policy of gifting all taxable profits to their parent each year. 9. Group employee remuneration The average monthly number of employees during the year was 2,471 (2014: 2,490), of which, the average full-time equivalent was 1,783 (2014: 1,978). Total emoluments for all staff for the year amounted to £61,446,000 (2014: £64,424,000). The total emoluments are analysed as shown below:
2015 2014 £’000 £’000 Salary costs 52,731 53,770 Employer’s NI contributions 4,781 4,820 Employer’s pension contributions 5,554 5,834 Total emoluments 61,446 64,424
< Back to Contents Annual Report and Financial Statements 2014/15 83 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
The following numbers of employees received total emoluments within the bands shown:
Between £60,001 and £70,000 18 16 Between £70,001 and £80,000 8 14 Between £80,001 and £90,000 7 4 Between £90,001 and £100,000 2 1 Between £100,001 and £110,000 4 6 Between £110,001 and £120,000 1 1 Between £130,001 and £140,000 – 1 Between £140,001 and £150,000 1 – Between £150,001 and £160,000 – 1
No-one (2014: one) in the band from Also, of the number of staff disclosed in staff that may be within both elements £150,000 to £160,000, and there the table above RNIB made payments of the scheme. are nine other people (2014: 10) on behalf of 36 (2014: 36) employees in In addition Action made payments disclosed above where the figures respect of the RNIB Retirement Benefit on behalf of five (2014: seven) of include a payment on the termination Scheme and the Teachers’ Pension its employees in respect of pension of employment. Included in the total Scheme, and there were payments contributions totalling £20,000 emoluments figures above are payments made to 16 (2014: 17) members of staff (2014: £44,000). amounting to £2,664,000 made to 192 in respect of the defined contribution members of staff (2014: £1,263,000 to element of the RNIB Retirement Benefits Staff are able to claim reimbursement 112 members of staff ) on termination Pension Scheme. The total amount of of expenditure incurred by them in the of employment. These costs have been employer contributions paid in respect of course of undertaking business on incurred as part of a programme of work these employees was £358,000 (2014: behalf of RNIB. Expenses are claimed to implement our 2014/19 strategy and £374,000). For new entrants since 1 against a set policy and guidelines, ensure we have the right people with the April 2005 the RNIB Retirement Benefits are independently authorised and are right skills to effectively meet the needs Pension Scheme (RBPS) is partly defined not regarded as part of the employee’s of our customers. benefit and partly defined contribution, emoluments. so included in the numbers reported are
84 RNIB Group < Back to Contents 10. RNIB Trustees’ expenses and The cost of lunches and overnight Peter Bennetts, a Trustee of RNIB, is related parties transactions stays in RNIB establishments during also a Trustee of Gateshead & South the meetings cost a further £4,054 Tyneside Sight Service to which RNIB Many Trustees and/or their organisations (2014: £2,507). paid £30,000 grant (2014: £nil). bear the cost of attending meetings Peter is also a Trustee of VINE (Visual themselves. They receive no benefits During the year RNIB paid Kevin Carey, Chair of RNIB, £25,113 (2014: £24,604) Impairment North East), which RNIB from RNIB except as users of our paid £810 (2014: £nil) and received services. Where expenses are claimed as remuneration in respect of carrying out his duty as Chair of RNIB. Included in £166 (2014: £nil). He is also a member these are in accordance with a set of the Macular Society which RNIB paid policy and guidelines, are independently this salary was back-dated pay of £329 in respect of the staff annual pay award £100 (2014: £nil) and received £567 authorised and are not regarded as (2014: £nil). emoluments. relating to 2013/14. These payments have been made with the consent of Lord Low of Dalston, a Vice President Trustees of RNIB attend many RNIB Commission. In addition, RNIB of RNIB and a Trustee of Action, is committee, sub-committee and Boards has paid £20,100 (2014: £20,100) to President of Visionary to which grants of Governors’ meetings, most of which HumanITy as a contribution to their have been paid of £nil (2014: £18,000). are held at RNIB’s London service centre. secretarial and office costs in providing Vidar Hjardeng, a Trustee of RNIB, is a A total of £36,672 was paid to, and support to Kevin Carey in his role as Director of External Relations for Focus on behalf of, 21 Trustees of RNIB as the Chair of RNIB. Kevin Carey was Birmingham from which RNIB received reimbursement of travel and subsistence employed as an executive director £11,240 (2014: £nil), as well as being expenses incurred in attending of the HumanITy organisation during a member of the Audio Description these meetings (2014: £37,129 to this period. HumanITy also receives a Association, to which RNIB paid £50 22 Trustees). In addition, £15,954 management fee of US$3,400 per month (2014: £nil). was paid to one Trustee of RNIB as from Transforming Braille Group of which reimbursement of overseas travel RNIB has a 20 per cent share holding. Ian Jentle, a Trustee of RNIB, is also a and subsistence incurred in attending Trustee of Extant, to which RNIB paid international meetings and conferences £2,538 (2014: £nil). (2014: £14,684 to three Trustees). The wife of David Mann (a Trustee of RNIB), is Chair of Sightlines to which RNIB paid £298 (2014: £150).
< Back to Contents Annual Report and Financial Statements 2014/15 85 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
Mike Nussbaum, a Trustee of RNIB In the year RNIB made Honoraria Borough of Brent on 22 May 2014 and a Trustee of Action, is a Trustee of payments totalling £300 (2014: £810) to from which RNIB received £200,886. Guide Dogs for the Blind Association Ken Reid, a Trustee of RNIB, in respect of Eleanor had no involvement in this from which £74,859 (2014: £67,553) the UK Vision Strategy. In addition, Ken contract either as Trustee of RNIB or as a has been received and £3,100 (2014: is a member of RP Fighting Blindness, councillor for London Borough of Brent. £2,590) has been paid. Also Guide Dogs formerly British Retinitis Pigmentosa Mike Townsend, a Trustee of RNIB, is a for the Blind Association own two Action Society, from which RNIB received £nil director of the Torch Trust from which hotels where the lease is charged at a (2014: £44). Ken is also a Trustee of £100 (2014: £7,009) has been received. peppercorn rent. Mike is also a Trustee Scottish War Blinded from which RNIB of National Blind Children’s Society to received £23,372 (2014: £nil). Sandra Wilson, a Trustee of RNIB, is a member of Scottish Accessible which £nil (2014: £22,593) has been Paul Ryb, a Trustee of RNIB, is a Trustee paid and from which £555 (2014: Information Forum (SCVO), for which of Macular Society to which £100 (2014: RNIB received £40 (2014: £nil). £1,670) has been received. Mike is also £200) has been paid. Paul is also a a Trustee of Vision 2020 UK to which Managing Director of the GMB division RNIB enters a comprehensive range £19,876 (2014: £nil) has been paid and of Royal Bank of Scotland from which of insurance policies to protect Trustees, from which £22,302 (2014: £nil) has RNIB received £175,686. Paul had no officers and employees against losses been received. involvement in this contract either and personal legal liabilities arising John Ramm, a Trustee of RNIB, is as Trustee of RNIB or as a Managing from neglect or default in the course also a Trustee of Habinteg Housing Director of Royal Bank of Scotland. of business. Total premiums for these Association form which RNIB received policies amounted to £33,989 Eleanor Southwood, Group Vice Chair, (2014: £33,920). £137 (2014: £nil). became an elected councillor for London
86 RNIB Group < Back to Contents 11. Grants payable Grants payable in the year amount to £382,000 (2014: £392,000) with seven (2014: eight) grants of £5,000 or above, amounting to £94,000 (2014: £165,000). In addition, around 730 (2014: 700) small grants at an individual value of less than £5,000 were made. 2015 2014 £’000 £’000 Association of Blind Asians 10 – Daisy Consortium 20 20 Gateshead and South Tyneside Sight Service 30 – ICEVI Europe 5 – June Metro Athletics – 6 Louis Braille Museum 8 9 Royal College of General Practitioners – 51 South Lincolnshire Blind Society – 7 Vision 2020 (UK) Limited – 17 Visionary (formerly NALSVI) – 18 Waltham Forest Blind Association – 12 World Blind Union – Marrakesh Treaty Ratification Campaign Project 5 – World Blind Union – Core Work Sponsorship 16 – Other grants – all under £5,000 288 252 Total grants payable 382 392
< Back to Contents Annual Report and Financial Statements 2014/15 87 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
12. Total movements of funds in the year is stated after charging
2015 2014 £’000 £’000 Auditors remuneration Statutory audit fee – RNIB 70 71 Statutory audit fee – Subsidiary companies 18 13 Statutory audit fee – Associated charities 76 62 Audit of teachers' pension scheme and other non-statutory audit work 3 3 Financial advice and other services 11 15 Operating lease payments – other 1,544 1,542 Foreign exchange losses 59 49 Depreciation charge – tangible fixed assets 3,093 3,166 (Loss) profit on disposal of fixed assets (7) 453 Of the £76,000 (2014: £62,000) statutory audit fees payable by the associated charities £8,000 (2013: £9,000) was paid to organisations other than PricewaterhouseCoopers LLP.
88 RNIB Group < Back to Contents 13. Tangible fixed assets Group Service Machinery, Total properties vehicles and equipment £’000 £’000 £’000 Cost Balance 1 April 2014 90,259 9,508 99,767 Additions 131 975 1,106 Additions on association 61 12 73 Transfer to property held for sale (300) – (300) Elimination on disposal (100) (156) (256) Balance 31 March 2015 90,051 10,339 100,390 Accumulated depreciation Balance 1 April 2014 17,324 6,206 23,530 Charge for year 1,909 1,184 3,093 Elimination on disposal (66) (153) (219) Balance 31 March 2015 19,167 7,237 26,404 Net book value 31 March 2015 70,884 3,102 73,986 Net book value 31 March 2014 72,935 3,302 76,237
< Back to Contents Annual Report and Financial Statements 2014/15 89 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
13. Tangible fixed assets RNIB Service Machinery, Total properties vehicles and equipment £’000 £’000 £’000 Cost Balance 1 April 2014 76,414 6,875 83,289 Additions 28 417 445 Transfer of assets from Action – 424 424 Transfer of assets on association – RNIB Charity – (3,505) (3,505) Transfer of property held for sale (300) – (300) Elimination on disposal – (154) (154) Balance 31 March 2015 76,142 4,057 80,199 Accumulated depreciation Balance 1 April 2014 15,842 5,127 20,969 Charge for year 1,486 761 2,247 Transfer of assets on association – RNIB Charity – (3,259) (3,259) Elimination on disposal – (153) (153) Balance 31 March 2015 17,328 2,476 19,804 Net book value 31 March 2015 58,814 1,581 60,395 Net book value 31 March 2014 60,572 1,748 62,320
90 RNIB Group < Back to Contents Service properties are used to provide A transfer has been made to the services to blind and partially sighted designated other fixed assets fund in people. Of the net book value of property the sum of £594,000 (2014: £628,000) used by the Group, £15,761,000 (2014: comprising additions of £841,000 £16,192,000) represents leaseholds (2014: £628,000) less £247,000 of more than 50 years whilst £448,000 (2014: £nil) disposals in the year. (2014: £548,000) represents leaseholds The net book value of fixed assets of our of less than 50 years. associated charities are held within the A transfer has been made from the restricted funds as set out in note 20. designated service properties fund in the sum of £272,000 (2014: £73,000) comprising additions of £28,000 (2014: £73,000) less £300,000 (2014: £nil) disposals in the year.
< Back to Contents Annual Report and Financial Statements 2014/15 91 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
14. Investments Unrestricted funds Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Quoted/Unquoted Market value at beginning of year 15,025 16,759 15,030 16,764 Acquisitions at cost 1 3 1 3 Disposals at opening market value (7,434) (3,946) (7,434) (3,946) Net gain on revaluation 1,338 2,209 1,338 2,209 Market value at the end of the year 8,930 15,025 8,935 15,030 Historical cost at the end of the year 5,380 12,034 5,385 12,039 Property Market value at beginning of year 665 1,703 665 1,703 Disposals at opening market value – (1,071) – (1,071) Net gain on revaluation 42 33 42 33 Market value at the end of the year 707 665 707 665 Historical cost at the end of the year – – – – Total market value at the end of the year 9,637 15,690 9,642 15,695 Total historical cost at the end of the year 5,380 12,034 5,385 12,039
92 RNIB Group < Back to Contents Restricted funds Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Quoted/Unquoted Market value at beginning of year 12,814 14,002 3,621 5,434 Acquisitions at cost 239 265 – – Disposals at opening market value (3,446) (13) – – Net loss on revaluation (183) (1,440) (781) (1,813) Market value at the end of the year 9,424 12,814 2,840 3,621 Historical cost at the end of the year 10,156 13,381 4,780 4,780
Endowment funds Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Quoted Market value at beginning of year 5,329 5,393 5,328 5,392 Disposals at opening market value – (29) – (29) Net gain (loss) on revaluation 405 (35) 405 (35) Market value at the end of the year 5,734 5,329 5,733 5,328 Historical cost at the end of the year 4,775 4,775 4,774 4,774
< Back to Contents Annual Report and Financial Statements 2014/15 93 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Unrestricted funds – Quoted 9,637 15,690 9,637 15,690 Unrestricted funds – Unquoted – – 5 5 Restricted funds 9,424 12,814 2,840 3,621 Endowment funds 5,734 5,329 5,733 5,328 Total market value of investments at end of year 24,795 33,833 18,215 24,644
The market value of investments is further broken down as follows:
Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Unrestricted funds – UK Quoted 8,930 15,025 8,930 15,025 Unrestricted funds – UK Unquoted – – 5 5 Unrestricted funds – UK Property 707 665 707 665 Restricted funds – UK Quoted 9,424 12,814 2,840 3,621 Endowment funds – UK Quoted 5,734 5,329 5,733 5,328 Total market value of investments at end of year 24,795 33,833 18,215 24,644
The Trustees believe that the carrying value of the investments is supported by their underlying assets.
94 RNIB Group < Back to Contents Significant holdings Within the portfolio of quoted investments, the following holdings for RNIB Group exceed five per cent of the total market value of the fund: 2015 2015 2014 2014 £’000 Per cent £’000 Per cent Unrestricted funds – L&G Ethical Trust (Distribution Units) 3,015 12.5 4,942 20.6 Unrestricted funds – L&G Cash Trust (Accumulation Units) 4,666 19.4 7,304 30.5 Unrestricted funds – F&C Ethical Bond Share Class 2 4,061 16.7 6,374 26.6 Restricted funds – CAF UK Equities fund 2,645 11.0 – – Restricted funds – L&G Fixed Interest Trust 2,582 10.7 – – Endowment funds – F&C Ethical Bond Share Class 2 (Emma Nye Fund) 3,148 13.1 2,899 12.1
In addition, RNIB investments also include the following nominal holdings in subsidiary undertakings. The subsidiaries are all based within the UK and their accounting year ends are 31 March.
Subsidiary undertakings with a Registered in Capital held Number of £1 ordinary share capital Per cent shares held RNIB Enterprises Limited England and Wales 100 5,000 RNIB Services Limited England and Wales 100 1 Transforming Braille Group LLC USA 20 5 ownership units Total – direct 5,001 RNIB Business Services LLP England and Wales 50 Not applicable
In September 2014, RNIB entered into a partnership in the form of RNIB Business Services LLP. RNIB Enterprises Limited is one of two corporate members of the LLP and is entitled to half of the profits and has the controlling voting interest.
< Back to Contents Annual Report and Financial Statements 2014/15 95 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
RNIB is the sole corporate member of the following organisations which, all bar the Glynn Vivian Home of Rest for the Blind, are limited by guarantee with no shares in issue:
Subsidiary undertakings Registered in Company number Charity number Charity number – limited by guarantee Scotland Action for Blind People England and Wales 26688 205913 SC040050 CIB England and Wales 149982 214131 – NTNM England and Wales 1973092 293656 – BCNI Northern Ireland NI 20701 XN48801 – NLB England and Wales 58823 213212 – Glynn Vivian England and Wales – 214330 – RNIB Specialist Learning Trust England and Wales 8478985 Exempt Charity –
RNIB has an indirect holding in the following organisations, through Action, which are all limited by guarantee with no shares in issue:
Subsidiary undertakings limited by guarantee Registered in Company number Charity number BucksVision England and Wales 8016572 1147814 The Blind Society for North Tyneside Limited England and Wales 3736040 1075973 Staffordshire Blind England and Wales 4154438 1091458 In addition to the fixed asset investments there are also some donated investments held by RNIB, which because of their nature are included within current assets.
96 RNIB Group < Back to Contents Current asset investments (including property held for sale)
Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Property held for sale Market value at beginning of year 1,236 – 1,236 – Transfers on association with BucksVision 72 – – – Transfers from fixed assets to property held for sale 400 1,236 400 1,236 Disposals of property held for sale (613) – (613) – Net loss on revaluation (164) – (164) – Market value at the end of the year 931 1,236 859 1,236 Historical cost at the end of the year 528 600 528 600
The opening value relates to four properties in Condover, Shropshire three of which have been sold. The remaining property was sold in April 2015. The transfer in respect of property in 2015 relates to a parcel of land in Peterborough which is in the process of being sold.
Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Unrestricted funds 931 1,236 859 1,236 Total market value of current asset investments at end of year 931 1,236 859 1,236 Total historical cost at the end of the year 528 600 528 600
< Back to Contents Annual Report and Financial Statements 2014/15 97 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
15. Stocks and work-in-progress
Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Finished goods for resale 792 762 – 656 Raw materials and consumables 259 248 – 248 Total 1,051 1,010 – 904
16. Debtors – amounts falling due within one year
Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Trade debtors 5,790 3,780 499 2,902 Amounts owed by Group undertakings – – 3,824 1,281 Other debtors 1,518 2,168 1,219 830 Legacy accrued income 14,382 12,763 14,382 12,763 Prepayments and accrued income 3,071 2,309 1,232 1,624 Total 24,761 21,020 21,156 19,400
The Group and RNIB has been notified of further legacies amounting to £10,287,000 (2014: £7,464,000), which have not been recognised as income at 31 March 2015 because the conditions of the accounting policy for legacies have not been met. When these conditions are met these amounts will be included in future periods.
98 RNIB Group < Back to Contents 17. Debtors – amounts falling due after one year
Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Amounts owed by Group undertakings – – 731 643 Total – – 731 643
18. Creditors – amounts falling due within one year
Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Trade creditors 1,694 2,696 810 2,479 Bank overdraft 5 1 5 1 Net obligations under loan 1,000 1,000 1,000 1,000 Net obligations under finance leases 6 – 6 – Taxes and social security costs 1,100 1,447 528 1,131 Amounts owed to Group undertakings – – 78 42 Other creditors 1,822 1,530 726 1,344 Accruals 5,704 5,228 3,302 4,365 Deferred income – all utilised in the year 972 1,173 240 646 Total 12,303 13,075 6,695 11,008
< Back to Contents Annual Report and Financial Statements 2014/15 99 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
19. Creditors – amounts falling due after more than one year
Group 2015 Group 2014 RNIB 2015 RNIB 2014 £’000 £’000 £’000 £’000 Net obligations under finance leases are payable as follows: Between one and two years 6 – 6 – Between two and five years 20 – 20 – Net obligations under bank loan is payable as follows: Between one and two years 1,000 1,000 1,000 1,000 Between two and five years 3,000 3,000 3,000 3,000 More than five years 15,000 16,000 15,000 16,000 Total 19,026 20,000 19,026 20,000
In 2011/12, RNIB exercised its option to convert a three-year revolving loan agreement with the AIB Group (UK) plc to finance the redevelopment known as the RNIB Pears Centre for Specialist Learning in Coventry into a 23-year mortgage secured over the freehold property at Coventry. At 31 March 2015, the amount owing on the loan is £20,000,000 (2014: £21,000,000). Interest is charged on the loan at 0.65 per cent above the three-month LIBOR rate. RNIB has entered into a swap with AIB under which for the period 30 December 2011 to 31 December 2026 the interest charged on the outstanding amount of the loan, less £500,000, is at a fixed rate of 5.05 per cent. Under the terms of the mortgage, RNIB undertakes to maintain the aggregate of Designated and General Reserves at a level 25 per cent above the amount outstanding at any time. At 31 March 2015, with the amount outstanding at £20,000,000 (2014: £21,000,000) the level of such reserves has to exceed £25,000,000 (2014: £26,250,000) and the actual level of such reserves stands at £82,051,000 (2014: £83,059,000).
100 RNIB Group < Back to Contents 20. Group/RNIB statement of funds Designated 31March Incoming Outgoing Transfers Gains 31March 2014 resources resources (losses) 2015 £’000 £’000 £’000 £’000 £’000 £’000 Investment fund 3,183 – 2,412 (400) – 371 Mergers fund 1,173 – 329 – – 844 Service property and associated facilities development 551 – 102 – – 449 Operational equipment fund 402 – 1,490 2,495 – 1,407 Information technology infrastructure fund 72 – 831 1,101 – 342 Repairs and maintenance fund – – 884 884 – – Net book value – Service properties 39,572 – 1,485 728 – 38,815 Net book value – Other fixed assets 1,748 424 1,007 415 – 1,580 Total designated – Group and RNIB 46,701 424 8,540 5,223 – 43,808
Investment fund: The purpose is to fund major projects furthering the strategic business plan. The transfer represents the release of unspent funds back to free reserves of £400,000. Mergers fund: This fund is designed to meet the costs of transition and future development of services relating to organisations that have merged with RNIB. Service property and associated facilities development fund: The purpose is to fund capital building projects.
< Back to Contents Annual Report and Financial Statements 2014/15 101 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
Operational equipment fund: The purpose is to Net book value – service properties: The purpose fund planned capital acquisitions. The £2,495,000 is to recognise the value, net of long-term debt, of transfer represents a £253,000 designation from RNIB’s service properties that are unavailable to the general fund for general capital acquisitions free reserves. Such fixed asset properties held in and the transfer to other funds of £2,407,000 the associated charities are recognised within the offset by the acquisition of fixed assets in the restricted funds. The transfer comprises £28,000 sum of £165,000. of other additions together with a reduction in the Information technology infrastructure fund: long-term debt of £1,000,000 relating to the loan The purpose is to ensure that the information repayment regarding the redevelopment at the technology infrastructure is robust. The £1,101,000 RNIB Pears Centre for Specialist Learning offset by transfer represents a planned designation of a transfer of property to current assets of £300,000. £464,000 towards the fund as well as a net Net book value – other fixed assets: The purpose transfer from other funds of £726,000 offset by the is to recognise the value, net of long-term debt, acquisition of fixed assets in the sum of £89,000. of RNIB’s other fixed assets that are unavailable Repairs and maintenance fund: The purpose is to free reserves. Such other fixed assets held in to fund a rolling programme of regular property the associated charities are recognised within the maintenance. The £884,000 transfer represents restricted funds. The transfer comprises additions new designations to cover planned expenditure. amounting to £417,000 less the net book value of disposals of £2,000.
102 RNIB Group < Back to Contents Other unrestricted 31March Incoming Outgoing Transfers Gains 31March 2014 resources resources (losses) 2015 £’000 £’000 £’000 £’000 £’000 £’000 General – RNIB 22,487 68,148 62,857 (5,154) 612 23,236 Pension reserve 6,482 1,806 (873) – 3,435 12,596 Total other unrestricted 28,969 69,954 61,984 (5,154) 4,047 35,832 RNIB Enterprises Limited – 538 538 – – – RNIB Services Limited – 6,595 6,595 – – – National Library for the Blind – 10 10 – – – Blind Centre for Northern Ireland – – – – – – Total unrestricted – RNIB and Group 75,670 77,521 77,667 69 4,047 79,640
Restricted 31March Incoming Outgoing Transfers Gains 31March 2014 resources resources (losses) 2015 £’000 £’000 £’000 £’000 £’000 £’000 Emma Nye fund welfare pensions 525 135 208 – – 452 Dr Duncan Leeds Bequest 74 51 69 – – 56 Elizabeth Eagle-Bott Memorial Fund 39 28 60 – 2 9 Donations for specified services and equipment 2,899 9,784 9,892 (69) – 2,722 Action – 21 21 – – – Glynn Vivian 526 – 526 – – – Sub total 4,063 10,019 10,776 (69) 2 3,239
< Back to Contents Annual Report and Financial Statements 2014/15 103 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
31March Incoming Outgoing Transfers Gains 31March 2014 resources resources (losses) 2015 £’000 £’000 £’000 £’000 £’000 £’000 Fund and/or purpose b/f 4,063 10,019 10,776 (69) 2 3,239 Big Lottery Fund AdvantAGE Programme Wales Eye Patient Advocacy Service 73 67 113 – – 27 Empowering Young People Programme – Realise 15 108 115 – – 8 Safe and Well Programme, Lisburn in Focus 46 133 170 – – 9 Silver Dreams Programme: OPTiC (Older People Taking Control) 8 (8) – – – – Connecting Older People: Looking Forward 62 170 112 – – 120 Bright New Futures – Future In–Sight 31 196 187 – – 40 Reaching Communities – Talk and Support: Supporting our Volunteers through Mentoring 39 1 5 – – 35 Sub total 4,337 10,686 11,478 (69) 2 3,478
104 RNIB Group < Back to Contents 31March Incoming Outgoing Transfers Gains 31March 2014 resources resources (losses) 2015 £’000 £’000 £’000 £’000 £’000 £’000 Fund and/or purpose b/f 4,337 10,686 11,478 (69) 2 3,478 Reaching Communities: Trainee Grade Scheme – Extending the Reach 45 112 101 – – 56 Awards for All Connecting Communities 1 – 1 – – – Family Activity Days – 5 2 – – 3 Creative Scotland – Public Engagement Fund – 5 2 – – 3 The Arts Gallery Heritage Lottery Fund (4) 5 1 – – – Our Heritage Fund – Seeing our History – Scotland 2014 Our Heritage Fund – Museums In Focus – 28 16 – – 12 Heritage Grants Fund – Culture Link South East 18 – 17 – – 1 Big Lottery Fund 13 21 34 – – – Young Start Programme: Education, Respect and Awareness 7 21 27 – – 1 Support and Connect – Advice Plus – 130 64 – – 66 Sub total 4,417 11,008 11,741 (69) 2 3,617
< Back to Contents Annual Report and Financial Statements 2014/15 105 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
31March Incoming Outgoing Transfers Gains 31March 2014 resources resources (losses) 2015 £’000 £’000 £’000 £’000 £’000 £’000 Fund and/or purpose b/f 4,417 11,008 11,741 (69) 2 3,617 Investment In Communities – – 85 1 – – 84 Looking To The Future People & Places – All Wales Welfare Rights Service for People with Sensory Loss – 150 92 – – 58 Basic Online Skills – Online Today! – 472 176 – – 296 Department of Health IESD: Electronic Certificate of Visual Impairment 26 80 40 – – 66 IESD: Communicating for Efficiency and Effectiveness 2 59 61 – – – HSCVF Community Eye Health Champions – 74 27 – – 47 EIRECS Early Intervention and Rehabilitation in Eye Care Services – 37 31 – – 6 Total restricted – RNIB 4,445 11,965 12,169 (69) 2 4,174
106 RNIB Group < Back to Contents 31March Incoming Outgoing Transfers Gains 31March 2014 resources resources (losses) 2015 £’000 £’000 £’000 £’000 £’000 £’000 Fund and/or purpose b/f 4,445 11,965 12,169 (69) 2 4,174 IESD – Bradford Community Engagement Project (BCEP) – (5) (5) – – – IESD – Support for Early Reach in Clinics and Hospitals (SEARCH) 13 68 74 – – 7 Total restricted – RNIB 4,458 12,028 12,238 (69) 2 4,181 Action 19,053 7,598 12,067 – (823) 13,761 RNIB Charity – 14,519 14,310 – – 209 CIB 564 287 255 – (78) 518 NTNM – 150 150 – – – RNIB Specialist Learning Trust 1,260 1,237 1,452 – (86) 959 RNIB Business Services LLP – 90 76 – (7) 7 BucksVision – 1,035 330 – 2 707 Total restricted – Group and RNIB 25,335 36,944 40,878 (69) (990) 20,342
Restricted fund balances may be in a deficit situation pending future receipts where such funding is given on a reclaim basis and at 31 March 2015 such deficit balances amounted to £49,000 (2014: £36,000), which lies within ‘Donations for specified services and equipment’. The amounts included within ‘Group’ represent the net assets at fair value of the associated charities, other than those held within endowment funds.
< Back to Contents Annual Report and Financial Statements 2014/15 107 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
31March Incoming Outgoing Transfers Gains 31March 2014 resources resources (losses) 2015 £’000 £’000 £’000 £’000 £’000 £’000 Sunshine 350 – – – 17 367 Emma Nye 2,899 – – – 249 3,148 Bristol Blind Fund 105 – – – 9 114 Eagle-Bott Memorial 628 – – – 40 668 Dr Duncan Leeds Bequest 1,177 – – – 76 1,253 GDC Rushton 169 – – – 14 183 Total endowment – RNIB 5,328 – – – 405 5,733 CIB 1 – – – – 1 Total endowment – Group and RNIB 5,329 – – – 405 5,734 We apply a total return approach to The Sunshine Endowment Fund. In the year this resulted in the release of the unapplied total return amounting to £nil (2014: £31,000) to general funds. Within the balance at 31 March 2015, the value of the gift element of the permanent endowment was £323,000 (2014: £323,000) and the unapplied total return was £44,000 (2014: £27,000).
108 RNIB Group < Back to Contents Summary 31March Incoming Outgoing Transfers Gains 31March 2014 resources resources (losses) 2015 £’000 £’000 £’000 £’000 £’000 £’000 RNIB Unrestricted 75,670 77,433 77,579 69 4,047 79,640 Restricted 4,458 12,028 12,238 (69) 2 4,181 Endowment 5,328 – – – 405 5,733 Total 85,456 89,461 89,817 – 4,454 89,554 Group Unrestricted 75,670 77,521 77,667 69 4,047 79,640 Restricted 25,335 36,944 40,878 (69) (990) 20,342 Endowment 5,329 – – – 405 5,734 Total 106,334 114,465 118,545 – 3,462 105,716
< Back to Contents Annual Report and Financial Statements 2014/15 109 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
21. Analysis of net assets between funds
Group fund balances are represented by: Unrestricted Restricted Endowment Total funds Total funds funds funds funds 2015 2014 £’000 £’000 £’000 £’000 £’000 Tangible fixed assets 60,604 13,382 – 73,986 76,237 Investments 9,637 9,424 5,734 24,795 33,833 Net current assets 15,836 1,857 – 17,693 12,271 Long-term liabilities (19,026) – – (19,026) (20,000) Defined benefit pension scheme asset 12,596 (4,321) – 8,275 3,993 Non-controlling interest in net assets (7) – – (7) – Total net assets 79,640 20,342 5,734 105,716 106,334
RNIB fund balances are represented by: Unrestricted Restricted Endowment Total funds Total funds funds funds funds 2015 2014 £’000 £’000 £’000 £’000 £’000 Tangible fixed assets 60,395 – – 60,395 62,320 Investments 9,642 2,840 5,733 18,215 24,644 Net current assets 16,033 1,341 – 17,374 12,010 Long-term liabilities (19,026) – – (19,026) (20,000) Defined benefit pension scheme asset 12,596 – – 12,596 6,482 Total net assets 79,640 4,181 5,733 88,554 85,456
110 RNIB Group < Back to Contents 22. Pension costs The RNIB Group pension arrangements comprise those of RNIB and the associated charities, RNIB Charity, Action and CIB. A summary of the movement in pension assets and liabilities for the Group’s defined benefit pension funds is shown below: Amounts charged Actuarial Defined Benefit to SoFA gains (losses) Pension Scheme asset (liability) £’000 £’000 £’000 RNIB 1,804 3,435 12,596 RNIB Charity – – – Action schemes one and three (56) (1,481) (2,892) CIB 10 (78) (737) Academy Trust 76 (86) (692) Total defined benefit schemes 1,834 1,790 8,275
RNIB introduced 1 July 2010 whereby the assets) at that date was £175.9million, The RNIB Retirement Benefits Pension member’s salary is reduced by the and that there was a surplus of Scheme (RBPS) is partly defined amount of the member contribution £0.6million relative to the technical benefit and partly defined contribution. and in return the employer makes an provisions (the level of assets agreed Members joining before 1 April 2005 equivalent contribution to the scheme. by the Trustees and RNIB as being are wholly defined benefit, with those An actuarial valuation was carried out at appropriate to meet member benefits, members joining after, having a hybrid of 31 March 2014 by the pension scheme’s assuming the scheme continues as a defined benefit and defined contribution. actuary Aon Hewitt, using the projected going concern). Contributions by RNIB The assets of the scheme are held in unit method. The valuation disclosed therefore reduced to 12.5 per cent a separate fund, under control of its that the market value of the scheme’s for the future accrual of final salary Trustees, to which RNIB has no access. assets (excluding defined contribution benefits from 1 January 2015. As of A salary sacrifice arrangement was and additional voluntary contribution 1 January 2015 RNIB also ceased
< Back to Contents Annual Report and Financial Statements 2014/15 111 Governance and financials
Notes to the financial statements for the year ended 31 March 2015 to make additional contributions of arrangements governed by Action £828,000 a year that were due to be The Superannuation Act 1972. Action participates in five pension paid until 30 June 2018. RNIB has an auto-enrolment pension schemes and the assets of all the Following the merger with NLB, RNIB scheme which is administered by the schemes are held separately from also offers the Pensions Trust’s Growth National Employment Savings Trust those of RNIB. Plan. The Growth Plan is a multi- (NEST). This is a defined contribution Scheme number one is the Action employer pension plan under which scheme. In the year, RNIB contributed Defined Benefit Scheme which was contributions are invested in personal £111,000 on behalf of 1,058 employees. offered through the Pensions Trust. funds which have a capital guarantee The scheme has been closed to new and convert to a pension on retirement. RNIB Charity members since 1 October 1997. RNIB Charity participates in the No contributions are currently required Scheme number two is the Action for into the Plan, but the Pensions Trust has RNIB Retirement Benefits Scheme. This is a hybrid scheme for members Blind People money purchase scheme advised that in the event of a withdrawal and is open to existing and new from the Plan, or in the event of the joining after 1 April 2005 and a defined benefit scheme for prior entrants. employees. It is currently substantially Pensions Trust being wound up, RNIB all invested in the Pensions Trust Growth would have liability to pay a share of The assets and liabilities of the scheme are accounted for within the Group Series 3 Scheme. Due to its capital the accumulated deficit in the Plan, guarantee, this scheme differs in some which is estimated at £927,000 based accounts. The charity is unable to identify, on a reasonable and consistent important respects from a standard on the valuation of the Plan as at Defined Contribution Scheme, and 30 September 2014. basis, its share of the underlying assets/liabilities as such information is following legislation in 2011 is now RNIB also participates in the Teachers’ unavailable on a disaggregated basis. classified legally as a Defined Benefit Pension Scheme, a defined benefit Therefore, RNIB Charity has accounted Scheme. Action is unable to identify, on scheme for employees who were for contributions as if the scheme were a reasonable and consistent basis, its formerly employed by local education a defined contribution scheme. share of the underlying assets because authorities. The Teachers’ Pension the Pensions Trust does not provide Scheme is an unfunded scheme. During the year contributions of such information as this is unavailable Contributions on a ‘pay as you go’ basis £1,703,000 were paid into the scheme on a disaggregated basis. Accordingly, are credited to The Exchequer under on behalf of the charity.
112 RNIB Group < Back to Contents due to the nature of the scheme, Action deficit on the scheme disclosed by RNIB Specialist Learning Trust has accounted for contributions as if the Triennial Actuarial Valuation at 31 RNIB Specialist Learning Trust is a the scheme were a Defined Contribution March is the responsibility of RNIB. The participant within the defined benefit Scheme. Members contributions are FRS17 review of the whole scheme at 31 scheme ‘West Midlands Pension Fund’ not fixed, employees are able to make March 2015 produced a surplus of which which is part of the Local Government contributions up to 10 per cent of £45,000 (2014: £22,000) is attributable Pension Scheme. their salaries. to Action. Action also participates RNIB Specialist Learning Trust also Scheme number three is a defined in the Teachers’ Pension Scheme, a participates in the Teachers’ Pension benefit scheme operated by Wiltshire defined benefit scheme for employees Scheme, a defined benefit scheme County Council and related to staff who were formerly employed by local for employees who were formerly transferred from Shelwork Industries education authorities. The Teachers’ employed by local education authorities. on 1 April 2000. The Shelwork factory Pension Scheme is an unfunded The Teachers’ Pension Scheme is an operation has ceased trading and scheme. Contributions on a ‘pay as you unfunded scheme. Contributions on therefore the majority of the members go’ basis are credited to the Exchequer a ‘pay as you go’ basis are credited of the scheme are no longer employees under arrangements governed by the to The Exchequer under arrangements of Action. Superannuation Act 1972. governed by The Superannuation Scheme number four is the RNIB CIB Act 1972. Retirement Benefits Pension Scheme of CIB is a participant within the defined The following tables, and narrative, which Action became an Employer on benefit scheme ‘Cardiff and Vale provide the detailed disclosures 1 April 2009 pursuant to the Transfer of Glamorgan Pension Fund’ which that relate to the RNIB Retirement of Undertakings Agreement whereby is part of the Local Government Benefit Scheme. The column headed 118 scheme members transferred by Pension Scheme. “Associated charities” refers to Action’s TUPE to Action. With regard to Action it CIB has a defined contribution pension schemes one and three, together with closed to new members with immediate scheme with Scottish Widows. In the that for CIB. Together these explain the effect from 1 April 2009. Under the year, CIB contributed £3,000 on behalf Group’s pension costs. Association Agreement with RNIB, the of one employee.
< Back to Contents Annual Report and Financial Statements 2014/15 113 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
a. Scheme assets and liabilities RNIB Associated charities Total £’000 £’000 £’000 2015 Scheme assets at fair value Equities 78,252 8,843 87,095 Corporate and other bonds – 3,077 3,077 Fixed interest gilts – 88 88 Index-linked gilts 53,858 3,325 57,183 Property (including unit trusts) 16,121 1,238 17,359 Infrastructure 20,215 – 20,215 Standard Life GARS 17,769 – 17,769 Legal and General Real and Inflation linked funds 25,540 – 25,540 Cash and other (including net current assets) 1,051 169 1,220 Total market value of scheme assets 212,806 16,740 229,546 Present value of scheme liabilities (200,210) (21,061) (221,271) Net pension scheme asset (liability) 12,596 (4,321) 8,275
114 RNIB Group < Back to Contents b. Scheme assets and liabilities RNIB Associated charities Total £’000 £’000 £’000 2014 Scheme assets at fair value Equities 103,282 8,550 111,832 Corporate and other bonds 16,511 5,105 21,616 Fixed interest gilts – 80 80 Index-linked gilts 40,464 – 40,464 Property (including unit trusts) 14,085 1,086 15,171 Cash and other (including net current assets) 1,415 93 1,508 Total market value of scheme assets 175,757 14,914 190,671 Present value of scheme liabilities (169,275) (17,403) (186,678) Net pension scheme asset (liability) 6,482 (2,489) 3,993
The assets of the RNIB Scheme are held with Legal and General plus BlackRock (for equities, bonds and properties). The defined benefit assets are invested according to the Statement of Investment Principles agreed by the scheme Trustees. This sets a benchmark allocation of assets. The defined contribution assets are invested in line with member instructions. RNIB employs a building block approach in determining the long-term rate of return on pension plan assets. Historical markets are studied and assets with higher volatility are assumed to generate higher returns consistent with widely accepted capital market principles.
< Back to Contents Annual Report and Financial Statements 2014/15 115 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
c. Analysis of charge to the SoFA RNIB Associated charities Total £’000 £’000 £’000 Year to 31 March 2015 Current service cost 3,610 153 3,763 Interest cost 7,430 768 8,198 Expected return on scheme assets (9,236) (891) (10,127) Expense recognised in SoFA 1,804 30 1,834 Year to 31 March 2014 Current service cost 3,747 174 3,921 Interest cost 7,209 760 7,969 Expected return on scheme assets (8,643) (832) (9,475) Expense recognised in SoFA 2,313 102 2,415
The above service cost excludes any RNIB, RNIB Charity and Action share RNIB contributions paid to the defined the administrative costs of the scheme. contributions section of the scheme. In 2010, as a part of the recovery plan RNIB contributed to the scheme at the it was agreed that RNIB would make rate of 12.9 per cent of pensionable additional annual contributions of salaries until 31 December 2014 £1million over 17 years, and these and then contributed at the rate of contributions are included in the 12.5 per cent of pensionable salaries. amounts that RNIB contributed to the These rates include the cost of death scheme, referred to above. From 1 April in service insurance cover. During the 2013 these additional contributions year RNIB contributed £4,483,000 reduced to £828,000 per year until (2014: £4,878,000) to the scheme, 30 June 2018. From 1 January 2015 and in the next year RNIB expects to these additional contributions were contribute £3,195,000. In addition, removed. From 1 July 2010 under the RNIB salary sacrifice arrangement
116 RNIB Group < Back to Contents employer contributions and service Contributions on a ‘pay-as-you-go’ cost include the member salary basis are credited to the Exchequer sacrifice contributions while member under arrangements governed by the contributions are shown as £nil. RNIB Superannuation Act 1972. RNIB made also makes contributions to a number contributions to the Teachers’ Pension of other pension schemes including Scheme for 28 employees (2014: 30) the Teachers’ Pension Scheme. The totalling £134,000 (2014: £123,000). Teachers’ Pension Scheme is a defined In addition, Action made contributions benefit scheme for employees who were for one employee totalling £7,000 formerly employed by local education (2014: two employees totalling £13,000) authorities. The Teachers’ Pension to the Teacher’s Pension Scheme. Scheme is an unfunded scheme.
d. Analysis of actuarial gains and losses RNIB Associated charities Total £’000 £’000 £’000 Year to 31 March 2015 Experience gains on scheme assets 27,780 1,340 29,120 Experience gains on scheme liabilities (1,299) (245) (1,544) Losses on scheme liabilities arising out of changes to the actuarial assumptions used (23,046) (2,740) (25,786) Total actuarial gain (loss) 3,435 (1,645) 1,790 Year to 31 March 2014 Experience gains on scheme assets 2,048 66 2,114 Experience gains on scheme liabilities 707 164 871 (Losses) gains on scheme liabilities arising out of changes to the actuarial assumptions used (3,233) 226 (3,007) Total actuarial (loss) gain (478) 456 (22)
< Back to Contents Annual Report and Financial Statements 2014/15 117 Governance and financials
Notes to the financial statements for the year ended 31 March 2015
In accordance with the requirements of FRS17 the full actuarial valuation at 31 March 2009 was updated by Aon Hewitt at 31 March 2013. The principal assumptions they used for this purpose are summarised in the following table.
e. Actuarial assumptions 2015 RNIB 2014 RNIB 2015 Associated 2014 Associated per cent per cent charities charities per cent per cent Discount rate 3.40 4.40 3.10–4.80 4.10–4.40 Inflation assumption (RPI) 2.95 3.35 2.90–3.00 3.30 Inflation assumption (CPI) 1.95 2.35 1.80–2.50 2.30–2.60 Rate of increase in salaries 2.95 3.35 2.80–4.25 3.30–4.40 Rate of increase in pensions payments Pre-1 July 2010 – 5 per cent p.a. cap 2.80 3.05 – – Post-30 June 2010 – 3 per cent p.a. cap 2.10 2.25 1.80–2.50 2.30–2.60 Rate of increase in deferred pensions Pre-1 July 2010 – 5 per cent p.a. cap 2.95 3.35 – – Post-30 June 2010 – 3 per cent p.a. cap 2.95 3.00 1.80–3.00 2.30–3.30
For the RNIB scheme the mortality For a member who retires in 2033 at age beyond the pensionable age of 65 assumptions are based on standard 60 the assumptions are that they will ranges between 22.3 to 23.8 years if mortality tables which allow for future live on average for a further 28.4 years they are male, and 24.5 to 26.7 years mortality improvements. after retirement if they are male and for a if they are female. For future pensioners The assumptions are that a member further 31.1 years after retirement if they their life expectancy beyond the currently aged 60 will live on average for are female, as last year. For schemes pensionable age of 65 ranges between a further 27.4 years if they are male and offered by the Associated Charities, for 24.1 to 25.8 years if they are male and for a further 29.4 years if they are female. current pensioners, their life expectancy 26.5 to 29.0 years if they are female.
118 RNIB Group < Back to Contents f. Changes to the present value of the defined benefit RNIB Associated charities Total obligation £’000 £’000 £’000 As at 1 April 2013 160,826 17,461 178,287 Current service cost 3,747 174 3,921 Interest cost 7,209 760 7,969 Contributions by scheme participants 149 25 174 Actuarial gain (loss) on scheme liabilities 2,526 (390) 2,136 Net benefits paid out (5,182) (627) (5,809) As at 31 March 2014 169,275 17,403 186,678 Current service cost 3,610 153 3,763 Interest cost 7,430 768 8,198 Contributions by scheme participants 138 25 163 Actuarial gain on scheme liabilities 24,345 2,985 27,330 Net benefits paid out (4,588) (899) (5,487) Business combinations – 626 626 As at 31 March 2015 200,210 21,061 221,271
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Notes to the financial statements for the year ended 31 March 2015
g. Changes to the fair value of scheme assets during the year RNIB Associated charities Total £’000 £’000 £’000 As at 1 April 2013 165,221 14,263 179,484 Expected return on scheme assets 8,643 832 9,475 Contributions by the employer 4,878 355 5,233 Contributions by scheme participants 149 25 174 Actuarial gain on scheme assets 2,048 66 2,114 Net benefits paid out (5,182) (627) (5,809) As at 31 March 2014 175,757 14,914 190,671 Expected return on scheme assets 9,236 891 10,127 Contributions by the employer 4,483 418 4,901 Contributions by scheme participants 138 25 163 Actuarial gain on scheme assets 27,780 1,340 29,120 Net benefits paid out (4,588) (899) (5,487) Business combinations – 51 51 As at 31 March 2015 212,806 16,740 229,546 Actual return on scheme assets 2014 10,691 898 11,589 2015 37,016 2,231 39,247
120 RNIB Group < Back to Contents h. Historical scheme information 2015 2014 2013 2012 2011 £’000 £’000 £’000 £’000 £’000 RNIB Fair value of scheme assets 212,806 175,757 165,221 148,987 136,592 Defined benefit obligation (200,210) (169,275) (160,826) (160,533) (134,869) Surplus (deficit) in the scheme 12,596 6,482 4,395 (11,546) 1,723 Gain on scheme assets 27,780 2,048 8,110 3,405 1,318 (Loss) gain on scheme liabilities (24,345) (2,526) 7,193 (18,865) 7,804 Total actuarial gain (loss) in year 3,435 (478) 15,303 (15,460) 9,122 Cumulative amount of loss recognised in SoFA (5,513) (8,948) (8,470) (23,773) (8,313) Associated charities Fair value of scheme assets 16,740 14,914 14,263 13,018 12,880 Defined benefit obligation (21,061) (17,403) (17,461) (15,985) (15,194) Deficit in the scheme (4,321) (2,489) (3,198) (2,967) (2,314) Gain (loss) on scheme assets 1,340 66 756 (402) 156 (Loss) gain on scheme liabilities (2,985) 390 (1,124) (413) 1,034 Total actuarial (loss) gain in year (1,645) 456 (368) (815) 1,190 Cumulative amount of loss recognised in SoFA (4,345) (2,700) (3,156) (2,788) (1,973)
The historical scheme information under ‘Associated charities’ for 2009 excludes some information relating to CIB as this was not available.
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Notes to the financial statements for the year ended 31 March 2015
23. Group commitments a. Capital At the year-end, RNIB has no outstanding commitments (2014: £nil). At the year-end no associate or subsidiary entities have any outstanding commitments (2014: £nil). b. Operating leases At the year-end, the Group had the following annual commitments amounting to £1,535,000 (2014: £1,450,000) under non-cancellable operating leases. 2015 2014 £’000 £’000 Land and buildings Expiring within one year 246 81 Expiring between two and five years 458 738 Expiring after five years 391 299 Vehicles Expiring within one year 26 52 Expiring between two and five years 294 207 Equipment Expiring within one year 39 39 Expiring between two and five years 81 34 Total 1,535 1,450
122 RNIB Group < Back to Contents 24. Contingent liabilities As at 31 March 2015 other than the Pensions Trust Growth Plan contingent liability disclosed in the ‘Pension costs’ note (note 22) there is a liability in respect of CIB relating to the Cardiff and Vale County Council Pension Scheme additional employers contributions amounting to £nil (2014: £65,700). 25. Grants receivable During the year, RNIB received a number of grants and other funding resources, which are required by the donors to be shown in our annual financial statements.
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Source Purpose £’000 Big Lottery Fund AdvantAGE Wales Eye Patient Advocacy Service 67 Basic Online Skills: Online Today! 472 Bright New Futures: Future In-Sights 196 Connecting Older People: Looking Forward 170 Empowering Young People Programme: Realise 108 Investing in Communities: Looking to the Future 85 People and Places – All Wales Welfare Rights Service for People with Sensory Loss 150 Safe and Well Programme: Lisburn in Focus Northern Ireland 133 Support and Connect: Advice Plus 130 Young Start Programme: Education, Respect and Awareness 21 Big Lottery Fund – Reaching Communities Trainee Grade Scheme: Extending the Reach 112 Heritage Lottery Fund CultureLink South East 21 Seeing our History Scotland 28 European Social Fund Eye Work 201 Special EU Programmes Sensory Engagement Programme 5 European Union (Lifelong Learning) VISAL 25 29 May 1961 CT General support 5 Alcon Eye Health Projects 31 Vision Conference 5 Allergan Eye Health Projects 88 Awards for All Family activity days 5 Awareness Fund Employment 8
124 RNIB Group < Back to Contents Source Purpose £’000 B & P Glasser CT General support 5 Barbour Paton CT General support 66 Bayer Eye Health Projects 21 Vision Conference 10 BBC Children in Need Building parent and peer support for blind and partially sighted children 24 Bòrd na Gàidhlig – Taic Freumhan Gaelic Transcription Coimhearsnachd 1 Bradford Clinical Commissioning Group Diabetes Self Help Folder and Coaching 43 Brian Mercer CT Children’s Giant Print 15 British Council Youth in Action Northern Seeing Eye to Eye Ireland 4 Carmen Butler Charteris CT General support 35 Chalcroft General support 5 Children & Young People’s Strategic Family support Partnership, Health and Social Care Board 11 Constance Travis Trust Housing – London and South East 6 Coopers Hill Trust General support 6 Creative Scotland Public Engagement fund: the Arts Gallery 5 Department of Health (Innovation, Commissioning for Effectiveness and Efficiency Excellence and Strategic Development) 74 EIRECS Early Intervention and Rehabilitation in Eye Care Services 37 Electronic Certification of Visual Impairment 80 Support for Early Reach in Clinics and Hospitals (Search) Project 68
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Source Purpose £’000 Dickinson CT General support 6 Dundee Reshaping Care for Older People: Capacity Dundee Carers Champions Building Fund 9 Edith Lilian Harrison 2000 Foundation National Talking Newspapers and Magazines 10 Florence Violet McCaffery Trust General support 40 Harbell Centenary Fund National Talking Newspapers and Magazines 7 Highland Trust General support 7 HMRC Right First Time Project 55 Targeted tax help for people with sight loss 85 Hugh Fraser Foundation Vision support Tayside 5 Inman Charity National Talking Newspapers and Magazines 5 Jack Simmons Will CT Talking Books 8 Liz & Terry Bramhall Foundation Talking Books 10 Loppylugs & Barbara Morrison CT General support 7 Melbreak Trust Housing 5 Middleton for the Blind Manchester Team 12 Miss Kathleen Beryl Sleigh CT General support 7 Mr & Mrs J T Morgan Foundation Housing 5 Myristica Trust Talking Books 5 NHS Fife Carers Fund Bridge to Vision 2014 23 RNIB Carers Café 2014 5
126 RNIB Group < Back to Contents Source Purpose £’000 NESTA Time to Talk 130 Norman Dawson CT Giant Print 5 Northwood CT Pathways Fife 7 Novartis Pharmaceuticals UK Ltd Economic research on the impact of Eye Clinic Liaison Officers 101 Eye Health Projects 57 Contribution towards the development and suitability of Vision Support Service in Scotland 50 PF CT Employment 5 General support 5 Peacock CT National Talking Newspapers and Magazines 11 R H Scholes CT Load2Learn 5 Relief in Sickness Fund General support 5 Roger de Haan CT RNIB Read Kent 5 Scottish Government Autism Strategy Fund Autism Development Fund 51 Scottish Government Self Directed Self Directed Support Support Fund 77 Scottish Government – Bridge to Vision Dementia Project Sensory Impairment Strategy Fund 80 Scottish Government – Investment in staff training Voluntary Sector Development Fund 16 Scottish Natural Heritage – Year of Natural Heritage – Insight Outdoors Natural Project Grant 6 Self Management IMPACT Fund You Care Eye Care for Scotland 22 Shared Care Scotland – Better Breaks Fund RNIB Activate 2014 40
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Notes to the financial statements for the year ended 31 March 2015
Source Purpose £’000 Shenmore Trust Talking Books 10 Smith CT General support 5 Southern Trust Parenting Education and Support 56 State Street Community Support Provide non-residential courses to blind and partially Programme sighted jobseekers across Scotland 28 Thornton Foundation Housing 5 WT Mattock CT Talking Books 10 Wales Council for Voluntary Action – Engagement Gateway for blind and European Social Fund, Engagement partially sighted people Gateway Phase II 4 Wales Council for Voluntary Action – ILM for blind and partially sighted people European Social Fund, Intermediate Labour Market 9 Wales Council for Voluntary Action – Young Person’s Ambassadors Project GwirVol 10 Weinstock Fund Housing 8 Welsh Government – CFOG Children and Families Organisational Grant 47 Welsh Government Get On Board 10 Welsh Government – SHMG Learning Disabilities Guidance 5 Welsh Government – Section 64 North Wales Partnership and Development 29 Youth Council for Northern Ireland Work It Out 5 Policy on relationships with pharmaceutical companies We will withdraw from any initiative that jeopardises our RNIB provides services to those with sight problems, independence. RNIB will not embark on, or continue with, any works to prevent avoidable blindness, and campaigns for sponsorship arrangement or collaborative venture which might positive change. These functions will not be influenced in damage its independence. Alcon, Allergan, Bayer and Novartis any way by our relationship with pharmaceutical companies Pharmaceuticals UK Ltd are all pharmaceutical companies. or by acceptance of grants or sponsorships from them. 128 RNIB Group < Back to Contents RNIB Acknowledges support from
Scottish Government for the following Department for Employment and projects: Bridge to Vision Dementia Learning NI and European Union Bòrd na Gàidhlig – Taic Freumhan Project, Autism Champions, Self Directed European Social Fund for Eye Work Coimhearsnachd for Gaelic Transcription Support and Insight to Health
Shared Care Scotland – Better Breaks Voluntary Action Fund and Glasgow Interreg for Sensory Fund for RNIB Activate 2013 Third Sector for Looking Forward 2012 Engagement Programme
European Social Fund Wales for Department of Social Development for Scottish Natural Heritage for Engagement Gateway for Blind and Campaigner’s Active Network Insight Outdoors Partially Sighted People
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Notes to the financial statements for the year ended 31 March 2015
Wales Council for Voluntary Action Heritage Lottery Fund for the following – GwirVol for Transcription Centre projects: A Sense of the Past, Museums Awards For All for Volunteering Opportunities In Focus and CultureLink South East Connecting Communities
Big Fund – Young Start for Education, Big Lottery Fund for Future In-Sight and Respect and Awareness (ERA) Wales Eye Patient Advocacy Service
Big Lottery Fund for the following projects: Looking Forward, Realise, Lisburn in Arts Council England for Opening Up Focus , Talk and Support – Supporting our Volunteers through Mentoring, Trainee Creative Culture Grade Scheme – Extending the Reach, and OPTiC (Older People Taking Control)
130 RNIB Group < Back to Contents Who’s who at RNIB
Patron, President and Honorary officers Group Director, People Vice-Presidents Corinne Mills Chartered FCIPD Kevin Carey MA (Cantab) MA (Kings (from 1 April 2015) Patron College, London) – RNIB Group Chair HM The Queen Group Director, Resources Derek Child MA – RNIB Group Vice-Chair, Keith Hickey BSc MSc FCCA DChA President Internal Affairs (until 30 June 2014) (until 23 April 2015) Dame Gail Ronson DBE Eleanor Southwood MA (Oxon) – RNIB Rohan Hewavisenti M.Eng ACA Vice Presidents Group Vice-Chair, External Affairs (until (from 24 April 2015) Sir John Beckwith CBE 30 June 2014) RNIB Group Vice-Chair The Rt Hon David Blunkett (from 1 July 2014) Management Director, Engagement, Richard Brewster RNIB Charity Terry Moody BA, MA – RNIB Honorary Fazilet Hadi BA (Hons) Professor Ian Bruce CBE Treasurer (until 29 May 2014) Jeremy Bull Managing Director, Places, Alan Tinger FCA CCMI – RNIB Honorary Haruhisa Handa RNIB Charity Treasurer (from 1 July 2014) Dr Euclid Herie Sally Harvey BA (Hons) Lady Jarvis Managing Director, Solutions, Penny Lancaster-Stewart Chief Executive Officer RNIB Charity Lord Low of Dalston CBE and members of Strategic Neil Heslop OBE LLB (Hons) MBA CIM Trevor Pears CMG Management Team (Dip.M) Sir Mike Rake Chief Executive, Action for Blind People Chief Executive Officer Dr Dermot Smurfit Miriam Martin Lesley-Anne Alexander CBE MSc Rod Stewart CBE The Rt Hon Earl of Stockton Group Director, Fundraising Sir Duncan Watson CBE Wanda Hamilton BA (Law) MInstF (until 22 April 2015) His Grace The Duke of Westminster KG, CB, CVO, OBE, TD, CD, DL
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Who’s who at RNIB
Professional advisers Solicitors Farrers & Co Independent Auditors 66 Lincolns Inn Fields PricewaterhouseCoopers LLP London 1 Embankment Place WC2A 3LH London WC2N 6RH Actuary advisers Towers Watson Investment advisers 21 Tothill Street AON Hewitt Ltd London 3 The Embankment SW1H 9LL Sovereign Street Leeds Bankers LS1 4BJ Royal Bank of Scotland plc Marylebone Road and Property advisers Harley Street Branch Knight Frank 10 Marylebone High Street 55 Baker Street London London W1A 1FH W1U 8AN
Solicitors Bates Wells & Braithwaite 2-6 Cannon Street London EC4M 6YH
132 RNIB Group < Back to Contents Board of Trustees UK Members’ Forum. He is the President partially sighted people, particularly in Members of the Board of Trustees of the Transforming Braille Group LLC overcoming barriers to employment. during the financial year are listed below. and a Trustee of G3ict. He is Chairman Ellie is also a Trustee of RNIB Charity. Following a re-structure within RNIB of the Government’s Alliance for Digital Alan Tinger Accessibility and a regular contributor Group the Board was reconstituted Honorary Treasurer from 1 July 2014 to Ability magazine. Kevin has published with 10 Trustees with effect from 1 July (2 of 4) nine books and is a Lay minister in the 2014. A number of Trustees ceased to Alan is a Chartered Accountant Church of England. Born with little sight, be members of the RNIB Group Board and a Companion of the Chartered he lost his residual vision in his mid 20s. of Trustees on that date and were Management Institute. He spent many He lives with his wife Margaret in Sussex. appointed to the newly established RNIB years in Board roles in Corporate Kevin is also a Trustee of RNIB Charity. Charity Board of Trustees. The number Opticians Groups and is currently in brackets after each name represents Eleanor Southwood Chairman of the LOC Central Support attendance at Board of Trustee meetings RNIB Group Vice-Chair from 1 July Unit (LOCSU) which supports Local during 2014/15 of those they were 2014 (3 of 5) Optical Committees in England, eligible to attend. Current members Ellie became a Trustee in 2010. particularly in commissioning optical of the Board of Trustees together with Following two years as RNIB Vice-Chair - community services, a Director of a brief biography of each individual External Affairs, she became Vice-Chair the Federation of (Ophthalmic and are listed first below. Full details of of the newly constituted RNIB Group Dispensing) Opticians (FODO), and a membership of committees are available Board in July 2014. She is a governor member of the Optical Confederation from the Governance team at RNIB’s of RNIB Sunshine House School. Ellie’s Leaders Group. He has kept up his long Judd Street address. 80 per cent of the career spans the public, private and standing interest in taxation, corporate Board are blind or partially sighted. non-profit sectors. She is currently a structures, governance and optical Kevin Carey consultant to non-profit organisations regulation and is a Consultant to FODO RNIB Group Chair (4 of 5) on senior recruitment, executive team on finance, taxation, professional liability, Kevin Carey is in his second term as development and organisational legal defence and the future of the Chair of the RNIB Group, having held change. Ellie’s commitment to the optical market. Alan is also a Trustee of this office since 2009, prior to which RNIB Group comes from personal Action for Blind People and Chair of a he was Vice-Chair from 2000/09. experience, having been born with no Registered Housing Association. He also chairs RNIB’s Governance and useful sight. She is passionate about Remuneration Committees, and the improving opportunities for blind and
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Margaret Bennett agenda across the whole organisation, Vidar Hjardeng MBE (5 of 5) specifically by identifying opportunities (4 of 5) resigned 23 May 2014, Margaret is in her second term of office for margin enhancement, leading the reappointed 1 July 2014 as a Trustee, having first been appointed delivery of transformation programmes, Vidar has a long-previous association to the Board in 2010. She is the Chair evaluating acquisition and divestment with RNIB, having served on the Board of RNIB’s Places Standing Board. opportunities. He has over 15 years’ in the past. He returned to the Board A Chartered Accountant by profession, experience across a wide range of in July 2014 as one of two new her portfolio of work includes Finance sectors. He is married with children independent Trustees. A broadcast Director of Tinder Foundation and acting and lives in Hertfordshire. Simon is journalist by profession, he is now a as a mentor and coach for voluntary also a Trustee of RNIB Charity. consultant with ITV News and has spent sector leaders. Previous roles included Dr Heather Giles much of his career working for the Deputy Chief Executive of the Learning (3 of 5) broadcaster nationally and regionally. and Skills Improvement Services, a Heather is in her second term of office He lives in the Midlands and with senior Civil Servant and Chief Executive as a Trustee, having been re-appointed personal experience of visual of the National Library for the Blind. to the Board in 2014. She is the Chair impairment, is proud of his association She lives in Sheffield and is partially of RNIB’s Engagement Standing Board. with charities working with, and for, sighted. Margaret is also a Trustee of Professionally, she has held senior fellow blind and partially sighted people, RNIB Charity. scientific positions in the pharmaceutical including Focus Birmingham, for which Simon Finnie industry and has a PhD in Pharmacology. he now works as an External Relations Consultant on a part-time basis, the (5 of 5) She is currently Chief Scientific Officer National Audio Description Charity, Simon is in his first term of office as a for a small pharmaceutical company. and Vocal Eyes which he chaired for Trustee, having been appointed to the Heather has a personal understanding four years up until 2012. Vidar is an Board in 2014. He is the Chair of RNIB’s of the challenges facing people with independent Trustee of RNIB. Solutions Standing Board. Simon is the sight loss because she is partially Group Performance Director for Kier, the sighted herself, and also, even before FTSE-250 Construction and Services becoming a Trustee, she was supporting Group. As part of Kier’s Executive RNIB’s work as a local campaigns Management Team, he is responsible volunteer. She lives in London and is for driving the strategic improvement also a Trustee of RNIB Charity.
134 RNIB Group < Back to Contents Terry Moody very ably equipped to fulfil his role as The following members (5 of 5) resigned 29 May 2014, RNIB’s Trustee volunteering champion. served on the Board until reappointed 1 July 2014 Mike holds a number of other the date shown: Terry has a long involvement with RNIB’s appointments including as a Trustee governance having served three terms of Guide Dogs for the Blind Association, Linda Bancroft as RNIB Group’s Honorary Treasurer. a Trustee of Vision 2020 UK and the (1 of 1) (until 30 June 2014) He rejoined the Board as an independent Equality and Diversity Forum. Trustee in July 2014. With an academic Derek Child David Quigley (1 of 1) (until 30 June 2014) background in economics and finance, (5 of 5) Ian Jentle he has recently retired from Glasgow David joined the Board in 2012, (1 of 1) (until 30 June 2014) University where he was a senior lecturer following election by the UK Members’ in economics. He is blind, married Forum. He graduated from Magdalen Tanya Lawler with a son and lives in Glasgow. College, Oxford, with a Masters degree (0 of 1) (until 30 June 2014) Terry is an independent Trustee of RNIB. and three scholarships in History. David Mann Dr Mike Nussbaum He is also a graduate of the Chartered (1 of 1) (until 30 June 2014) (5 of 5) Institute of Personnel and Development Mike joined the Board in May 2011 and a member of the Institute of Ken Reid and is the Chair of Action for Blind Healthcare Management. He has 30 (1 of 1) (until 30 June 2014) People, one of RNIB’s Associate years of NHS general management Tony Rucinski Charities. He was forced to cut short experience, including roles as executive (1 of 1) (until 31 May 2014) commissioning director and primary his career as a research chemist Paul Ryb after his eyesight suddenly failed. care director and specialised in service (0 of 1) (until 30 June 2014) However, he soon forged a second redesign, performance improvement and career in local government and public turnaround. He is registered with severe Mike Townsend policy development. He was Chair of sight impairment and lives with his wife (0 of 1) (until 30 June 2014) Volunteering England for seven years in Greenwich, London. David is also a until September 2009 and therefore, Trustee of RNIB Charity.
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Independent members of the UK Members’ Forum Audit Committee Our UK Members’ Forum gives us a Michael Barber closer rapport with our membership. The forum is a place for membership Nick Goddard representatives to come together and Frances Teague discuss the issues of importance to them. These issues then go forward to the Board of Trustees. It gives our members a direct link to RNIB’s most senior governing body and helps identify and shape major strategy, policy and service issues. The UK Members’ Forum meets twice a year (one meeting includes the Annual General Meeting). It is supported by local member forums – nine in England, one in Northern Ireland, one in Scotland and one in Wales. As well as enabling our members to have a direct role in shaping our strategy, the UK Members’ Forum increases opportunities for interaction between members at a local and national level. All members are invited to the forum meeting in their region or country, and each forum chooses its representatives to the UK Members’ Forum.
136 RNIB Group < Back to Contents UK Members’ Forum East Midlands North East Representatives Gordon Chandler Peter Bennetts (until 31 December 2014) South East Sophia Chandler (Region chair) John Godber (from 1 January 2015) Jillian Grant (Region chair) Timothy Bamber Marcia Holder (until 31 December 2014) Chris Grethe (from 1 January 2015) Kevin Deacon Gena Parker Robert Potter Brian Payne (until 31 December 2014) Denise Ross Mike Pearson (Region chair) West Midlands Alison Wheatley (from 1 January 2015) Michael Radford (from 1 January 2015) Mohammed Abbas-Rashid Wales South West Mike Hughes (from 1 January 2015) (Region chair) Peter O’Driscoll Elli Bennett (from 1 July 2014) Patricia Mulqueen-Wood Rose Hepburn (until 31 December 2014) Helen Mathias Mark Williams Frances (Faye) Jones MBE David Ridgway Mark Matthews (from 1 January 2015) John Vickery (Region chair) Yorkshire and the Humber Robert Teague Liz Frankland London David Haynes Scotland Maggy Bower (until 30 June 2014) Roy Ruddick BEM Amanda Burt Elizabeth Cooke Barbara Stephenson (Region chair) Rod Murchison Jim Leeder Hussein Patwa Jackie Venus (Region chair) North West Sandra Wilson Michael Allen (Region chair) East of England Anne Bradbury Northern Ireland Michael Cassidy (Region chair) Hayley Anne Reed Paula Meenan (until 9 September 2014) Marian Knights Anne Rigby Brian Murray (from 1 January 2015) Marion Mansfield Jim Nash (from 1 January 2015) Wayne Witney Alan Owens
< Back to Contents Annual Report and Financial Statements 2014/15 137 Contact us This report is available in print, braille and audio CD. To order contact the RNIB Helpline. RNIB 105 Judd Street The latest Annual Report and Financial Statements London are available to download from our website in both WC1H 9NE PDF and Word at rnib.org.uk. The Word version is t: 020 7388 1266 available to enable effective use by people who need to use screen reader technology and are unable to RNIB Cymru use the PDF. If you are sent a Word version of our Jones Court Annual Report and Financial Statements from a Womanby Street source you are unsure of, please refer to our website. Cardiff CF10 1BR t: 029 2082 8500
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