RNIB Group Annual Report and Financial
Statements 2014/15
Contents
2
At a glance – 2014/15 highlights
2
Chair and Chief Executive introduction
4
Structure and objectives
13 Trustees’ strategic report
13 Our strategy
14 Our values
15 Our commitment to change
15 Our work
33 Other information
53 Governance and financials
53 Independent auditors’ report
57 Consolidated statement of financial activities
64 Balance sheets
67 Group cash flow statement
72 Notes to the financial statements
170 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
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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
We have provided advice services to over 60,000 blind and partially sighted
people
94 per cent of children and young people in our schools and college achieved
their individual targets.
Over 20,000 of our Talking Books are available for download via RNIB
Overdrive.
Chair and Chief Executive introduction
Kevin Carey Chair Lesley-Anne Alexander CBE Chief Executive Overview As a
group of charities, RNIB, Action for Blind People, Cardiff Institute for the Blind
and RNIB Specialist Learning Trust are united in making every day better for
everyone affected by sight loss.
For people living with sight loss today, the world can be a tough place.
Continued cuts to services and income, an uncertain political future and the risk
of isolation and depression all impact on the quality of life for someone with a
sight problem. Every day of this year we have worked to ensure newly
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diagnosed people are reached sooner, people are supported to live the
independent lives they choose, society is a more inclusive place and no one
needlessly loses their sight.
In the next 15 minutes someone’s life will change forever. Someone will feel
more alone than they have ever felt before. Someone’s future will feel bleak.
Uncertain. Even terrifying. In the next 15 minutes, someone will be told they are
losing their sight. This year we have worked to ensure more eye departments in
the UK have access to a qualified sight loss adviser. This is a huge job but one
that is absolutely necessary so people get the practical and emotional support
they need to face the future without fear.
Everyone is different and will want a different level of independence – our job is
to make sure people get the right mix of skills and tools to make confident
choices. This year we have worked to provide advice services to over 66,000
people, we have extended our confidence-building services to support over
21,000 people, we have identified £14.8million in unclaimed benefits and
provided over 1,500 people with peer support through our telephone-based Talk
and Support groups. Despite the continuing problems with the Access to Work
scheme, which we challenged at a Select Committee Inquiry, we have
supported 647 people to get or keep a job.
Getting out and about with confidence is essential and this year we have
campaigned to make that a less daunting experience. Throughout the year we
have been in negotiation with Stagecoach, Go Ahead Group and Arriva for the
implementation of the bus charter, with First Bus and five other operators
already signing up. We launched a report called “Who put that there?” based on
feedback from 500 blind and partially sighted campaign supporters to increase
awareness of the challenges of the street environment.
Technology is changing the lives of people with sight loss. We have supported
nearly 7,000 people of all ages through our UK digital inclusion services to
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develop confidence in using technology. We have now made over 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 macular
oedema. We have also 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.
This has been the first year of our current 2014/19 strategy and inside this report
you will find out more about the progress we have made towards achieving our
goals.
Everything we have achieved this year has only been possible through the
generosity and commitment of our supporters. A huge thank you to our donors
and the people who leave us a legacy in their will. Thank you to the local
fundraising groups for the work with their local communities to raise money for
us.
Thank you to our army of volunteers whose time helps us to deliver vital
services. Thank you to the people who step forward to campaign at a local and
national level to fight for the rights of blind and partially sighted people
everywhere.
Each and every one of you, along with the dedicated staff of RNIB, Action for
Blind People, Cardiff Institute for the Blind and RNIB Specialist Learning Trust,
is making a huge difference to the lives of people with sight loss in the UK.
Kevin Carey Chair
Lesley-Anne Alexander CBE Chief Executive
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Structure and objectives
Our legal structure
Royal National Institute of Blind People (RNIB) is a registered charity, number
226227, in England and Wales and number SC039316 in Scotland. Established
in 1868, RNIB was incorporated under Royal Charter in 1949, with a
Supplemental Charter in 1993 (revised in 2007 and 2014).
In April 2014, RNIB Charity was set up (company number 08971500, charity
number 1156629; charity number SC044876 in Scotland and 1173 in the Isle of
Man (foreign company number 5909F)). On 1 July 2014, we restructured the
RNIB group of charities in order to support the effective delivery of our new
strategy. RNIB Charity and Action for Blind People, both subsidiaries of RNIB,
will provide a focus for customers in terms of service delivery. We have also
amalgamated our support functions into RNIB to ensure efficiencies for all
charities within the Group.
RNIB is governed by a Trustee Board. Until 30 June 2014, this consisted of 18
people and now consists of 10 people. The Trustee Board meets a minimum of
four times a year and takes all important strategic, policy and financial decisions,
and has overall responsibility for RNIB Group activities. There are no restrictions
on the way in which RNIB can operate.
Until 30 June 2014, a number of Trustees were elected to serve on the Board;
five Trustees were elected by the English region representatives of the UK
Members’ Forum and the RNIB Cymru, Northern Ireland and Scotland Member
Forums elected a Country Chair who automatically became a Trustee on the
Board. RNIB’s Honorary Officers were elected by an electoral college
comprising members of the Board and the UK Members’ Forum. Additionally, a
proportion of our Trustees were appointed by the Board itself, following a
process of open competition. Trustees served a three-year term of office,
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following which they could choose to retire or seek re-election/re-appointment.
However, no Trustee could serve for more than three consecutive terms of three
years of office, unless they became one of the RNIB’s Honorary Officers (RNIB
Group Chair, Vice-Chairs or Honorary Treasurer) when they could serve for no
more than three consecutive terms of three years in that capacity.
From 1 July 2014, six Trustees are nominated by RNIB Charity and two
Trustees are nominated by Action for Blind People to serve on the Board. Two
independent Trustees are appointed by the Board itself.
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
established, these are delivered to the Board as a whole.
80% of our Trustees are blind or partially sighted.
How we are managed
Our management and governance structures changed on 1 July 2014. The key
committees that support the Board and a description of their areas of
responsibility are as follows:
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 RNIB Group Audit Committee: overseeing effective auditing, financial
reporting, internal controls and risk management within RNIB
 Executive Committee: (until 30 June 2014) pre-digesting complex matters for
the RNIB Group Board; advises the Board with a view to ensuring the
alignment of budget and service priorities, including consideration of the
budget and business plan
 Fundraising Committee: (from 1 July 2014) supporting the delivery of the
strategic priorities and outcomes in the RNIB Group Strategy 2014/19 by
developing fundraising strategies and advising on key issues relating to their
implementation
 Governance Committee (and Nominations Committee): taking an overview of
the governance arrangements of RNIB and supporting the Board and
Strategic Management Team (SMT) in ensuring that effective governance
structures are in place. Appointing a panel to review nominations and act as
interview panel for Trustee applicants
 International Committee: (until 30 June 2014) delivering the international
element of RNIB Group Strategy 2009/14 and acting as the planning,
coordinating and monitoring forum for RNIB’s international affairs
 Investments Committee: overseeing the effective investment of funds for
RNIB on behalf of the Board. Acting in an advisory role on the effective
investment of funds to the Trustees of the RNIB Retirement Benefits Scheme
 Remuneration Committee: reviewing the salaries for the Chief Executive and
Group Directors and other relevant matters, such as the general position
relating to remuneration at RNIB
 Trustees Review Payments Committee: reviewing whether it is in the interests
of RNIB to pay or contract with Trustees or connected persons or any other
individual involved in RNIB Governance, for the provision of services to the
organisation, rather than any other company or individual
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 RNIB Cymru Committee: (until 30 June 2014) taking an overview of the
arrangements and range of services for blind and partially sighted people in
Cymru and supporting the Board and SMT in ensuring that appropriate
arrangements are in place within the context of RNIB Group’s Strategy
 RNIB Northern Ireland Committee: (until 30 June 2014) taking an overview of
the arrangements and range of services for blind and partially sighted people
in Northern Ireland and supports the Board and SMT in ensuring that
appropriate arrangements are in place within the context of RNIB Group’s
Strategy
 RNIB Scotland Committee: (until 30 June 2014) taking an overview of the
arrangements and range of services for blind and partially sighted people in
Scotland and supports the Board and SMT in ensuring that appropriate
arrangements are in place within the context of RNIB Group’s Strategy.
The three committees for Cymru, Northern Ireland and Scotland are now part of
the governance structure of RNIB Charity.
The day-to-day management of RNIB is delegated to SMT. Until 30 June 2014
this comprised the Chief Executive and the Group Directors of:
 Supporting Independent Living;
 Inclusive Society;
 Solutions; Fundraising;
 Resources; and
 the Chief Executive of Action for Blind People.
Following the restructure on 1 July 2014, SMT comprised the Chief Executive
and the:
 Group Director, Fundraising;
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 Group Director, Resources;
 Managing Director, Engagement of RNIB Charity;
 Managing Director, Places of RNIB Charity;
 Managing Director, Solutions of RNIB Charity; and
 the Chief Executive of Action for Blind People.
On 1 April 2015, we added a Group Director, People to SMT. The Chief
Executive of RNIB, with the support of the rest of SMT, reports to the Board of
Trustees for approval of all major decisions. Full details of SMT can be found in
the section “Who’s who at RNIB”.
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
Trustees are blind or partially sighted. Currently, 80 per cent of our Trustees are
blind or partially sighted. It is our intention that in time all members of the UK
Members’ Forum are blind or partially sighted.
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Our registered office
We are registered at 105 Judd Street, London WC1H 9NE
Telephone 020 7388 1266.
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ strategic report and the
financial statements in accordance with applicable law and regulations.
The law applicable to charities in England & Wales and Scotland requires the
Trustees to prepare financial statements for each financial year. Under that law
the Trustees have prepared the financial statements in accordance with UK
Generally Accepted Accounting Practice (UK Accounting Standards and
applicable law). Under that law the Trustees must not approve the financial
statements unless they are satisfied that they give a true and fair view of the
state of the affairs of the charity and the Group and of the incoming resources
and application of resources of the charity and the Group for that period. In
preparing these financial statements, the Trustees are required to:
 select suitable accounting policies and then apply them consistently;
 observe the methods and principles in the Charities SORP;
 make judgements and estimates that are reasonable and prudent;
 state whether applicable UK Accounting Standards have been followed,
subject to any material departures disclosed and explained in the financial
statements; and
 prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the charitable company will continue in
business.
The Trustees are responsible for keeping accounting records that are sufficient
to show and explain the charity’s transactions and disclose with reasonable
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accuracy at any time the financial position of the charity and the Group and
enable them to ensure that the financial statements comply with the Charities
Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the
Charities and Trustee Investment (Scotland) Act 2005 and the Charities
Accounts (Scotland) Regulations 2006 (as amended). They are also responsible
for safeguarding the assets of the charity and the Group and hence for taking
reasonable steps for the prevention and detection of fraud and other
irregularities.
The Trustees are responsible for the maintenance and integrity of the charity
and financial information included on the charity’s website. Legislation in the UK
governing the preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
RNIB members form a strong community and voice for blind and partially
sighted people.
Statement of public benefit
The Trustees confirm that they have complied with the duty in section 17 of the
Charities Act 2011 to have due regard to the Charity Commission’s general
guidance on public benefit, “Charities and Public Benefit”.
RNIB’s charitable objects are enshrined within its Charter and as such the
Trustees ensure that this Charter is carried out for the public benefit through our
three strategic priorities. This is done through delivery of services that whilst
aimed primarily at those who are blind or partially sighted, are where appropriate
open to all who might benefit throughout the UK.
Membership of RNIB is not a requirement to use our services.
Where we provide specialist services or products for which we charge and these
are supplied directly to blind and partially sighted people then we provide a
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significant subsidy for these from our own charitable funds. Where fees are paid
through central or local government or commercial organisations then the
pricing model covers the costs for the delivery of the service and long-term
maintenance and development. We also where necessary provide individuals
with access to assistance in applying for funding.
This report allows us to show how our charitable funds are distributed and
spent, and the benefits and impact that has on those using the services and the
wider impact on society for the reported year and in the future.
Relationship with other charities
We maintain close links and support the aims of other organisations such as
local, national and international charities working with or for people with sight
problems. We also work closely with other disability charities on issues of
mutual concern. We deliver services in partnership with some societies for blind
and partially sighted people, and some of our funding comes from charities and
trusts which support our aims.
Between April 2009 and February 2010, we formed associations with Action for
Blind People (Action) and Cardiff Institute for the Blind (CIB) enabling us to
share skills and expertise to reach more people with sight problems in a more
cost- effective way.
In September 2010, the Charity Commission approved a scheme whereby RNIB
became the sole Corporate Trustee of the Glynn Vivian Home of Rest for the
Blind (Glynn Vivian). This charity operated a Care Home in Wales which had
closed prior to us becoming the sole Trustee. The Home has now been sold and
the proceeds of the sale have been used for services to blind and partially
sighted people in Wales.
In April 2013, RNIB Specialist Learning Trust was set up as an Academy Trust,
which then took on responsibility for the Three Spires School in Coventry in
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September 2013, which provides education for primary-aged pupils with special
educational needs.
In April 2014, RNIB Charity was set up. On 1 July 2014, we restructured the
RNIB group of charities in order to support the effective delivery of the new
strategy. RNIB Charity will provide a focus for customers in terms of service
delivery.
Our associations enable us to share skills and expertise to reach more people
effected by sight loss.
Trustees’ strategic report
13 Our strategy
14 Our values
15 Our commitment to change
20 Our work
33 Other information
Blind and partially sighted people are at our heart and influence everything we
do.
Our strategy
RNIB is passionate about improving the lives of blind and partially sighted
people. Losing your sight can be a frightening, lonely experience. People are at
their most vulnerable soon after diagnosis. Blind and partially sighted people
want to live independently so they make the most of their lives. They want
society to include them as equal citizens and consumers. And we, of course,
want fewer people to lose their sight.
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So for our new strategy, we will support many more people to make the most of
their lives, influence society to include blind and partially sighted people, and
work with partners to raise awareness about sight loss. And, above all, we will
be there so that everyone with serious sight loss gets the practical and
emotional support they need to rebuild their lives.
We are committed to maintaining our focus on outcomes for blind and partially
sighted people so we have devised an innovative way to monitor the impact our
services have. For each of our nine 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.
Our ambition for the 2014/19 strategy is to make every day better for everyone
affected by sight loss.
Our values
We have adopted a set of values that describe our ethos and drive our
behaviours: we are led by blind and partially sighted people, we are
collaborative, creative, inclusive and open.
Blind and partially sighted people are at our heart and influence everything we
do. Over the past year our membership has grown to 13,548 and we have
extended Action Connect, a community of people affected by sight loss able to
share their experiences with one another and to help us improve what we do by
communicating through digital channels. In 2015/16 we will work with blind and
partially sighted people to shape a new RNIB Group Community bringing
together our campaign supporters, our members and Action Connect, and we
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will launch a development programme to support blind and partially sighted
people to prepare for civic leadership opportunities in the voluntary, statutory
and commercial sectors.
RNIB forms partnerships with leading eye health and sight loss organisations
across the UK to raise awareness of sight loss and build capacity. We founded
the UK Vision Strategy to foster change and improve provision for eye health:
the strategy is the UK’s response to the World Health Organisation’s Global
Action Plan for the Prevention of Avoidable Blindness and we are 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.
Our commitment to change
We want to reach many thousands more people, tripling the number of
customers we serve directly by 2019, so we are committed to continually
improving our services.
Our strategy sets out six change areas; customer engagement, volunteering,
involving blind and partially sighted people, partnerships, accessibility and
digital. To deliver this we are changing what we do by:
 Setting out the standards we want for our customers and how we need to be
set up to deliver them
 Extending our volunteer network and providing more volunteer training
 Developing new ways for people living with sight loss to get involved in our
work across Action and RNIB
 Developing partnerships of all kinds, with a specific focus on local sight loss
charities
 Embedding standards of accessibility across all our activities and processes
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 Getting the right technology and IT infrastructure in place with a central hub
for the knowledge we hold to make it easier to share.
We are committed to continually improving our services.
We are led by blind and partially sighted people.
Our work
Being there – people losing their sight can rebuild their lives.
Right from the first diagnosis everyone affected by sight loss and their families
and friends, need advice and practical and emotional support. We are focused
on making sure more people are reached early.
Outcome 1
Newly diagnosed people with significant deterioration in their sight have
increased emotional well-being, and they, their family and friends have practical
support when they need it to rebuild their lives.
What we have done
We want to make sure no one faces blindness alone so we secured support for
more sight loss advisers (also called eye clinic liaison officers (ECLOs) or vision
support officers) able to give tailored advice and much-needed emotional
support to people in the eye clinic. We have also trained 35 new sight loss
advisers and 169 eye clinic volunteers to provide support in even more
hospitals.
Our impact
RNIB Group sight loss advisers have supported 17,446 people across the UK.
90 per cent of these people say they received all or most of the practical support
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they needed and 87 per cent said they felt either much more or more reassured
after seeing a sight loss adviser.
Impact we aim to achieve in 2015/16
At the moment only 31 per cent of hospital eye departments are covered by a
sight loss adviser service. We want to ensure everyone who experiences sight
loss has emotional and practical support when they need it. We will work with
clinical commissioning groups, hospitals and ophthalmologists to make the case
for sight loss advisers. We will conduct research and evaluation to demonstrate
the value of eye clinic support services. We will work to secure new sight loss
adviser posts across the UK and to protect existing posts. We aim to increase
the number of patients who see a sight loss adviser in 2015/16 to 23,118.
17,446 people across the UK were supported through sight loss advisers.
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
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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.
Independence and Inclusion – blind and partially sighted people can make
the most of their lives and society includes blind and partially sighted
people as equal citizens and consumers.
Blind and partially sighted people should be able to make informed choices
about their lives. There should be access to the support, services, products and
technologies that enable a good quality of life, along with opportunities to
develop the skills for confident living. We are focused on promoting ongoing
independence.
Barriers to using mainstream goods and services result in isolation and
exclusion. We are raising awareness within communities and society to secure
changes in behaviour that result in improved access for blind and partially
sighted people.
Outcome 2
Blind and partially sighted people have the skills, tools, confidence and support
they need to enhance their choice, control, enjoyment and independence in
daily living and make the most of their sight.
What we have done
We have continued to extend our advice and support to ensure more people are
able to maintain control over their own lives. Our advice services have
supported 60,336 blind and partially sighted people. We significantly extended
our services to support 21,125 blind and partially sighted people of all ages to
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live their lives with confidence and to be as independent as they want to be. We
have delivered structured confidence-building programmes across the UK and
we have trained peer facilitators who are blind and partially sighted to share
their experiences with others. 1,563 people have taken part in telephone-based
Talk and Support sessions; we know that for many who find leaving their home
difficult these sessions are the highlight of their week.
Our impact
Our confidence-building programmes are delivered in partnership with local and
national partners, to ensure that everyone attending gets the opportunity to find
out about the broad range of services and support available. With rehabilitation
services 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
We will support 72,400 blind and partially sighted people to live independently
through our Helpline, Advice Service and Emotional Support Service. We will
retain our current Quality marks for our Advice and Legal Rights services.
The new Care Act requires local authorities to provide free rehabilitation
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.
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For the first time in months I had hope and a way of enabling me to do things
independently. Amy
Thinking about the future, when I think about it I’m terrified, losing my
independence. Though I know through RNIB people lead fulfilling lives even
though they’re blind. Barbara
Outcome 3
Blind and partially sighted people, family and carers maximise their income from
benefits.
What we have done
We have worked to maintain the economic independence of more blind and
partially sighted people, their family and carers by ensuring blind and partially
sighted people receive the benefits they are entitled to. The number of people
accessing our service has doubled to 12,392.
Our expert Welfare Advice and Legal Rights teams have supported people to
claim welfare benefits they were entitled to, identifying £14.8million of unclaimed
benefits and we have campaigned tirelessly to maintain the level of eligibility
and entitlement for blind and partially sight people.
Our impact
Our 2012 Annual Report drew attention to our concern that the proposed
change from Disability Living Allowance (DLA) to Personal Independence
Payment (PIP) failed to recognise sight loss is a serious disability and people
who can’t see face extensive and ongoing extra costs. We highlighted a
significant risk that blind and partially sighted people would be hit hard and lose
income as this new benefit was introduced.
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So we worked with blind and partially sighted people to secure clear changes to
the government’s assessment criteria to make sure they would receive PIP to
maintain their independence in areas of life others take for granted, such as
travel and seeing family. Our 2014 Annual Report celebrated the fantastic
success of this work as the government agreed to change the assessment
criteria for PIP to take into account these needs.
We are delighted our research this year has shown the long-term impact of this
work. Sandra is one of many supported by our Welfare Rights service to claim
PIP. It’s important for younger blind and partially sighted people too. Teenager
Sophie told us that the income she gets from PIP is important as it gives her
financial independence from her parents: “It does help because like at the age of
18 you can’t survive off your parents. So to me it’s money to be able to live.”
Impact we aim to achieve in 2015/16
We will take all necessary steps to defend Attendance Allowance, DLA and PIP
to maintain the economic independence of blind and partially sighted people.
The number of people accessing our Welfare Advice Service has doubled to
12,392 and we have identified £14.8 million in unclaimed benefits.
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
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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.
Outcome 4
Blind and partially sighted people are able to get out and about confidently and
safely on their own terms.
What we have done
For many people with sight loss getting out and about is a major challenge.
Blind and partially sighted people have asked us to focus on making public
transport more accessible and street environments safer. So throughout the
year we have been in negotiation with Stagecoach, Go Ahead Group and Arriva
to make bus travel more accessible. We have provided resources that enable
our campaigners to work with and encourage the sign-up of their local
operators. We have run 10 Swap with Me events to improve driver awareness
and behaviour.
We launched a report called “Who put that there?” based on feedback from 500
of our blind and partially sighted campaign supporters, to increase awareness of
the challenges of the street environment for blind and partially sighted people
when they are out and about.
Our impact
We have supported blind and partially sighted people to make their voice heard.
First buses, Go Ahead and Stagecoach have signed up to our bus charter, as
have seven regional bus companies, all making a public commitment to take
into account the needs of passengers with sight loss.
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Our campaigners have used the resources we developed to challenge shared
spaces, lack of crossing points, inaccessible crossings and pavement
obstructions. As a result, a number of schemes across the country have been
reversed, altered or implemented which have made the built environment more
accessible.
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.
“In Nottingham the bus drivers are loads better than they used to be. Some
even get off their bus to alert me they are there if I’m not in calling distance.”
Passenger with sight loss
Some 500 blind and partially sighted campaign supporters have called for safer
streets.
Outcome 5
Blind and partially sighted people are able to make more use of household,
digital, communication and entertainment services, products and technologies.
What we have done
The popularity of our Switch on to technology events and product
demonstrations show there is high demand for advice and support about new
23
technologies. Yet we know from our research the most significant barriers
people with sight loss face to getting on with technology are belief their sight
loss itself is a barrier, a lack of skills or 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.
We have transformed our product services to give customers more choice and
we have developed some pioneering technology partnerships to ensure we
remain at the forefront of technical innovation for blind and partially sighted
people. In response to increasing requests from our readers for a simple digital
download library, we have expanded our Talking Books Service and launched
our new digital library called RNIB Overdrive.
Our impact
We have supported 6,912 people of all ages through our UK digital inclusion
services to develop confidence in using technology. People tell us what a
difference technology makes to their everyday lives.
We have now made over 20,000 of our talking books available for download via
RNIB Overdrive along with podcasts, RNIB Insight Radio content, and our most
popular monthly talking newspapers and magazines. Readers can now
download directly onto their computers, smartphones and tablets, and manage
their own bookshelf, wish list and returns. We have already had some really
positive comments from people who love the idea of being able to choose a
book themselves, and have it downloaded straight onto their device. Brian who
trialled our new service told us: “It was lovely to be able to listen to books on my
iPhone and iPad. It was so easy to use the app, and so nice to listen to books
while I was in the garden or on a long journey.”
24
Impact we aim to achieve in 2015/16
It’s vital we help people make the most of advances in technology so no one is
left behind and we know from our customers that they want us to offer more
information, support and training about technology. So we are absolutely
delighted about the launch of Online Today, a new Big Lottery Fund project led
by RNIB, to help people with sensory loss across the UK get online. Over three
years we’ll reach 2million people with sensory loss to encourage them to get
online and we will deliver face-to-face support to 125,000 people with sensory
loss to give them information and knowledge to increase their skills, enable
them to feel confident using technology and help them to stay safe online.
Online Today is being delivered in partnership with Action for Blind People,
Action on Hearing Loss, Guide Dogs, North Wales Society for Blind People,
Sense and Vision Support.
Ian’s story
“I was a guy who loved his computer, I used BlackBerry products and was into
social media, but in 2011 I suddenly lost my sight. Thanks to RNIB, within a
couple of months I had an opportunity to learn how to use a screen reader on
my laptop with a tutor. Four years on, I have a new computer and the staff at
RNIB Scotland have advised me on technology that I’ve found much easier to
use and provided me with lots of advice. RNIB has been a great source of
information and support. In the last year I’ve went on a voice computing course,
got back into the social media scene that I loved so much and I’m actively in
Twitter and Facebook. And I’m back out there looking for work.”
Over 20,000 of our Talking Books are available for download via RNIB
Overdrive.
25
I have Guide [talking software] for my computer, because I can’t read the
screen. I’m learning to do new things all the time with it. It guides me through the
computer and gives me options about what I can do. Cathy
Outcome 6
Blind and partially sighted learners are able to achieve their potential at school,
college and university.
What we have done
Through the care and education provided by our expert staff at RNIB Pears
Specialist Learning Centre, Sunshine House School and RNIB College
Loughborough we have helped children and young people, including those with
complex needs, to reach their potential and supported their families. We have
worked to influence the Children and Families Act to ensure specialist services
for blind and partially sighted learners are protected and we have equipped
educators to support blind and partially sighted learners. Through Load2Learn, a
web-based service delivered by RNIB and Dyslexia Action, we offer free access
to downloadable resources for schools and colleges to help thousands of
students throughout the UK get access to textbooks in a format which is suitable
to their needs.
Our impact
We are delighted 94 per cent of children and young people in our schools and
college were achieving their individual targets during the last academic year. We
successfully campaigned with parents and other organisations to protect
provision of sensory support for children and young people. And 98 per cent of
professionals who have accessed our resources say they are better enabled to
support blind and partially sighted learners.
26
Impact we aim to achieve in 2015/16
We will maintain and improve the excellent quality of our support to children,
young people and parents provided by RNIB schools, college and family
services. We want every blind and partially sighted child to get the support they
need at school so we will develop a picture of the level and quality of specialist
education support services. We will set criteria for good specialist education
support, including good education, health and care planning, and showcase
examples of best practice and challenge local authorities where education
support services are being threatened.
94% of children and young people in our schools and college achieved their
individual targets.
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
27
Outcome 7
Blind and partially sighted people are able to develop skills to gain and retain
work and to volunteer.
What we have done
We want to equip more blind and partially sighted people with the knowledge
and skills they need to either move closer to the labour market, or into work. So
we have provided 5,034 people with employment advice and support. We have
established a young ambassadors programme so people who we’ve supported
can go on to support others and we have worked with employers to enable them
to employ more blind and partially sighted people.
Our impact
Government sources say only 45 per cent of working age people with sight loss
are in employment so we are delighted that we have supported 647 blind and
partially sighted people to get or keep their job. During 2014, problems with the
Access to Work scheme increased and many blind and partially sighted people
experienced severe delays and/or the provision of inappropriate equipment. We
made representations to a Select Committee Inquiry and to the Department for
Work and Pensions’ (DWP) own review to make sure that the voice of blind and
partially sighted people was heard.
Impact we aim to achieve in 2015/16
We will increase the number of people we support, especially those furthest
from the labour market, to equip them with the skills and tools they need to
progress into work. We will define what constitutes good employment services
and challenge providers who are not delivering positive outcomes for blind and
partially sighted job seekers. We will work to defend and improve Access to
Work support.
28
We’ve supported 647 people to get or keep their job.
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.”
Outcome 8
Information about key services, including health and transactions with key
service providers are accessible to blind and partially sighted people.
What we have done
We have maintained pressure on government services to ensure people with
sight loss are not excluded as all delivery moves to digital by default. We have
particularly focused on ensuring people can access information they receive
from health, employment and banking services. We have supported legal cases
against the Department of Work and Pensions (DWP) for not providing
information in accessible formats, we have supported NHS England to develop
an Accessible Information Standard which will be mandatory from June 2016
and we have continued to promote the need to make cash machines accessible
to blind and partially sighted customers.
29
In response to demand from people with sight loss for assurance on accessible
products and from businesses who want to ensure their products are accessible,
we have launched RNIB Approved. RNIB Approved is our new quality
assurance mark that will help blind and partially sighted people identify products
that are easy to use. Products which are granted RNIB Approved status have to
go through a rigorous process which involves testing by accessibility experts
before being reviewed by a panel of blind and partially sighted people.
Our impact
Our legal representation to the DWP led to a major internal review that has
resulted in the DWP proposing to establish a special unit to deal with accessible
information.
Seven major banks have made a public commitment to introduce talking ATMs
and 42 per cent of all cash machines are now activated to talk (11,894 out of a
possible 28,500 ATMs owned by the big seven banks).
New debit and saving cards launched by Royal Bank of Scotland (RBS) are the
first products to receive the RNIB Approved quality mark. RBS have been
awarded the mark after developing the new cards in partnership with RNIB.
The cards are the first of their kind to be completely accessible for blind people
and aim to make everyday banking easier for blind and partially sighted people.
They offer a number of accessibility features to ensure customers with sight loss
can use them independently and with confidence. A notch on the bottom right
corner aids with orientation and different braille characters in the top right corner
indicate whether the card is a debit or savings card.
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
30
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 timeconsuming 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.
42% of all cash machines are now activated to talk.
We have continued to promote the need to make cash machines accessible to
blind and partially sighted customers.
Prevention – Fewer people lose their sight.
Outcome 9
Fewer people experience significant sight loss. We will support people to cope
with sight loss by increasing their knowledge and understanding of their eye
condition.
What we have done
Raising awareness of sight loss is critical if more people are to take
responsibility for eye health. We have given eye health information and advice
by digital, telephone and face-to-face channels so people understand their eye
condition and treatment. There should be better eye care services and access to
sight-saving treatments so we have engaged commissioning and delivery
bodies to ensure they implement effective plans for eye care that reflect their
communities.
31
We have influenced at local and national levels to make sure eye health is a
public health and research priority across the UK. We also want to focus on
preventing sight loss amongst at-risk groups so we have pioneered work with
those at risk of avoidable sight loss through community engagement with
specific target groups.
Our impact
We improved access to eye care services by engaging with NICE and the
Scottish Medicines Consortium (SMC) to secure access to new treatments for
vitreomacular traction and diabetic macular oedema. We continued to challenge
clinical commissioning groups that do not comply with their legal obligation to
introduce new treatments within three months of NICE/SMC approval. We also
challenged the eight hospital trusts that did not have rapid referral schemes for
wet AMD in place and to date six have responded posively and adopted new
arrangements.
By supporting 2,840 individuals with in-depth information on eye conditions,
treatments and living with sight loss our Eye Health Information Service has
helped people to understand their conditions and manage their own eye health.
Through our innovation project in Bradford we have pioneered a new approach
to support people to manage diabetes and prevent avoidable sight loss. We
have secured Department of Health funding to work with GP Practices and
people living with diabetes in areas of high deprivation in Leeds, Liverpool and
Manchester. GP practice staff and patients will work together using the “Living
Well with Diabetes” folders and consistent messages to improve selfmanagement.
Using the folder, a practice nurse reported: “Talking through the results page
with people, I realised that people don’t understand the difference between
‘hypo’ and ‘hyper’ so then they take the wrong action to try to put it right.”
32
“I have a 67-year-old male patient. He was overweight, drinking too much, lots
of social activities. He is an intelligent man. Going through the folder he realised
that he wasn’t doing as well as he thought. He lost weight and is back in control
without more medication. The folder motivated him; it helped him to focus and
remember.” – Practice Nurse in Bradford.
Impact we aim to achieve in 2015/16
We will improve eye care services in three eye clinics and spread the learning
across eye clinics in the UK. We will also improve eye care services in nine
CCG (Clinical Commissioning Group) areas. We will improve the support people
living with diabetes receive to help them manage their condition to prevent sight
loss. We will improve the information 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.
Sarah’s story
“It’s indescribable the emotion you go through when someone tells you you’re
going blind... having previously been someone who travelled the world, very
independent, it’s life- changing. It’s something people say easily; that was lifechanging. You’re going to lose your sight – that’s life-changing, but it doesn’t
really sum it all up.”
33
Other information
Financial review
2014/15 is the first year of RNIB Group’s new strategy. This has been based
around our four priorities: Being there; Independence; Inclusion; and Prevention.
The Group Statement of Financial Activities (SoFA) reflects our strategy.
In 2014/15, 58 per cent (2014: 62 per cent) of our overall incoming resources
came from fundraising activity (including 30 per cent, or £34million, from
legacies; 2014: 34 per cent or £40.8million), 40 per cent (2014: 37 per cent)
from service-related income and 2 per cent (2014: 1 per cent) from other
sources.
Donations and Gifts remained level. Legacy income fell from £40.8million to
£34million – a drop of £6.8million. The timing of income from this source is
notoriously difficult to estimate despite the sophisticated tools we use. The figure
in 2013/14 was also very high as our average cash income from legacies over
the last five years has been £36million.
Like many other voluntary organisations, we have felt the impact of government
cuts on our service income but have continued to focus on this area and income
has risen by £2million or 5 per cent (2014: rise of £0.5million or 1 per cent). We
endeavour to be constantly and consistently more effective whilst ensuring we
are delivering to meet the needs of blind and partially sighted people.
Group incoming resources have fallen by £4.2million (2014: rise of £1.6 million).
This is due to the two areas highlighted above, together with an increase in
income from the defined benefit scheme of £0.4million (2014: increase of £1.4
million), which in the previous year was offset by a fall in gains on disposal of
properties that amounted to £nil (2014: fall of £2.2 million), a VAT refund of
£0.6million (2014: £nil) and a fall in investment income of £0.4million (2014: fall
of £2.2million).
34
Group resources expended were split between supporting our four strategic
priorities of Being there: 6 per cent (2014: 5 per cent), Independence: 68 per
cent (2014: 70 per cent), Inclusion: 7 per cent (2014: 8 per cent) and Prevention:
1 per cent (2014: 3 per cent), together with the costs of raising funds (17 per
cent; 2014: 13 per cent) and the governance costs for the organisation (1 per
cent; 2014: 1 per cent). What we did with these resources is explained in “Our
work in 2014/15” earlier in this report. Total resources expended have fallen by
£2.1million (2014: rise of £4.2million) due to actions in recognition of the drop in
income from legacies.
RNIB’s associated charities are RNIB Charity, Action for Blind People (Action),
Cardiff Institute for the Blind (CIB), RNIB Specialist Learning Trust and
BucksVision. These charities contributed income of £41.3million (2014: £23.4
million) of which £17.1 million related to grants from RNIB (2014: £10.9million)
and charitable activities of £46million (2014: £22.4million) to the Group in
2014/15 (note 4).
Free reserves disclosed in the Group balance sheet at the end of the year stood
at £23.3million (2014: £22.5million). However, during the year we changed our
approach to our free reserves across the Group and put in place an agreement
that we would jointly hold free reserves between RNIB and Action. On this basis,
free reserves for the Group amount to £27.8million (RNIB: £23.3million; Action:
£4.5million), which is favourable to our reserves policy of £22.5million (see
reserves section).
An actuarial valuation was carried out at 31 March 2014 by the pension
scheme’s actuary Aon Hewitt, using the projected unit method. The valuation
disclosed that the market value of the scheme’s assets (excluding defined
contribution and additional voluntary contribution assets) at that date was
£175.9million, and that there was a surplus of £0.6million relative to the
technical provisions (the level of assets agreed by the Trustees and RNIB as
35
being appropriate to meet member benefits, assuming the scheme continues as
a going concern). Contributions by RNIB therefore reduced to 12.5 per cent for
future accrual of final salary benefits from 1 January 2015. As of 1 January
2015, RNIB also ceased to make additional contributions of £828,000 a year
that were due to be paid until 30 June 2018.
The three subsidiary trading entities of the Group contributed £500,000 (2014:
£221,000) to the RNIB Group through gift aid, and two subsidiary charities gifted
nil (2014: £278,000) to RNIB.
We are very grateful for the continued support of donors through legacies, gifts
and donations, as well as the work of our many volunteers, which allows the
vital work of RNIB to continue.
£114.5 Million Incoming Resources Legacies: 30% Donations and Gifts: 28%
Services: 40% Other: 2%
Fundraising review
Total voluntary income for 2014/15 amounted to £64.6million (2014:
£71.7million), a decrease of £7million against 2013/14. This is due to the level of
income from legacies in the year. We are pleased to have achieved this against
the background of the current economic difficulties that we all face. Gifts in kind
included in voluntary income amount to £0.3million (2014: £0.3million) for pro
bono work from various firms of lawyers and £0.2million (2014: £0.2million) for
advertising. There is also £3.1million (2014: £3million) of lottery and statutory
grants within income from charitable activities which is actively supported by our
fundraising team.
On 1 April 2009, RNIB and Action entered into an association agreement. Under
the terms of that agreement RNIB has taken over the responsibility for the
fundraising operation of Action in return for a grant. The grant in 2014/15
amounted to £5.5million (2014: £8.4million). The net proceeds of this fundraising
36
activity have been restricted within these financial statements for the benefit of
Action. The fall year-on-year is due to the adoption of a Group free reserves
policy to ensure we use our resources as effectively as possible to support blind
and partially sighted people.
On 1 July 2014, RNIB and RNIB Charity entered into an association agreement.
Under the terms of that agreement RNIB has responsibility for the fundraising
operation of RNIB Charity in return for a grant. The grant in 2014/15 amounted
to £10.4million. The net proceeds of this fundraising activity have been restricted
within these financial statements for the benefit of RNIB Charity.
Fundraising costs for 2014/15 amounted to £20.7million (2014: £15.7million).
The fundraising costs are net of an internal recharge in the sum of £4.7million
(2014: £5.2million) for costs incurred in raising public awareness about matters
relating to sight loss. These costs have been included within the costs of
‘Charitable activities’. The increase from last year is due to the reduction in the
allocation to raising awareness, work on a new CRM system and investment in
medium- to long- term income.
Our investment in fundraising is vital to sustaining our income and our ability to
plan and fund direct services, but we remain focused on driving efficiencies and
reducing our costs.
RNIB is a member of the Fundraising Standards Board (FRSB) scheme, the
body of self-regulation of fundraising in the UK, and as a member we adhere to
the highest standards of good practice. RNIB is also a member of the Institute of
Fundraising and adheres to contemporary best practice codes of fundraising.
Investment policy
Statement of investment principles
Investment decisions are taken on the advice of the Investment Committee
whose members have a finance, investment or commercial background.
37
RNIB’s investment policy is to hold assets to achieve an appropriate return with
an appropriate level of risk when considered alongside RNIB’s business plan
and level of reserves. It has three investment objectives:
 To invest prudently – the basic investment strategy of RNIB has been to
invest in a way that the minimum level of reserves is very likely to remain
covered, but with some investment risk being taken on the assets over and
above this minimum level
 To invest in liquid assets – RNIB could call upon its quoted investments at any
point. It should be straightforward to sell RNIB’s assets down to cash, and
doing so should result in the cash being available quickly and without the
potential for significant adverse impact on the value of investments
 To invest ethically – RNIB wishes to avoid unethical investments, and in
particular tobacco stocks due to the link between smoking and certain
conditions that result in sight loss.
The benchmark allocation for investments is 20-30 per cent in equities, 30-40
per cent in bonds and 30-40 per cent in cash. This strategy was developed with
the advice of Hewitt Associates and takes into account the nature of RNIB’s
business as reflected in its business plans. At 31 March 2015, the allocation of
investments is 25.7 per cent in equities, 34.6 per cent in bonds and 39.7 per
cent in cash.
It is our intention to maintain sufficient short-term cash holdings to meet
fluctuating needs, and to make appropriate use of an overdraft facility as
required with the RBS.
RNIB Group’s reserves policy is to set the level of free reserves using a riskbased approach. The level of reserves is reviewed on an annual basis and is
currently set at £22.5million. Planned project expenditure from designated funds
38
and the current economic uncertainty have led us to hold its investments in a
low-risk and liquid portfolio.
It is our aim to perform an annual desktop review of Investment Managers and
to meet them as appropriate.
RNIB has mandates with Legal & General and Foreign & Colonial (F&C) and fee
structures are:
 Legal & General Ethical Trust – 0.3 per cent per annum
 Legal & General Cash Trust – 0.2 per cent per annum
 Foreign & Colonial Ethical Bond Fund Share Class 2 – 0.55 per cent per
annum.
The Endowment Funds are managed by F&C. F&C fee structures are:
 Foreign & Colonial Ethical Bond Fund Share Class 2 – 0.55 per cent per
annum
 Foreign & Colonial Stewardship Income Fund (Dist) Share Class 2 – 0.88 per
cent per annum.
Other information
The Group investments include a further £49,000 (2014: £49,000) relating to
CIB and £6,536,000 (2014: £9,145,000) to Action. Other than the investments of
Staffordshire Blind, all Action’s funds are now managed by Legal & General,
using pooled funds to match the allocation set out in their investment strategy,
and their performance is closely monitored against, and closely matches,
publicly available market benchmarks. The investments of Staffordshire Blind
are managed by Investec Wealth and Investment.
Investment performance
The funds in which the investments are held are measured against agreed
benchmark indices for each relevant holding. The performance of the
39
investments held by RNIB at 31 March 2015 against each fund’s benchmark
index is detailed in the following table.
As our UK equities are invested in an Ethical fund, the stocks in the index are
screened before being accepted into the fund.
Cash deposits are placed on behalf of the RNIB Group including the Associated
Charities by their respective banking organisations.
At 31 March 2015, the Group’s cash and short-term deposits stood at
£3.3million (2014: £2.1million). During the year the Group received interest of
cash and short-term deposits of £8,000 (2014: £8,000) of which £1,000 (2014:
£2,000) related to RNIB. RNIB’s short-term deposits were all overnight
placements and the average return made was 0.1 per cent (2014: 0.17 per
cent).
At 31 March 2015, the unrealised gain on the Endowment Funds was £405,000
(2014: loss £32,000), and the breakdown of the unrealised gain by fund can be
found in note 20.
The Elizabeth Eagle-Bott and Dr Duncan Leeds Funds are held in the F&C
Responsible UK Income Fund and the F&C Responsible Sterling Bond Fund.
The Emma Nye Fund is held in the F&C Responsible UK Income Fund only.
40
Value at 31
March 2015
Actual
holding
Target
holding
+/–
Performance in year to 31 March 2015
£’000
%
%
%
Fund %
Benchmar
k %
+/–
Cash
4,771
39.7
40.0
-0.3
+0.2
+0.4
-0.2
Corporate
bonds
8,571
34.6
35.0
-0.4
+13.1
+13.1
–
UK equities
4,166
25.7
25.0
+0.7
+7.9
+2.9
+5.0
Total
17,508
100.0
100.0
The Bristol Blind and GDC Rushton Funds are held in the F&C Responsible Sterling Bond Fund only.
The Sunshine Fund is held in the F&C Responsible Sterling Bond Fund, F&C Responsible UK Income Fund
and F&C Money Markets Fund.
41
Reserves policy
RNIB Group’s reserves policy focuses on the level of ‘free reserves’. Free
reserves exclude restricted funds and designated funds, which include the net
book value of land and buildings occupied by RNIB services and activities. The
assessment of free reserves excludes any surplus or deficit reported on the
pension scheme.
The recommended free reserves level is calculated annually as part of the
budget process on the basis of the financial impact of the current risks facing
RNIB Group. The reserves policy is reviewed annually by the Trustees.
RNIB Group seeks to maintain free reserves within RNIB, RNIB Charity and
Action, to manage the risks to which RNIB Group is exposed in the course of its
business, including but not limited to safeguarding against volatile income, both
voluntary and service.
The Trustees consider that in order to meet these needs, and to operate
effectively, RNIB Group needs reserves of £22.5million based on the current
analysis of risk. RNIB Group’s free reserves were £27.8million (RNIB:
£23.3million; Action: £4.5million) at 31 March 2015 (2014: £29.6million; RNIB:
£22.5million; Action: £7.1million). The Trustees have agreed a business plan in
support of the strategy which aims to keep reserves close to the reserves policy
level during the new strategy period. This includes a planned deficit in 2015/16
of £3.1million.
The actuarial valuation of RNIB’s Pension Scheme at 31 March 2015 for the
purposes of FRS17 showed a surplus of £12.6million (2014: £6.5million), which
is added to the level of free reserves as required by FRS17. The corresponding
asset does not result in an immediate cash flow impact on RNIB. A full triennial
valuation of the pension fund took place as at 31 March 2014 and the updated
valuation has been produced and considered by the Pension Scheme Trustees.
42
Contributions to the scheme are met through planned income. The level of free
reserves has been calculated excluding the FRS17 surplus.
At 31 March 2015, RNIB held designated funds totalling £43.8million (2014:
£46.7million). Of this, £38.8million (2014: £39.6million) relates to properties and
£1.6million (2014: £1.7million) relates to other assets. Both of these are used
directly in undertaking RNIB’s objectives. The remaining funds amounting to
£3.4million (2014: £5.4million) represent the investment and mergers funds
together with amounts expected to be spent within three years on the
maintenance and replacement of properties and other assets and specific
projects. The fund definitions can be found within note 20.
Where restricted fund balances are in a deficit situation, then unless these will
be covered by forthcoming receipts, the deficit balances are charged to general
funds. Such balances in 2015 amounted to £49,000 (2014: £36,000), all of
which are to be covered by forthcoming receipts.
Risk management
Risk is not only about threats that have to be managed; it is equally about the
potential failure to seize opportunities. RNIB views the strategic management of
risk as an integral part of its decision-making processes and culture, supporting
effective planning and evaluation of its activities. Risk management is focused
on risks associated with delivering our 2014/19 strategy and business plan, with
identified risks embedded in our strategic and operational management
processes.
Governance of the Group’s risk management ultimately sits with the Board of
Trustees. Detailed consideration of risk is delegated to the Audit Committee,
who are assisted by senior management in continually reviewing risk and
reporting to the Board.
43
Our risk management approach details the structures and processes that have
been put in place, and the key roles and responsibilities for successful risk
management.
We established an internal strategic risk committee (lead by senior officers) who
will undertake formal review of strategic and significant operational risks every
quarter and play a key role in ensuring mitigation plans are up to date and
relevant. The internal strategic risk committee report directly to the Strategic
Management Team, who in turn report on risk management to the Audit
Committee twice a year.
In preparation for the new strategic period 2014/19 the internal strategic risk
committee reviewed our existing strategic risk register, risks identified through
business planning and considered the wider external environment. As a result
they have developed a new set of strategic risks and risk factors which have
been signed off by the Board of Trustees. There are six key strategic risks which
cover both external and internal risks:
Risk 1: Insufficient resources to deliver the 2014/19 strategy.
Risk 2: Inability to respond to a significant change in the external environment.
Risk 3: We do not have the right Trustee, employee and volunteer capacity or
capability. Risk 4: We do not have adequate and appropriate IT and digital
infrastructure to deliver our strategy.
Risk 5: We do not have adequate or appropriate governance or processes in
place.
Risk 6: Our actions or behaviour damages the RNIB Group brand or reputation
with key stakeholders.
In order to manage these risks there are a number of controls and mitigations in
place including (but not limited to):
1.
Five-year strategy, business plan and budget which has regular Strategic
Management Team and Board of Trustees oversight.
44
2.
Strategically aligned Governance structures including subsidy charity
agreements.
3.
Group-wide organisational values.
4.
Financial controls and policies (such as reserves, investment policies and
ethical fundraising).
5.
Disaster recovery and business continuity planning.
6.
Controls related to statutory compliance obligations (such as health and
safety, data protection, safeguarding).
7.
Proactive and targeted campaigning.
8.
Involvement of blind and partially sighted people in our campaign and
influencing work.
9.
Strategic partnership work.
10. Staff and volunteer recruitment policy and procedures which are aligned to
strategy.
Overall, deployment of the Group’s risk management controls and mitigations
continue to remain effective where they are already well-embedded, and where
new risks have been identified mitigations are being implemented.
The Board of Trustees are therefore satisfied that the major risks have been
identified and processes for addressing them have been put in place. It is
recognised that any control systems can only provide reasonable but not
absolute assurance that major risks have been adequately managed. Overall we
are confident our risk position remains within acceptable levels.
Going concern
Having reviewed the strategic risks facing RNIB, the business plan for the period
2015/16 and beyond, and the cash and investments forecast over the same
period, the Board of Trustees considers that there are sufficient reserves held at
45
31 March 2015 to manage those risks successfully despite the current uncertain
economic outlook. The Trustees consider that there is a reasonable expectation
that the Group has adequate resources to continue in operational existence for
the foreseeable future. Accordingly, they continue to adopt the ‘going concern’
basis in preparing the Annual Report and Financial Statements.
Our volunteers
We have huge ambitions to reach many more people with sight loss. In order to
do this we need to increase our volunteer involvement in everything we do so
people with sight loss can get the support they need when they need it. This
year we have increased our volunteer numbers from 4,020 to 4,811, and our
volunteers themselves are giving us more of their time to help achieve this
ambition. On average each volunteer gives us 9.8 hours per month, up from last
year by 10 per cent.
The range of volunteering opportunities increases, attracting more people to
help us reach more people with sight loss, for example:
 Our Living with Sight Loss volunteers are there for people to help them come
to terms with losing their sight, our campaigns volunteers continue to have a
significant impact on local issues and our community fundraising groups are
expanding across the UK
 Our Online Today service launched in February. We are recruiting and
training volunteers to help blind and partially sighted people get online over
the next three years.
As well as increasing our volunteer engagement, we need to maintain our high
standards of customer service. 9 out of 10 of our customers are happy with the
46
quality of services provided by volunteers and 9 out of 10 volunteers
recommend volunteering with us to others.
Employing disabled people
RNIB is a disability charity working to support people with sight loss. We seek to
support all our staff that has a disability, regardless of its cause.
Last year, RNIB introduced five values which underpin everything that we do.
Two of these specifically refer to people with disabilities. They are:
 Led by blind and partially sighted people – blind and partially sighted people
are at the heart of everything we do;
 Inclusive – we include and value people with diverse experience, abilities and
backgrounds.
RNIB makes sure that we comply with the Equality Act (Disability Discrimination
Act in Northern Ireland) and seek to make reasonable adjustments to allow
people with differing disabilities to work for us.
As a sight loss charity we ensure all blind and partially sighted applicants who
meet the minimum requirements for the role are automatically offered an
interview and given constructive feedback if they are unsuccessful. In addition,
where there are two equally matched applicants, one of whom is blind or
partially sighted and one is not, the role is then offered to the applicant who is
blind or partially sighted.
Currently, 10.7 per cent (2014: 10.5 per cent) of our employees tell us that they
have a disability. Through dedicated resources in our IT team we are able to
provide specialist advice and support to ensure that disabled staff have the
appropriate equipment and training to perform effectively. Additional reasonable
adjustments are also made for disabled staff as required. RNIB also operates a
trainee scheme to provide work opportunities for blind and partially sighted
47
people and these have been successful in providing a route to permanent
employment both within and external to RNIB.
Engagement with staff
RNIB has a number of mechanisms for engaging with staff and seeking their
views, both formal and informal. In September, we signed a recognition
agreement with Unite and UNISON trades union which gives them collective
bargaining rights over certain terms and conditions of employment. We currently
have five staff union representatives.
We also have a Staff Forum and a number of Staff Forum representatives who
meet at a site, regional and national level to discuss areas that are specifically of
interest to staff but also to receive information about the financial health of the
organisation and how we are achieving our strategic goals. We now have a
permanent Staff Forum chair and have held our first Staff Forum conference
bringing all staff representatives together to talk about their role.
We are continually looking for ways in which we can engage more with our Staff
Forum representatives and this year, they were involved for the first time in the
analysis of the feedback from the annual staff survey. They are also asked for
their views on changes to HR-related policies and procedures.
The staff survey was run again towards the end of 2014 and showed favourable
results when benchmarked against the charity sector averages with scores of 69
per cent of staff agreeing that they would recommend RNIB as a good place to
work and 88 per cent of staff understanding the aims of the charity. All five of the
key staff engagement scores which we use to benchmark against the annual
charity-wide survey showed an increase against last year’s scores.
48
Health, safety and the environment
We are firmly committed to achieving our goals of environmental sustainability
and ensuring the safety of our people through the continued development of our
safety, health and environmental management systems. We recognise that our
people are our single most important asset within the organisation. Through the
provision of sound risk management techniques and a comprehensive training
programme we will ensure they are both competent and confident to undertake
their roles; working in ways which are efficient and cost-effective for the benefit
of all who work in, and access, our services.
Environmental impact
RNIB Group has come to the end of a five-year plan to reduce environmental
impact in five priority activities: zero carbon, zero waste, health and happiness,
sustainable materials and sustainable transport.
Some excellent results were achieved, most notably in waste, sustainable
materials and transport. The target to reduce our carbon footprint by 10 per cent
from the energy use in buildings was not achieved across all of our portfolio of
properties. We will, however, continue, across all of RNIB Group, to strive
towards further reductions in all five activities identified in the RNIB five- year
plan. Future environmental targets and initiatives will be aimed at ensuring
compliance with the new Energy Saving Opportunity Scheme Regulations
(ESOS).
The performance for the year against our targets is set out in the following table.
Other information
“I thoroughly enjoy volunteering and would recommend anyone to take some
time if they have any.” RNIB Cymru volunteer
49
Other information
Priority
Target
2014/15
2013/14
Zero carbon
Buildings – 10 per cent total reduction
4,195 (2 per cent
4,085 (slight
(CO2 tonnes) over five years – [baseline
increase from
reduction from
4,104]
baseline)
baseline)
Reduce total waste by 10 per cent over
601 (in line with
549 (9 per cent
five years [baseline 602]
baseline)
decrease)
Zero waste
Recycling rate of 40 per cent per annum
43 per cent
44 per cent
Sustainable transport
Reduce air, road and rail travel (CO2
542 (36 per cent
655 (23 per cent
tonnes) by 2.5 per cent per annum for five
reduction)
reduction)
Sustainable materials Develop a sustainable procurement policy
Implemented
Implemented
Health and happiness Reduce staff sickness levels from 10
11.27 days
10.26 days
78 per cent
64 per cent
Zero waste
years [baseline 846]
working days in 2011
Health and happiness Improve staff satisfaction ratings in
biennial staff survey from 73 per cent
50
Zero carbon
The figures represent the amount of electricity/gas usage in our buildings
converted to carbon tonnes. This year there has been a 2 per cent increase
(from baseline) in CO2 tonnes energy used for our buildings. This increase in
CO2 is due to higher than average use of gas (compared to the average for the
last 20 years) at nearly all of our sites which is attributable to a colder winter
period.
Zero waste
Waste initiatives have continued to be successful in many parts of the
organisation; however, we have seen changes in our property portfolio, which
means a creation of decommissioning waste that would not generally have been
created.
Sustainable transport
By far our best efforts have been in the reduction of CO2 emissions from the
use of the various transport options: air, road and rail transport. A year-on-year
reduction has been achieved and we create 36 per cent less CO2 than we did in
2010/11. We will continue to encourage all of our staff and volunteers to use rail
instead of road transport and to make greater use of telephone conferencing.
Sustainable materials
The Sustainable Procurement Policy has been reviewed and approved. This is
supported by more efficient processes for the evaluation of contractors ensuring
we work alongside suppliers with sound environmental principles and practices.
Health and happiness
Sickness absence levels have increased by 9.8 per cent from 10.26 working
days lost per person in 2013/14 to 11.27 in 2014/15. Health and well-being
51
benefits available to staff continue to be reviewed with the aim of reducing
sickness absence levels and encouraging healthy lifestyles. The HR team plays
a key role in the support of managers managing sickness absences; return to
work interviews have increased and case handling has improved.
Going forwards
The governance of health, safety, fire and environment will continue to be
enhanced during 2015/16 with further developments to, and efficiencies in, our
safety management systems. The Health, Safety, Fire and Environment (HSFE)
team will continue to improve our performance and processes, through a range
of monitoring activities and introduction of a suite of intuitive risk assessment
techniques. Performance indicators will be agreed and monitored by the HSFE
group. Key areas will include: fire safety management, risk assessment
processes and lone working. Also, as the range of activities across the Group
continues to expand, so too does the potential for new risks. The HSFE team
work hard, and in close collaboration with colleagues across the business, to
identify these new risks and implements effective measures to reduce or
eliminate their impact.
In 2015/16 the HSFE team will continue to advance our environmental
credentials, in particular by ensuring compliance with the new ESOS, requiring
the detailed collection and analysis of energy data, and the identification of
opportunities for reduced and smarter energy use.
The Trustees’ report, including the strategic report, was approved by the Board
of Trustees and authorised for issue on 16 July 2015.
Kevin Carey Chair, Alan Tinger Honorary Treasurer
52
Governance and financials
53 Independent auditors’ report
53 Consolidated statement of financial activities
64 Balance sheets
67 Group cash flow statement
72 Notes to the financial statements
170 Who’s who at RNIB
Making every day better for everyone affected by sight loss.
Independent auditors’ report
Report on the financial statements
Our opinion
In our opinion the financial statements, defined below:
 give a true and fair view of the state of the Group’s and the parent charity’s
affairs as at 31 March 2015 and of the Group’s incoming resources and
application of resources and the Group’s cash flows, for the year then ended;
 have been properly prepared in accordance with UK Generally Accepted
Accounting Practice; and
 have been prepared in accordance with the requirements of the Charities Act
2011, the Charities and Trustee Investment (Scotland) Act 2005 and
regulation 8 of the Charities Accounts (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.
53
What we have audited
The Group financial statements and the parent financial statements (‘the
financial statements’), which are prepared by RNIB Group comprise:
 the Group and parent charity balance sheets as at 31 March 2015;
 the Group charity statement of financial activities for the year then ended;
 the Group cash flow statement for the year then ended;
 the notes to the financial statements, which include a summary of significant
accounting policies and other explanatory information.
The financial reporting framework that has been applied in their preparation is
applicable law and UK Accounting Standards (UK Generally Accepted
Accounting Practice).
In applying the financial reporting framework, the Trustees have made a number
of subjective judgements, for example in respect of significant accounting
estimates. In making such estimates, they have made assumptions and
considered future events.
Other matters on which we are required to report by exception
Sufficiency of accounting records and information and explanations
received
Under the Charities Act 2011 and the Charities Accounts (Scotland) Regulations
2006 (as amended) we are required to report to you if, in our opinion:
 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.
54
Other information in the Annual Report
Under the Charities Act 2011 and the Charities Accounts (Scotland) Regulations
2006 (as amended we are required to report to you if, in our opinion, the
information given in the Trustees’ report is inconsistent in any material respect
with the financial statements. We have no exceptions to report arising from this
responsibility.
Responsibilities for the financial statements and the audit
Our responsibilities and those of the Trustees
As explained more fully in the Trustees’ Responsibilities Statement, the
Trustees are responsible for the preparation of the financial statements and for
being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements
in accordance with applicable law and ISAs (UK & Ireland). Those standards
require us to comply with the Auditing Practices Board’s Ethical Standards for
Auditors.
This report, including the opinions, has been prepared for and only for the
charity’s Trustees as a body under section 144 of the Charities Act 2011 and in
accordance with section 44(1)(c) of the Charities and Trustee Investment
(Scotland) Act 2005 and regulations made under those Acts (regulation 30 of
The Charities (Accounts and Reports) Regulations 2008 and (regulation 10 of
the Charities Accounts (Scotland) Regulations 2006 (as amended)) and for no
other purpose. We do not, in giving these opinions, accept or assume
responsibility for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.
55
What an audit of financial statements involves
We conducted our audit in accordance with International Standards on Auditing
(UK and Ireland) (‘ISAs (UK & Ireland)’). An audit involves obtaining evidence
about the amounts and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from material
misstatement, whether caused by fraud or error. This includes an assessment
of:
 whether the accounting policies are appropriate to the Group’s and the parent
charity’s circumstances and have been consistently applied and adequately
disclosed;
 the reasonableness of significant accounting estimates made by the Trustees;
and
 the overall presentation of the financial statements.
In addition, we read all the financial and non-financial information in the RNIB
Group Annual Report and Financial Statements 2014/15 (the ‘Annual Report’) to
identify material inconsistencies with the audited financial statements and to
identify any information that is apparently materially incorrect based on, or
materially inconsistent with, the knowledge acquired by us in the course of
performing the audit. If we become aware of any apparent material
misstatements or inconsistencies we consider the implications for our report.
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.
56
Consolidated statement of financial activities
Notes Unrestricted
Restricted
Endowment
Total 2015
Total 2014
funds £’000
funds £’000
funds £’000
£’000
£’000
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
538
–
–
538
348
260
375
–
635
1,056
Incoming resources
Incoming resources
from generated funds
Voluntary income
Activities for generating
funds
Merchandising and
sponsorship
Investment income
57
2
Total incoming
57,327
8,473
–
65,800
73,060
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
17,746
28,471
–
46,217
44,150
629
–
–
629
–
resources from
generated funds
Incoming resources
from charitable activities
Total incoming
resources from
1.5
charitable activities
Other incoming
resources
Other income – VAT
claim
58
Other Income – defined
1,806
–
–
1,806
1,434
13
–
–
13
3
77,521
36,944
–
114,465
118,647
Restricted
Endowment
Total 2015
Total 2014
funds £’000
funds £’000
funds £’000
£’000
£’000
17,522
3,192
–
20,714
15,705
6
–
–
6
28
benefit pension scheme
Net gain on disposal of
fixed assets
Total incoming
1.5
resources
Notes Unrestricted
Resources expended
Costs of generating
funds
Costs of generating
1.6
voluntary income
Merchandising/sponsor
ship costs
59
48
12
–
60
115
17,576
3,204
–
20,780
15,848
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
6
59,143
37,209
–
96,352
103,216
Governance costs
5
948
465
–
1,413
1,540
Total resources
6
77,667
40,878
–
118,545
120,604
(146)
(3,934)
–
(4,080)
(1,957)
Investment
management costs
Total costs to generate
1.6/6
funds
Charitable activities
Total charitable activity
costs
expended
Net outgoing resources
60
before transfers
Transfers
20
69
(69)
–
–
–
(77)
(4,003)
–
(4,080)
(1,957)
Net outgoing resources
before other recognised
gains and losses
Notes Unrestricted
Balance brought
Restricted
Endowment
Total 2015
Total 2014
funds £’000
funds £’000
funds £’000
£’000
£’000
(77)
(4,003)
–
(4,080)
(1,957)
612
662
405
1,679
1,150
3,435
(1,645)
–
1,790
(22)
–
(7)
–
(7)
–
forward
Gains on investment
assets
Actuarial gains (losses)
on defined benefit
22
pension schemes
Net incoming resources
attributable to non-
61
controlling interest
Net movement in funds
12
3,970
(4,993)
405
(618)
(829)
75,670
25,335
5,329
106,334
107,163
79,640
20,342
5,734
105,716
106,334
Total funds balance
brought forward at 1
April 2014
Total funds balance
carried forward at 31
March 2015
62
20
A Statement of Total Recognised Gains and Losses is not required as all gains
and losses are included in the Statement of Financial Activities. Incoming
resources of RNIB during the year were £89,461,000 (2014: £106,453,000) less
resources expended by RNIB at £89,817,000 (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.
It is worth noting that all incoming and outgoing resources through our
associated charities – Action for Blind People, RNIB Charity, Cardiff Institute for
the Blind and RNIB Specialist Learning Trust – are treated as restricted as these
funds relate to the specific services provided by each entity.
63
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
98,781
110,070
78,610
86,964
15
1,051
1,010
–
904
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
3,253
2,080
1,323
835
Total fixed assets
Current assets
Stocks and work in progress
Debtors:
Cash at bank and in hand
64
Total current assets
29,996
25,346
24,069
23,018
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
19,026
20,000
19,026
20,000
97,448
102,341
76,958
78,974
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
–
–
–
105,716
106,334
89,554
85,456
Creditors: amounts falling due within
18
one year
Creditors: amounts falling due after
19
one year
Net assets excluding pension asset
Defined benefit pension asset
Net assets
65
22
21
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
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
20
79,640
75,670
79,640
75,670
20
105,716
106,334
89,554
85,456
Unrestricted income funds:
funds
Total Group/RNIB funds
66
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 Chair Alan Tinger Honorary
Treasurer
Group cash flow statement
2015 £’000 2014 £’000
Net cash outflow from operating activities
(7,399)
(1,964)
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)
Purchase of tangible fixed assets
(1,286)
(2,060)
Proceeds from sale of tangible fixed assets
–
3
Purchase of investments
(7)
(15)
Returns on investments and servicing of finance
Capital expenditure and financial investment
67
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
Net decrease in endowment investments
–
(64)
Finance loan paid
(1,000)
(1,203)
Financing
68
2015 £’000
2014 £’000
Net cash outflow from financing activities
(1,000)
(1,267)
Increase (decrease) in cash
1,169
(693)
2015 £’000
2014 £’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
2015 £’000
2014 £’000
Net outgoing resources before transfers
(4,080)
(1,957)
Investment income
(635)
(1,056)
Depreciation
3,093
3,166
activities
69
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 –
100
to current asset
70
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)
Analysis of change in net 31 March
71
Cash flow
31 March 2014 Cash flow
31 March
debt
2013 £’000
2013/14 £’000
£’000
2014/15 £’000 2015 £’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)
Notes to the financial statements
1. Statement of accounting policies
The principal accounting policies adopted in the preparation of these financial
statements are as follows:
1.1 Basis of preparation
The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of investments and properties
held for sale, in accordance with applicable accounting standards in the UK and
the Statement of Recommended Practice – “Accounting and Reporting by
Charities” (SORP 2005) as revised in May 2008, the Charities Act 2011, the
Charities and Trustee Investment (Scotland) Act 2005 and the Charities
Accounts (Scotland) Regulations 2006. The financial statements are prepared
on a going concern basis. The accounting policies have been consistently
applied across the Group from year to year.
1.2 Group financial statements
The results of each of RNIB’s subsidiary undertakings, as listed in note 4, have
been consolidated in these financial statements under the heading “Group” on a
line-by-line basis, adopting uniform accounting policies. The term ‘Associated
Charity’ refers to organisations that have entered into a formal association
agreement with RNIB. Their objectives contribute to those of the RNIB Group
Strategy and under the tests of control they are deemed to be charitable
subsidiaries of RNIB.
The net assets at the date of association or merger are assessed on a fair value
basis for the purposes of consolidation into the results for the RNIB Group. The
results of the subsidiaries acquired during the year are included in the SoFA
72
from the effective date of acquisition. The intra-Group transactions, balances
and unrealised profits are eliminated in full. Any negative goodwill arising is
written off in the year of acquisition and included as an incoming resource within
the SoFA. Where specific assets are gifted to RNIB as part of the acquisition,
these are treated as a donation and transferred to RNIB.
No separate SoFA has been presented for RNIB alone as permitted by
paragraph 397 of the SORP.
1.3 Foreign currency transactions
Foreign currency transactions completed within the year are included at their
transacted sterling equivalents. Assets and liabilities are valued using those
rates published by HM Revenue and Customs as at the balance sheet date. Any
foreign exchange gains or losses are charged to the SoFA.
1.4 Fund accounting
Unrestricted funds comprise accumulated surpluses and deficits on general
funds that are available for use at the discretion of the Trustees in furtherance of
the general objectives of RNIB.
Designated funds are unrestricted funds that the Trustees of RNIB have set
aside, out of general funds and comprise sums of money for specific projects
that can either be the updating of existing, or the development and piloting of
new, charitable services.
Also within the designated funds are ‘service properties’ and ‘other fixed assets’.
‘Service properties’ represents the value of RNIB’s interests in land and
buildings, for the provision of services to people with sight problems. This value
is shown in a separate designated fund, as the properties represented are
essential for the provision of RNIB’s services. Transfers in respect of additions
to property in the year are made from the general fund and the development
73
fund. Transfers are made from this fund to the general fund in respect of
property disposals during the year. Property depreciation is charged to this fund.
‘Other fixed assets’ represents other assets in use by RNIB. The assets of
associated charities are held within the restricted funds.
Restricted funds comprise income received with special conditions attached.
Income for a specific purpose not spent in any year is carried forward in the
relevant fund. Also within restricted funds are the results of the associated
charities, which are operating under narrower objectives than those of RNIB.
Endowments received are credited directly to the relevant endowment fund.
Income arising from the related investments is allocated to the general fund or to
the relevant restricted fund, depending on the terms of endowment.
1.5 Incoming resources
Donated goods and services are included at the value to RNIB where these can
be quantified. No amounts are included in these financial statements for the
services donated by volunteers. Income from trading in subsidiary undertakings
is transferred to RNIB by covenanting the profits of those undertakings.
Donations are accounted for as soon as their amount and receipt is certain.
Donations include Gift Aid based on amounts recoverable at the accounting
date.
Accrued income is provided for in respect of revenues that have been earned in
the current financial year but are yet to be invoiced.
Pecuniary legacies are recognised on notification. Residuary legacies are
recognised when probate is granted and there is sufficient information to value
them. In practice this is usually when the assets and liabilities statement is
received: they are included at 95 per cent of their valuation (to reflect the
uncertainty of estate administration). Reversionary interests involving a life
74
tenant are not recognised. We do not include any notification below £30,000
where we have yet to receive estate accounts.
Investment income, interest on deposits and income in connection with services
to people with sight problems is recognised on an accruals basis. Where an
incoming resource is received in advance of the activity to be performed then
the incoming resource is deferred and included in creditors. Income from the
sale of goods is recognised when orders are fulfilled. Investment income arising
on endowment funds is credited to the appropriate fund in accordance with the
prescribed conditions.
1.6 Resources expended
(a) Expenditure, including irrecoverable VAT, is accounted for on an accruals
basis.
(b) Included within charitable activity costs is an apportionment of public
awareness expenditure representing the costs incurred by RNIB in educating
the public to be aware of the needs of people with sight loss.
(c) Support costs include both Group and corporate costs and are incurred in
support of direct service expenditures. Allocation of support service costs is on a
mixture of bases (see note 7).
(d) Fundraising expenses include those costs incurred in raising donations
and legacies.
(e) Governance costs are incurred in relation to the running of RNIB and the
charitable subsidiaries. This includes strategic planning and attending to the
statutory affairs of RNIB and the charitable subsidiaries.
(f ) Grants payable are charged to the SoFA when a constructive obligation
exists, that is when the recipient has been informed.
75
1.7 Fixed assets
Tangible assets are recorded at cost, including irrecoverable VAT, or where
donated, open market valuation at the time of donation. Under the transitional
provisions of Financial Reporting Standard 15 (FRS15), RNIB has adopted the
valuations of properties as at 31 March 1999, where known, at cost and these
will not be updated. Where assets are acquired through entering into
Association agreements, then the cost of these are included at their fair value as
at the agreement date. Assets in the course of construction are transferred to
the relevant category of asset and depreciated when practical completion is
achieved. The minimum threshold for capitalisation is £2,500.
Depreciation is provided on all tangible fixed assets, except freehold land and
assets under construction, at rates calculated to write off the cost on a straightline basis over their expected useful lives. Where the assets have been acquired
under a finance lease then depreciation, and any impairment, is provided at
rates calculated to write off the cost, less estimated residual value of each asset,
over the life of the primary lease. The standard rates of depreciation are as
follows:
Service properties
Freehold buildings
50 years
Leasehold land and buildings – lease longer than 50 years
50 years
Leasehold land and buildings – lease shorter than 50 years
Lease period
Machinery, vehicles and equipment
76
Motor vehicles; fixtures and fittings; equipment
5 years
Computer hardware
3 years
Fixed assets are subject to review for impairment when there is an indication of
a reduction in their carrying value. Any impairment is recognised in the SoFA in
the year in which it occurs.
1.8 Investments
Listed investments are stated at mid-market value at the balance sheet date.
Investment properties are stated at market value as advised by RNIB’s property
advisers at the balance sheet date and this is done on an annual basis.
The investment in subsidiary undertakings is at cost.
The SoFA includes the net gains and losses arising on disposals and
revaluations throughout the year.
1.9 Property held for sale
Included within current asset investments are properties held for sale. These are
properties that are actively being marketed and where there is a reasonable
expectation that the sale will be completed within the next 12 months. The value
of such assets is determined by the expected proceeds of the sale guided by the
professional valuations received and net of estimated disposal costs.
On transfer to property held for sale the unrealised gains and losses are
included along with other gains and losses within the SoFA. On completion the
realised gains and losses will be recognised in the incoming and outgoing
resources within the SoFA.
1.10 Stocks
Stock of raw materials, consumables and finished goods held for resale is
valued at the lower of cost and net realisable value. Cost is standard cost on a
first-in first-out basis. Finished goods for resale comprises products suitable for
77
use by blind and partially sighted people. Provisions are considered for each line
of stock which has been held for more than a year.
1.11 Pension scheme
For the defined benefit pension schemes of the RNIB Group, the current service
costs, gains and losses on settlements and curtailments, are charged to
resources expended. Similarly, pension finance costs arising from changes in
the net of the interest costs and expected return on assets are charged to
resources expended. Where income arises as a result of such changes this is
shown in the SoFA as an ‘other’ incoming resource. Actuarial gains and losses
are recognised immediately in the SoFA as ‘Actuarial gain, or loss, on Defined
benefit pension scheme’. The Group and RNIB defined benefit pension scheme
asset/liability is shown on the face of the balance sheet. For the defined
contribution schemes of the RNIB Group the amount charged to the SoFA in
respect of pension costs and other post-retirement benefits are the contributions
payable in the year.
1.12 Leased assets
Leases are regarded as finance leases where their terms transfer to the lessee
substantially all of the benefits and burdens of ownership other than the right to
legal title. The obligations to the lessor are shown as part of the borrowings and
the rights in the corresponding assets are treated in the same way as owned
fixed assets. All operating leases and rental expenses are charged to the SoFA
as incurred over the term of the lease on a straight- line basis.
1.13 Taxation
RNIB is a registered charity, and as such is entitled to certain tax exemptions on
income and profit from investments and surpluses on any trading activities
78
carried out in furtherance of RNIB’s primary objectives, if these profits are
applied solely for charitable purposes
2. Investment income
2015 Group £’000
2014 Group
£’000
General funds
Investment income from quoted
233
424
Bank interest receivable
1
2
Rents
22
47
Royalties
20
–
352
583
Bank interest receivable
7
–
Total
635
1,056
investments
Restricted funds
Investment income from quoted
investments
Details of our investment policy can be found in the financial review section of
the Trustees’ strategic report.
79
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
–
3. Net assets acquired on merger/association
RNIB Enterprises Limited entered into a limited liability partnership on 11
September 2014 in the form of RNIB Business Services LLP. There were no
assets or liabilities transferred at the date of acquisition.
Action for Blind People entered into an association with BucksVision on 1 July
2014, (charity number 1147814) and a company limited by guarantee and
registered in England and Wales (number 8016572). BucksVision is a local
society that delivers services to people who are blind or partially sighted in
Buckinghamshire.
RNIB associated with NTNM in February 2009 and the two charities
subsequently merged on 30 June 2013.
RNIB established a new charity in April 2013, the RNIB Specialist Learning
Trust, as an Academy Trust. This resulted in the transfer of assets from
80
Coventry City Council in September 2013. The value of fixed assets transferred
was reviewed during the year and an updated valuation received which resulted
in the reduction of £544,000 in the year.
The assets and liabilities in the table below are as at the date of merger or
transfer and have been accounted for using the acquisition method. 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. The table
below relates to the year ended 31 March 2014.
NTNM
RNIB Specialist
Total 2014
£’000
Learning Trust £’000
£’000
Fixed assets
376
1,248
1,624
Investments
–
–
–
Current assets
108
94
202
Creditors – amounts falling
132
–
132
203
–
203
Net assets
149
1,342
1,491
Net assets in the subsidiary
149
1,342
1,491
Fair value adjustment
–
–
–
due within one year
Creditors – amounts falling
due after one year
81
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.
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:
82
RNIB
Action
Charity £’000
CIB
NTNM
Bucks
RNIB Specialist
Total 2015
Total 2014
£’000
£’000
Vision
Learning Trust
Associated
Associated
£’000
£’000
charities £’000 charities £’000
£’000
Total
25,116 14,124 554
150
131
1,237
41,312
23,355
Total
(24,90
(18,59
(150)
(330)
(1,452)
(45,954)
(22,390)
outgoing
7)
3)
209
(4,469) 32
–
(199)
(215)
(4,642)
965
–
658
–
2
–
660
402
incoming
resources
(522)
resources
Net
incoming
(outgoing)
resources
before
transfers
Net gains on
investment
assets
83
–
Net gains on
revaluation
–
(531)
–
–
–
–
–
(531)
4,420
(1,481) (78)
–
–
(86)
(1,645)
456
209
(5,823) (46)
–
(197)
(301)
(6,158)
6,243
–
26,012 565
–
–
1,260
27,837
21,743
–
–
–
904
–
904
–
of fixed
assets
Actuarial
gain (loss)
on defined
benefit
pension
scheme
Net
movement
in funds
Funds
brought
forward
Funds
transferred
84
–
on
association
Funds
transferred
–
–
209
RNIB
–
–
–
–
–
(149)
20,189 519
–
707
959
22,583
27,837
Action
CIB
NTNM
Bucks
RNIB Specialist
Total 2015
Total 2014
£’000
£’000
Vision
Learning Trust
Associated
Associated
£’000
£’000
charities £’000
charities £’000
to RNIB on
merger
Funds
carried
forward
Charity £’000
£’000
Fixed assets 209
22,858 1,932
–
40
1,565
26,604
30,070
Current
1,889
7
691
561
8,547
3,630
assets
Creditors –
85
5,179
220
amounts
5,179
1,666
165
7
24
475
7,516
2,731
–
–
731
–
–
–
731
643
–
2,892
737
–
–
692
4,321
2,489
209
20,189 519
–
707
959
22,583
27,837
falling due
within one
year
Creditors –
amounts
falling due
after one
year
Pension
scheme
liability
Net assets
86
RNIB Charity delivers regional services in Cymru, Northern Ireland and
Scotland and national services across the UK, grant funded by RNIB. RNIB
provides the fundraising service, with net fundraising receipts being restricted for
RNIB Charity. The sum of such grants amounted to £10,351,000 in the year
(2014: not applicable).
Action delivers regional services in England through their Action Teams in the
areas of work, leisure, housing, support for beneficiaries, and information and
education. RNIB provides the fundraising service, with net fundraising receipts
being restricted for Action. Since 1 July 2014, RNIB has delivered support
functions for Action. The sum of such grants amounted to £6,505,000 in the year
(2014: £10,640,000).
CIB provides a wide range of services to blind and partially sighted people
within Cardiff and the Vale of Glamorgan. RNIB provides the fundraising service,
with net fundraising receipts being restricted for CIB. The sum of such grants
amounted to £95,000 in the year (2014: £nil). RNIB has also paid a grant to CIB
in the year amounting to £172,000 (2014: £121,000) to cover additional costs
funded from income restricted for Cymru.
NTNM provided newspapers, magazines and information in accessible formats
for people with sight problems and also people with other disabilities. RNIB
provided operational funding and the fundraising service, with net fundraising
receipts being restricted for NTNM. RNIB has not paid a grant to NTNM in the
year (2014: £112,000). NTNM merged with RNIB on 30 June 2013.
BucksVision provided services for blind and partially sighted people in
Buckinghamshire. BucksVision became an associated charity to Action on 1
87
July 2014. RNIB has not paid a grant to BucksVision in the year (2014: not
applicable).
RNIB Specialist Learning Trust is an Academy Trust that took over
responsibility for Three Spires School in Coventry in September 2013 and which
provides education for primary age pupils with special educational needs. No
financial support was given to the Trust. The Trust’s year end is 31 August and
so the consolidation is on the basis of management accounts.
RNIB also has five wholly owned subsidiaries. These are RNIB Enterprises
Limited, RNIB Services Limited, National Library for the Blind (NLB), Blind
Centre for Northern Ireland (BCNI) and the Glynn Vivian Home of Rest for the
Blind (Glynn Vivian). RNIB Enterprises Limited holds the controlling interest in
RNIB Business Services LLP.
A summary of the results for the year ended 31 March 2015 of the subsidiaries
of RNIB follows below:
88
RNIB
RNIB
NLB
BCNI
RNIB Business
Total 2015 Total 2014
Enterprises
Services
£’000
£’000
Services LLP
£’000
£’000
Limited £’000 Limited £’000
Total
£’000
538
6,595
10
–
90
7,233
5,698
(68)
(6,572)
(10)
–
(76)
(6,726)
(5,199)
470
23
–
–
14
507
499
(470)
(23)
–
–
–
(493)
(499)
–
–
–
–
(7)
(7)
–
incoming
resources
Total
outgoing
resources
Net
incoming
resources
Amount
gifted/cove
nanted to
RNIB
Noncontrolling
89
interest
Net
–
–
–
–
7
7
–
5
–
–
–
–
5
5
–
–
–
–
10
10
–
5
–
–
–
17
22
5
movement
in funds
Funds
brought
forward
Capital
investment
Funds
carried
forward
A summary of the net assets as at 31 March 2015 of the subsidiaries of RNIB follows:
90
RNIB Enterprises RNIB
NLB
BCNI
RNIB Business Total 2015
Limited £’000
£’000
£’000
Services LLP
Services
£’000
£’000
Limited
Total
2014
£’000
£’000
Investment
10
–
–
–
–
10
–
Current assets
337
1,583
5
–
100
2,025
818
342
1,583
5
–
76
2,006
813
–
–
–
–
7
7
–
5
–
–
–
17
22
5
Creditors –
amounts falling
due within one
year
Non-controlling
interest
Net assets
91
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.
RNIB Enterprises Limited is one of two corporate members of RNIB Business
Services LLP. The Limited Liability Partnership has been set up to work in
partnership with MPH Accessible Media Limited to provide services to the
commercial and public sectors both in the UK and internationally.
We want to help our customers provide accessible information and
environments economically for those with sight loss.
92
A summary of the net assets as at 31 March 2015 of the subsidiaries of RNIB follows:
Associated
Subsidiaries
Total subsidiaries
Total subsidiaries
charities £’000
£’000
2015 £’000
2014 £’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
(4,642)
507
(4,135)
1,464
Net gains on investment assets 660
–
660
402
Net gains on revaluation of
(531)
–
(531)
4,420
(1,645)
–
(1,645)
456
–
(493)
(493)
(499)
transfers
fixed assets
Actuarial loss on defined
benefit pension scheme
Amount gifted/covenanted to
RNIB
93
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
904
–
904
–
–
–
–
(149)
22,583
22
22,605
27,842
association
Funds transferred to RNIB on
merger
Funds carried forward
94
Associated
Subsidiaries
Total subsidiaries
Total subsidiaries
charities £’000
£’000
2015 £’000
2014 £’000
Fixed assets
26,604
10
26,614
31,214
Current assets
8,547
2,025
10,572
4,448
Creditors – amounts falling
7,516
2,006
9,522
3,544
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
due within one year
Creditors – amounts falling
due after one year
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.
5. Governance costs
Group 2015 Group 2014 RNIB 2015 RNIB 2014
Internal audit
95
£’000
£’000
£’000
£’000
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
committees and the statutory affairs of RNIB
804
848
545
688
Total governance costs
1,413
1,540
935
1,238
General costs incurred in servicing RNIB’s corporate
96
6. Resources expended – Group
Direct costs
Support costs
Total 2015
Total 2014
£’000
£’000
£’000
£’000
15,395
5,319
20,714
15,705
2
4
6
28
Investment management fees
60
–
60
115
Total costs to generate funds
15,457
5,323
20,780
15,848
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
Costs of generating funds
Costs of generating voluntary
income
Merchandising and sponsorship
costs
Charitable activities
97
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
7. Support costs allocation
Human
Finance
Information
Resources
£’000
Technology Service
Service
£’000
s £’000
s £’000
1,321
70
92
£’000
Legal
Property Other
Total 2015 Total 2014
£’000
£’000
£’000
2,752
5,319
4,171
Costs of
generating
funds
Costs of
generating
voluntary
income
98
672
412
Merchandis
–
3
–
–
–
1
4
4
–
–
–
–
–
–
–
16
672
415
1,321
70
92
2,753
5,323
4,191
Being there 200
195
362
16
78
423
1,274
–
Independe
2,620
2,062
3,800
189
863
5,187
14,721
13,241
144
127
335
20
28
649
1,303
1,341
ing and
sponsorshi
p costs
Investment
manageme
nt fees
Total costs
to generate
funds
Charitable
activities
nce
Inclusion
99
Prevention
47
16
60
3
3
135
264
714
Total
3,011
2,400
4,557
228
972
6,394
17,562
15,296
13
185
48
3
4
336
589
1,009
3,696
3,000
5,926
301
1,068
9,483
23,474
20,496
charitable
activity
costs
Governanc
e costs
Total
resources
expended
100
Basis of allocation:
Human resources – Headcount
Finance – Pro rata on basis of costs Information and technology services –
Networked computers Legal Services – Pro rata on basis of costs
Property services – Floor space
Other (including strategy and performance, Group support) – Pro rata on basis
of costs
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 £’000
2014 £’000
Salary costs
52,731
53,770
Employer’s NI contributions
4,781
4,820
101
Employer’s pension contributions 5,554
5,834
Total emoluments
64,424
61,446
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 £150,000 to £160,000, and there are nine
other people (2014: 10) disclosed above where the figures include a payment on
the termination of employment. Included in the total emoluments figures above
are payments amounting to £2,664,000 made to 192 members of staff (2014:
£1,263,000 to 112 members of staff) on termination of employment. These costs
have been incurred as part of a programme of work to implement our 2014/19
102
strategy and ensure we have the right people with the right skills to effectively
meet the needs of our customers.
Also, of the number of staff disclosed in the table above RNIB made payments
on behalf of 36 (2014: 36) employees in respect of the RNIB Retirement Benefit
Scheme and the Teachers’ Pension Scheme, and there were payments made to
16 (2014: 17) members of staff in respect of the defined contribution element of
the RNIB Retirement Benefits Pension Scheme.
The total amount of employer contributions paid in respect of these employees
was £358,000 (2014: £374,000). For new entrants since 1 April 2005 the RNIB
Retirement Benefits Pension Scheme (RBPS) is partly defined benefit and partly
defined contribution, so included in the numbers reported are staff that may be
within both elements of the scheme.
In addition Action made payments on behalf of five (2014: seven) of its
employees in respect of pension contributions totalling £20,000 (2014: £44,000).
Staff are able to claim reimbursement of expenditure incurred by them in the
course of undertaking business on behalf of RNIB. Expenses are claimed
against a set policy and guidelines, are independently authorised and are not
regarded as part of the employee’s emoluments.
10. RNIB Trustees’ expenses and related parties transactions
Many Trustees and/or their organisations bear the cost of attending meetings
themselves. They receive no benefits from RNIB except as users of our
services. Where expenses are claimed these are in accordance with a set policy
and guidelines, are independently authorised and are not regarded as
emoluments.
Trustees of RNIB attend many committee, sub-committee and Boards of
Governors’ meetings, most of which are held at RNIB’s London service centre.
103
A total of £36,672 was paid to, and on behalf of, 21 Trustees of RNIB as
reimbursement of travel and subsistence expenses incurred in attending these
meetings (2014: £37,129 to 22 Trustees). In addition, £15,954 was paid to one
Trustee of RNIB as reimbursement of overseas travel and subsistence incurred
in attending international meetings and conferences (2014: £14,684 to three
Trustees).
The cost of lunches and overnight stays in RNIB establishments during the
meetings cost a further £4,054 (2014: £2,507).
During the year RNIB paid Kevin Carey, Chair of RNIB, £25,113 (2014:
£24,604) as remuneration in respect of carrying out his duty as Chair of RNIB.
Included in this salary was back-dated pay of £329 in respect of the staff annual
pay award relating to 2013/14. These payments have been made with the
consent of RNIB Commission. In addition, RNIB has paid £20,100 (2014:
£20,100) to HumanITy as a contribution to their secretarial and office costs in
providing support to Kevin Carey in his role as the Chair of RNIB. Kevin Carey
was employed as an executive director of the HumanITy organisation during this
period. HumanITy also receives a management fee of US$3,400 per month from
Transforming Braille Group of which RNIB has a 20 per cent share holding.
Peter Bennetts, a Trustee of RNIB, is also a Trustee of Gateshead & South
Tyneside Sight Service to which RNIB paid £30,000 grant (2014: £nil). Peter is
also a Trustee of VINE (Visual Impairment North East), which RNIB paid £810
(2014: £nil) and received £166 (2014: £nil). He is also a member of the Macular
Society which RNIB paid £100 (2014: £nil) and received £567 (2014: £nil).
Lord Low of Dalston, a Vice President of RNIB and a Trustee of Action, is
President of Visionary to which grants have been paid of £nil (2014: £18,000).
Vidar Hjardeng, a Trustee of RNIB, is a Director of External Relations for Focus
Birmingham from which RNIB received £11,240 (2014: £nil), as well as being a
104
member of the Audio Description Association, to which RNIB paid £50 (2014:
£nil).
Ian Jentle, a Trustee of RNIB, is also a Trustee of Extant, to which RNIB paid
£2,538 (2014: £nil).
The wife of David Mann (a Trustee of RNIB), is Chair of Sightlines to which
RNIB paid £298 (2014: £150).
Mike Nussbaum, a Trustee of RNIB and a Trustee of Action, is a Trustee of
Guide Dogs for the Blind Association from which £74,859 (2014: £67,553) has
been received and £3,100 (2014: £2,590) has been paid. Also Guide Dogs for
the Blind Association own two Action hotels where the lease is charged at a
peppercorn rent. Mike is also a Trustee of National Blind Children’s Society to
which £nil (2014: £22,593) has been paid and from which £555 (2014: £1,670)
has been received. Mike is also a Trustee of Vision 2020 UK to which £19,876
(2014: £nil) has been paid and from which £22,302 (2014: £nil) has been
received.
John Ramm, a Trustee of RNIB, is also a Trustee of Habinteg Housing
Association form which RNIB received £137 (2014: £nil).
In the year RNIB made Honoraria payments totalling £300 (2014: £810) to Ken
Reid, a Trustee of RNIB, in respect of the UK Vision Strategy. In addition, Ken is
a member of RP Fighting Blindness, formerly British Retinitis Pigmentosa
Society, from which RNIB received £nil (2014: £44). Ken is also a Trustee of
Scottish War Blinded from which RNIB received £23,372 (2014: £nil).
Paul Ryb, a Trustee of RNIB, is a Trustee of Macular Society to which £100
(2014: £200) has been paid. Paul is also a Managing Director of the GMB
division of Royal Bank of Scotland from which RNIB received £175,686. Paul
had no involvement in this contract either as Trustee of RNIB or as a Managing
Director of Royal Bank of Scotland.
105
Eleanor Southwood, Group Vice Chair, became an elected councillor for London
Borough of Brent on 22 May 2014 from which RNIB received £200,886. Eleanor
had no involvement in this contract either as Trustee of RNIB or as a councillor
for London Borough of Brent. Mike Townsend, a Trustee of RNIB, is a director of
the Torch Trust from which £100 (2014: £7,009) has been received.
Sandra Wilson, a Trustee of RNIB, is a member of Scottish Accessible
Information Forum (SCVO), for which RNIB received £40 (2014: £nil).
RNIB enters a comprehensive range of insurance policies to protect Trustees,
officers and employees against losses and personal legal liabilities arising from
neglect or default in the course of business. Total premiums for these policies
amounted to £33,989 (2014: £33,920).
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
106
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
Campaign Project
5
–
World Blind Union – Core Work Sponsorship
16
–
Other grants – all under £5,000
288
252
Total grants payable
382
392
World Blind Union – Marrakesh Treaty Ratification
12. Total movements of funds in the year is stated after charging
2015
2014
£’000
£’000
Statutory audit fee – RNIB
70
71
Statutory audit fee – Subsidiary companies
18
13
Statutory audit fee – Associated charities
76
62
Auditors remuneration
107
Audit of teachers' pension scheme and other non-
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
statutory audit work
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.
108
13. Tangible fixed assets
Group
Service
Machinery, vehicles and
Total
properties £’000 equipment £’000
£’000
Balance 1 April 2014
90,259
9,508
99,767
Additions
131
975
1,106
Additions on
61
12
73
(300)
–
(300)
(100)
(156)
(256)
90,051
10,339
100,390
Balance 1 April 2014
17,324
6,206
23,530
Charge for year
1,909
1,184
3,093
Elimination on
(66)
(153)
(219)
Cost
association
Transfer to property
held for sale
Elimination on
disposal
Balance 31 March
2015
Accumulated
depreciation
disposal
109
Balance 31 March
19,167
7,237
26,404
70,884
3,102
73,986
72,935
3,302
76,237
2015
Net book value 31
March 2015
Net book value 31
March 2014
Service
Machinery, vehicles
Total
properties
and equipment £’000
£’000
£’000
Cost
Balance 1 April 2014
76,414
6,875
83,289
Additions
28
417
445
Transfer of assets from
–
424
424
–
(3,505)
(3,505)
(300)
–
(300)
Elimination on disposal
–
(154)
(154)
Balance 31 March 2015
76,142
4,057
80,199
Action
Transfer of assets on
association – RNIB Charity
Transfer of property held
for sale
110
Accumulated depreciation
Balance 1 April 2014
15,842
5,127
20,969
Charge for year
1,486
761
2,247
Transfer of assets on
–
(3,259)
(3,259)
Elimination on disposal
–
(153)
(153)
Balance 31 March 2015
17,328
2,476
19,804
Net book value 31 March
58,814
1,581
60,395
60,572
1,748
62,320
association – RNIB Charity
2015
Net book value 31 March
2014
Service properties are used to provide services to blind and partially sighted
people. Of the net book value of property used by the Group, £15,761,000
(2014: £16,192,000) represents leaseholds of more than 50 years whilst
£448,000 (2014: £548,000) represents leaseholds of less than 50 years.
A transfer has been made from the 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. A transfer has been
made to the designated other fixed assets fund in the sum of £594,000 (2014:
£628,000) comprising additions of £841,000 (2014: £628,000) less £247,000
(2014: £nil) disposals in the year.
The net book value of fixed assets of our associated charities are held within the
restricted funds as set out in note 20.
111
14. Investments
Unrestricted funds
Group
Group
RNIB 2015 RNIB 2014
2015 £’000 2014 £’000 £’000
£’000
15,025
16,759
15,030
16,764
Acquisitions at cost
1
3
1
3
Disposals at opening market
(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
8,930
15,025
8,935
15,030
5,380
12,034
5,385
12,039
665
1,703
665
1,703
–
(1,071)
–
(1,071)
42
33
42
33
Quoted/Unquoted
Market value at beginning of
year
value
the year
Historical cost at the end of
the year
Property
Market value at beginning of
year
Disposals at opening market
value
Net gain on revaluation
112
Market value at the end of
707
665
707
665
–
–
–
–
9,637
15,690
9,642
15,695
5,380
12,034
5,385
12,039
the year
Historical cost at the end of
the year
Total market value at the
end of the year
Total historical cost at the
end of the year
Restricted funds
Group 2015 Group 2014 RNIB
RNIB 2014
£’000
£’000
£’000
2015
£’000
Quoted/Unquoted
Market value at beginning 12,814
14,002
3,621
5,434
of year
Acquisitions at cost
239
265
–
–
Disposals at opening
(3,446)
(13)
–
–
Net loss on revaluation
(183)
(1,440)
(781)
(1,813)
Market value at the end
9,424
12,814
2,840
3,621
market value
of the year
113
Historical cost at the end
10,156
13,381
4,780
4,780
of the year
Endowment funds
Group 2015
Group 2014
RNIB 2015
RNIB 2014
£’000
£’000
£’000
£’000
5,329
5,393
5,328
5,392
–
(29)
–
(29)
405
(35)
405
(35)
5,734
5,329
5,733
5,328
4,775
4,775
4,774
4,774
Quoted
Market value at
beginning of year
Disposals at opening
market value
Net gain (loss) on
revaluation
Market value at the end
of the year
Historical cost at the
end of the year
114
Group
Group
RNIB 2015 RNIB 2014
2015 £’000 2014 £’000 £’000
£’000
9,637
15,690
9,637
15,690
–
–
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
24,795
33,833
18,215
24,644
Unrestricted funds –
Quoted
Unrestricted funds –
Unquoted
investments at end of year
The market value of investments is further broken down as follows:
Group
Unrestricted funds – UK
Group
RNIB 2015 RNIB 2014
2015 £’000 2014 £’000 £’000
£’000
8,930
15,025
8,930
15,025
–
–
5
5
707
665
707
665
9,424
12,814
2,840
3,621
Quoted
Unrestricted funds – UK
Unquoted
Unrestricted funds – UK
Property
Restricted funds – UK
Quoted
115
Endowment funds – UK
5,734
5,329
5,733
5,328
24,795
33,833
18,215
24,644
Quoted
Total market value of
investments at end of year
The Trustees believe that the carrying value of the investments is supported by
their underlying assets
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:
Unrestricted funds – L&G Ethical Trust
2015
2015
2014
2014
£’000
Per cent £’000
Per cent
3,015
12.5
4,942
20.6
4,666
19.4
7,304
30.5
4,061
16.7
6,374
26.6
2,645
11.0
–
–
2,582
10.7
–
–
(Distribution Units)
Unrestricted funds – L&G Cash Trust
(Accumulation Units)
Unrestricted funds – F&C Ethical Bond
Share Class 2
Restricted funds – CAF UK Equities
fund
Restricted funds – L&G Fixed Interest
Trust
116
Endowment funds – F&C Ethical Bond
3,148
13.1
2,899
12.1
Share Class 2 (Emma Nye Fund)
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
Registered in
with a share capital
RNIB Enterprises Limited
England and
Capital held
Number of £1
Per cent
ordinary shares held
100
5,000
100
1
20
5 ownership units
Wales
RNIB Services Limited
England and
Wales
Transforming Braille
USA
Group LLC
Total – direct
5,001
RNIB Business Services
England and
LLP
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.
117
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
Registered in Company
undertakings limited
number
Charity
Charity
number
number –
by guarantee
Scotland
Action for Blind
England and
People
Wales
CIB
England and
26688
205913
SC040050
149982
214131
–
1973092
293656
–
NI 20701
XN48801
–
58823
213212
–
–
214330
–
8478985
Exempt
–
Wales
NTNM
England and
Wales
BCNI
Northern
Ireland
NLB
England and
Wales
Glynn Vivian
England and
Wales
RNIB Specialist
Learning Trust
England and
Wales
118
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
Registered in
by guarantee
BucksVision
England and
Company
Charity
number
number
8016572
1147814
3736040
1075973
4154438
1091458
Wales
The Blind Society for North
England and
Tyneside Limited
Wales
Staffordshire Blind
England and
Wales
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.
Current asset investments (including property held for sale)
Group
Group
RNIB
RNIB
2015
2014
2015
2014
£’000
£’000
£’000
£’000
1,236
–
1,236
–
72
–
–
–
Property held for sale
Market value at beginning of
year
Transfers on association
119
with BucksVision
Transfers from fixed assets
400
1,236
400
1,236
(613)
–
(613)
–
Net loss on revaluation
(164)
–
(164)
–
Market value at the end of
931
1,236
859
1,236
528
600
528
600
to property held for sale
Disposals of property held
for sale
the year
Historical cost at the end of
the year
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
Group
RNIB
RNIB
2015
2014
2015
2014
£’000
£’000
£’000
£’000
Unrestricted funds
931
1,236
859
1,236
Total market value of current
931
1,236
859
1,236
asset investments at end of
year
120
Total historical cost at the end
528
600
528
600
Group 2015
Group
RNIB
RNIB
£’000
2014 £’000 2015
2014
£’000
£’000
of the year
15. Stocks and work-in-progress
Finished goods for resale
792
762
–
656
Raw materials and
259
248
–
248
1,051
1,010
–
904
consumables
Total
16. Debtors – amounts falling due within one year
Trade debtors
Group 2015 Group 2014 RNIB 2015
RNIB 2014
£’000
£’000
£’000
£’000
5,790
3,780
499
2,902
–
3,824
1,281
Amounts owed by Group –
undertakings
Other debtors
1,518
2,168
1,219
830
Legacy accrued income
14,382
12,763
14,382
12,763
Prepayments and
3,071
2,309
1,232
1,624
121
accrued income
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.
17. Debtors – amounts falling due after one year
Amounts owed by Group
Group 2015
Group 2014
RNIB 2015 RNIB 2014
£’000
£’000
£’000
£’000
–
–
731
643
–
–
731
643
undertakings
Total
122
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
1,000
1,000
1,000
1,000
6
–
6
–
1,447
528
1,131
–
–
78
42
Other creditors
1,822
1,530
726
1,344
Accruals
5,704
5,228
3,302
4,365
Deferred income – all
972
1,173
240
646
12,303
13,075
6,695
11,008
loan
Net obligations under
finance leases
Taxes and social security 1,100
costs
Amounts owed to Group
undertakings
utilised in the year
Total
123
19. Creditors – amounts falling due after more than one year
Group
Group
RNIB
RNIB
2015
2014
2015
2014
£’000
£’000
£’000
£’000
Between one and two years
6
–
6
–
Between two and five years
20
–
20
–
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
Net obligations under finance
leases are payable as
follows:
Net obligations under bank
loan is payable as follows:
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
124
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).
125
20. Group/RNIB statement of funds
Designated
31March
Incoming
Outgoing
Transfers
Gains
31March
2014 £’000
resources
resources
£’000
(losses)
2015 £’000
£’000
£’000
£’000
Investment fund
3,183
–
2,412
(400)
–
371
Mergers fund
1,173
–
329
–
–
844
551
–
102
–
–
449
Operational equipment fund
402
–
1,490
2,495
–
1,407
Information technology
72
–
831
1,101
–
342
–
–
884
884
–
–
39,572
–
1,485
728
–
38,815
Service property and
associated facilities
development
infrastructure fund
Repairs and maintenance
fund
Net book value – Service
126
properties
Net book value – Other fixed 1,748
424
1,007
415
–
1,580
424
8,540
5,223
–
43,808
assets
Total designated – Group
and RNIB
127
46,701
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.
Operational equipment fund: The purpose is to fund planned capital
acquisitions. The £2,495,000 transfer represents a £253,000 designation from
the general fund for general capital acquisitions and the transfer to other funds
of £2,407,000 offset by the acquisition of fixed assets in the sum of £165,000.
Information technology infrastructure fund: The purpose is to ensure that the
information technology infrastructure is robust. The £1,101,000 transfer
represents a planned designation of £464,000 towards the fund as well as a net
transfer from other funds of £726,000 offset by the acquisition of fixed assets in
the sum of £89,000.
Repairs and maintenance fund: The purpose is to fund a rolling programme of
regular property maintenance. The £884,000 transfer represents new
designations to cover planned expenditure.
Net book value – service properties: The purpose is to recognise the value,
net of long-term debt, of RNIB’s service properties that are unavailable to free
reserves. Such fixed asset properties held in the associated charities are
recognised within the restricted funds. The transfer comprises £28,000 of other
additions together with a reduction in the long-term debt of £1,000,000 relating
128
to the loan repayment regarding the redevelopment at the RNIB Pears Centre
for Specialist Learning offset by a transfer of property to current assets of
£300,000.
Net book value – other fixed assets: The purpose is to recognise the value,
net of long-term debt, of RNIB’s other fixed assets that are unavailable to free
reserves. Such other fixed assets held in the associated charities are
recognised within the restricted funds. The transfer comprises additions
amounting to £417,000 less the net book value of disposals of £2,000.
129
Other unrestricted
31March
Incoming
Outgoing
Transfers
Gains
31March
2014
resources
resources
£’000
(losses)
2015 £’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
–
538
538
–
–
–
RNIB Services Limited
–
6,595
6,595
–
–
–
National Library for the
–
10
10
–
–
–
–
–
–
–
–
–
75,670
77,521
77,667
69
4,047
79,640
£’000
Limited
Blind
Blind Centre for
Northern Ireland
Total unrestricted –
RNIB and Group
130
Restricted
31March
Incoming
Outgoing
Transfers
Gains
31March
2014
resources
resources
£’000
(losses)
2015 £’000
£’000
£’000
£’000
135
208
–
–
452
74
51
69
–
–
56
39
28
60
–
2
9
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
Emma Nye fund welfare 525
£’000
pensions
Dr Duncan Leeds
Bequest
Elizabeth Eagle-Bott
Memorial Fund
Donations for specified
services
and equipment
131
31Mar
Incoming
Outgoing
Transfers
Gains
31March
ch
resources
resources
£’000
(losses)
2015 £’000
2014
£’000
£’000
4,063
10,019
10,776
(69)
2
3,239
73
67
113
–
–
27
15
108
115
–
–
8
46
133
170
–
–
9
8
(8)
–
–
–
–
£’000
£’000
Fund and/or purpose b/f
Big Lottery Fund
AdvantAGE Programme
Wales Eye Patient Advocacy
Service
Empowering Young People
Programme – Realise
Safe and Well Programme,
Lisburn in Focus
Silver Dreams Programme:
OPTiC (Older People Taking
Control)
132
Connecting Older People:
62
170
112
–
–
120
31
196
187
–
–
40
39
1
5
–
–
35
4,337
10,686
11,478
(69)
2
3,478
Looking Forward
Bright New Futures – Future
In–Sight
Reaching Communities –
Talk and Support: Supporting
our Volunteers through
Mentoring
Sub total
133
31March Incoming
Outgoing
Transfers
Gains
31March
2014
resources
resources
£’000
(losses)
2015 £’000
£’000
£’000
£’000
4,337
10,686
11,478
(69)
2
3,478
112
101
–
–
56
Connecting Communities 1
–
1
–
–
–
–
5
2
–
–
3
–
5
2
–
–
3
(4)
5
1
–
–
–
Fund and/or purpose b/f
£’000
Reaching Communities:
Trainee Grade Scheme – 45
Extending the Reach
Awards for All
Family Activity Days
Creative Scotland –
Public
Engagement Fund
The Arts Gallery
Heritage Lottery Fund
Our Heritage Fund –
134
Seeing our History –
Scotland 2014
Our Heritage Fund –
–
28
16
–
–
12
Culture Link South East
18
–
17
–
–
1
Big Lottery Fund
13
21
34
–
–
–
7
21
27
–
–
1
–
130
64
–
–
66
4,417
11,008
11,741
(69)
2
3,617
Museums In Focus
Heritage Grants Fund –
Young Start Programme:
Education, Respect and
Awareness
Support and Connect –
Advice Plus
Sub total
135
31March
Incoming
2014 £’000 resources
Fund and/or purpose b/f
4,417
Investment In Communities – –
Outgoing
Transfers
Gains
31March
resources
£’000
(losses)
2015 £’000
£’000
£’000
£’000
11,008
11,741
(69)
2
3,617
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
–
472
176
–
–
296
26
80
40
–
–
66
2
59
61
–
–
–
Today!
Department of Health
IESD: Electronic Certificate
of Visual Impairment
IESD: Communicating for
Efficiency and Effectiveness
136
HSCVF Community Eye
Health Champions
–
74
27
–
–
47
–
37
31
–
–
6
4,445
11,965
12,169
(69)
2
4,174
EIRECS Early Intervention
and Rehabilitation in Eye
Care Services
Total restricted – RNIB
Fund and/or purpose b/f
31March
Incoming
Outgoing
Transfers
Gains
31March
2014
resources
resources
£’000
(losses)
2015 £’000
£’000
£’000
£’000
4,445
11,965
12,169
(69)
2
4,174
–
(5)
(5)
–
–
–
13
68
74
–
–
7
£’000
IESD – Bradford
Community Engagement
Project (BCEP)
IESD – Support for Early
Reach in Clinics and
Hospitals (SEARCH)
137
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
1,260
1,237
1,452
–
(86)
959
–
90
76
–
(7)
7
BucksVision
–
1,035
330
–
2
707
Total restricted – Group
25,335
36,944
40,878
(69)
(990)
20,342
Trust
RNIB Business Services
LLP
and RNIB
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’.
138
The amounts included within ‘Group’ represent the net assets at fair value of the associated charities, other
than those held within endowment funds
Gains (losses) £’000
31March
Incoming
Outgoing
Transfers
31March
2014
resources
resources
£’000
£’000
£’000
£’000
Sunshine
350
–
–
–
17
367
Emma Nye
2,899
–
–
–
249
3,148
Bristol Blind
105
–
–
–
9
114
628
–
–
–
40
668
1,177
–
–
–
76
1,253
GDC Rushton
169
–
–
–
14
183
Total
5,328
–
–
–
405
5,733
2015 £’000
Fund
Eagle-Bott
Memorial
Dr Duncan
Leeds Bequest
endowment –
139
RNIB
CIB
1
–
–
–
–
1
Total
5,329
–
–
–
405
5,734
endowment –
Group and RNIB
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).
140
Summary
31March
Incoming
Outgoing
2014 £’000
resources £’000 resources £’000
Transfers
Gains
31March
£’000
(losses)
2015 £’000
£’000
RNIB
Unrestricted 75,670
77,433
77,579
69
4,047
79,640
Restricted
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
Unrestricted 75,670
77,521
77,667
69
4,047
79,640
Restricted
36,944
40,878
(69)
(990)
20,342
Endowment 5,329
–
–
–
405
5,734
Total
114,465
118,545
–
3,462
105,716
4,458
Group
141
25,335
106,334
21. Analysis of net assets between funds
Group fund balances
Unrestricted
Restricted
Endowment
Total funds
Total funds
are represented by:
funds £’000
funds £’000
funds £’000
2015 £’000
2014 £’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
12,596
(4,321)
–
8,275
3,993
–
–
(7)
–
pension scheme asset
Non-controlling interest (7)
in net assets
Total net assets
79,640
20,342
5,734
105,716
106,334
RNIB fund balances
Unrestricted
Restricted
Endowment
Total funds
Total funds
are represented by:
funds £’000
funds £’000
funds £’000
2015 £’000
2014 £’000
Tangible fixed assets
60,395
–
–
60,395
62,320
142
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
12,596
–
–
12,596
6,482
79,640
4,181
5,733
88,554
85,456
pension scheme asset
Total net assets
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:
143
Amounts charged to
Actuarial gains
Defined Benefit Pension Scheme
SoFA £’000
(losses) £’000
asset (liability) £’000
RNIB
1,804
3,435
12,596
RNIB Charity
–
–
–
Action schemes one
(56)
(1,481)
(2,892)
CIB
10
(78)
(737)
Academy Trust
76
(86)
(692)
Total defined benefit
1,834
1,790
8,275
and three
schemes
144
RNIB
The RNIB Retirement Benefits Pension Scheme (RBPS) is partly defined benefit
and partly defined contribution. Members joining before 1 April 2005 are wholly
defined benefit, with those members joining after, having a hybrid of defined
benefit and defined contribution. The assets of the scheme are held in a
separate fund, under control of its Trustees, to which RNIB has no access. A
salary sacrifice arrangement was introduced 1 July 2010 whereby the member’s
salary is reduced by the amount of the member contribution and in return the
employer makes an equivalent contribution to the scheme.
An actuarial valuation was carried out at 31 March 2014 by the pension
scheme’s actuary Aon Hewitt, using the projected unit method. The valuation
disclosed that the market value of the scheme’s assets (excluding defined
contribution and additional voluntary contribution assets) at that date was
£175.9million, and that there was a surplus of £0.6million relative to the
technical provisions (the level of assets agreed by the Trustees and RNIB as
being appropriate to meet member benefits, assuming the scheme continues as
a going concern). Contributions by RNIB therefore reduced to 12.5 per cent for
the future accrual of final salary benefits from 1 January 2015. As of 1 January
2015 RNIB also ceased to make additional contributions of £828,000 a year that
were due to be paid until 30 June 2018.
Following the merger with NLB, RNIB also offers the Pensions Trust’s Growth
Plan. The Growth Plan is a multi-employer pension plan under which
contributions are invested in personal funds which have a capital guarantee and
convert to a pension on retirement. No contributions are currently required into
the Plan, but the Pensions Trust has advised that in the event of a withdrawal
from the Plan, or in the event of the Pensions Trust being wound up, RNIB
would have liability to pay a share of the accumulated deficit in the Plan, which
145
is estimated at £927,000 based on the valuation of the Plan as at 30 September
2014.
RNIB also participates in the Teachers’ Pension Scheme, a defined benefit
scheme for employees who were formerly employed by local education
authorities. The Teachers’ Pension Scheme is an unfunded scheme.
Contributions on a ‘pay as you go’ basis are credited to The Exchequer under
arrangements governed by The Superannuation Act 1972.
RNIB has an auto-enrolment pension scheme which is administered by the
National Employment Savings Trust (NEST). This is a defined contribution
scheme. In the year, RNIB contributed £111,000 on behalf of 1,058 employees.
RNIB Charity
RNIB Charity participates in the RNIB Retirement Benefits Scheme. This is a
hybrid scheme for members joining after 1 April 2005 and a defined benefit
scheme for prior entrants. The assets and liabilities of the scheme are
accounted for within the Group accounts. The charity is unable to identify, on a
reasonable and consistent basis, its share of the underlying assets/liabilities as
such information is unavailable on a disaggregated basis. Therefore, RNIB
Charity has accounted for contributions as if the scheme were a defined
contribution scheme. During the year contributions of £1,703,000 were paid into
the scheme on behalf of the charity.
Action
Action participates in five pension schemes and the assets of all the schemes
are held separately from those of RNIB. Scheme number one is the Action
Defined Benefit Scheme which was offered through the Pensions Trust. The
scheme has been closed to new members since 1 October 1997. Scheme
number two is the Action for Blind People money purchase scheme and is open
146
to existing and new employees. It is currently substantially all invested in the
Pensions Trust Growth Series 3 Scheme. Due to its capital guarantee, this
scheme differs in some important respects from a standard Defined Contribution
Scheme, and following legislation in 2011 is now classified legally as a Defined
Benefit Scheme. Action is unable to identify, on a reasonable and consistent
basis, its share of the underlying assets because the Pensions Trust does not
provide such information as this is unavailable on a disaggregated basis.
Accordingly, due to the nature of the scheme, Action has accounted for
contributions as if the scheme were a Defined Contribution Scheme. Members
contributions are not fixed, employees are able to make contributions up to 10
per cent of their salaries.
Scheme number three is a defined benefit scheme operated by Wiltshire County
Council and related to staff transferred from Shelwork Industries on 1 April 2000.
The Shelwork factory operation has ceased trading and therefore the majority of
the members of the scheme are no longer employees of Action.
Scheme number four is the RNIB Retirement Benefits Pension Scheme of which
Action became an Employer on 1 April 2009 pursuant to the Transfer of
Undertakings Agreement whereby 118 scheme members transferred by TUPE
to Action. With regard to Action it closed to new members with immediate effect
from 1 April 2009. Under the Association Agreement with RNIB, the deficit on
the scheme disclosed by the Triennial Actuarial Valuation at 31 March is the
responsibility of RNIB. The FRS17 review of the whole scheme at 31 March
2015 produced a surplus of which £45,000 (2014: £22,000) is attributable to
Action. Action also participates in the Teachers’ Pension Scheme, a defined
benefit scheme for employees who were formerly employed by local education
authorities. The Teachers’ Pension Scheme is an unfunded scheme.
Contributions on a ‘pay as you go’ basis are credited to the Exchequer under
arrangements governed by the Superannuation Act 1972.
147
CIB
CIB is a participant within the defined benefit scheme ‘Cardiff and Vale of
Glamorgan Pension Fund’ which is part of the Local Government Pension
Scheme.
CIB has a defined contribution pension scheme with Scottish Widows. In the
year, CIB contributed £3,000 on behalf of one employee.
RNIB Specialist Learning Trust
RNIB Specialist Learning Trust is a participant within the defined benefit scheme
‘West Midlands Pension Fund’ which is part of the Local Government Pension
Scheme.
RNIB Specialist Learning Trust also participates in the Teachers’ Pension
Scheme, a defined benefit scheme for employees who were formerly employed
by local education authorities. The Teachers’ Pension Scheme is an unfunded
scheme. Contributions on a ‘pay as you go’ basis are credited to The Exchequer
under arrangements governed by The Superannuation Act 1972.
The following tables, and narrative, provide the detailed disclosures that relate
to the RNIB Retirement Benefit Scheme. The column headed “Associated
charities” refers to Action’s schemes one and three, together with that for CIB.
Together these explain the Group’s pension costs
a. Scheme assets and liabilities
2015
Scheme assets at fair value
148
RNIB
Associated
Total
£’000
charities £’000
£’000
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
25,540
–
25,540
1,051
169
1,220
212,806
16,740
229,546
Present value of scheme liabilities (200,210)
(21,061)
(221,271)
Net pension scheme asset
(4,321)
8,275
Inflation linked funds
Cash and other (including net
current assets)
Total market value of scheme
assets
12,596
(liability)
b. Scheme assets and liabilities
2014
149
RNIB
Associated
£’000
charities £’000
Total £’000
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
1,415
93
1,508
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
current assets)
Total market value of scheme
assets
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.
150
c. Analysis of charge to the
RNIB
Associated charities
Total
SoFA
£’000
£’000
£’000
Current service cost
3,610
153
3,763
Interest cost
7,430
768
8,198
Expected return on scheme
(9,236)
(891)
(10,127)
1,804
30
1,834
Current service cost
3,747
174
3,921
Interest cost
7,209
760
7,969
Expected return on scheme
(8,643)
(832)
(9,475)
2,313
102
2,415
Year to 31 March 2015
assets
Expense recognised in SoFA
Year to 31 March 2014
assets
Expense recognised in SoFA
The above service cost excludes any RNIB contributions paid to the defined
contributions section of the scheme.
RNIB contributed to the scheme at the rate of 12.9 per cent of pensionable
salaries until 31 December 2014 and then contributed at the rate of 12.5 per
cent of pensionable salaries. These rates include the cost of death in service
insurance cover. During the year RNIB contributed £4,483,000 (2014:
£4,878,000) to the scheme, and in the next year RNIB expects to contribute
£3,195,000. In addition, RNIB, RNIB Charity and Action share the administrative
151
costs of the scheme. In 2010, as a part of the recovery plan it was agreed that
RNIB would make additional annual contributions of £1million over 17 years,
and these contributions are included in the amounts that RNIB contributed to the
scheme, referred to above. From 1 April 2013 these additional contributions
reduced to £828,000 per year until 30 June 2018. From 1 January 2015 these
additional contributions were removed. From 1 July 2010 under the RNIB salary
sacrifice arrangement employer contributions and service cost include the
member salary sacrifice contributions while member contributions are shown as
£nil. RNIB also makes contributions to a number of other pension schemes
including the Teachers’ Pension Scheme. The Teachers’ Pension Scheme is a
defined benefit scheme for employees who were formerly employed by local
education authorities. The Teachers’ Pension Scheme is an unfunded scheme.
Contributions on a ‘pay-as-you-go’ basis are credited to the Exchequer under
arrangements governed by the Superannuation Act 1972. RNIB made
contributions to the Teachers’ Pension Scheme for 28 employees (2014: 30)
totalling £134,000 (2014: £123,000). In addition, Action made contributions for
one employee totalling £7,000 (2014: two employees totalling £13,000) to the
Teacher’s Pension Scheme
d. Analysis of actuarial gains and losses RNIB
Associated
Total
£’000
charities £’000
£’000
Experience gains on scheme assets
27,780
1,340
29,120
Experience gains on scheme liabilities
(1,299)
(245)
(1,544)
Year to 31 March 2015
Losses on scheme liabilities arising out
of changes to the actuarial assumptions
152
used
(23,046)
(2,740)
(25,786)
Total actuarial gain (loss)
3,435
(1,645)
1,790
Experience gains on scheme assets
2,048
66
2,114
Experience gains on scheme liabilities
707
164
871
(3,233)
226
(3,007)
(478)
456
(22)
Year to 31 March 2014
(Losses) gains on scheme liabilities
arising out of changes to the actuarial
assumptions used
Total actuarial (loss) gain
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
2014
2015
RNIB
RNIB
Associated Associated
per cent per
2014
charities
charities per
cent
per cent
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
153
Rate of increase in pensions
payments
Pre-1 July 2010 – 5 per cent
2.80
3.05
–
–
2.10
2.25
1.80–2.50
2.30–2.60
2.95
3.35
–
–
2.95
3.00
1.80–3.00
2.30–3.30
p.a. cap
Post-30 June 2010 – 3 per cent
p.a. cap
Rate of increase in deferred
pensions
Pre-1 July 2010 – 5 per cent
p.a. cap
Post-30 June 2010 – 3 per cent
p.a. cap
For the RNIB scheme the mortality assumptions are based on standard mortality
tables which allow for future mortality improvements.
The assumptions are that a member currently aged 60 will live on average for a
further 27.4 years if they are male and for a further 29.4 years if they are female.
For a member who retires in 2033 at age 60 the assumptions are that they will
live on average for a further 28.4 years after retirement if they are male and for a
further 31.1 years after retirement if they are female, as last year.
For schemes offered by the Associated Charities, for current pensioners, their
life expectancy beyond the pensionable age of 65 ranges between 22.3 to 23.8
years if they are male, and 24.5 to 26.7 years if they are female. For future
pensioners their life expectancy beyond the pensionable age of 65 ranges
154
between 24.1 to 25.8 years if they are male and 26.5 to 29.0 years if they are
female.
f. Changes to the present value of
RNIB £’000
the defined benefit obligation
Associated Total
charities
£’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
149
25
174
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
138
25
163
Actuarial gain on scheme liabilities
24,345
2,985
27,330
Net benefits paid out
(4,588)
(899)
(5,487)
participants
Actuarial gain (loss) on scheme
liabilities
participants
155
Business combinations
–
626
626
As at 31 March 2015
200,210
21,061
221,271
g. Changes to the fair value of
RNIB £’000
Associated Total
scheme assets during the year
charities
£’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
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
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
participants
participants
156
As at 31 March 2015
212,806
16,740
229,546
2014
10,691
898
11,589
2015
37,016
2,231
39,247
Actual return on scheme assets
h. Historical
2015 £’000
2014
2013
2012 £’000 2011
£’000
£’000
£’000
212,806
175,757
165,221
(200,210)
(169,275) (160,826) (160,533)
(134,869)
12,596
6,482
4,395
(11,546)
1,723
27,780
2,048
8,110
3,405
1,318
(24,345)
(2,526)
7,193
(18,865)
7,804
3,435
(478)
15,303
(15,460)
9,122
(8,948)
(8,470)
(23,773)
(8,313)
scheme
information
RNIB
Fair value of
148,987
136,592
scheme assets
Defined benefit
obligation
Surplus (deficit) in
the scheme
Gain on scheme
assets
(Loss) gain on
scheme liabilities
Total actuarial gain
(loss) in year
Cumulative amount (5,513)
of loss recognised
157
in SoFA
Associated
charities
Fair value of
16,740
14,914
14,263
13,018
12,880
(21,061)
(17,403)
(17,461)
(15,985)
(15,194)
(4,321)
(2,489)
(3,198)
(2,967)
(2,314)
1,340
66
756
(402)
156
(2,985)
390
(1,124)
(413)
1,034
(1,645)
456
(368)
(815)
1,190
(2,700)
(3,156)
(2,788)
(1,973)
scheme assets
Defined benefit
obligation
Deficit in the
scheme
Gain (loss) on
scheme assets
(Loss) gain on
scheme liabilities
Total actuarial
(loss) gain in year
Cumulative amount (4,345)
of loss recognised
in SoFA
The historical scheme information under ‘Associated charities’ for 2009 excludes
some information relating to CIB as this was not available.
158
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 £’000
2014 £’000
Expiring within one year
246
81
Expiring between two and five years
458
738
Expiring after five years
391
299
Expiring within one year
26
52
Expiring between two and five years
294
207
Expiring within one year
39
39
Expiring between two and five years
81
34
Total
1,535
1,450
Land and buildings
Vehicles
Equipment
159
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.
Source
Purpose
£’000
Big Lottery Fund
AdvantAGE Wales Eye Patient
67
Advocacy Service
Basic Online Skills: Online Today!
472
Bright New Futures: Future In-Sights
196
Connecting Older People: Looking
170
Forward
Empowering Young People
108
Programme: Realise
Investing in Communities: Looking to
85
the Future
People and Places – All Wales
Welfare Rights Service for
160
150
People with Sensory Loss
Safe and Well Programme: Lisburn in
133
Focus Northern Ireland
Support and Connect: Advice Plus
130
Young Start Programme: Education,
21
Respect and Awareness
Big Lottery Fund – Reaching
Trainee Grade Scheme: Extending
Communities
the Reach
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
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
112
Learning)
161
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
24
sighted children
Bòrd na Gàidhlig – Taic
Gaelic Transcription
Freumhan Coimhearsnachd
1
Bradford Clinical Commissioning
Diabetes Self Help Folder and
Group
Coaching
Brian Mercer CT
Children’s Giant Print
British Council Youth in Action
Seeing Eye to Eye
Northern Ireland
43
15
4
Carmen Butler Charteris CT
General support
35
Chalcroft
General support
5
Children & Young People’s
Family support
Strategic Partnership, Health and
11
Social Care Board
Constance Travis Trust
162
Housing – London and South East
6
Coopers Hill Trust
General support
6
Creative Scotland
Public Engagement fund: the Arts
5
Gallery
Department of Health
Commissioning for Effectiveness and
(Innovation, Excellence and
Efficiency
74
EIRECS Early Intervention and
37
Strategic Development)
Rehabilitation in Eye Care Services
Electronic Certification of Visual
80
Impairment
Support for Early Reach in Clinics and 68
Hospitals (Search) Project
Source
Purpose
£’000
Dickinson CT
General support
6
Dundee Reshaping Care for
Dundee Carers Champions
Older People: Capacity Building
9
Fund
Edith Lilian Harrison 2000
National Talking Newspapers
Foundation
and Magazines
Florence Violet McCaffery Trust
General support
163
10
40
Harbell Centenary Fund
National Talking Newspapers
7
and Magazines
Highland Trust
General support
7
HMRC
Right First Time Project
55
Targeted tax help for people
85
with sight loss
Hugh Fraser Foundation
Vision support Tayside
5
Inman Charity
National Talking Newspapers
5
and Magazines
Jack Simmons Will CT
Talking Books
8
Liz & Terry Bramhall
Talking Books
10
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
Housing
5
Talking Books
5
Foundation
Loppylugs & Barbara Morrison
CT
Foundation
Myristica Trust
164
NHS Fife Carers Fund
Bridge to Vision 2014
23
RNIB Carers Café 2014
5
Source
Purpose
£’000
NESTA
Time to Talk
130
Norman Dawson CT
Giant Print
5
Northwood CT
Pathways Fife
7
Novartis Pharmaceuticals UK
Economic research on the impact
101
Ltd
of Eye Clinic Liaison Officers
Eye Health Projects
57
Contribution towards the
development and suitability
50
of Vision Support Service in
Scotland
PF CT
Peacock CT
Employment
5
General support
5
National Talking Newspapers and
11
Magazines
R H Scholes CT
Load2Learn
5
Relief in Sickness Fund
General support
5
165
Roger de Haan CT
RNIB Read Kent
5
Scottish Government Autism
Autism Development Fund
51
Strategy Fund
Scottish Government Self
Self Directed Support
Directed
77
Support Fund
Scottish Government –
Bridge to Vision Dementia Project
Sensory Impairment Strategy
80
Fund
Scottish Government –
Investment in staff training
Voluntary Sector Development
16
Fund
Scottish Natural Heritage –
Year of Natural Heritage – Insight
Natural Project Grant
Outdoors
Self Management IMPACT
You Care Eye Care
Fund
6
22
for Scotland
Shared Care Scotland – Better
Breaks Fund
166
RNIB Activate 2014
40
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
Programme
to blind and partially sighted
28
jobseekers across Scotland
Thornton Foundation
Housing
5
WT Mattock CT
Talking Books
10
Wales Council for Voluntary Action – Engagement Gateway for blind
European Social Fund, Engagement
and
Gateway Phase II
partially sighted people
4
Wales Council for Voluntary Action – ILM for blind and partially sighted
European Social Fund, Intermediate
people
Labour Market
9
Wales Council for Voluntary Action – Young Person’s Ambassadors
GwirVol
Project
10
Weinstock Fund
Housing
8
Welsh Government – CFOG
Children and Families
47
Organisational Grant
Welsh Government
167
Get On Board
10
Welsh Government – SHMG
Learning Disabilities Guidance
5
Welsh Government – Section 64
North Wales Partnership and
29
Development
Youth Council for Northern Ireland
Work It Out
5
Policy on relationships with pharmaceutical companies
RNIB provides services to those with sight problems, works to prevent avoidable
blindness, and campaigns for positive change. These functions will not be
influenced in any way by our relationship with pharmaceutical companies or by
acceptance of grants or sponsorships from them.
We will withdraw from any initiative that jeopardises our independence. RNIB
will not embark on, or continue with, any sponsorship arrangement or
collaborative venture which might damage its independence. Alcon, Allergan,
Bayer and Novartis Pharmaceuticals UK Ltd are all pharmaceutical companies.
RNIB Acknowledges support from
Department for Employment and Learning NI and European Union European
Social Fund for Eye Work
Shared Care Scotland – Better Breaks Fund for RNIB Activate 2013
Department of Social Development for Campaigner’s Active Network
Bòrd na Gàidhlig – Taic Freumhan Coimhearsnachd for Gaelic Transcription
Voluntary Action Fund and Glasgow Third Sector for Looking Forward 2012
Scottish Natural Heritage for Insight Outdoors
Scottish Government for the following projects: Bridge to Vision Dementia
Project, Autism Champions, Self Directed Support and Insight to Health
Interreg for Sensory Engagement Programme
168
European Social Fund Wales for Engagement Gateway for Blind and Partially
Sighted
Wales Council for Voluntary Action – GwirVol for Transcription
Centre Volunteering Opportunities Governance and financials
Big Fund – Young Start for Education, Respect and Awareness (ERA)
Arts Council England for Opening Up Creative Culture
Heritage Lottery Fund for the following projects: A Sense of the Past, Museums
In Focus and CultureLink South East
Big Lottery Fund for Future In-Sight and Wales Eye Patient Advocacy Service
Big Lottery Fund for the following projects: Looking Forward, Realise, Lisburn in
Focus , Talk and Support – Supporting our Volunteers through Mentoring,
Trainee Grade Scheme – Extending the Reach, and OPTiC (Older People
Taking Control)
Awards For All for Connecting Communities
169
Who’s who at RNIB
Patron, President and Vice-Presidents
Patron HM The Queen
President
Dame Gail Ronson DBE
Vice Presidents
Sir John Beckwith CBE
The Rt Hon David Blunkett
Richard Brewster
Professor Ian Bruce CBE
Jeremy Bull Haruhisa Handa
Dr Euclid Herie
Lady Jarvis
Penny Lancaster-Stewart Lord Low of Dalston CBE
Trevor Pears CMG
Sir Mike Rake
Dr Dermot Smurfit
Rod Stewart CBE
The Rt Hon Earl of Stockton
Sir Duncan Watson CBE (until 22 April 2015)
His Grace The Duke of Westminster KG, CB, CVO, OBE, TD, CD, DL
Honorary officers
Kevin Carey MA (Cantab) MA (Kings College, London) –RNIB Group Chair
Derek Child MA – RNIB Group Vice-Chair, Internal Affairs (until 30 June 2014)
Eleanor Southwood MA (Oxon) – RNIB Group Vice-Chair, External Affairs (until
30 June 2014) RNIB Group Vice-Chair (from 1 July 2014)
170
Terry Moody BA, MA – RNIB Honorary Treasurer (until 29 May 2014)
Alan Tinger FCA CCMI – RNIB Honorary Treasurer (from 1 July 2014)
Chief Executive Officer and members of Strategic Management Team
Chief Executive Officer Lesley-Anne Alexander CBE MSc
Group Director, Fundraising Wanda Hamilton BA (Law) MInstF
Group Director, People Corinne Mills Chartered FCIPD (from 1 April 2015)
Group Director, Resources Keith Hickey BSc MSc FCCA DChA (until 23 April
2015)
Rohan Hewavisenti M.Eng ACA (from 24 April 2015)
Management Director, Engagement, RNIB Charity Fazilet Hadi BA (Hons)
Managing Director, Places, RNIB Charity Sally Harvey BA (Hons)
Managing Director, Solutions, RNIB Charity Neil Heslop OBE LLB (Hons) MBA
CIM (Dip.M)
Chief Executive, Action for Blind People Miriam Martin
Professional advisers
Independent Auditors
PricewaterhouseCoopers LLP 1 Embankment Place London WC2N 6RH
Investment advisers
AON Hewitt Ltd 3 The Embankment Sovereign Street Leeds LS1 4BJ
Property advisers
Knight Frank 55 Baker Street London W1U 8AN
Solicitors
Bates Wells & Braithwaite 2-6 Cannon Street London EC4M 6YH
Solicitors
Farrers & Co 66 Lincolns Inn Fields London WC2A 3LH
Actuary advisers
Towers Watson 21 Tothill Street London SW1H 9LL
171
Bankers
Royal Bank of Scotland plc Marylebone Road and Harley Street Branch 10
Marylebone High Street London W1A 1FH
Governance and financials Board of Trustees
Members of the Board of Trustees during the financial year are listed below.
Following a re-structure within RNIB Group the Board was reconstituted with 10
Trustees with effect from 1 July 2014. A number of Trustees ceased to be
members of the RNIB Group Board of Trustees on that date and were appointed
to the newly established RNIB Charity Board of Trustees. The number in
brackets after each name represents attendance at Board of Trustee meetings
during 2014/15 of those they were eligible to attend. Current members of the
Board of Trustees together with a brief biography of each individual are listed
first below. Full details of membership of committees are available from the
Governance team at RNIB’s Judd Street address. 80 per cent of the Board are
blind or partially sighted.
Kevin Carey RNIB Group Chair (4 of 5)
Kevin Carey is in his second term as Chair of the RNIB Group, having held this
office since 2009, prior to which he was Vice-Chair from 2000/09. He also chairs
RNIB’s Governance and Remuneration Committees, and the UK Members’
Forum. He is the President of the Transforming Braille Group LLC and a Trustee
of G3ict. He is Chairman of the Government’s Alliance for Digital Accessibility
and a regular contributor to Ability magazine. Kevin has published nine books
and is a Lay minister in the Church of England. Born with little sight, he lost his
residual vision in his mid 20s. He lives with his wife Margaret in Sussex. Kevin is
also a Trustee of RNIB Charity.
172
Eleanor Southwood RNIB Group Vice-Chair from 1 July 2014 (3 of 5)
Ellie became a Trustee in 2010. Following two years as RNIB Vice-Chair External Affairs, she became Vice-Chair of the newly constituted RNIB Group
Board in July 2014. She is a governor of RNIB Sunshine House School. Ellie’s
career spans the public, private and non-profit sectors. She is currently a
consultant to non-profit organisations on senior recruitment, executive team
development and organisational change. Ellie’s commitment to the RNIB Group
comes from personal experience, having been born with no useful sight. She is
passionate about improving opportunities for blind and partially sighted people,
particularly in overcoming barriers to employment. Ellie is also a Trustee of
RNIB Charity.
Alan Tinger Honorary Treasurer from 1 July 2014 (2 of 4)
Alan is a Chartered Accountant and a Companion of the Chartered
Management Institute. He spent many years in Board roles in Corporate
Opticians Groups and is currently Chairman of the LOC Central Support Unit
(LOCSU) which supports Local Optical Committees in England, particularly in
commissioning optical community services, a Director of the Federation of
(Ophthalmic and Dispensing) Opticians (FODO), and a member of the Optical
Confederation Leaders Group. He has kept up his long standing interest in
taxation, corporate structures, governance and optical regulation and is a
Consultant to FODO on finance, taxation, professional liability, legal defence
and the future of the optical market. Alan is also a Trustee of Action for Blind
People and Chair of a Registered Housing Association.
Margaret Bennett (5 of 5)
Margaret is in her second term of office as a Trustee, having first been
appointed to the Board in 2010. She is the Chair of RNIB’s Places Standing
173
Board. A Chartered Accountant by profession, her portfolio of work includes
Finance Director of Tinder Foundation and acting as a mentor and coach for
voluntary sector leaders. Previous roles included Deputy Chief Executive of the
Learning and Skills Improvement Services, a senior Civil Servant and Chief
Executive of the National Library for the Blind. She lives in Sheffield and is
partially sighted. Margaret is also a Trustee of RNIB Charity.
Simon Finnie (5 of 5)
Simon is in his first term of office as a Trustee, having been appointed to the
Board in 2014. He is the Chair of RNIB’s Solutions Standing Board. Simon is the
Group Performance Director for Kier, the FTSE-250 Construction and Services
Group. As part of Kier’s Executive Management Team, he is responsible for
driving the strategic improvement agenda across the whole organisation,
specifically by identifying opportunities for margin enhancement, leading the
delivery of transformation programmes, evaluating acquisition and divestment
opportunities. He has over 15 years’ experience across a wide range of sectors.
He is married with children and lives in Hertfordshire. Simon is also a Trustee of
RNIB Charity.
Dr Heather Giles (3 of 5)
Heather is in her second term of office as a Trustee, having been re-appointed
to the Board in 2014. She is the Chair of RNIB’s Engagement Standing Board.
Professionally, she has held senior scientific positions in the pharmaceutical
industry and has a PhD in Pharmacology. She is currently Chief Scientific
Officer for a small pharmaceutical company. Heather has a personal
understanding of the challenges facing people with sight loss because she is
partially sighted herself, and also, even before becoming a Trustee, she was
174
supporting RNIB’s work as a local campaigns volunteer. She lives in London
and is also a Trustee of RNIB Charity.
Vidar Hjardeng MBE (4 of 5) resigned 23 May 2014, reappointed 1 July
2014
Vidar has a long-previous association with RNIB, having served on the Board in
the past. He returned to the Board in July 2014 as one of two new independent
Trustees. A broadcast journalist by profession, he is now a consultant with ITV
News and has spent much of his career working for the broadcaster nationally
and regionally. He lives in the Midlands and with personal experience of visual
impairment, is proud of his association with charities working with, and for,
fellow blind and partially sighted people, including Focus Birmingham, for which
he now works as an External Relations Consultant on a part-time basis, the
National Audio Description Charity, and Vocal Eyes which he chaired for four
years up until 2012. Vidar is an independent Trustee of RNIB.
Terry Moody (5 of 5) resigned 29 May 2014, reappointed 1 July 2014
Terry has a long involvement with RNIB’s governance having served three
terms as RNIB Group’s Honorary Treasurer. He rejoined the Board as an
independent Trustee in July 2014. With an academic background in economics
and finance, he has recently retired from Glasgow University where he was a
senior lecturer in economics. He is blind, married with a son and lives in
Glasgow. Terry is an independent Trustee of RNIB.
Dr Mike Nussbaum (5 of 5)
Mike joined the Board in May 2011 and is the Chair of Action for Blind People,
one of RNIB’s Associate Charities. He was forced to cut short his career as a
research chemist after his eyesight suddenly failed. However, he soon forged a
175
second career in local government and public policy development. He was Chair
of Volunteering England for seven years until September 2009 and therefore,
very ably equipped to fulfil his role as RNIB’s Trustee volunteering champion.
Mike holds a number of other appointments including as a Trustee of Guide
Dogs for the Blind Association, a Trustee of Vision 2020 UK and the Equality
and Diversity Forum.
David Quigley (5 of 5)
David joined the Board in 2012, following election by the UK Members’ Forum.
He graduated from Magdalen College, Oxford, with a Masters degree and three
scholarships in History. He is also a graduate of the Chartered Institute of
Personnel and Development and a member of the Institute of Healthcare
Management. He has 30 years of NHS general management experience,
including roles as executive commissioning director and primary care director
and specialised in service redesign, performance improvement and turnaround.
He is registered with severe sight impairment and lives with his wife in
Greenwich, London. David is also a Trustee of RNIB Charity.
The following members served on the Board until the date shown:
Linda Bancroft (1 of 1) (until 30 June 2014)
Derek Child (1 of 1) (until 30 June 2014)
Ian Jentle (1 of 1) (until 30 June 2014)
Tanya Lawler (0 of 1) (until 30 June 2014)
David Mann (1 of 1) (until 30 June 2014)
Ken Reid (1 of 1) (until 30 June 2014)
Tony Rucinski (1 of 1) (until 31 May 2014)
Paul Ryb (0 of 1) (until 30 June 2014)
Mike Townsend (0 of 1) (until 30 June 2014)
176
Independent members of the Audit Committee
Michael Barber
Nick Goddard
Frances Teague
UK Members’ Forum
Our UK Members’ Forum gives us a closer rapport with our membership. The
forum is a place for membership representatives to come together and 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.
UK Members’ Forum Representatives
South East
Timothy Bamber
Kevin Deacon
Brian Payne (until 31 December 2014)
Mike Pearson (Region chair)
Michael Radford (from 1 January 2015)
177
South West
Elli Bennett (from 1 July 2014)
Helen Mathias David Ridgway
John Vickery (Region chair)
London Maggy Bower (until 30 June 2014)
Elizabeth Cooke Jim Leeder
Jackie Venus (Region chair)
East of England
Michael Cassidy (Region chair)
Marian Knights
Marion Mansfield
Wayne Witney
East Midlands
Gordon Chandler
Sophia Chandler (Region chair)
John Godber (from 1 January 2015)
Marcia Holder (until 31 December 2014)
Gena Parker
West Midlands
Mohammed Abbas-Rashid
Mike Hughes (from 1 January 2015) (Region chair)
Patricia Mulqueen-Wood
Mark Williams
178
Yorkshire and the Humber
Liz Frankland
David Haynes
Roy Ruddick BEM
Barbara Stephenson (Region chair)
North West
Michael Allen (Region chair)
Anne Bradbury
Hayley Anne Reed
Anne Rigby
North East
Peter Bennetts (until 31 December 2014) Jillian Grant (Region chair)
Chris Grethe (from 1 January 2015)
Robert Potter
Denise Ross
Alison Wheatley (from 1 January 2015)
Wales
Peter O’Driscoll
Rose Hepburn (until 31 December 2014)
Frances (Faye) Jones MBE
Mark Matthews (from 1 January 2015)
Robert Teague
Scotland
Amanda Burt
179
Rod Murchison
Hussein Patwa
Sandra Wilson
Northern Ireland
Paula Meenan (until 9 September 2014)
Brian Murray (from 1 January 2015)
Jim Nash (from 1 January 2015)
Alan Owens
Contact us RNIB
105 Judd Street London WC1H 9NE t: 020 7388 1266
RNIB Cymru
Jones Court Womanby Street Cardiff CF10 1BR t: 029 2082 8500
RNIB Northern Ireland
Victoria House 15–17 Gloucester Street Belfast BT1 4LS t: 028 9032 9373
RNIB Scotland
Greenside House 12–14 Hillside Crescent Edinburgh EH7 5EA t: 0131 652
3140
National Helpline
0303 123 9999
[email protected]
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Follow us online: This report is available in print, braille and audio CD. To
order contact the RNIB Helpline.
The latest Annual Report and Financial Statements are available to download
from our website in both PDF and Word at rnib.org.uk.
The Word version is available to enable effective use by people who need to
use screen reader technology and are unable to use the PDF.
If you are sent a Word version of our Annual Report and Financial Statements
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© RNIB July 2015 Registered charity numbers 226227 (England and Wales),
SC039316 (Scotland) and 1173 (Isle of Man). PR20400P
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