RNIB annual report and accounts 2008/2009
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  • 1. RNIB annual report and accounts 2008/2009
  • 2. This Trustees’ report and the financial statements have been prepared in accordance with the “Statement of Recommended Practice (SORP) – Accounting and Reporting by Charities” as revised in March 2005. The contents of the report are as set out here. Contents • RNIB’s top five achievements of 2008/09 • Introduction • Structure and objectives Our legal structure How we were managed RNIB Membership Our registered office Statement of Trustees’ responsibilities Our vision and mission Achieving our mission Relationships with other charities Changes to the way we are managed from April 2009 • Who’s who in RNIB Patron, President and Vice-Presidents Honorary Officers Chief Executive Officer and Group Directors Professional advisors Board of Trustees Assembly members • Our work in 2008/09 Stopping people losing their sight unnecessarily Supporting people to get the education, jobs and income they deserve Increase access to TV, culture and information Enabling people to get support and become independent Strengthening our voice and impact You’re amazing Financial review Introducing RNIB’s new strategy 2009/14: to end the isolation of sight loss • Independent Auditors’ report to the Trustees of RNIB • Financial statements for the year ended 31 March 2009 Consolidated statement of financial activities for the year ended 31 March 2009 Balance sheets at 31 March 2009
  • 3. Consolidated cashflow statement for the year ended 31 March 2009 Notes to the consolidated financial statements for the year ended 31 March 2009 • Your support makes a difference • Supported by • Contact details
  • 4. RNIB’s top five achievements of 2008/09 Last year we set the following targets... 1. Offer personalised support and advice to 70,000 people losing their sight. Since the launch of our new helpline in November 2008, over 2,000 people have contacted us every day for personalised advice and support, Talking Books, products and much more. This includes 1,500 individuals who opted for an in-depth “Quality of life” check. 2. Make everyday life easier through our information, specialist products and audio, braille and large print books. Everyday life was made easier last year for the 150,000 people who purchased a specially designed RNIB product. Two hundred years on from Louis Braille's birth, braille is very much alive. We spent £1 million on new equipment meaning more magazines, books and documents. In addition, our much-loved Talking Book and other library services have grown from strength to strength with 43,000 people enjoying the world of reading thanks to RNIB. 3. Ensure that children get access to the school curriculum and launch Work Focus to support blind and partially sighted adults to find and keep their jobs. After years of campaigning by RNIB, Government is now funding a pilot project in England to improve the availability of textbooks in braille, audio and large print. Progress is slow, and we know that children are still missing out, so we are pursuing this vigorously throughout the UK. Work Focus has had an impressive start, with more than 170 job seekers benefiting from tailored support and training and over 42 new jobs secured. 4. Ensure that everyone losing their sight due to wet AMD receives new sight saving treatments on the NHS and launch a new programme to detect glaucoma. We were delighted that final guidance was issued to the NHS in August 2008, giving free access to the new sight-saving drugs to people with wet AMD, which affects 26,000 people in the UK every year. Innovative programmes for local communities and the siblings of people with glaucoma are underway, so that the people most at risk have essential information to protect their sight. 5. Work with organisations and professionals to deliver the ambitions of the UK Vision Strategy. We have taken a big step forward in the first year of the UK Vision Strategy in making the UK a better place for anyone losing their sight. The ambitions of
  • 5. the strategy are beginning to become reality through a brand new action pack for local eye health service providers and sturdy implementation plans for all parts of the UK. This implementation will be furthered by the Association between RNIB and Action for Blind People.
  • 6. Introduction It really was a remarkable year. It’s not every year that we put right a long- standing injustice that will result in an extra £45million a year for people with severe sight impairment. That’s just what we did when we persuaded the Government to allow people with severe sight impairment to claim more from the Disability Living Allowance to help with getting out and about and independence. It’s not every year that we can celebrate the end of two-and-a-half-year campaign for fair access to sight-saving treatments. That’s just what happened when NICE issued its final set of guidance for wet AMD in August 2008. It has given hope to the 26,000 people diagnosed every year with the UK’s most common eye condition. It’s not every year that we join forces with a major charity for blind and partially sighted people. That’s just what we did with our partnership with Action for Blind People, which became an Associate Charity of RNIB in April 2009. By combining our regional support across England we will share our skills, knowledge and expertise to reach more blind and partially sighted people than ever before. This review marks the end of our 2005/09 strategy period. It's been a truly amazing time during which we've transformed RNIB into an organisation led by our members and customers with some incredible successes along the way. This review includes a small selection of what we've achieved in 2008/09 with the unwavering support of our partners, donors, volunteers and members. It is also the last time that we will be introducing this report together, as Colin Low stepped down as Chairman in July 2009. The successes of this year and the last nine years are testament to Colin’s contribution to RNIB and to improving the lives of blind and partially sighted people. Whilst we celebrate these successes we know we still have so much more to do and so despite a global recession and challenging financial times ahead we feel that now is the time for really ambitious goals. As we enter our new five-year strategy 2009/14 we'll focus our energies on three priorities: to stop people losing their sight unnecessarily, to support people to lead independent lives and to make society a more inclusive place for blind and partially sighted people.
  • 7. To build on our success we need everyone to play their part – staff, donors, volunteers and blind and partially sighted members. With your support, we can help people who have lost their sight, find their lives again. Lord Low of Dalston CBE Chairman Lesley-Anne Alexander Chief Executive
  • 8. Structure and objectives Our legal structure The Royal National Institute of Blind People (RNIB) is a registered charity, number 226227, in England and Wales; and number SCO39316 in Scotland. Established in 1868, RNIB was incorporated under Royal Charter in 1949, with a Supplemental Charter in 1993 (revised in 2002). RNIB is governed by a Trustee Board of 24 that meets a minimum of six times a year and takes all important strategic, policy and financial decisions. The Board is supported by an Assembly consisting of representatives of stakeholder organisations, representatives from RNIB’s country governance structures and the wider RNIB membership. The purpose of the Assembly is to provide an opportunity to debate issues of importance to the organisation and to contribute to thinking in advance of decisions being made by the Board, allow the views of other organizations to be represented, elect members of committees, and elect 40 per cent of Board members. The revisions to the supplemental charter and bylaws required that a majority of the Trustee Board, Assembly and wider membership, are themselves blind or partially sighted. How we were managed During 2008/09 the Board was supported by a number of committees, the key ones of which were: • Access and Innovation Committee • Audit Committee • Direct Services Committee • Executive Committee • Fundraising Sub-Committee • Governance Committee • Human Resources Sub-Committee • Investments Sub-Committee • Policy and Advocacy Committee • Remuneration Committee • RNIB Cymru Committee • RNIB Northern Ireland Committee • RNIB Scotland Committee • Schools and Colleges Sub-Committee. RNIB’s schools and colleges have their own governing bodies.
  • 9. The day-to-day management of RNIB is delegated to the Strategic Management Team, comprising the Chief Executive, and Group Directors of Access and Innovation; Devolved Services; Direct Services; Fundraising; Policy and Advocacy; and Resources. The Chief Executive, with the support of the Group Directors, reports to the Board of Trustees which approves major decisions and has overall responsibility for RNIB’s activities. Details of the Strategic Management Team can be found in the section “Who’s who in RNIB”. There are no restrictions on the way in which the charity can operate. RNIB Membership The aim of RNIB’s membership scheme is to bring an increasing number of blind and partially sighted people into a wider RNIB community, so that they can receive information and support, and influence the priorities of RNIB. At March 2009 we had 10,400 members receiving the membership magazine “Vision” every two months and benefiting from services such as opportunities to meet other members at special events or in telephone groups and the automatic state benefits check for all new members aged over 60. 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’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity 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 judgments 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.
  • 10. • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees confirm that they have complied with the above requirements in preparing the financial statements. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity 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 United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Our vision and mission Our work starts from our vision: “A world where people who are blind or partially sighted enjoy the same rights, responsibilities, opportunities and quality of life as people who are sighted.” Our mission is: “To challenge blindness by empowering people who are blind or partially sighted, removing the barriers they face and helping to prevent blindness.” There are around two million people in the UK living with a sight problem. Achieving our mission Operating across the UK we take an holistic, comprehensive view of the full range of needs of blind and partially sighted children and adults and the barriers they face. When reviewing our aims and objectives we have referred to the Charity Commission’s general guidance on public benefit. RNIB believes it needs to: Campaign. Speaking out loudly with the voice of blind and partially sighted people to government, professionals, policy makers, and a host of other organisations to bring about positive change.
  • 11. Provide excellent services. Our services provide vital support to the individuals that they reach, but this is not enough. We also look to these services to provide excellent examples of how services can best be delivered to meet the needs of blind and partially sighted people. Develop knowledge and new solutions. Taking advantage of the positive opportunities of a changing world to find new ways of doing things whilst making sure that people with sight problems are not left further isolated. Continue to develop our understanding of the needs of people with sight loss and spread this knowledge, expertise and good practice. Our key areas of work are as follows: • Stopping people losing their sight unnecessarily through raising awareness of the causes of preventable eye conditions, increasing the number of people taking a regular sight test and campaigning for change. • Supporting people to get the education, jobs and income they deserve through our schools and colleges; specialist information, advice and training for individuals, education providers and employers; vacation schemes for children; early years provision and family support; dedicated interactive areas on our website; welfare and benefits advice services; and influencing government to make their services more inclusive. • Increase access to TV, culture and information through transcription services for individuals and organisations; accessible publishing, sales and library services including the RNIB Talking Book Service; policy development; influencing change in the media industry; and information and advice on enabling technologies. • Enabling people to get support and become independent through information and equipment including a wide range of products; low vision and rehabilitation services; residential care homes; and training and policy development to improve health and social care provision. • Strengthening our voice and impact by focusing on delivering our strategy with increased involvement from members, improving our knowledge; and challenging how we do things. Relationships 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.
  • 12. On 1 April 2009, RNIB and Action for Blind People officially joined forces in an Association to share resources, skills and expertise to engage and reach more blind and partially sighted people with even better services. The two organisations will combine regional service delivery across England whilst maintaining their individual brand identities, boards of trustees and strategic management teams. The Association will radically improve what is currently available to blind and partially sighted people. On 2 June 2009, RNIB Cymru and Cardiff Institute for the Blind joined forces to develop and expand services for people with sight problems. Cardiff Institute for the Blind will be an Associate charity of RNIB, and whilst the two organisations will retain their separate identities they will be united in developing services and expanding the support provided to people with sight problems. This exciting move will enable us to extend the range and reach of services and support for people with sight problems for people who live in Cardiff, the Vale of Glamorgan, and the South Wales Valleys. Changes to the way we are managed from April 2009 Over the last year, we have developed RNIB’s governance structures to fully support the new 2009/14 strategy. The Board of Trustees will continue to be the supreme decision making body of the RNIB Group, meeting 4 times a year from 2010. A number of the functional committees such as Executive, Audit and Governance will continue, but the three main service committees - Access and Innovation; Policy and Advocacy and Direct Services – will be replaced. The implementation of the 2009/14 strategy will be supported by six programme boards: • Prevention. • Early reach. • Living with sight loss. • Complex needs. • Travel, shopping and control of money. • Reading, TV and technology. There will also be a programme board to support the funding of our new strategy, replacing the Fundraising Sub-Committee. The broad purpose of the programme boards, chaired by Trustees, is to drive programmes of work forward and to ensure the delivery of the goals of the 2009/14 strategy. There will also be changes to the Assembly, which will meet for the last time on 23 July 2009. Two new bodies are being created:
  • 13. • RNIB UK Members Forum, which will be supported by nine regional and three country (Wales, Scotland and Northern Ireland) forums. The development of these forums support the desire to develop RNIB's Membership Scheme and to keep our members at the heart of what we do. • Third Sector Forum, RNIB are supporting the creation of this forum for national organisations “of” and “for” blind and partially sighted people, which will, in particular, contribute to the development and implementation of the UK Vision Strategy.
  • 14. Who’s who in RNIB Patron, President and Vice-Presidents Patron HM The Queen President The Duke of Westminster KG, CB, OBE, TD, CD, DL Vice-Presidents • Sir John Beckwith CBE • The Rt Hon David Blunkett MP • Richard Brewster • Professor Ian Bruce CBE • Jack A Dunn • Haruhisa Handa • Euclid Herie • Lady Joan Jarvis • Penny Lancaster-Stewart • Sir Mike Rake • Dr Dermot Smurfit • Rod Stewart • Lord Stockton • Sir John Wall (deceased December 2008) • Sir Duncan Watson Honorary Officers Chairman Lord Low of Dalston CBE MA (Oxon) Vice-Chair AND Chair Elect Kevin Carey MA (Cantab), MA (Kings College, London) Honorary Treasurer Terry Moody Chief Executive Officer and Group Directors Chief Executive Officer Lesley-Anne Alexander MSc
  • 15. Group Directors Resources (until March 2009) Chief Operating Officer (from April 2009) Kevin Geeson FCCA, MBA Policy and Advocacy (until March 2009) Inclusive Society (from April 2009) Fazilet Hadi BA Access and Innovation (until March 2009) Prevention and International Affairs (from April 2009) Stephen P King MBA, FCMI Fundraising Paul Amadi BA, MSc, MinstF Direct Services Eamonn Fetton MA (until April 2008) Sheila Lewis (Acting) (until April 2009) Independent Living (from April 2009) Sally Harvey Devolved Services William Watson MBA, DMS, DipHSM (until October 2008) Professional advisors Auditors PriceWaterhouseCoopers LLP 80 Strand London WC2R 0AF Actuaries and investment advisors Hewitt Associates Ltd 6 More London Place London SE1 2DA
  • 16. Bankers Royal Bank of Scotland plc Marylebone Road and Harley Street Branch 10 Marylebone High Street London W1A 1FH Property advisors Knight Frank 20 Hanover Square London W1S 1HZ Solicitors Bates Wells & Braithwaite 138 Cheapside London EC2V 6BB Board of Trustees Members of the Board of Trustees are listed below. Full details of membership of committees are available from the Governance Unit at RNIB’s Judd Street address. A proportion of Trustees are elected by the Board, on the recommendation of the Nominations Committee. A proportion is also elected by the Assembly. Over three-quarters of the Board are blind or partially sighted. • Lord Low of Dalston CBE (Chairman) • Kevin Carey (Vice-Chair and Chair Elect) • Terry Moody (Honorary Treasurer) • Carol Borowski • Dr Gillian Burrington OBE • Lisa Charlton • Derek Child • James Cook JP • Michael Crowther • Gareth Davies • Cindy Godfrey-McKay • Richard Godfrey-McKay • Vidar Hjardeng • Arif Khan CBE JP • Anna Lawson
  • 17. • John McNamee • Brendan Magill • Dr Amir Ali Majid • Bill Poole • John Ramm • Terry Robinson • Robert Silbermann • John Spence (from 1 April 2009) • Alan Suttie • Mike Townsend • Louise Wright (from 1 April 2009) A regular skills audit of Trustees is carried out with a view to helping to plan training. This year, we have concentrated on voice and personal presence training to enable our Trustees to participate in Board meetings as effectively as possible. Other ad hoc training activities take place depending on the needs of individuals. New Trustees receive an induction pack containing everything they need to know about the charity and its work for effective and informed decision- making, and trustee induction days are also held annually for new trustees. Assembly members The Board is supported by an assembly, formed of representatives from stakeholder organisations and the wider RNIB Membership. As well as discussing major issues that will come before the Board, the Assembly provides members of RNIB committees and elects 40 per cent of Board members. This list comprises members of the assembly from April 2008 to March 2009. • Jill Allen-King MBE • Jean Appleton MBE • Dean Apps • Timothy Bamber • Dr Anthony Best (to July 2008) • Richard Bignell • Nancy Blaik MBE • Rena Boniface (to July 2008) • Peggy Bradley • Felix Brenner • David Brodtman
  • 18. • Peter Brown • Sam Brown • Ian S Cash • Mike Cassidy • Mona Charnley • Derek Child • David Clark • Hans Cohn MBE (to July 2008) • James Cook JP • George Corbett • Michael Crowther • Gareth Davies • Patricia Donaghy • John Donaldson • David Evans • Richard Evans • Alistair Fielder • Gordon Forster (to July 2008 and then from March 2009) • Liz Frankland (from July - October 2008) • Christopher Friend • Joseph Gay • David Gibbs • Monica Gibbs • Sandra Gollan • Andrea Gordon • The Rt Hon Viscount Gough • Kevin Greenan • Bob Greenhalgh • Ruth Hampton • Maggie Harris (from July 2008) • Ray Hazan • Carys Henry • Carole Holmes (to July 2008) • Don Jackson • Geoffrey Jackson • Fred Jakeman • Pamela Jarmain • Wally Kinder • Darren Lindsay • Christopher Lowell (from July 2008) • Shubnum Majeed
  • 19. • Amir Majid • Richard Mazur (to July 2008) • David McKerral • John McNamee • Andrew Millar MBE • Steve Mundy • Rhondalee Nash • Jim O’Rourke • Margaret O’Rourke • Alan Owens • Brian Payne • Brian Perham • Bill Poole • Gillian Price • John Ramm • Siam Ramnarain (from July 2008) • Fred Reid • George Reid • Terry Robinson • Kevin Russell • Alex Scott MBE • Julie Smethurst (from July 2008) • Alan Suttie • Malcolm Swinburn • Alan Tait (to October 2008) • Norma Town (from July 2008) • Mike Townsend • Peter Westwood (to July 2008) • Peter Wilkins • Sid Wilson
  • 20. Our work in 2008/09
  • 21. Stopping people losing their sight unnecessarily Nearly three in ten people who are registered blind have an eye condition that could have been prevented if detected early enough. We are committed to making this shocking reality a thing of the past. During the year RNIB spent £1,674,000 stopping people losing their sight unnecessarily, of which £1,668,000 was made possible by income from donors. Targets 1. Ensure that at least 75 per cent of Primary Care Trusts (PCTs) offer the new treatments for wet AMD by March 2009 by lobbying NICE to issue and implement final guidance. Age-related macular degeneration (AMD) is the most common cause of sight loss in the UK, with 26,000 new cases each year. In August 2008, NICE issued final guidance ending the postcode lottery and giving free access to the sight-saving treatments to anyone meeting criteria. The guidance and the occasional combined pressure of RNIB, the Royal College of Ophthalmologists and the Macular Disease Society have meant that the vast majority of PCTs fund treatments automatically. Our work continues to ensure no one is denied sight-saving treatments. 2. As part of the Glaucoma Alliance, we will continue to make blindness from ignorance a thing of the past through a pilot scheme targeting at- risk family members of people with glaucoma. Information is power! We launched innovative large scale pilots at eye hospital clinics within Glasgow, Peterborough, Bristol and Exeter NHS Trusts to warn siblings of their increased risk of developing glaucoma. In addition more Black African and Caribbean families, who are four to five times more likely to develop glaucoma, know how to look after their sight thanks to an RNIB outreach project in London. 3. Encourage older people to take up their free eye test and so stop people over 60 risking blindness because of the fear of costly glasses. We secured exceptional media coverage to promote eye health messages through our “Happy Eyes” campaign, which focused on the message that an eye test wasn’t just about getting new glasses, but rather an eye health check. Affordability remains a big issue for older people and we will continue to press home this message.
  • 22. A fantastic victory There are 26,000 new cases of wet AMD in the UK each year. The condition can lead to blindness in as little as three months if left untreated. In August 2008 NICE published final guidance making a new sight-saving anti-VEGF treatment for wet AMD available on the NHS. This marked a fantastic victory for people losing their sight and for RNIB, which together with many partners and supporters, led a two-and-a-half year battle to make these sight-saving treatments available on the NHS. We made sure to shout about it 200 times in the press, television and radio to raise public support for this issue. Work now continues to ensure that PCTs fully implement the guidance. It has been inspiring to witness so many supporters come together to fight this injustice. For example, our campaign inspired over 13,000 members and supporters to voice their outrage at the draft guidance from NICE – the biggest response NICE had ever seen – and resulted in new, better guidance offering the treatment to more people. Together, we and the Macular Disease Society (MDS) have supported almost 1,000 patients in their battles against PCTs, and we backed three pensioners in landmark High Court action, who were being denied treatment. NICE's final guidance at last brought an end to the postcode lottery. RNIB, MDS and the UK Vision Strategy will provide further support to fully implement sight-saving treatments across the UK beyond 2009. At the same time, £10million of extra funding was announced in Wales to provide sight saving drugs for patients with wet AMD. This fantastic development provides funding in 2009/10 to ensure the timely provision of drugs for patients with wet AMD. There will be nine treatment centres across Wales – a great step forward for people at risk of losing their sight. In Northern Ireland we are delighted that anyone diagnosed with a serious sight problem is now immediately put in contact with RNIB and can speak one-to-one with an Eye Clinic Liaison Officer. We also continued to get the message across to people over 60 that a sight test is an eye health check and not just about new glasses. With partners, Birmingham Focus and Open Sight in Hampshire we launched the Eyes Right pilot in 2009 aiming to encourage more eye tests and to ensure that people were receiving all the benefits they are entitled to. Instead of simply asking people to see an optician, we are offering on-the-spot screening within the community at bingo halls, day care centres and church socials.
  • 23. Supporting people to get the education, jobs and income they deserve At long last the Government promised to give more money to blind people for getting out and about. Read on for more about this landmark victory. While one wrong has been righted, fair opportunities for schooling, jobs and money are still not a reality for many blind and partially sighted children and adults. During the year RNIB spent £27,353,000 supporting people to get the education, jobs and income they deserve, of which £13,018,000 was made possible by income from donors. Targets 1. Maintain pressure on the Government so that blind people become eligible to claim the higher rate mobility component of the Disability Living Allowance (DLA). We did it! In March 2009 the Government announced that it will change the rules for DLA, so that people with severe visual impairment will receive an extra £45million a year to assist with mobility costs. The lives of thousands of blind people will be transformed by this decision. 2. Launch "Work Focus" - RNIB's new employment project to help unemployed blind and partially sighted people to find work in London, South Yorkshire, Norfolk and Aberdeenshire. Work Focus has had an impressive start, with more than 170 job seekers benefiting from the training and 42 jobs secured so far. We have committed £1 million over the next two years to develop the service that concentrates on supporting people, through confidence-building and training, into a real and fulfilling job. 3. Start phase one of the construction of Vision School and Children's Home in April 2008. Following in-depth planning, construction began in March 2009, later than we had hoped. Now that building is under way, we look forward to the next stage of creating the best school for children with extremely complex needs to live and learn.
  • 24. Money money money – the Disability Living Allowance is fair at long last. On 17 March 2009 the Government announced changes to the rules for DLA, so that people with severe visual impairment receive an extra £45million a year to assist with mobility costs. This marks the culmination of over two-and- a-half year's campaigning and will reduce the isolation experienced by thousands of blind people. On 15 October 2008, more than 1,500 blind and partially sighted people from across the UK marched on Westminster to demonstrate their strength of feeling in what was undoubtedly the largest lobby by blind and partially sighted people ever. This followed our Early Day Motion which was signed by nearly 200 MPs. All in all a fantastic success for blind people in the UK, and RNIB. Focus on employment In 2008/09 – not the best year for employment in the UK – we gave over 500 people the right support to ensure that losing their sight didn’t also mean losing their job. In addition, nearly 300 more people started a new job thanks to information, advice and training from RNIB. We continued to build on the strengths of our Trainee Grade Scheme which provides paid work experience to unemployed blind and partially sighted people, along with targeted support to help them get a permanent job. We are delighted that 77 per cent of trainees found a permanent job as part of the programme. RNIB Concept Conferencing and Catering is a social firm in Birmingham providing first-class training, supported employment and an excellent service to the local area. In 2008 we refurbished the kitchen, which resulted in an increase in customers at the conference centre and more trainees. Concept also achieved a standard of excellence in food hygiene from the Food Standards Agency. We are delighted that one “convert” employer, the Environment Agency has recently taken on three trainees, because they were so impressed with Concept staff when they used the service for a conference. Blind justice In 2008, thanks to the generosity of money left to RNIB in people’s wills, we launched the Graham Rushton Grant Award for blind and partially sighted law students. In discussion with colleagues in the Society of Visually Impaired Lawyers we decided to make seven financial awards to help make the dream of becoming a lawyer a little more achievable.
  • 25. Increasing access to TV, culture and information Mobile broadband, SAT-Navs, bluetooth, online banking, shopping and travel information, social networking, YouTube, podcasts, music downloads and digital TV are all part of everyday life in the UK. Or are they? Blind and partially sighted people tell us they want them to be. During the year RNIB spent £30,519,000 increasing access to TV, culture and information, of which £21,979,000 was made possible by income from donors. Targets 1. Support the design and production of accessible TVs and TV equipment, such as set top boxes, which set the standard for commercial TV producers. TVs really can talk! SKY has developed an accessible set top box for digital television, while all TVs from Panasonic and Sony now come with audio description built in and ready to use at a click of a button. RNIB technology experts supported the development of these ground-breaking new products. 2. Expand the innovative X-PIL project so that more people can access the crucial small print medical information on packaging and leaflets. Taking the wrong medicine or wrong dosage can be potentially fatal. In 2008/09, new braille on medicine packaging has reduced this risk for blind people. In addition 44 pharmaceutical companies and pharmacies have joined RNIB's X-PIL project enabling blind and partially sighted people to get the information on medical packaging and leaflets that they want from RNIB's Medicines Information Line. 3. Upgrade high street library services for blind and partially sighted people by increasing the selection of braille, audio and large print books, and improving customer support. RNIB continued to exert pressure on public libraries to improve services for blind and partially sighted people. In particular, all 12 library services in the north east of England now have a better understanding of people’s needs following tailored workshops with RNIB. In addition all librarians will soon be able to tap into the wealth of information on the “Reading sight” website, specially designed to help them identify services for people with sight loss in their area. Focus on books Only five per cent of all books published make it into accessible formats and we continue to campaign for change and find solutions for technical challenges. We made some excellent progress this year. In December JK Rowling's latest book The Tales of Beedle the Bard was published in braille
  • 26. and DAISY on the same day as the standard print edition. All six books shortlisted for the Man Booker Prize were available in braille and giant print in time for the winner to be announced. Overall, the number of books published simultaneously in more than one format has dramatically increased from just eight in 2006/07 to 300 by the end of 2008/09. We are working with leading publishers on an innovative new project called FOCUS to increase the number of large print books available on the high street. Currently over 50 bestsellers are available in bookshops as well as in braille from RNIB. Over 41,000 people are now listening to RNIB Talking Books – the highest number since the DAISY service began in 2002. Children with sight problems in Wales now have a wider selection of books to read. RNIB Cymru invited 7-15 year old children to record their favourite books in their own voice – now all are available in audio, braille and large print. TV RNIB played a crucial role in the design of the Government's Targeted Help Scheme to help people get used to digital TV. The scheme is for registered blind or partially sighted people over 75, and anyone in receipt of Attendance Allowance or Disability Living Allowance, to obtain and install the equipment needed to receive digital TV. Following discussions with RNIB, we were delighted that the broadcaster Sky agreed to audio describe 20 per cent of its TV programmes, double the amount currently required by law. In fact 15 per cent of all TV is now audio described and we are pushing to increase targets for all broadcasters to 20 per cent. The beautiful game Last year more football games were audio described for fans with sight loss than ever before. For the first time, fans in Northern Ireland were able to enjoy Soccer Sight's quality live commentary, designed for people who cannot see what's happening on the pitch, at all the international games.
  • 27. Enabling people to get support and become independent Our blind and partially sighted members continually tell us how vital it is to be able to get both practical and emotional support, information and advice at the right time. During the year RNIB spent £26,861,000 enabling people to get support and become independent, of which £11,918,000 was made possible by income from donors. Targets 1. Reduce the trauma of losing your sight by providing support at the point of diagnosis through the launch of a radically new pilot advice service. This year we combined our Helpline and Customer Service teams making it easier for customers to get the support, advice and products they need from just one phone call. Customers can now find out more about their eye condition, buy a product, join our library, check out their legal rights or their potential benefit entitlements, be put in touch with a trained counsellor and much more. It is popular too - over 2,000 people are contacting us for help every day. 2. Implement the Eye Care Review in Wales (which is led by the Welsh Assembly) and Scotland (led by the Scottish Executive) and work with civil servants in Northern Ireland to bring about integrated rehabilitation services. RNIB Scotland is involved in the monitoring of 24 projects under the Eye Care Review with significant influence over six models of integrated service delivery. In Wales people continue to benefit from a new range of eye care services, however, the formal launch of the Eye Care Review in Wales was disappointingly delayed. In Northern Ireland we are delighted that the Vision Strategy Implementation Group, of 20 senior civil servants has agreed a 3-year plan of objectives, targets and actions. 3. Enable more blind and partially sighted people in the UK to call upon RNIB's technically minded volunteers to help with everyday equipment from washing machines to computers. This year RNIB has coordinated an army of volunteers who have visited blind and partially sighted people at home to set up or sort out computers, DVD players, set top boxes, mobile phones, digital radios and talking book players and so on.
  • 28. Timely support This year we have invested in a large expansion of our information and advice teams, particularly in the areas of emotional support and eye health information. Our expanded team of specialist advice workers offer a "quality of life" check including a full benefits check, ways to manage everyday tasks and putting people in touch with local services and support. We find out what individuals need and support them on their journey to rebuild their lives. We also offer to call customers back six to eight weeks later to see how they are getting on and to find out what else we can do to help. Following its launch, the new service dealt with a record 2,700 calls in just one day. A fantastic achievement. Ultimately it will enable us to reach even more blind and partially sighted people with personalised information, support and advice. On a more local level RNIB’s Information Prescription Project in Leeds, funded by the Department of Health, enables us to get personalised, reliable and accredited information to people at the time of their sight loss. We are now planning to extend this project to other areas of the UK. Meanwhile in Wales, RNIB Cymru has trained 80 organisations to support the technology needs of blind and partially sighted people in their own home or community and offer tailored advice and guidance to individuals and organisations through their Accessible Technology Information Line. All this work won an e-Government National Award for “building a fairer society with e-Government services”. React RNIB React, the innovative sign system that helps blind and partially sighted people find their way around safely and independently, is now used in many of First Scot Rail's stations and there are plans to extend it. React has been adapted to make it even easier to integrate with real time information so that bus stop information will be announced in audio which is already happening very successfully in Brighton. RNIB in bloom RNIB continue to give independence to older blind and partially sighted people through our three residential care homes. One of these, Kathleen Chambers House in Somerset, won a “Britain in Bloom” award this year for its gardens.
  • 29. Strengthening our voice and impact In order to achieve the best possible results we need to be seen to be the voice of blind and partially sighted people in the UK and we need to increase our impact further by working with other organisations to make ourselves heard. During the year RNIB spent £4,971,000 strengthening our voice and impact, of which £4,261,000 was made possible by income from donors. Targets 1. Grow our community of members by increasing membership to 13,000 and by building closer links with and between members through special events across the nation. RNIB Membership numbers have continued to increase steadily but had only reached 10,400 by March 2009. However, our outstanding 90 per cent renewal rate shows our members are loyal and value their membership. The number of members involved in social interaction activities such as book clubs, phone groups and networking events has significantly exceeded expectations. 2. Support the launch and implementation of the UK Vision Strategy, which aims to develop a unified plan for action on all issues relating to sight loss and eye health across the four countries of the UK RNIB played a pivotal role in the launch of the UK Vision Strategy in April 2008. This year an action pack has been produced to help stimulate activity at a local level, a UK Vision Strategy website has been created (www.vision2020uk.org.uk/ukvisionstrategy) and implementation plans are being produced for all four UK countries. 3. Develop RNIB's emerging strategy in readiness for 2009. We are delighted that our widespread consultation and preparation meant that we were able to hit the ground running at the start of the new strategy. We have changed responsibilities and styles of working to enable us to make the three priorities of our new strategy a reality. We will focus on supporting people to live independently, creating a society that includes people with sight loss and stopping people losing their sight unnecessarily. More information on our new strategy can be found in the section “Introducing our new strategy”. At the heart of RNIB Blind and partially sighted people are, more than ever before, being put at the heart of RNIB. This year members were consulted on the development of our new strategy, helping us focus resources on the areas that are most important to them.
  • 30. In January 2009 Vision, our magazine for members, won the Best Charity or Membership Magazine in the prestigious 2009 MemCom Awards. Judges praised the content, design and cover lines, the radio-style audio version, plus the use of research to identify and meet the diverse needs of our members. Teamwork Although we have led the development and implementation of the UK Vision Strategy, it has been a true team effort. There is now full cross-sector representation on the implementation plans for all four UK countries, and the membership of the Strategic Advisory Group has widened to reflect this. Implementation will be helped by our associations with Action for Blind People and the Cardiff Institute for the Blind. Coming together will also enable us to make the best use of our resources for blind and partially sighted people. Shouting louder This year we grew our campaigning voice by establishing a new network of regional campaign supporters to give people a stronger voice on local issues, making it easier for blind and partially sighted people to bring about change to the services that matter to them. MPs and Peers voted RNIB the winners of their “Most Improved Parliamentary Relations” award at the annual ComRes Awards. We also shouted loudest at Liberal Democrat conference where our stand – based on a fairground coconut shy – won the award for the stand that “best gets its message across”. Braille bicentenary Braille has been an enormously important part of the lives of those people who would not be able to read without it. It is also a fundamental part of what RNIB is all about – from teaching people to read braille, to producing braille books. This year we celebrated the 200th anniversary of the birth of Louis Braille by sending fun activity packs to all primary schools, holding special events and developing a brand new self-teach grade one braille course. Thank you Louis!
  • 31. You’re amazing Over one hundred pairs of tired feet pounded the streets of London for 26.2 miles ► shared your skills and expertise for free ► intrepid souls cycled Cuba and trekked Vietnam ► marched on Westminster and changed Government policy ► sold raffle tickets in the sun, rain and snow ► climbed a mountain ► audio-described a football match ► auctioned the contents of your attic ► gave someone a lift ► baked dotty braille cupcakes ► recorded a book for a blind child to listen to ► produced braille and more braille ► signed a pledge of support ► wrote to your MP ► set up a computer ► collected money from Sooty boxes around the UK ► volunteered as receptionist, shop assistant and office worker ► sang from the heart ► guided a blind person ► made a will ► shook a collecting tin ► started a direct debit ► bought a raffle ticket ► time, money, sweat and tears ► this is the heart of your contribution to helping people losing their sight to find their lives again. There are so many amazing stories of generosity in 2008/09 that we only have space to celebrate a few here. Of course it doesn’t stop with the stories - your volunteering and donations mean that we can continue to offer much- needed services. Read on to find out how your contribution has made a difference. Learning A fantastic £200,000 donation has ensured the future of children's services in RNIB Northern Ireland. Blind and partially sighted children will be able to get the most from school and play through our new expert Family Officers who help parents with their child's education and offer activity programmes, family weekends and fun days. RNIB Scotland is to open a new employment and ICT training centre in Glasgow with Scotland’s first ever fully accessible internet café. This is thanks to the Big Lottery Fund which will support this invaluable training centre with a total of £425,000 of funding from lottery/statutory money. The redevelopment of Rushton School and Children’s Home was given an extra boost of £250,000 from the Garfield Weston Foundation. A world of books Rangers Football Club Foundation was so impressed with our work that they chose RNIB Scotland as their charity of the year. It means an extra £50,000 for blind and partially sighted people in Scotland. We have been able to transcribe all of this year’s winners from Royal Mail Awards for Scottish Children’s Books into braille, audio and large print meaning that blind and partially sighted children don’t miss out. Rotary and Inner Wheel Clubs also
  • 32. continue to be inspired by reading. Inner Wheel chose RNIB as its charity of the year and together their support has meant £51,000 for people with sight problems and the sponsorship of 33 more talking books. In the workplace In these hard times, we are even more delighted that small and large businesses have backed RNIB. British Gas donated over £100,000 to continue the "Here to HELP" project, ensuring that the nation’s most vulnerable blind and partially sighted get advice about benefits and RNIB products to make everyday life easier. Manning Construction made RNIB Cymru’s elegant Black and White Ball a night to remember by donating £20,000 to support blind and partially sighted people in Wales. In Northern Ireland, the Electricity Board ensured that people with sight problems were better off by an amazing £1million in unclaimed benefits by paying for specialist advisers. Google helped more people to find us through £60,000 worth of advertising throughout the year. In addition Asda, Boots, Dollond & Aitchison, Lloyds Pharmacy, Optical Express, Tesco, Clear Channel, JCDeaux and the Outside Clinic all helped to get our vital message across that healthy eyes are happy eyes. We could not have got the message about the importance of regular eye tests out by ourselves and we thank all our Happy Eyes partners for paying for this campaign which would have cost just under £1million. A living memory and a living gift Your support means that we can help people who are losing their sight to find their lives again. Over a third of our vital services are only possible because individuals have chosen to remember blind and partially sighted people in their wills. Last year over 14,000 people left the world a better place for people losing their sight by leaving a legacy to RNIB. You too can make your mark. To find out more about how you can support our work in this way, call 0845 600 0313 or visit rnib.org.uk/legacy
  • 33. Financial review RNIB has had another strong year financially despite the economic conditions that have emerged during this year for the UK and across the world. Overall income reached £96million, down on the £98.7million for 2007/08. The main differences between these two years are: • A reduction in legacy income to £31.7million from £33.6million in 2007/08. This follows two exceptional years, and reflects the fall in the value of the assets (property, stocks, etc.) which make up much of the value of legacies. • The main factor affecting income from charitable activities is the refocusing of our operation at Redhill toward care and away from education resulting in a fall in funding from the Learning and Skills Council. Overall spending on RNIB's charitable objectives rose to a new all time high of £91.4million, up from £87million in 2007/08. Net outgoing resources were £9.1million, representing the Trustees' plans to spend some of RNIB's reserves. During the year strategic developments using designated funds amounted to £8million. These were in planned one-off projects and the purchase of assets including the reprovisioning of the school and children's home in Coventry. Further £1.2million of reserves were used to support ongoing services. Significant changes or events affecting the comparison with the prior year reported in the Statement of Financial Activities (SOFA) are: • The change in focus of our activities at Redhill. This reduced income, and spending on supporting people to get the education, jobs and income they deserve, while increasing our activity and spending on enabling people to live independently through greater support for the community living at that site. • The increase in spending to increase access to TV, culture and information reflects our investment in new talking book players to support readers with machines which are old and becoming expensive to maintain and difficult to use; our investment in promoting audio description to ensure people know what is available and how to use it; and working to ensure that there is a good digital TV solution for blind and partially sighted people - particularly given how digital TV works and the digital roll out across the UK. • The increased spending on enabling people to get support and become independent includes an investment of £1million in developing RNIB's helpline and support.
  • 34. Free reserves at the end of the year were just over the minimum level required by the reserves policy at 13 weeks (£21.8million), as compared to 13.5 weeks (£22.6million) at 31 March 2008. This reduction reflects the planned use of reserves to support services referred to above, and a reduction in the value of RNIB's investments affecting free reserves by £4.2million. The changing economy has affected RNIB financially in 2008/09. The greatest impact in the year has been the reduction in investment values which overall fell by £6.8million as opposed to a fall of £2.9million in 2007/08. RNIB has not yet had to liquidate any of these investments for cash flow purposes which means that while these losses reduce the level of reported reserves this could be recovered if stock markets improve. The reduced investment values and discount rate have also adversely affected the pension scheme. This has caused a significant swing in the valuation for FRS 17 purposes from a surplus of £17.9million at 31 March 2008, to a deficit of £8.1million at 31 March 2009. The formal triennial valuation is ongoing, see note 19 for further information. For the year subsidiary companies contributed £0.5m to RNIB. This includes the National Library for the Blind, and the Blind Centre for Northern Ireland, which operate as shell charities. Overall, the subsidiaries have provided the contribution expected and required. During 2008/09 Trustees have followed through on the planned level of spending while the world around RNIB has changed considerably. Those changes have impacted on RNIB investment values, and reduced voluntary income. The state of the economy is expected to continue to have an adverse impact on RNIB during 2009/10 and beyond. Despite the external environment RNIB is committed to delivering its new strategy for 2009/14. To do this Trustees have decided that should it be necessary they would be prepared for reserves to fall below the 12-17 weeks policy, to maintain and develop the services provided. This is not a decision taken lightly, and steps have been put in place to work harder to maintain income in these challenging times. All that RNIB does remains possible because of the continued support of donors through legacies, gifts and donations. The challenge of raising over £50million for 2009/10 is even greater than before, but it is so vital to make our work possible.
  • 35. Investment policy RNIB operates a passive management of funds (index-linked), a mix of assets, and the use of ethical funds to actively avoid tobacco and tobacco- related holdings. RNIB's investments continue to be managed by Legal and General using index-tracking pooled funds. The mix of assets, their tolerances, and their performance against the index for the year are as follows: Benchmark Tolerance Performance Asset (+/-) against Fund's Allocation Benchmark Index 2008/09 UK equities 25% 2.5% (7.53%) Overseas equities 15% 1.5% 0.67% UK Gilt Stocks 60% 3.0% 0.07% 100% The funds in which these investments are made are measured against agreed benchmark indices for each relevant holding. In relation to the performance of the UK equities, the majority are invested within the Ethical Fund but with few such funds existing it is difficult to establish a suitable benchmark. Investment Committee has reviewed the market performance and is satisfied with the Investment Manager's performance and reaffirm that passive management of RNIB's investments and the current asset allocation strategy are appropriate. In addition to managed investments, Endowment Funds continue to be invested with CAF in their Balanced Growth and Income Funds, and short term cash holdings are invested in short term deposit accounts with the Royal Bank of Scotland. Reserves policy RNIB’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. RNIB seeks to maintain free reserves to manage the risks to which the charity is exposed in the course of its business, including but not limited to safeguarding against volatile voluntary income.
  • 36. The Trustees consider that in order to meet these needs, and to operate effectively, RNIB needs reserves equivalent to between 12 and 17 weeks of its operating costs. This equates to between £20million and £28.5million. RNIB’s free reserves were £21.8million at 31 March 2009 (2008: £22.6million), representing the balance on general funds of £17.8million (2008: £21million) and after allowing for fixed assets funded by finance leases of £0.75million (2008: £1.6million) and a revolving loan of £3.2million regarding the Vision School and Children's Home redevelopment project. The actuarial valuation of RNIB's pension scheme at 31 March 2009 for the purposes of FRS17 showed a deficit of £8.1million (2007/08 a surplus of £17.9million), which is set against the level of free reserves as required by FRS17. The corresponding liability does not result in an immediate cash flow impact on the Charity. A full triennial valuation of the pension fund took place as at 31 March 2006. Contributions to the scheme are met through planned income. The level of free reserves has been calculated excluding the FRS17 assessed liability. At 31 March 2009 RNIB held designated funds totalling £65.9million (2008: £75.6million). Of this £48.6million (2008: £47.9million) relates to properties and £2million (2008: £2.4million) relates to other assets (mainly talking book players) both used directly in undertaking RNIB’s objectives. The remaining funds amounting to £15.4million (2008: £25.3million) for this year 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. Risk management The Trustee Board is responsible for overseeing the charity’s risk management activities. Detailed consideration of risk is delegated to the Audit Committee, which is assisted by senior charity management in continually reviewing this matter and reporting thereon to the main Board. Major risks identified currently include those in relation to the protection of people in our care; and the investment and construction of the Vision School; increased competition for voluntary income and public awareness of RNIB and blindness; and financial pressures on stakeholders. Mitigating strategies, controls and actions are in place for these and other risks identified. A risk evaluation and management evaluation is underway in relation to RNIB’s 2009/14 strategy as implementation plans emerge.
  • 37. Through the risk management process established for the charity, the Trustees are satisfied that the major risks have been identified and processes for addressing them have been implemented. It is recognised that any control systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Fundraising review Total voluntary income for 2008/09 amounts to £54million, a reduction of £1.1million against 2007/2008. Legacy income fell by £1.8 million. This however follows on from two years of high legacy income and reflects the current economic climate. Income from donations and gifts was up by £0.7million compared with that achieved last year. Donations and gifts included a gift in kind relating to the Happy Eyes campaign. Fundraising costs for 2008/09 amounts to £11.3million, generally in line with last year being an increase of £0.3million.
  • 38. Introducing RNIB’s strategy 2009/14: to end the isolation of sight loss RNIB, its Associated charities – Action for Blind People and the Cardiff Institute for the Blind – and subsidiaries, form the RNIB Group. All of our activities are undertaken to further our charitable purposes for the public benefit. Our 2009/14 strategy outlines what we plan to achieve together by 2014. We have three priorities: • Stopping people losing their sight unnecessarily • Supporting independent living • Creating an inclusive society Change is so urgently needed. And we need your help to make it happen. How do we know that this is the right direction? We asked blind and partially sighted individuals and organisations what to focus on, and their hopes and needs are at the heart of our 2009/14 plans. Our new direction fits in with the ground-breaking UK Vision Strategy, the joint action plan for eye health and sight loss supported by government, eye health, social care and charities across the UK. This unified approach strengthens our influence and speeds up progress. Our plans build on our pioneering work, made possible by generous support from donors. How will we end the isolation of sight loss? Within the three priority areas, we have set 11 goals to end the isolation faced by people losing their sight by 2014. 1. Stopping people losing their sight unnecessarily Yes, every day in the UK people are still needlessly losing their sight. Most people still don't realise that smoking, obesity, diabetes and high blood pressure put their eyesight at risk. And a third of people aged over 70 do not take up their free eye test and people still face problems getting sight saving treatment fast enough. RNIB will work to save the sight of thousands of people at high risk of losing their sight. Reduce the rates of avoidable sight loss for people most at risk. By 2014 we want more people from African, African-Caribbean, South Asian and low income communities in the UK to go for regular eye tests and be referred to eye clinics, in order to reduce avoidable sight loss.
  • 39. Ensure more people diagnosed with sight-threatening conditions have the opportunity to receive proven and timely treatments. We will make eye health a political priority and ensure that treatments are consistently available on the NHS in a timely manner and empower patients to make well-informed choices. Priority one: Targets for 2009/10 1. Together with local and national partners, we will run a successful "Eye Health Week" for the UK, aiming to get our essential eye health messages to people who are most at risk and to the health professionals working with them. 2. We will launch the "Future of Sight Loss in the UK" research report, presenting clear evidence of the financial burden of unnecessary sight loss on the state. We will also complete and share the learning from pilot projects around the UK focusing on older people, black minority ethnic groups and the brothers and sisters of people with glaucoma. 3. We will identify strategic partnerships across the UK to reduce eye health inequalities in specific geographical areas, with people who are the most at risk of losing their sight. 2. Supporting independent living Emotional and practical support for everyone losing their sight. We will ensure that the 77,000 people diagnosed every year as losing their sight are offered emotional and practical support. By 2014 a network of 130 Eye Clinic Liaison Officers will offer support when people need it most. We will expand our telephone support services and link this with regional and country services. Blind and partially sighted people are offered support tailored to their individual needs. By 2014 we want more blind and partially sighted people to be aware of RNIB and other services. We will define and deliver RNIB’s core services wherever you live in the UK. Blind and partially sighted people have the same level and range of educational opportunities, and achieve the same outcomes as their peers. We will increase the quality and availability of specialist support and materials to ensure that blind and partially sighted school leavers gain qualifications equivalent to their peers. Blind and partially sighted people to retain and gain employment. By 2014 we want to be helping 750 people to keep their jobs and another 500 people to move into employment every year by developing our employment support services.
  • 40. Blind and partially sighted children and adults with additional complex needs maximise their potential. By setting the highest standards at our schools, colleges and care homes we will drive up the standards of others. We will dramatically increase the number of people with learning difficulties who have their sight assessed and improved. Priority two: Targets for 2009/10 1. We will provide immediate information, advice and support to 11,000 people across the UK at the point when they are told they are losing their sight. 2. We will be the first port of call for thousands of blind and partially sighted people, supporting them to live independent lives through the personalised support of our new Helpline, up-to-the-minute information on RNIB’s website and our fantastic range of everyday products. This year we will be able to support more people than ever through our innovative association with Action for Blind People and the Cardiff Institute for the Blind. 3. We want all the children and adults with sight problems, including those with very complex needs, to receive the very best care and education services from us. We will achieve this by continuing our ambitious project to build the Vision School, UK’s best school and care home for children with sight problems and very complex needs and reviewing all our care and education services for adults and children with complex needs, working closely with external regulators to ensure excellence. 4. In a challenging economic and financial climate we will provide support to approximately 1,250 people to stay in work or to move into employment. 5. A third of people with learning difficulties also have a sight problem, which often goes undetected. We will ensure that at least 400 people who have a learning disability receive a combined sight test and vision assessment. 3. Creating an inclusive society Despite major advances in legislation, attitudes, services and technology, we still have a long way to go before true equality is achieved. Enabling more people to make journeys safely and independently We want a dramatic increase in travel by people with sight loss by 2014. We want transport operators to become beacons of best practice providing excellent service and inspiring the rest of the industry. We will campaign for government to implement the improved Disability Living Allowance rules. More people to shop independently and have personal control of their money. We plan to work with six retailers and banks to become beacons of good practice. We want to increase the financial awareness of blind and
  • 41. partially sighted people, and improve the accessibility of financial services, to increase financial independence. More people achieving independence through ICT and mobile technologies. We will work with partners to make simpler, accessible and affordable mobile phones, satellite navigation (GPS) services and media players, so that many more people can confidently use them. More people can independently access books, magazines, newspapers, television and radio. We want the 1,000 most popular books each year and the top 100 magazines and newspapers to be available in large print, audio, braille and as e-books. By 2014 we want 20 per cent of TV programmes to offer audio description, and blind and partially sighted people to be able to enjoy what they want, on digital radio and TV. Priority three: Targets for 2009/10 1. We will make major progress in the accessibility of television through our aim of doubling audio description targets from 10 to 20 per cent, by launching the first easy-to-use talking set top boxes and ensuring that blind and partially sighted people benefit from the digital switch over. 2. We will help blind and partially sighted people to get around and shop by working with major companies to improve their services, by improving information and advice to blind and partially sighted people and by supporting people to campaign for better services. 3. We will make at least two of the most popular online services easy to use by blind and partially sighted people, ensure that people fully benefit from e- books and provide information, support and products to help people get the most from technology. You can make a difference Losing your sight does not need to mean a life of isolation. Together we can change this. Join us in our five-year mission to stop people losing their sight unnecessarily, support independent living and to create an inclusive society. Visit the “support us” area of our website at www.rnib.org.uk to find out what you can do to make a difference. Signed on behalf of the Trustees of RNIB Lord Low, Chairman
  • 42. Independent Auditors’ report to the Trustees of RNIB We have audited the group and parent charity financial statements of Royal National Institute of Blind People for the year ended 31 March 2009 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Cash Flow Statement and the related notes. The financial statements have been prepared under the accounting policies set out therein. Respective responsibilities of trustees and auditors The responsibilities of the trustees for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Trustees' Responsibilities. We have been appointed as auditors under section 43 of the Charities Act 1993 and under section 44 (1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under those Acts. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the charity’s trustees as a body in accordance with paragraph 30 of The Charities (Accounts and Reports) Regulations 2008 made under Part VI, the Charities Act 1993, section 44 (1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 and for no other purpose. We do not, in giving this opinion, 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. We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Charities Act 1993, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006. We also report to you if, in our opinion, the information given in the Trustees’ Annual Report is not consistent with those financial statements, if the charity has not kept proper accounting records, if the charity’s financial statements are not in agreement with these accounting records or if we have not received all the information and explanations we require for our audit.
  • 43. We read the Trustees’ Annual Report, and consider the implications for our report if we become aware of any apparent misstatements within. Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the group and parent charity's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion • the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the group’s and parent charity’s affairs as at 31 March 2009, and of the group’s incoming resources and application of resources including the group’s cash flows, for the year then ended; and • the financial statements have been properly prepared in accordance with the Charities Act 1993, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006. PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors Eligible to act as an auditor in terms of section 25 of the Companies Act 1989 London 23 July 2009
  • 44. Financial statements for the year ended 31 March 2009
  • 45. Consolidated statement of financial activities for the year ended 31 March 2009 Note Total Endowment Restricted Unrestricted, Unrestricted, Unrestricted, Unrestricted Total s 31/3/9 funds funds designated, designated, designated, general 31/3/8 £’000 £’000 £’000 development service other fixed £’000 £’000 funds property assets funds £’000 funds £’000 £’000 Incoming resources Incoming resources from generated funds Voluntary income: Donations and gifts 22,281 - 2,733 3 - - 19,545 21,542 Legacies 31,728 - 1,830 15 - - 29,883 33,569 Total voluntary income 54,009 - 4,563 18 - - 49,428 55,111 Activities for generating funds - Merchandising and sponsorship 569 - (3) - - - 572 620
  • 46. Consolidated statement of financial activities for the year ended 31 March 2009 (continued) Note Total Endowment Restricted Unrestricted, Unrestricted, Unrestricted, Unrestricted Total s 31/3/9 funds funds designated, designated, designated, general 31/3/8 £’000 £’000 £’000 development service other fixed £’000 £’000 funds property assets funds £’000 funds £’000 £’000 Investment income 5 2,225 - 192 4 - - 2,029 2,862 Total incoming resources from 4,75 2 generated funds 56,803 - 2 2 - - 52,029 58,593 Incoming resources from charitable activities - - Stopping people losing their sight unnecessarily 6 - 4 - - - 2 1 Supporting people to get the education, jobs and income they deserve 14,335 - 689 - - - 13,646 14,935 Increase access to TV, culture and 4 information 8,540 - 184 68 - - 7,888 7,687 Enabling people to get support and 4 become independent 14,943 - 452 72 - - 14,019 14,404 Strengthening our voice and impact 710 - 48 - - - 662 795 Total incoming resources from 1,37 9 charitable activities 38,534 - 7 40 - - 36,217 37,822
  • 47. Consolidated statement of financial activities for the year ended 31 March 2009 (continued) Note Total Endowment Restricted Unrestricted, Unrestricted, Unrestricted, Unrestricted Total s 31/3/9 funds funds designated, designated, designated, general 31/3/8 £’000 £’000 £’000 development service property other fixed £’000 £’000 funds funds assets funds £’000 £’000 £’000 Other incoming resources: Other Income - defined benefit pension scheme 705 - - - - - 705 2,216 Net gain on disposal of fixed assets - - - - - - - 22 Total incoming 6,1 96 resources 1.4 96,042 - 29 2 - - 88,951 98,653 Resources expended Costs to generate funds: Costs of generating 7 11,17 voluntary income 1.5 11,318 - 5 0 62 11 0 10,981 Merchandising and sponsorship costs 730 - - 1 - - 729 504 Investment management fees 58 - - - - - 58 79
  • 48. Consolidated statement of financial activities for the year ended 31 March 2009 (continued) Note Total Endowment Restricted Unrestricted, Unrestricted, Unrestricted, Unrestricted Total s 31/3/9 funds funds designated, designated, designated, general 31/3/8 £’000 £’000 £’000 development service other fixed £’000 £’000 funds property funds assets funds £’000 £’000 £’000 Total costs to 7 generate funds 1.5 12,106 - 5 1 62 11 11,957 11,564 Net income available for charitable 6,12 89 activities 83,936 - 4 1 -62 -11 76,994 87,089 Charitable activities: Stopping people losing their sight 3 unnecessarily 1,674 - 152 6 6 1 1,479 1,144 Supporting people to get the education, jobs and income they 1,69 1,72 deserve 27,353 - 8 8 398 73 23,456 29,409 Increase access to TV, culture and 3,53 2,95 information 30,519 - 6 9 249 1,124 22,651 27,200 Enabling people to get support and become 1,45 1,11 independent 26,861 - 4 9 339 86 23,863 25,350 Strengthening our 43 voice and impact 4,971 - 245 0 29 3 4,264 3,850 Total charitable 7,08 6,27 activity costs 91,378 - 5 2 1,021 1,287 75,713 86,953
  • 49. Consolidated statement of financial activities for the year ended 31 March 2009 (continued) Note Total Endowment Restricted Unrestricted, Unrestricted, Unrestricted, Unrestricted Total s 31/3/9 funds funds designated, designated, designated, general 31/3/8 £’000 £’000 £’000 development service other fixed £’000 £’000 funds property assets funds £’000 funds £’000 £’000 2 Governance Costs 1,629 - - 0 11 1 1,597 1,498 Total resources 7,09 6,3 expended 1.5/3 105,113 - 0 63 1,094 1,299 89,267 100,015 Net outgoing resources before transfers (9,071) - (961) (5,401) (1,094) (1,299) (316) (1,362) Transfers between funds 4/7/8 - - (1,289) (4,566) 1,774 901 3,180 - Net (outgoing) incoming resources before other recognised ( (2,250 (9,96 gains and losses 9,071) - ) 7) 680 (398) 2,864 (1,362) Net losses on ( (2,609 investment assets 6,817) ) (6) - - - (4,202) (2,854) Actuarial (loss) gain on defined benefit pension scheme 19 (27,847) - - - - - (27,847) 8,290
  • 50. Consolidated statement of financial activities for the year ended 31 March 2009 (continued) Note Total Endowment Restricted Unrestricted, Unrestricted, Unrestricted, Unrestricted Total s 31/3/9 funds funds designated, designated, designated, general 31/3/8 £’000 £’000 £’000 development service other fixed £’000 £’000 funds property assets funds £’000 funds £’000 £’000 Net Movement In (4 (2,609 (2,256 (9,96 Funds 3,735) ) ) 7) 680 (398) (29,185) 4,074 Fund balances brought forward 1 1 10,20 6,72 25,3 April 31,425 2 1 32 47,888 2,400 38,882 127,351 Fund balances carried forward 31 7,59 4,46 15,3 March 87,690 3 5 65 48,568 2,002 9,697 131,425 Notes 6 7 8 4 4 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 the Charity during the year were £95,494,000 (2008: £98,175,000) less resources expended by the Charity at £104,567,000 (2008: £99,417,000) led to a deficit of £9,073,000 (2008: £1,242,000). All incoming resources, resources expended and resulting net movements in funds are derived from continuing activities. The notes on pages 39 to 71 form part of the financial statements.
  • 51. Balance sheets at 31 March 2009 Notes Group Group Charity Charity 2009 2008 2009 2008 £’000 £’000 £’000 £’000 Fixed assets Tangible 4 50,570 50,288 50,570 50,288 Investments 5 41,649 48,550 41,854 48,755 Total fixed assets 92,219 98,838 92,424 99,043 Current assets Stock and work in progress 15 2,701 2,450 2,627 2,415 Debtors 16 8,975 8,405 9,074 9,042 Current investments 60 65 60 65 Short term deposits 5,763 16,282 5,763 16,282 Cash at bank and in hand 322 1,209 64 349 Total current assets 17,821 28,411 17,588 28,153 Creditors amounts falling due within one year 17 10,258 12,112 10,230 12,057 Net current assets 7,563 16,299 7,358 16,096 Total assets less current liabilities 99,782 115,137 99,782 115,139 Creditors amounts falling due after more than one year 18 3,981 1,635 3,981 1,635 Net assets excluding pension scheme (liability) asset 95,801 113,502 95,801 113,504 Defined benefit pension scheme (liability) asset 19 (8,111) 17,923 (8,111) 17,923 Net assets including pension scheme (liability) asset 9 87,690 131,425 87,690 131,427 Represented by the following funds Endowment 6 7,593 10,202 7,593 10,202 Restricted 7 4,465 6,721 4,465 6,721 Unrestricted Designated 4/8 65,935 75,620 65,935 75,620 General 17,808 20,961 17,808 20,961 Pension (deficit) reserve 19 (8,111) 17,923 (8,111) 17,923 Non-charitable trading deficit - (2) - - Total 87,690 131,425 87,690 131,427 Approved by the Board of Trustees and authorised for issue on 16 July 2009 and signed on behalf of RNIB by Lord Low, Chairman, and Terry Moody, Honorary Treasurer.
  • 52. Consolidated cashflow statement for the year ended 31 March 2009 2009 2008 £’000 (restated) £’000 Net cash (outflow) inflow from operating activities (11,743) 3,593 Returns on Investments and servicing of finance Investment income 2,225 2,862 Interest element of finance lease rental payments (98) (181) Net cashflow from investments and servicing of finance 2,127 2,681 Capital expenditure and financial investment Purchase of tangible fixed assets (3,727) (8,388) Proceeds from sale of tangible fixed assets 4 810 Purchase of investments (6,685) (4,148) Proceeds from sale of investments 6,719 5,356 Net cash outflow from capital expenditure and financial (3,689) (6,370) Cash outflow before use of liquid resources and financing (13,305) (96) Management of liquid resources Cash (deposited) to short term deposits 10,519 (954) Net cashflow from the management of liquid resources 10,519 (954) Financing Finance loan advance received 3,200 - Capital element of finance lease rental payments (1,138) (1,112) Net cash inflow (outflow) from financing activities 2,062 (1,112) Decrease in cash (724) (2,162) Cash at 1 April 182 2,344 Cash at 31 March (542) 182
  • 53. Consolidated cashflow statement for the year ended 31 March 2009 (continued) 2009 2008 £’000 £’000 Notes to the cashflow statement Reconciliation of changes in resources to net cash inflow from operating activities Net incoming resources before transfers (9,071) (1,362) Investment income (2,225) (2,862) Depreciation 2,393 2,864 Fee Rebate non cash transaction 84 88 Costs on disposal of investment property added to loss on disposal (28) (3) Loss on disposal of tangible fixed assets 1,046 2,132 (Decrease) Increase in current creditors (1,396) 2,848 (Decrease) in long term creditors (10) (10) Decrease in pension provision (1,813) (1,581) Interest charged on finance lease payments 98 181 (Increase) Decrease in debtors (570) 1,599 (Increase) Decrease in stock (251) (301) Net cash (outflow) inflow from operating activities (11,743) 3,593 Analysis of change in net funds 31/3/7 Cashflow 31/3/8 Cashflow 31/3/9 £’000 2008 £’000 2009 £’000 £’000 £’000 Cash at bank 2,564 (1,355) 1,209 (887) 322 Bank overdraft (220) (807) (1,027) 163 (864) Total cash 2,344 (2,162) 182 (724) (542) Debt due within 1 year (1,112) (12) (1,124) 295 (829) Debt due after 1 year (2,719) 1,124 (1,595) (2,356) (3,951) Total change in net funds (1,487) (1,050) (2,537) (2,785) (5,322)
  • 54. Notes to the consolidated financial statements for the year ended 31 March 2009 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, in accordance with applicable accounting standards in the United Kingdom and the Statement of Recommended Practice – “Accounting and Reporting by Charities” (SORP 2005) as revised in March 2005, and the Charities Act 1993. The results of each of RNIB’s wholly owned subsidiary undertakings, as listed in note 2, have been incorporated in these consolidated financial statements under the heading “Group” on a line-by-line basis. No separate Statement of Financial Activities (SOFA) has been presented for the Charity alone as permitted by paragraph 397 of the SORP. 1.2 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 & Customs as at the balance sheet date. 1.3 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 the Charity. Designated funds are unrestricted funds that the trustees of the Charity have set aside, out of general funds and comprise sums of money for specific projects of a developmental nature. 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, in use, for the provision of services to people with sight problems. This value is shown in a separate
  • 55. 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 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. 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. 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. 1.4 Incoming resources Donated goods and services are included at the value to the charity 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 the charity 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. Pecuniary legacies are recognised as they are received. Residuary legacies are recognised at the earlier of receipt or agreement of estate accounts. Reversionary interests involving a life tenant are not recognised due to the uncertainties of valuing them. 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. Investment income arising on endowment funds is credited to the appropriate fund in accordance with the prescribed conditions. 1.5 Resources expended (a) Expenditure, including irrecoverable VAT, is accounted for on an accruals basis.
  • 56. (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 including a staff time-based system of apportionment. (d) Fundraising expenses include those costs incurred in raising donations and legacies. (e) Governance costs are incurred in relation to the running of the charity. This includes strategic planning and attending to the statutory affairs of the charity. An analysis of these costs can be found in note 3 – Total resources expended. (f) Grants payable are charged to the SOFA when a constructive obligation exists, that is when the recipient has been informed. 1.6 Fixed assets (a) Service properties RNIB has implemented Financial Reporting Standard 15 (FRS15) in preparing its financial statements and under the transitional provisions of the standard has adopted the valuations at which these properties were included at 31 March 1999, which will not be updated. Depreciation, and any impairment, is provided so as to write off the cost of property, excluding land, over its expected useful life, which for freehold properties is not considered to be in excess of 50 years. Short leaseholds are written off over the period of the lease and long-term leases over 50 years. (b) Service properties under construction RNIB has separately categorised those service properties that are under construction and have not yet been brought into use. The cost of such assets excludes finance costs incurred relating to temporary financing throughout the construction phase. Depreciation is not provided on service properties under construction until they are brought into use at which point the appropriate depreciation treatment will apply as set out in 1.2(a) above.
  • 57. 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. (c) Other fixed assets Depreciation, and any impairment, is provided on all other fixed assets in use at rates calculated to write off the cost, less estimated residual value of each asset, over its expected useful life which varies between three and 10 years. 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. Assets costing less than £2,500 are treated as fully expended in the year of acquisition. 1.7 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 advisors at the balance sheet date and this is done on an annual basis. The SOFA includes the net gains and losses arising on disposals and revaluations throughout the year. 1.8 Stocks Stock of finished goods held for resale is valued at the lower of cost and net realisable value. Finished goods for resale comprises products suitable for use by blind and partially sighted people, Christmas cards and gifts. 1.9 Pension scheme For the RNIB defined benefit pension scheme, the current service costs, gains and losses on settlements and curtailments, is charged to resources expended. Similarly, pension finance costs arising from changes in the net of the interest costs and expected return on assets is charged to resources expended. Where income arises as a result of such changes this is shown in the statement of financial activities as an “other” incoming resource. Actuarial gains and losses are recognised immediately in the statement of financial activities as “Actuarial gain, or loss, on Defined benefit pension scheme”. From 1 April 2005, for new members, pension
  • 58. contributions for defined benefits were capped, with contributions above that cap being defined contributions. For the RNIB defined contribution scheme the amount charged to the SOFA in respect of pension costs and other post-retirement benefits is the contributions payable in the year. 1.10 Leased assets RNIB has entered into finance leases for talking book players with a view to improving, and increasing the RNIB Talking Book Service for people with sight problems. In addition, RNIB entered into a finance lease for the acquisition of computer software. 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. 1.11 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 carried out in furtherance of the charity's primary objectives, if these profits are applied solely for charitable purposes.
  • 59. 2. Net income from trading activities of subsidiary undertakings Profit and loss account RNIB RNIB National Blind Total Total Enterpri Services Library Centre 2009 2008 ses Limited for the for Limited £’000 Blind Northern £’000 £’000 £’000 £’000 Ireland £’000 Turnover 572 5,677 420 29 6,698 7,612 Cost of (460) (5,649) - (6,109) (6,848) sales - Gross 112 28 420 589 764 profit 29 Interest receivable 2 8 - - 10 22 Interest payable (11) - - - (11) (15) Administra (62) (24) (8) (91) (167) tion 3 Net profit 41 12 412 32 497 604 Amount covenante d to RNIB (39) (12) (412) (32) (495) (724) Retained in subsidiary undertakin g 2 - - - 2 (120) Balance sheet Net Assets 5 - - - 5 3 RNIB Enterprises Limited sells Christmas cards and other items by mail order and through retail outlets. It engages in other trading activities, such as commercial sponsorship and a scheme for the recycling of toner cartridges, with the consent of RNIB. A loan of £200,000 has been made by RNIB to cover the working capital requirements. Interest is charged at 2 per cent above base rate on a quarterly basis. RNIB Services Limited administers RNIB’s school fees.
  • 60. National Library for the Blind (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. Blind Centre for Northern Ireland (BCNI), exists as a shell charity to receive donations and legacies, which are transferred to RNIB to be ring-fenced for RNIB Northern Ireland.
  • 61. 3. Total resources expended Total resources expended including support costs allocation Direct Support Total Total costs costs 2009 2008 £’000 £’000 £’000 £’000 Costs to generate funds Generating voluntary income 6,654 4,664 11,318 10,981 Merchandising and sponsorship costs 646 84 730 504 Investment management fees 53 5 58 79 Total expended on generating funds 7,353 4,753 12,106 11,564 Charitable objectives costs Stopping people losing their sight unnecessarily 1,586 88 1,674 1,144 Supporting people to get the education, jobs and income they deserve 23,684 3,669 27,353 29,409 Increasing access to TV, culture and information 26,780 3,739 30,519 27,200 Enabling people to get support and become independent 23,509 3,352 26,861 25,350 Strengthening our voice and impact 4,614 357 4,971 3,850 Total expended on charitable objectives 80,173 11,205 91,378 86,953 Governance costs 711 918 1,629 1,498 Total resources expended 88,237 16,876 105,113 100,015 The total expended on charitable objectives includes a gift in kind amounting to £963,000 for the Happy Eyes campaign.
  • 62. 3. Total resources expended (continued) Support department costs Total Total 2009 2008 £’000 £’000 Support department costs Financial accounts and operations 1,059 1,022 Chairman's/Chief Executive's office and Resources directorate 1,032 930 Corporate services 843 822 Financial management 252 212 Human resources 1,941 1,532 Information and knowledge services 2,610 2,169 Internal audit 88 85 Committee support and transcription services 207 322 Business planning 304 392 Group support services 8,540 7,171 Total support department costs 16,876 14,657 The cost of information and knowledge services are in part allocated based on the number of networked computers per service. The costs of payroll are allocated using the number of payslips handled per service as a basis whilst that for Sales and Purchase Ledger departments are based on the number of invoices handled. The balance of support costs is apportioned using an annual assessment of staff time based on the advice of support service managers.
  • 63. 3. Total resources expended (continued) Governance costs Total Total 2009 2008 £’000 £’000 General costs incurred in servicing RNIB's corporate committees and the statutory affairs of the charity 1,349 1,320 Costs incurred in running the Chairman's Office (including international activity - for example World Blind Union) 280 178 Total governance costs 1,629 1,498 Included within General costs above are the costs of Committee support and transcription services, which include Trustee expenses paid as detailed in note 12; an apportionment of Internal Audit costs; External Audit costs as detailed in note 13.
  • 64. 4. Tangible fixed assets – group and charity Service Service property Machinery, Talking Book Total properties under vehicles and machines construction equipment £’000 £'000 £’000 £’000 £’000 Cost Balance 1 April 2008 55,331 2,388 9,790 19,193 86,702 Additions 875 1,935 917 - 3,727 Elimination on Disposal (1,631) - (1,595) - (3,226) Balance 31 March 2009 54,575 4,323 9,112 19,193 87,203 Accumulated depreciation Balance 1 April 2008 9,831 - 8,718 17,865 36,414 Charge for year 1,094 - 499 800 2,393 Elimination on Disposal (595) - (1,579) - (2,174) Balance 31 March 2009 10,330 - 7,638 18,665 36,633 Net book value 31 March 2009 44,245 4,323 1,474 528 50,570 Net book value 31 March 2008 45,500 2,388 1,072 1,328 50,288 Service properties are used to provide services to blind and partially sighted people. Of the net book value of property used by RNIB, £1,035,000 (2008: £2,254,000) represents leaseholds of less than 50 years. Service property under construction relates to works carried out to date in respect of the RNIB Vision School and Children's Home. A transfer has been made to the designated service properties fund in the sum of £1,774,000 comprising additions of £2,810,000 less £1,036,000 disposals in the year.
  • 65. A transfer has been made to the designated other fixed assets fund in the sum of £901,000 comprising additions of £917,000 less £16,000 disposals in the year. The net book value of talking book machines held under finance lease agreements at 31 March 2009 was £135,000 (2008: £692,000). Included in Talking Book Service expenditure is interest payable of £125,000 (2008: £183,000) and a depreciation charge of £558,000 (2008: £899,000) which relates to leased talking book machines.
  • 66. 5. Group fixed asset investments Quoted Property Total Total 2009 2008 £’000 £’000 £’000 £’000 Unrestricted funds Market value 1 April 2008 36,539 1,787 38,326 40,485 Acquisitions at cost 6,685 - 6,685 3,954 Disposals at opening market value (6,619) - (6,619) (5,084) Net (loss) gain on revaluation 31 March 2009 (4,142) (210) (4,352) (1,029) Market value 31 March 2009 32,463 1,577 34,040 38,326 Historical cost 31 March 2009 37,514 600 38,114 38,431
  • 67. 5. Group fixed asset investments (continued) Quoted Property Total Total 2009 2008 £’000 £’000 £’000 £’000 Endowment funds Market value 1 April 2008 10,202 - 10,202 12,229 Acquisitions at cost - - - 150 Disposals at opening market value - - - (13) Net (loss) gain on revaluation 31 March 2009 (2,609) - (2,609) (2,164) Market value 31 March 2009 7,593 - 7,593 10,202 Historical cost 31 March 2009 8,721 - 8,721 8,721
  • 68. 5. Group fixed asset investments (continued) Quoted Property Total Total 2009 2008 £’000 £’000 £’000 £’000 Restricted funds Market value 1 April 2008 22 - 22 27 Net (loss) gain on revaluation 31 March 2009 (6) - (6) (5) Market value 31 March 2009 16 - 16 22 Historical cost 31 March 2009 19 - 19 19
  • 69. 5. Group fixed asset investments (continued) Quoted Property Total Total 2009 2008 £’000 £’000 £’000 £’000 Unrestricted funds 32,463 1,577 34,040 38,326 Restricted funds 16 - 16 22 Endowment funds 7,593 - 7,593 10,202 Total market value of investments 31 March 2009 40,072 1,577 41,649 48,550 In addition to the above there is £205,001 included within the Charity comprising of £5,001 relating to investments in the Subsidiaries and £200,000 relating to a long-term loan with RNIB Enterprises. The market value of quoted investments is further broken down as follows: UK Overseas Total 2009 £’000 £’000 £’000 Unrestricted funds 28,848 5,192 34,040 Restricted funds 16 - 16 Endowment funds 7,593 - 7,593 Total 36,457 5,192 41,649
  • 70. 5. Group fixed asset investments (continued) At 31 March 2009 deposits of £1,000 and property investments of £1,577,000 were within the UK. In addition to the above, the Charity investments also include the following nominal holdings in subsidiary undertakings. The subsidiaries are all based within the United Kingdom and their accounting year ends are 31 March. 2009 2008 £ £ RNIB Enterprises Limited – Ordinary 5,000 5,000 RNIB Services Limited – Ordinary 1 1 Total 5,001 5,001 The following table gives a breakdown of investment income 2009 2008 £’000 £’000 General funds Quoted investments 1,694 1,746 Cash deposits 284 875 Rents 55 53 Restricted funds Quoted investments 192 188 Total 2,225 2,862
  • 71. 5. Group fixed asset investments (continued) Significant holdings Within the portfolio of quoted investments, the following holdings exceed five per cent of the total market value of the fund: Unrestricted funds 2009 2009 2008 2008 £’000 % £’000 % L&G All Stocks Gilt Index Trust – Distribution Units 18,690 57.6 21,523 59.0 L&G Ethical Trust – Distribution Units 8,580 26.4 9,347 25.6 L&G European Index Trust – Distribution Units 1,747 5.4 1,863 5.1 L&G US Index Trust – Distribution Units 1,712 5.3 1,868 5.1
  • 72. 6. Endowment funds 31 March Losses 31 March 2008 2009 £’000 £’000 £’000 Sunshine 987 (255) 732 Emma Nye 2,577 (668) 1,909 General 5,002 (1,291) 3,711 Eagle-Bott Memorial 516 (135) 381 Dr Duncan Leeds Bequest 968 (254) 714 GDC Rushton 152 (6) 146 Total 10,202 (2,609) 7,593 General endowments are comprised of individual funds built up over many years and are not material on an individual basis, and for the purposes of disclosure have been amalgamated.
  • 73. 7. Restricted funds The funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held to be applied for specific purposes. 31 March Incoming Expenditure 31 March 2008 resources and transfers 2009 £’000 £’000 £’000 £’000 Fund and/or purpose Emma Nye fund welfare pensions 683 115 115 683 Dr Duncan Leeds Bequest 14 43 30 27 Opportunities for Volunteering 1 128 120 9 Donations for specified equipment 5,405 5,393 7,238 3,560 Donations for specific services 97 14 32 79 Donations for specified capital projects – non- Community/New Opportunities Fund 373 - 362 11 National Lottery Big Lottery Fund Ivybridge Transcription Centre 32 - 32 - Manor House 5 - 5 - Community Development in Northern Ireland (6) - (6) - Family Centre at Judd Street 41 - 41 - Social Inclusion - MINOPS 7 - 7 - Childcare in Wales 1 - - 1 Transcription and Information Services in Stoke-on-Trent 4 - 4 - Eye Matter – Youth Forum Northern Ireland 3 94 81 16
  • 74. RNIB Cymru Emotional Health Development Officer 25 - 25 - Ethnic Minorities Research (17) - (17) - Solihull Resource Area Development Project (19) - (19) - Talk and Support – Tele-befriending 17 - 17 - Life Skills Development for Young People 8 35 34 9 RNIB Cymru Developing Emotional Wellbeing Through the Arts 12 64 63 13 Young People's Forum - Scotland 17 118 86 49 Vision for Life (16) 40 35 (11) Medivision 14 54 49 19 Keep IT Skilled - Scotland 5 - 5 - Safe and Well - 31 31 - Awards for All Concept Cooking 5 - 5 - Connect Days - Northern Ireland 10 - 10 - Total 6,721 6,129 8,385 4,465 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 2009 such deficit balances amounted to £212,000. Included in expenditure and transfers above are transfers amounting to £1,289,000 comprising £50,000 designated other fixed asset additions, £535,000 relating to projects where the initial expenditure is made under the designated development fund and £704,000 transferred to the general fund as a result of a review of outstanding restricted fund balances.
  • 75. 8. Development funds 31 March Transfers Incoming resources Expended 31 March 2008 £’000 £’000 2009 £’000 £’000 £’000 Investment Fund 15,481 (3,874) 551 3,897 8,261 RNIB Vision School and Children's Home revenue shortfall reserve 5,812 (1,470) - 475 3,867 Mergers Fund 2,725 - 411 820 2,316 Service property and associated facilities development 932 (180) - 136 616 Information technology infrastructure fund 44 383 - 128 299 Repairs and maintenance fund 338 575 - 907 6 Total development funds 31 March 2009 25,332 (4,566) 962 6,363 15,365 Investment fund: The purpose is to fund major projects furthering the strategic business plan. The transfer represents the planned release back to general funds of £3million, a transfer of £22,000 from the information technology infrastructure fund, a transfer from restricted funds of £2,000 and is offset by additions to designated fixed assets of £898,000. RNIB Vision School and Children’s Home revenue shortfall reserve: The purpose is to provide support to the RNIB Rushton School and Children’s Home service during the course of the reconstruction project. The transfer represents temporary funding made to cover the construction phase of the project pending future finance loan receipts.
  • 76. Mergers fund: This designates funds 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, including the RNIB Rushton School and Children’s Home reconstruction, and funds to acquire capital equipment. The transfer comprises the transfer from the revenue shortfall reserve mentioned above, a £500,000 designation from the general fund for planned capital acquisitions and a transfer from restricted funds of £533,000. This is offset by additions to designated fixed assets of £2,683,000. Information technology infrastructure fund: The purpose is to ensure that the information technology infrastructure is robust. The transfer represents a planned designation of £500,000 towards the fund offset by £22,000 transfer to the investment fund as mentioned above and additions to designated fixed assets of £95,000. Repairs and maintenance fund: The purpose is to fund a rolling programme of regular property maintenance. The £575,000 transfer represents new designations to cover planned expenditure within this programme.
  • 77. 9. Analysis of group and charity net assets between funds Group Total Endowment Restricted Unrestricted, Unrestricted, Unrestricted, Unrestricted, 31 March funds funds designated, designated, designated, general 2009 development service other fixed funds properties assets funds funds £’000 £’000 £’000 £’000 £’000 £’000 £’000 Fund balances 31 March 2009 Tangible fixed assets 50,570 - - - 48,568 2,002 - Investments 41,649 7,593 16 15,365 - - 18,675 Net current assets (liabilities) 7,563 - 4,449 - - - 3,114 Long-term liabilities (3,981) - - - - - (3,981) Defined Benefit Pension Scheme liability (8,111) - - - - - (8,111) Total net assets 87,690 7,593 4,465 15,365 48,568 2,002 9,697
  • 78. 9. Analysis of group and charity net assets between funds (continued) Charity Total Endowment Restricted Unrestricted, Unrestricted, Unrestricted, Unrestricted, 31 March funds funds designated, designated, designated, general 2009 development service other fixed funds properties assets funds funds £’000 £’000 £’000 £’000 £’000 £’000 £’000 Fund balances 31 March 2009 Tangible fixed assets 50,570 - - - 48,568 2,002 - Investments 41,854 7,593 16 15,365 - - 18,880 Net current assets (liabilities) 7,358 - 4,449 - - - 2,909 Long-term liabilities (3,981) - - - - - (3,981) Defined Benefit Pension Scheme liability (8,111) - - - - - (8,111) Total net assets 87,690 7,593 4,465 15,365 48,568 2,002 9,697
  • 79. 10. Grants payable In line with SORP 2005 paragraph 200(b), the total amount paid by the charity by way of grants to individuals and organisations amounted to less than five per cent of total expenditure for the year, consequently such grants are not considered to be material and therefore no disclosure has been made in the accounts. 11. Employee remuneration The average number of employees during the year was 2,373 (2008: 2,310), of which, 786 (2008: 726) were part-time employees. Total emoluments for all staff for the year amounted to £55,326,000 (2008: £50,711,000). RNIB follows national pay scales for its employees. The total emoluments are analysed as shown below. 2009 2008 £’000 £’000 Salary costs 46,774 43,078 Employer’s NI contributions 4,431 4,049 Employer’s pension contributions 4,121 3,584 55,326 50,711
  • 80. The following numbers of employees received total emoluments within the bands shown. 2009 2008 Number Number Between £60,001 and £70,000 20 13 Between £70,001 and £80,000 4 - Between £80,001 and £90,000 - 3 Between £90,001 and £100,000 3 2 Between £100,001 and £110,000 1 1 Between £110,001 and £120,000 1 1 Between £120,001 and £130,000 1 - Between £150,001 and £160,000 1 - Included in the table above is the Chief Executive Officer’s salary of £124,836 plus additional benefits of £4,901. The bands £100,001 to £110,000 and £150,001 to £160,000 include payments made to members of staff on termination of employment. Also of the number of staff disclosed in the table above RNIB made payments on behalf of 31 (2008:19) employees in respect of the RNIB Retirement Benefit Scheme and the Teacher’s Pension Scheme, and there were payments made to eight members of staff (2008: six) in respect of the defined contribution element of the RNIB Retirement Benefit Scheme. The total amount of employer contributions paid in respect of these employees was £424,598.
  • 81. 12. Payments to Trustees Many Trustees and/or their organisations bear the cost of attending meetings themselves. They receive no benefits from the charity except as users of our services. Trustees of the charity represent agencies and organisations throughout the United Kingdom, and they attend many committee, sub-committee and Boards of Governors’ meetings, most of which are held at the charity’s London service centre. A total of £60,663 was paid to, and on behalf of, the 24 Trustees and £11,040 was paid to 41 Assembly Members of the charity as reimbursement of travel and subsistence expenses incurred in attending these meetings (2008: £65,405 to 67 Trustees and Assembly Members). In addition £17,427 was paid to 4 of the Trustees of the charity as reimbursement of overseas travel and subsistence incurred in attending international meetings and conferences (2008: £18,648 to 10 Trustees). The cost of lunches and overnight stays in RNIB establishments during the meetings cost a further £5,359 (2008: £3,122). During the year, RNIB paid £54,550 to HumanITy, a charity, in respect of consultancy fees. Of this £12,500 (2008: £55,359) related to work undertaken and funded by RNIB as support for and contribution to work commissioned by the World Blind Union. Kevin Carey, a Trustee of RNIB, was employed as executive director of the HumanITy organisation, during this period.
  • 82. RNIB paid £42,003 (2008: £34,791) to Fife Society for the Blind in respect of rent and service charge for the year. Fife Society for the Blind also provides funding for Talking Book Memberships and sells RNIB goods. Alan Suttie, a Trustee of RNIB, is the Chief Executive of Fife Society for the Blind. In the year RNIB paid £552 (2008: Nil) to Brendan Magill in respect of work on a training day. During the year RNIB paid Brendan Magill £2,660 (2008: £2,090) and Terry Robinson £2,548 (2008: £2,353) as remuneration in respect of carrying out their duties as Trustees of RNIB. These payments have been made with the consent of the Charity Commission.
  • 83. 13. Auditors’ remuneration and other financial services 2009 2008 £’000 £’000 Audit fees of the charity 50 50 Audit fees of subsidiary companies 12 9 Audit of grant claims 4 Audit of Teachers Pension Scheme 4 Financial advice and other services - 84 Taxation services - 14 Total included within governance costs 70 157 The amounts in 2008 were to Horwath Clark Whitehill LLP as former Auditors. 14. Indemnity insurance The charity enters a comprehensive range of insurance policies to protect against losses and legal liabilities arising from neglect or default in the course of business. Total premiums for these policies amounted to £30,975 (2008: £30,975).
  • 84. 15. Stocks Group Charity 2009 2008 2009 2008 £’000 £’000 £’000 £’000 Finished goods for resale 1,770 1,626 1,696 1,591 Raw materials and consumables 931 824 931 824 Total 2,701 2,450 2,627 2,415
  • 85. 16. Debtors Group Group Charity Charity 2009 2008 2009 2008 £’000 £’000 £’000 £’000 Trade 4,211 5,295 3,452 4,694 Inter-company - - 905 1,307 Other – due within one year 399 177 399 136 Other – due after one year 325 150 325 150 Prepayments and accrued Income 4,040 2,783 3,993 2,755 Total 8,975 8,405 9,074 9,042 The charity has included £2,133,000 (2008: £1,594,000) within accrued income representing the value of legacies deemed receivable in line with accounting policy 1.4. The charity has been notified of further legacies amounting to £17,891,000, which have not been recognised as income at 31 March 2009 and these will be included in future periods. Accrued legacy income has been reclassified from other debtors, together with a reclassification of staff floats as other debtors, and accordingly the comparative figures have been restated.
  • 86. 17. Creditors due within one year Group Group Charity Charity 2009 2008 2009 2008 £’000 £’000 £’000 £’000 Trade 1,741 1,760 1,741 1,760 Bank overdraft 864 1,027 864 1,027 Net obligations under finance leases 829 1,123 829 1,123 Taxes and social security costs 1,378 1,447 1,378 1,447 Other 308 125 308 125 Accruals 4,277 5,364 4,253 5,338 Deferred income 861 1,266 857 1,237 Total 10,258 12,112 10,230 12,057 All of the deferred income is utilised in the year.
  • 87. 18. Creditors due after more than one year Group Group Charity Charity 2009 2008 2009 2008 £’000 £’000 £’000 £’000 Deferred income 30 40 30 40 Net obligations under finance leases are payable as follows Between one and two years 519 836 519 836 Between two and five years 232 759 232 759 Net obligations under finance loan is payable as follows Between two and five years 3,200 - 3,200 - Total 3,981 1,635 3,981 1,635 RNIB has entered into a loan agreement with the AIB Group (UK) plc whereby a three-year revolving loan facility has been made available in the sum of £25million to finance the redevelopment known as the RNIB Vision School and Children's Home in Coventry. Interest is charged at 0.85 per cent above the three-month LIBOR rate and at the expiry of this term RNIB has the option to convert this loan into a 25-year mortgage. At 31 March 2009 the amount owing on the revolving loan is £3.2million. The loan is secured over the freehold property at Coventry. In June 2009 RNIB entered into financial instruments with AIB in order to limit its exposure to interest rate fluctuations for the period to December 2026.
  • 88. 19. Pension costs The RNIB Pension Scheme is partly defined benefit and partly defined contribution, members joining before 1 April 2005 being wholly defined benefit, with 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. An actuarial valuation was carried out at 1 April 2006 by consulting Actuaries, "Hewitt Associates Limited", using the projected unit method. That valuation disclosed that the market value of the Scheme's assets (excluding Voluntary Contributions) at that date was £105million, and that there was a surplus (calculated as the excess of the market value of the Scheme's assets to the value of its past service ongoing liabilities, with allowance for future pay increases) of £8.4million. Following the valuation it has been agreed by the Pension Scheme Trustees and RNIB that contributions from RNIB will be 16 per cent and 17 per cent of pensionable salaries for the years ending 31 March 2009 and 2010 respectively. In accordance with the requirements of FRS17 the full actuarial valuation at 1 April 2006 was updated by Hewitt Associates Limited at 31 March 2009. The principal assumptions they used for this purpose are explained in the following tables and notes.
  • 89. 2009 2008 2007 % % % Discount rate 6.5 6.9 5.4 Inflation assumption 3.4 3.5 3.0 Rate of increase in salaries 3.9 4.0 4.0 Rate of increase in pensions payments 3.2 3.5 3.0 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 years if they are male and for a further 29 years if they are female. For a member who retires in 2029 at age 60 the assumptions are that they will live on average for a further 29 years after retirement if they are male and for a further 30 years after retirement if they are female. This compares to last year where a member who retires in 2028 at age of 60 was assumed to live on average for a further 28.1 years after retirement if they are male and for a further 29.4 years after retirement if they are female.
  • 90. The assets of the Scheme are held with Legal and General (for equities and bonds), and RREEF Limited (for property). 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. Defined Benefit Assets – the 2009 2009 2008 2008 2007 2007 percentages in this table refer to the long-term rates of return. % £’000 % £’000 % £’000 Equities 7.9 61,840 7.75 71,306 8.0 73,925 Corporate Bonds 5.75 14,482 n/a - n/a - Fixed Interest gilts 4.0 7,604 4.6 26,211 4.7 24,836 Index-linked gilts 3.8 4,893 4.4 6,645 4.45 5,734 Property (including unit trusts) 6.9 3,657 6.75 5,205 7.0 6,048 Cash (including net current assets) 4.3 970 5.9 733 5.5 439 Total market value of Scheme 93,446 110,100 110,982 assets Present value of Scheme liabilities (101,557) (92,177) (102,930) Net Pension Scheme (liabilities) (8,111) 17,923 8,052 assets 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. The assumed long-term rate of return on each asset
  • 91. class is set out within this note. The overall expected rate of return on assets is then derived by aggregating the expected return for each asset class over the actual asset allocation for the Scheme at the 31 March 2009. At 31 March 2009 £22,086,000 of assets were held in fixed interest gilts. However, a previously agreed change to investment strategy was enacted on 1 April 2009 and £14,482,000 was moved into corporate bonds. Analysis of charge to the SOFA 2009 2008 £’000 £’000 Current service cost 2,663 3,848 Past service costs - 90 Interest cost 6,377 5,592 Expected return on Scheme assets (7,082) (7,808) Expense recognised in SOFA 1,958 1,722 The above service cost excludes any RNIB contributions paid to the defined contributions section of the Scheme.
  • 92. Changes to the present value of 2009 2008 the defined benefit obligation £’000 £’000 during the year Opening defined benefit obligation 92,177 102,930 Current service cost 2,663 3,848 Interest cost 6,377 5,592 Contributions by scheme 1,389 1,314 participants Actuarial losses (gains) on scheme 2,531 (17,696) liabilities Net benefits paid out (3,580) (3,901) Past service cost - 90 Closing fair value of scheme 101,557 92,177 liabilities / obligations
  • 93. Changes to the fair value of 2009 2008 scheme assets during the year £’000 £’000 Opening fair value of scheme 110,100 110,982 assets Actual return on scheme assets (18,234) (1,598) Contributions by the employer 3,771 3,303 Contributions by scheme 1,389 1,314 participants Net benefits paid out (3,580) (3,901) Closing defined benefit assets 93,446 110,100 Actual return on scheme assets 2009 2008 £’000 £’000 Expected return on scheme assets 7,082 7,808 Actuarial loss on scheme assets (25,316) (9,406) Actual return on scheme assets (18,234) (1,598)
  • 94. History of asset 2009 2008 2007 2006 2005 values, defined £’000 £’000 £’000 £’000 £’000 benefit obligation and surplus (deficit) in the scheme Fair value of 93,446 110,100 110,982 104,762 82,358 scheme assets Defined benefit (101,557) (92,177) (102,930) (109,164) (85,538) obligation (Deficit) surplus (8,111) 17,923 8,052 (4,402) (3,180) in scheme Analysis of the (losses) gains recognised in the SOFA 2009 2008 £’000 £’000 Total actuarial (losses) gains in year (27,847) 8,290 Cumulative amount of (losses) gains recognised in SOFA (15,892) 11,955
  • 95. History of experience 2009 2008 2007 2006 2005 gains and losses in the £’000 £’000 £’000 £’000 £’000 Pension Scheme (Losses) gains on scheme (25,316) (9,406) (1,435) 14,903 3,376 assets Gains (losses) on scheme 347 (695) 5,913 890 808 liabilities The charity contributed to the Scheme at the rate of 16 per cent of pensionable salaries for the period from 1 April 2008 to 31 March 2009. These rates include the cost of death in service insurance cover. During the year the charity contributed £3,771,000 (2008: £3,303,000) to the scheme, and in the next year the Charity expects to contribute £4,203,000. RNIB also makes contributions to a number of other pension schemes including the Teachers Pension Scheme. Following the merger with NLB, RNIB is also operating 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 is estimated at £736,082, based on the last updated actuarial valuation of the Plan as at 30 September 2008. The next full actuarial valuation will be carried out during 2011.
  • 96. 20. Commitments a. Capital At the year-end, RNIB had outstanding commitments amounting to £20,420,000 relating to the RNIB Vision School and Children's Home. b. Operating leases At the year-end, RNIB had the following annual commitments amounting to £1,235,000 under non-cancellable operating leases: 2009 £’000 Land and buildings Expiring with one year 38 Expiring between two and five years 219 Expiring after five years 694 Vehicles Expiring with one year 18 Expiring between two and five years 266 Total 1,235
  • 97. 21. 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 RNIB Cymru Developing Emotional Wellbeing Through the Arts 64 RNIB Northern Ireland Eye Matter 94 Life Skills Development for Young People 35 North West RNIB Scotland Young People's Forum 118 Medivision 54 Vision For Life 40 RNIB Northern Ireland Safe and Well 31 European Union - Centre for Research & Technology AEGIS Research and Technology Project 31 Department for Education and Skills Embossed Literature 200 Department of Work and Pensions Pension Education Fund 22 Department of Trade and Industry Financial Inclusion 11 Department of Health Volunteer Counselling 16 National Health Service Eyecare Facilitator 167 Halifax Bank of Scotland RNIB Soccer Sight Project 20 Centrica Home Essentials for Life 50 Football Foundation RNIB Soccer Sight Project 46 AMD Alliance To support the work of AMD Alliance UK 33
  • 98. Women's World Day of Prayer Magazine Production 3 The FA Premier League Magazine Production 1 We are V RNIB Soccer Sight Project 66
  • 99. Your support makes a difference Give time. Without volunteers we couldn’t run our services. Give money. Without financial support from donations and legacies we simply couldn’t provide many of the products and services that help people with daily living. Give your voice. Without active campaigners we could never get changes made to health, social care, employment and benefits. Please call today on 0845 345 0054 to find out more or send your details to: RNIB, 105 Judd Street, London WC1H 9NE You can find out more about about: • Making a regular gift • Leaving a gift in my will • RNIB Membership • Volunteering • Fundraising events • Recycling for RNIB • Products and publications • Campaigning We will require the following details: • Name • Address • Postcode • Email address Please confirm if you are happy to receive email and other electronic forms of communication from RNIB. If you want to make a donation please let us know how much: • £10 • £20 • £50 • Other (Please confirm how much) If paying by card we will require the following details. Type of card: • Visa
  • 100. • MasterCard • Maestro • Other (Please confirm) • Card number • Issue number • Start Date • Expiry Date Cheques should be made payable to “RNIB Charity”. Make your gift worth more at no extra cost to you! Are you a UK taxpayer? If so we can reclaim approximately 28p from the taxman for every £1 you give to RNIB through the Gift Aid scheme. It’s simple – just let us know that you are a UK taxpayer and for every £1 you donate to RNIB in a financial year, you must have paid 28p in income or capital gains tax in the same financial year to qualify for Gift Aid. Data protection. The personal details you provide will be used solely by RNIB and our authorised agents for research purposes and to advise you of additional opportunities/news that we think may be of interest. Please let us know if you do not wish this to happen. Supported by RNIB acknowledges support from the National Lottery Big Lottery fund for the following projects: the Eye Matter youth forum in Northern Ireland; Life Skills development for young people; RNIB Cymru Developing wellbeing through the arts; the Young People’s Forum in Scotland; Vision for Life; Medivision; and the safe and well project. Contact details RNIB 105 Judd Street London WC1H 9NE Telephone 020 7388 1266
  • 101. Fax 020 7388 2034 RNIB Cymru Trident Court East Moors Road Cardiff CF24 5TD Telephone 02920 45 04 40 Fax 02920 44 95 50 RNIB Northern Ireland 40 Linenhall Street Belfast BT2 8BA Telephone 028 9032 9373 Fax 028 9027 8119 RNIB Scotland Dunedin House 25 Ravelston Terrace Edinburgh EH4 3TP Telephone 0131 311 8500 Fax 0131 311 8529 RNIB Helpline Information, support and advice for anyone with a sight problem. We can: • provide you with free information and advice, online or by post • put you in touch with specialist advice services • give you details of support groups and services in your area • offer a listening ear. Telephone 0303 123 9999 Email helpline@rnib.org.uk Call Monday to Friday 9.00am – 5.00pm. Calls charged at local rates. Mobile rates may apply. All calls treated in confidence. This report is available in print, Braille and audio CD. To order contact: RNIB Customer Services PO Box 173 Peterborough PE2 6WS
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