RNIB Group Annual Report and Financial Statements … · 4 Structure and objectives ... and the...

RNIB Group Annual Report and Financial Statements 2014/15

Contents

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1 At a glance 2014/15 highlights2 Chair and Chief Executive introduction 4 Structure and objectives

12 Trustees’ strategic report14 Our strategy16 Our values18 Our commitment to change20 Our work38 Other information

52 Governance and financials54 Independent auditors’ report58 Consolidated statement of financial activities62 Balance sheets64 Group cash flow statement67 Notes to the financial statements131 Who’s who at RNIB

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The images in this document are of RNIB and Action for Blind People customers and volunteers.

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At a glanceRoyal National Institute of Blind People (RNIB) Trustees’ report and the audited consolidated financial statements have been prepared in accordance with the ‘Statement of Recommended Practice (SORP) – Accounting and Reporting by Charities (2005)’ as revised in May 2008, and the Charities Act 2011. This report covers the work of the RNIB Group of charities throughout the UK, which includes Action for Blind People, RNIB Charity, Cardiff Institute for the Blind and RNIB Specialist Learning Trust.

2014/15 highlights

We have provided advice services to over 60,000 blind and partially sighted people.

94 per cent of children and young people in our schools and college achieved their individual targets.

Over 20,000 of our Talking Books are available for download via RNIB Overdrive.

60,000 94% 20,000

1Annual Report and Financial Statements 2014/15< Back to Contents

Chair and Chief Executive introduction

Overview

As a group of charities, RNIB, Action for Blind People, Cardiff Institute for the Blind and RNIB Specialist Learning Trust are united in making every day better for everyone affected by sight loss.

For people living with sight loss today, the world can be a tough place. Continued cuts to services and income, an uncertain political future and the risk of isolation and depression all impact on the quality of life for someone with a sight problem. Every day of this year we have worked to ensure newly diagnosed people are reached sooner, people are supported to live the independent lives they choose, society is a more inclusive place and no one needlessly loses their sight.

In the next 15 minutes someone’s life will change forever. Someone will feel more alone than they have ever felt before. Someone’s future will feel bleak. Uncertain. Even terrifying. In the next 15 minutes, someone will be told they are losing their sight. This year we have worked to ensure more eye departments

in the UK have access to a qualified sight loss adviser. This is a huge job but one that is absolutely necessary so people get the practical and emotional support they need to face the future without fear.

Everyone is different and will want a different level of independence – our job is to make sure people get the right mix of skills and tools to make confident choices. This year we have worked to provide advice services to over 66,000 people, we have extended our confidence-building services to support over 21,000 people, we have identified £14.8million in unclaimed benefits and provided over 1,500 people with peer support through our telephone-based Talk and Support groups. Despite the continuing problems with the Access to Work scheme, which we challenged at a Select Committee Inquiry, we have supported 647 people to get or keep a job.

Getting out and about with confidence is essential and this year we have campaigned to make that a less daunting experience. Throughout the year we have been in negotiation with Stagecoach, Go Ahead Group and Arriva for the implementation of the bus

Lesley-Anne Alexander CBEChief Executive

Kevin CareyChair

RNIB Group2 < Back to Contents

charter, with First Bus and five other operators already signing up. We launched a report called “Who put that there?” based on feedback from 500 blind and partially sighted campaign supporters to increase awareness of the challenges of the street environment.

Technology is changing the lives of people with sight loss. We have supported nearly 7,000 people of all ages through our UK digital inclusion services to develop confidence in using technology. We have now made over 20,000 of our Talking Books available for download via RNIB Overdrive along with podcasts, Insight Radio content and our most popular monthly talking newspapers and magazines.

No one should needlessly lose their sight. This year we have worked to secure access to new treatments for vitreomacular traction and diabetic macular oedema. We have also supported over 3,000 people with in-depth information on eye conditions, treatments and living with sight loss through our Eye Health Information Service to help people understand their conditions and manage their own eye health.

This has been the first year of our current 2014/19 strategy and inside this report you will find out more about the progress we have made towards achieving our goals.

Everything we have achieved this year has only been possible through the generosity and commitment of our supporters. A huge thank you to our donors and the people who leave us a legacy in their will. Thank you to the local fundraising groups for the work with their local communities to raise money for us.

Thank you to our army of volunteers whose time helps us to deliver vital services. Thank you to the people who step forward to campaign at a local and national level to fight for the rights of blind and partially sighted people everywhere.

Each and every one of you, along with the dedicated staff of RNIB, Action for Blind People, Cardiff Institute for the Blind and RNIB Specialist Learning Trust, is making a huge difference to the lives of people with sight loss in the UK.

Lesley-Anne Alexander CBEChief Executive

Kevin CareyChair


Structure and objectives

Our legal structureRoyal National Institute of Blind People (RNIB) is a registered charity, number 226227, in England and Wales and number SC039316 in Scotland. Established in 1868, RNIB was incorporated under Royal Charter in 1949, with a Supplemental Charter in 1993 (revised in 2007 and 2014).

In April 2014, RNIB Charity was set up (company number 08971500, charity number 1156629; charity number SC044876 in Scotland and 1173 in the Isle of Man (foreign company number 5909F)). On 1 July 2014, we restructured the RNIB group of charities in order to support the effective delivery of our new strategy. RNIB Charity and Action for Blind People, both subsidiaries of RNIB, will provide a focus for customers in terms of service delivery. We have also amalgamated our support functions into RNIB to ensure efficiencies for all charities within the Group.

RNIB is governed by a Trustee Board. Until 30 June 2014, this consisted of 18 people and now consists of 10 people. The Trustee Board meets a minimum of four times a year and takes all important strategic, policy and financial decisions, and has overall responsibility for RNIB Group activities. There are no restrictions on the way in which RNIB can operate.

Until 30 June 2014, a number of Trustees were elected to serve on the Board; five Trustees were elected by the English region representatives of the UK

Members’ Forum and the RNIB Cymru, Northern Ireland and Scotland Member Forums elected a Country Chair who automatically became a Trustee on the Board. RNIB’s Honorary Officers were elected by an electoral college comprising members of the Board and the UK Members’ Forum. Additionally, a proportion of our Trustees were appointed by the Board itself, following a process of open competition. Trustees served a three-year term of office, following which they could choose to retire or seek re-election/re-appointment. However, no Trustee could serve for more than three consecutive terms of three years of office, unless they became one of the RNIB’s Honorary Officers (RNIB Group Chair, Vice-Chairs or Honorary Treasurer) when they could serve for no more than three consecutive terms of three years in that capacity.

From 1 July 2014, six Trustees are nominated by RNIB Charity and two Trustees are nominated by Action for Blind People to serve on the Board. Two independent Trustees are appointed by the Board itself.

Overview


During an initial transitional period, the Board will elect its Honorary Officers (Chair, Vice-Chair and Honorary Treasurer) from within the Board itself. Thereafter the Honorary Officers will be elected by an electoral college comprising the Board and the UK Members’ Forum.

Trustees serve for a three-year term of office, but may serve for no more than three consecutive terms of three years, other than in the case of an Honorary Officer, in exceptional circumstances approved by the Board.

An induction pack is provided to all new Trustees and they are invited to attend an intensive induction day during which they are provided with information on the key services provided by RNIB and the main challenges and policy issues facing RNIB. Each Trustee receives an annual appraisal during which any individual training needs are identified. Where collective training needs are established, these are delivered to the Board as a whole.


80% of our Trustees are blind or partially sighted.



How we are managedOur management and governance structures changed on 1 July 2014. The key committees that support the Board and a description of their areas of responsibility are as follows:

• RNIB Group Audit Committee: overseeing effective auditing, financial reporting, internal controls and risk management within RNIB

• Executive Committee: (until 30 June 2014) pre-digesting complex matters for the RNIB Group Board; advises the Board with a view to ensuring the alignment of budget and service priorities, including consideration of the budget and business plan

• Fundraising Committee: (from 1 July 2014) supporting the delivery of the strategic priorities and outcomes in the RNIB Group Strategy 2014/19 by developing fundraising strategies and advising on key issues relating to their implementation

• Governance Committee (and Nominations Committee): taking an overview of the governance arrangements of RNIB and supporting the Board and Strategic Management Team (SMT) in ensuring that effective governance structures are in place. Appointing a panel to review nominations and act as interview panel for Trustee applicants

• International Committee: (until 30 June 2014) delivering the international element of RNIB Group Strategy 2009/14 and acting as the planning, coordinating and monitoring forum for RNIB’s international affairs

• Investments Committee: overseeing the effective investment of funds for RNIB on behalf of the Board. Acting in an advisory role on the effective investment of funds to the Trustees of the RNIB Retirement Benefits Scheme

• Remuneration Committee: reviewing the salaries for the Chief Executive and Group Directors and other relevant matters, such as the general position relating to remuneration at RNIB

• Trustees Review Payments Committee: reviewing whether it is in the interests of RNIB to pay or contract with Trustees or connected persons or any other individual involved in RNIB Governance, for the provision of services to the organisation, rather than any other company or individual

• RNIB Cymru Committee: (until 30 June 2014) taking an overview of the arrangements and range of services for blind and partially sighted people in Cymru and supporting the Board and SMT in ensuring that appropriate arrangements are in place within the context of RNIB Group’s Strategy

• RNIB Northern Ireland Committee: (until 30 June 2014) taking an overview of the arrangements and range of services for blind and partially sighted people in Northern Ireland and supports the Board and SMT in ensuring that appropriate arrangements are in place within the context of RNIB Group’s Strategy

Overview


• RNIB Scotland Committee: (until 30 June 2014) taking an overview of the arrangements and range of services for blind and partially sighted people in Scotland and supports the Board and SMT in ensuring that appropriate arrangements are in place within the context of RNIB Group’s Strategy.

The three committees for Cymru, Northern Ireland and Scotland are now part of the governance structure of RNIB Charity.

The day-to-day management of RNIB is delegated to SMT. Until 30 June 2014 this comprised the Chief Executive and the Group Directors of:

• Supporting Independent Living;

• Inclusive Society;

• Solutions;

• Fundraising;

• Resources; and

• the Chief Executive of Action for Blind People.

Following the restructure on 1 July 2014, SMT comprised the Chief Executive and the:

• Group Director, Fundraising;

• Group Director, Resources;

• Managing Director, Engagement of RNIB Charity;

• Managing Director, Places of RNIB Charity;

• Managing Director, Solutions of RNIB Charity; and

• the Chief Executive of Action for Blind People.

On 1 April 2015, we added a Group Director, People to SMT. The Chief Executive of RNIB, with the support of the rest of SMT, reports to the Board of Trustees for approval of all major decisions. Full details of SMT can be found in the section “Who’s who at RNIB”.



RNIB MembershipThis was an exciting year for membership with rapid growth in numbers from 10,980 in March 2014 to 13,548 in March 2015. This was due to strong recruitment based on a free nine-month trial offer and an overall high level of retention of both new and existing members. Work also started on the creation of a new RNIB Group Community of blind and partially sighted people bringing together members, campaign supporters and those involved in Action Connect.

All of this puts blind and partially sighted people at the centre of RNIB with the UK Members’ Forum supporting the Board and influencing policy via members ‘on the ground’ experiences. Every member is kept up to date with the latest news from RNIB via our award-winning members’ magazine ‘Vision’.

The supplemental charter and bye-laws require that 75 per cent of the Board of Trustees are blind or partially sighted. Currently, 80 per cent of our Trustees

Overview

RNIB members form a strong community and voice for blind and partially sighted people.


are blind or partially sighted. It is our intention that in time all members of the UK Members’ Forum are blind or partially sighted.

Our registered officeWe are registered at 105 Judd Street, London WC1H 9NE Telephone 020 7388 1266.

Statement of Trustees’ responsibilitiesThe Trustees are responsible for preparing the Trustees’ strategic report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England & Wales and Scotland requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and applicable law). Under that law the Trustees must

not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charity and the Group and of the incoming resources and application of resources of the charity and the Group for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and the Group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.



Statement of public benefitThe Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, “Charities and Public Benefit”.

RNIB’s charitable objects are enshrined within its Charter and as such the Trustees ensure that this Charter is carried out for the public benefit through our three strategic priorities. This is done through delivery of services that whilst aimed primarily at those who are blind or partially sighted, are where appropriate open to all who might benefit throughout the UK.

Membership of RNIB is not a requirement to use our services.

Where we provide specialist services or products for which we charge and these are supplied directly to blind and partially sighted people then we provide a significant subsidy for these from our own charitable funds. Where fees are paid through central or local government or commercial organisations then the pricing model covers the costs for the delivery of the service and long-term maintenance and development. We also where necessary provide individuals with access to assistance in applying for funding.

This report allows us to show how our charitable funds are distributed and spent, and the benefits and impact that has on those using the services and the wider impact on society for the reported year and in the future.

Overview


Relationship with other charitiesWe maintain close links and support the aims of other organisations such as local, national and international charities working with or for people with sight problems. We also work closely with other disability charities on issues of mutual concern. We deliver services in partnership with some societies for blind and partially sighted people, and some of our funding comes from charities and trusts which support our aims.

Between April 2009 and February 2010, we formed associations with Action for Blind People (Action) and Cardiff Institute for the Blind (CIB) enabling us to share skills and expertise to reach more people with sight problems in a more cost- effective way.

In September 2010, the Charity Commission approved a scheme whereby RNIB became the sole Corporate Trustee

of the Glynn Vivian Home of Rest for the Blind (Glynn Vivian). This charity operated a Care Home in Wales which had closed prior to us becoming the sole Trustee. The Home has now been sold and the proceeds of the sale have been used for services to blind and partially sighted people in Wales.

In April 2013, RNIB Specialist Learning Trust was set up as an Academy Trust, which then took on responsibility for the Three Spires School in Coventry in September 2013, which provides education for primary-aged pupils with special educational needs.

In April 2014, RNIB Charity was set up. On 1 July 2014, we restructured the RNIB group of charities in order to support the effective delivery of the new strategy. RNIB Charity will provide a focus for customers in terms of service delivery.

Our associations enable us to share skills and expertise to reach more people effected by sight loss.


Trustees’ strategic report14 Our strategy16 Our values18 Our commitment to change20 Our work38 Other information


Blind and partially sighted people are at our heart and influence everything we do.


Our strategyRNIB is passionate about improving the lives of blind and partially sighted people. Losing your sight can be a frightening, lonely experience. People are at their most vulnerable soon after diagnosis. Blind and partially sighted people want to live independently so they make the most of their lives. They want society to include them as equal citizens and consumers. And we, of course, want fewer people to lose their sight.

So for our new strategy, we will support many more people to make the most of their lives, influence society to include blind and partially sighted people, and work with partners to raise awareness about sight loss. And, above all, we will be there so that everyone with serious sight loss gets the practical and emotional support they need to rebuild their lives.

We are committed to maintaining our focus on outcomes for blind and partially sighted people so we have devised an innovative way to monitor the impact our services have. For each of our nine strategic outcomes we have developed a series of indicators that show what life is like for the wider blind and partially sighted population to give us the broad context for our work, and so we know how many blind and partially sighted people our services are reaching and what kind of change we are achieving. This approach enables us to monitor impact over the whole of our five-year strategy period. We are committed to

maintaining our focus on outcomes for blind and partially sighted people.

Trustees’ strategic report


Our ambition for the 2014/19 strategy is to make every day better for everyone affected by sight loss.


Our valuesWe have adopted a set of values that describe our ethos and drive our behaviours: we are led by blind and partially sighted people, we are collaborative, creative, inclusive and open.

Blind and partially sighted people are at our heart and influence everything we do. Over the past year our membership has grown to 13,548 and we have extended Action Connect, a community of people affected by sight loss able to share their experiences with one another and to help us improve what we do by communicating through digital channels. In 2015/16 we will work with blind and partially sighted people to shape a

new RNIB Group Community bringing together our campaign supporters, our members and Action Connect, and we will launch a development programme to support blind and partially sighted people to prepare for civic leadership opportunities in the voluntary, statutory and commercial sectors.

RNIB forms partnerships with leading eye health and sight loss organisations across the UK to raise awareness of sight loss and build capacity. We founded the UK Vision Strategy to foster change and improve provision for eye health: the strategy is the UK’s response to the World Health Organisation’s Global Action Plan for the Prevention of Avoidable Blindness and we are delighted to be working in partnership to implement the UK Vision Strategy in each country of the UK.


Our members have grown from 10,980 to 13,548.


We are committed to continually improving our services.

Our commitment to changeWe want to reach many thousands more people, tripling the number of customers we serve directly by 2019, so we are committed to continually improving our services.

Our strategy sets out six change areas; customer engagement, volunteering, involving blind and partially sighted people, partnerships, accessibility and digital. To deliver this we are changing what we do by:

• Setting out the standards we want for our customers and how we need to be set up to deliver them

• Extending our volunteer network and providing more volunteer training

• Developing new ways for people living with sight loss to get involved in our work across Action and RNIB

• Developing partnerships of all kinds, with a specific focus on local sight loss charities

• Embedding standards of accessibility across all our activities and processes

• Getting the right technology and IT infrastructure in place with a central hub for the knowledge we hold to make it easier to share.



We are led by blind and partially sighted people.


Being there – people losing their sight can rebuild their lives.Right from the first diagnosis everyone affected by sight loss and their families and friends, need advice and practical and emotional support. We are focused on making sure more people are reached early.

Newly diagnosed people with significant deterioration in their sight have increased emotional well-being, and they, their family and friends have practical support when they need it to rebuild their lives.

What we have doneWe want to make sure no one faces blindness alone so we secured support for more sight loss advisers (also called eye clinic liaison officers (ECLOs) or vision support officers) able to give tailored advice and much-needed emotional support to people in the eye clinic. We have also trained 35 new sight loss advisers and 169 eye clinic volunteers to provide support in even more hospitals.

Our impactRNIB Group sight loss advisers have supported 17,446 people across the UK. 90 per cent of these people say they received all or most of the practical support they needed and 87 per cent said they felt either much more or more reassured after seeing a sight loss adviser.

Impact we aim to achieve in 2015/16At the moment only 31 per cent of hospital eye departments are covered by a sight loss adviser service. We want to ensure everyone who experiences sight loss has emotional and practical support when they need it. We will work with clinical commissioning groups, hospitals and ophthalmologists to make the case for sight loss advisers. We will conduct research and evaluation to demonstrate the value of eye clinic support services. We will work to secure new sight loss adviser posts across the UK and to protect existing posts. We aim to increase the number of patients who see a sight loss adviser in 2015/16 to 23,118.

people across the UK were supported through sight loss advisers.

17,446

Our work

Outcome 1



Dennis’ storyIn June 2011, Dennis went for a routine appointment at the opticians. They noticed something in the corner of his eye, a sort of shadowing and advised him to visit his GP.

He had noticed something as well but thought nothing of it: “I just thought my glasses needed cleaning or something like that.” However, once the shadowing had started, the decline was immediate. Within a matter of weeks he was registered blind.

Following the diagnosis Dennis admits he went into shock. What Dennis feared most was the loss of his independence.

On the advice of his consultant he contacted the clinic’s sight loss adviser, Cathie Burke. “I couldn’t believe how she talked to me like she understood what I was going through.” Cathie gave him practical help, putting him in touch with social services, linking him to a financial expert who could help him fill out forms claiming the right benefits. Emotionally it continued to be hard and he admits breaking down two or three times a day at the beginning but says Cathie’s support, along with his wife’s, was invaluable.


Independence and Inclusion – blind and partially sighted people can make the most of their lives and society includes blind and partially sighted people as equal citizens and consumers.

Blind and partially sighted people should be able to make informed choices about their lives. There should be access to the support, services, products and technologies that enable a good quality of life, along with opportunities to develop the skills for confident living. We are focused on promoting ongoing independence.

Barriers to using mainstream goods and services result in isolation and exclusion. We are raising awareness within communities and society to secure changes in behaviour that result in improved access for blind and partially sighted people.

What we have doneWe have continued to extend our advice and support to ensure more people are able to maintain control over their own lives. Our advice services have supported 60,336 blind and partially sighted people. We significantly extended our services to support 21,125 blind and partially sighted people of all ages to live their lives with confidence and to be as independent as they want to be. We have delivered structured confidence-building programmes across the UK and we have trained peer facilitators who are blind and partially sighted to share their experiences with others. 1,563 people have taken part in telephone-based Talk and Support sessions; we know that for many who find leaving their home difficult these sessions are the highlight of their week.

Our impactOur confidence-building programmes are delivered in partnership with local and national partners, to ensure that everyone attending gets the opportunity to find out about the broad range of services and support available. With rehabilitation services

Our work

Blind and partially sighted people have the skills, tools, confidence and support they need to enhance their choice, control, enjoyment and independence in daily living and make the most of their sight.


Outcome 2


in many areas under significant strain these programmes play a crucial role in providing essential information, while also giving people the chance to consider the emotional impact of their sight loss. We were delighted that 100 per cent of those taking part in our evaluation said they would recommend the programmes to other people with sight loss.

Impact we aim to achieve in 2015/16We will support 72,400 blind and partially sighted people to live independently through our Helpline, Advice Service and Emotional Support Service. We will retain our current Quality marks for our Advice and Legal Rights services.

The new Care Act requires local authorities to provide free rehabilitation services so we will develop a comprehensive picture of the level and quality of rehabilitation services, be clear about the criteria for a good rehabilitation service and improve services in 10 of the poorest- performing local authority areas.

“ For the first time in months I had hope and a way of enabling me to do things independently.”Amy

“ Thinking about the future, when I think about it I’m terrified, losing my independence. Though I know through RNIB people lead fulfilling lives even though they’re blind.”Barbara


Blind and partially sighted people, family and carers maximise their income from benefits.

What we have doneWe have worked to maintain the economic independence of more blind and partially sighted people, their family and carers by ensuring blind and partially sighted people receive the benefits they are entitled to. The number of people accessing our service has doubled to 12,392.

Our expert Welfare Advice and Legal Rights teams have supported people to claim welfare benefits they were entitled to, identifying £14.8million of unclaimed benefits and we have campaigned tirelessly to maintain the level of eligibility and entitlement for blind and partially sight people.

Our impactOur 2012 Annual Report drew attention to our concern that the proposed change from Disability Living Allowance (DLA) to Personal Independence Payment (PIP) failed to recognise sight loss is a serious disability and people who can’t see face extensive and ongoing extra costs. We highlighted a significant risk that blind and partially sighted people would be hit hard and lose income as this new benefit was introduced.

So we worked with blind and partially sighted people to secure clear changes to the government’s assessment criteria to make sure they would receive PIP to maintain their independence in areas of life others take for granted, such as travel and seeing family. Our 2014 Annual Report celebrated the fantastic success of this work as the government agreed to change the assessment criteria for PIP to take into account these needs.

We are delighted our research this year has shown the long-term impact of this work. Sandra is one of many supported by our Welfare Rights service to claim

PIP. It’s important for younger blind and partially sighted people too. Teenager Sophie told us that the income she gets from PIP is important as it gives her financial independence from her parents: “It does help because like at the age of 18 you can’t survive off your parents. So to me it’s money to be able to live.”

Impact we aim to achieve in 2015/16We will take all necessary steps to defend Attendance Allowance, DLA and PIP to maintain the economic independence of blind and partially sighted people.

Our work


Outcome 3

The number of people accessing our Welfare Advice Service has doubled to 12,392 and we have identified £14.8 million in unclaimed benefits.

12,392


Sandra’s storySandra applied for her Personal Independence Payment in November 2013. When she approached RNIB in August 2014, she was still waiting for an assessment and had been informed by the Department for Work and Pensions that this might take a further six months. We contacted the assessors on her behalf and requested her claim be listed as a matter of urgency. The assessors confirmed a slot had become available and Sandra was scheduled for an assessment a few weeks later. We provided Sandra with advice and guidance on the assessment process and the evidence she needed to present. Following the assessment, Sandra was awarded the enhanced rate of the daily living component at £81.30 per week and the standard rate of the mobility component paid at £21.55 per week. This award was back-dated to November 2013 and Sandra received a lump sum payment and yearly increase totalling £10,488.


campaign supporters, to increase awareness of the challenges of the street environment for blind and partially sighted people when they are out and about.

Our impactWe have supported blind and partially sighted people to make their voice heard. First buses, Go Ahead and Stagecoach have signed up to our bus charter, as have seven regional bus companies, all making a public commitment to take into account the needs of passengers with sight loss.

Our campaigners have used the resources we developed to challenge shared spaces, lack of crossing points, inaccessible crossings and pavement obstructions. As a result, a number of schemes across the country have been reversed, altered or implemented which have made the built environment more accessible.

Blind and partially sighted people are able to get out and about confidently and safely on their own terms.

What we have doneFor many people with sight loss getting out and about is a major challenge. Blind and partially sighted people have asked us to focus on making public transport more accessible and street environments safer. So throughout the year we have been in negotiation with Stagecoach, Go Ahead Group and Arriva to make bus travel more accessible. We have provided resources that enable our campaigners to work with and encourage the sign-up of their local operators. We have run 10 Swap with Me events to improve driver awareness and behaviour.

We launched a report called “Who put that there?” based on feedback from 500 of our blind and partially sighted

“In Nottingham the bus drivers are loads better than they used to be. Some even get off their bus to alert me they are there if I’m not in calling distance.”Passenger with sight loss

Our work


Some 500 blind and partially sighted campaign supporters have called for safer streets.

500

Outcome 4


Impact we aim to achieve in 2015/16We will ensure more blind and partially sighted people have access to buses as and when they need them by continuing to engage with the five major bus operators so they publicly commit to the RNIB bus charter to provide accessible services.

We will build on “Who put that there?” by launching a template street charter for campaigners to use to negotiate street charters relevant to their areas. Our aim is for five local authorities to sign-up to street charters by March 2016.


Ian’s story“I was a guy who loved his computer, I used BlackBerry products and was into social media, but in 2011 I suddenly lost my sight. Thanks to RNIB, within a couple of months I had an opportunity to learn how to use a screen reader on my laptop with a tutor. Four years on, I have a new computer and the staff at RNIB Scotland have advised me on technology that I’ve found much easier to use and provided me with lots of advice. RNIB has been a great source of information and support. In the last year I’ve went on a voice computing course, got back into the social media scene that I loved so much and I’m actively in Twitter and Facebook. And I’m back out there looking for work.”

Blind and partially sighted people are able to make more use of household, digital, communication and entertainment services, products and technologies.

What we have doneThe popularity of our Switch on to technology events and product demonstrations show there is high demand for advice and support about new technologies. Yet we know from our research the most significant barriers people with sight loss face to getting on with technology are belief their sight loss itself is a barrier, a lack of skills or availability of training and not knowing what to use the internet for. So that’s why our UK-wide technology support services have focused on giving people the skills, tools and confidence they need to make the most of technology to improve their independence.

We have transformed our product services to give customers more choice and we have developed some pioneering technology partnerships to ensure we remain at the forefront of technical

Our work


Outcome 5

Over 20,000 of our Talking Books are available for download via RNIB Overdrive.

20,000


innovation for blind and partially sighted people. In response to increasing requests from our readers for a simple digital download library, we have expanded our Talking Books Service and launched our new digital library called RNIB Overdrive.

Our impactWe have supported 6,912 people of all ages through our UK digital inclusion services to develop confidence in using technology. People tell us what a difference technology makes to their everyday lives.

We have now made over 20,000 of our talking books available for download via RNIB Overdrive along with podcasts, RNIB Insight Radio content, and our most popular monthly talking newspapers and magazines. Readers can now download directly onto their computers, smartphones and tablets, and manage their own bookshelf, wish list and returns. We have already had some really positive comments from people who love the idea of being able to choose a book themselves, and have it downloaded straight onto their device. Brian who trialled our new service told us: “It was lovely to be able to listen to

books on my iPhone and iPad. It was so easy to use the app, and so nice to listen to books while I was in the garden or on a long journey.”

Impact we aim to achieve in 2015/16It’s vital we help people make the most of advances in technology so no one is left behind and we know from our customers that they want us to offer more information, support and training about technology. So we are absolutely delighted about the launch of Online Today, a new Big Lottery Fund project led by RNIB, to help people with sensory loss across the UK get online. Over three years we’ll reach 2million people with sensory loss to encourage them to get online and we will deliver face-to-face support to 125,000 people with sensory loss to give them information and knowledge to increase their skills, enable them to feel confident using technology and help them to stay safe online. Online Today is being delivered in partnership with Action for Blind People, Action on Hearing Loss, Guide Dogs, North Wales Society for Blind People, Sense and Vision Support.

“I have Guide [talking software] for my computer, because I can’t read the screen. I’m learning to do new things all the time with it. It guides me through the computer and gives me options about what I can do.”Cathy


Blind and partially sighted learners are able to achieve their potential at school, college and university.

What we have doneThrough the care and education provided by our expert staff at RNIB Pears Specialist Learning Centre, Sunshine House School and RNIB College Loughborough we have helped children and young people, including those with complex needs, to reach their potential and supported their families. We have worked to influence the Children and Families Act to ensure specialist services for blind and partially sighted learners are protected and we have equipped educators to support blind and partially sighted learners. Through Load2Learn, a web-based service delivered by RNIB and Dyslexia Action, we offer free access to downloadable resources for schools and colleges to help thousands of students throughout the UK get access to textbooks in a format which is suitable to their needs.

Our impactWe are delighted 94 per cent of children and young people in our schools and college were achieving their individual targets during the last academic year. We successfully campaigned with parents and other organisations to protect provision of sensory support for children and young people. And 98 per cent of professionals who have accessed our resources say they are better enabled to support blind and partially sighted learners.

Impact we aim to achieve in 2015/16We will maintain and improve the excellent quality of our support to children, young people and parents provided by RNIB schools, college and family services. We want every blind and partially sighted child to get the support they need at school so we will develop a picture of the level and quality of specialist education support services. We will set criteria for good specialist education support, including good education, health and care planning, and showcase examples of best practice and challenge local authorities where education support services are being threatened.

Our work


94% of children and young people in our schools and college achieved their individual targets.

94%Outcome 6


Nicole’s story“Since Nicole has started at RNIB Pears Centre, she’s much calmer, she’s not so anxious, she doesn’t get so frustrated. She can explain, I think really how she feels, if she feels pain. She has become more independent. I think her mobility skills are improving and I think she’s blossoming now into a nice, happy young lady.”

Sharon, Nicole’s mum

Fabian’s story“They’ve developed him into a confident, adaptable young man. If Fabian hadn’t attended RNIB Pears Centre, I think he would be lost and I think I would too. It’s the best choice that I’ve ever made. The achievements that Fabian has made over the years, I mean, I couldn’t have asked for anything better, I really couldn’t. I’m happy and so is Fabian.”

Jacqui, Fabian’s mum


Blind and partially sighted people are able to develop skills to gain and retain work and to volunteer.

What we have doneWe want to equip more blind and partially sighted people with the knowledge and skills they need to either move closer to the labour market, or into work. So we have provided 5,034 people with employment advice and support. We have established a young ambassadors programme so people who we’ve supported can go on to support others and we have worked with employers to enable them to employ more blind and partially sighted people.

Our impactGovernment sources say only 45 per cent of working age people with sight loss are in employment so we are delighted that we have supported 647 blind and partially sighted people to get or keep their job.

During 2014, problems with the Access to Work scheme increased and many blind and partially sighted people experienced severe delays and/or the provision of inappropriate equipment. We made representations to a Select Committee Inquiry and to the Department for Work and Pensions’ (DWP) own review to make sure that the voice of blind and partially sighted people was heard.

Impact we aim to achieve in 2015/16We will increase the number of people we support, especially those furthest from the labour market, to equip them with the skills and tools they need to progress into work. We will define what constitutes good employment services and challenge providers who are not delivering positive outcomes for blind and partially sighted job seekers. We will work to defend and improve Access to Work support.

Our work


We’ve supported 647 people to get or keep their job.

647Outcome 7


Rosie’s story“If you are blind or partially sighted and can’t generate enough income to live it can become quite a depressing cycle. It’s been one of the best years of my life. It’s been absolutely amazing. It’s been one of the best things that has ever happened to me – getting a job and being able to prove to myself and other people around me that sight loss isn’t going to hold me back.

“ My advice is if you have any questions or worries just pick up the phone. It’s not something I would have done a couple of years ago, but now I am starting to see the breadth of the support that is available I would really encourage people to pick up the phone and call RNIB.”


Information about key services, including health and transactions with key service providers are accessible to blind and partially sighted people.

What we have doneWe have maintained pressure on government services to ensure people with sight loss are not excluded as all delivery moves to digital by default. We have particularly focused on ensuring people can access information they receive from health, employment and banking services. We have supported legal cases against the Department of Work and Pensions (DWP) for not providing information in accessible formats, we have supported NHS England to develop an Accessible Information Standard which will be mandatory from June 2016 and we have continued to promote the need to make cash machines accessible to blind and partially sighted customers.

In response to demand from people with sight loss for assurance on accessible products and from businesses who want to ensure their products are accessible, we have launched RNIB Approved. RNIB Approved is our new quality assurance mark that will help blind and partially sighted people identify products that are easy to use. Products which are granted RNIB Approved status have to go through a rigorous process which involves testing by accessibility experts before being reviewed by a panel of blind and partially sighted people.

Our impactOur legal representation to the DWP led to a major internal review that has resulted in the DWP proposing to establish a special unit to deal with accessible information.

Seven major banks have made a public commitment to introduce talking ATMs and 42 per cent of all cash machines are now activated to talk (11,894 out of a possible 28,500 ATMs owned by the big seven banks).

New debit and saving cards launched by Royal Bank of Scotland (RBS) are the first products to receive the RNIB Approved quality mark. RBS have been awarded the mark after developing the new cards in partnership with RNIB.

The cards are the first of their kind to be completely accessible for blind people and aim to make everyday banking easier for blind and partially sighted people. They offer a number of accessibility features to ensure customers with sight loss can use them independently and with confidence. A notch on the bottom right corner aids with orientation and different braille characters in the top right corner indicate whether the card is a debit or savings card.

Our work


Outcome 8

42% of all cash machines are now activated to talk.

42%


Impact we aim to achieve in 2015/16We will maintain pressure on NHS England to launch the Accessible Information Standard as planned, in June 2016. We will inform and empower blind and partially sighted people to request personal health information in accessible formats. Our target is for 20,000 blind and partially sighted people to request their NHS patient information in their preferred format.

It’s really important blind and partially sighted people can go about their everyday business with ease and confidence. It can be a frustrating and time-consuming process to find accessible products so we will extend RNIB Approved so that it becomes a mark that blind and partially sighted people recognise and trust.

We have continued to promote the need to make cash machines accessible to blind and partially sighted customers.


Fewer people experience significant sight loss. We will support people to cope with sight loss by increasing their knowledge and understanding of their eye condition.

What we have doneRaising awareness of sight loss is critical if more people are to take responsibility for eye health. We have given eye health information and advice by digital, telephone and face-to-face channels so people understand their eye condition and treatment. There should be better eye care services and access to sight-saving treatments so we have engaged commissioning and delivery bodies to ensure they implement effective plans for eye care that reflect their communities. We have influenced at local and national levels to make sure eye health is a public health and research priority across the UK.

We also want to focus on preventing sight loss amongst at-risk groups so we have pioneered work with those at risk of avoidable sight loss through community engagement with specific target groups.

Our impactWe improved access to eye care services by engaging with NICE and the Scottish Medicines Consortium (SMC) to secure access to new treatments for vitreomacular traction and diabetic macular oedema. We continued to challenge clinical commissioning groups that do not comply with their legal obligation to introduce new treatments within three months of NICE/SMC approval. We also challenged the eight hospital trusts that did not have rapid referral schemes for wet AMD in place and to date six have responded positively and adopted new arrangements.

By supporting 2,840 individuals with in-depth information on eye conditions, treatments and living with sight loss our Eye Health Information Service has helped people to understand their conditions and manage their own eye health.

Through our innovation project in Bradford we have pioneered a new approach to support people to manage diabetes and prevent avoidable sight loss. We have secured Department of Health funding to work with GP Practices and people living with diabetes in areas of high deprivation in Leeds, Liverpool and Manchester. GP practice staff and patients will work together using the “Living Well with Diabetes” folders and consistent messages to improve self- management.

Using the folder, a practice nurse reported: “Talking through the results page with people, I realised that people don’t understand the difference between ‘hypo’ and ‘hyper’ so then they take the wrong action to try to put it right.”

“I have a 67-year-old male patient. He was overweight, drinking too much, lots of social activities. He is an intelligent man. Going through the folder he realised that he wasn’t doing as well as he thought. He lost weight and is back in control without more medication. The folder motivated him; it helped him to focus and remember.” – Practice Nurse in Bradford.

Our work

Prevention – Fewer people lose their sight.


Outcome 9


Impact we aim to achieve in 2015/16We will improve eye care services in three eye clinics and spread the learning across eye clinics in the UK. We will also improve eye care services in nine CCG (Clinical Commissioning Group) areas. We will improve the support people living with diabetes receive to help them manage their condition to prevent sight loss. We will improve the information provided to those with diabetic eye disease, including those in early stages, by enabling 20,000 health practitioners (GPs, practice nurses and optometrists) to better support people with diabetes to manage their condition and we will share learning on how to improve take-up of diabetic retinopathy screening to every screening service across the UK.

Sarah’s story“ It’s indescribable the emotion you go through when someone tells you you’re going blind... having previously been someone who travelled the world, very independent, it’s life- changing. It’s something people say easily; that was life-changing. You’re going to lose your sight – that’s life-changing, but it doesn’t really sum it all up.”

Our Eye Health Information Service helped 2,840 people to understand their eye condition.

2,840


Financial review2014/15 is the first year of RNIB Group’s new strategy. This has been based around our four priorities: Being there; Independence; Inclusion; and Prevention. The Group Statement of Financial Activities (SoFA) reflects our strategy.

In 2014/15, 58 per cent (2014: 62 per cent) of our overall incoming resources came from fundraising activity (including 30 per cent, or £34million, from legacies; 2014: 34 per cent or £40.8million), 40 per cent (2014: 37 per cent) from service-related income and 2 per cent (2014: 1 per cent) from other sources.

Donations and Gifts remained level. Legacy income fell from £40.8million to £34million – a drop of £6.8million. The timing of income from this source is notoriously difficult to estimate despite the sophisticated tools we use. The figure in 2013/14 was also very high as our average cash income from legacies over the last five years has been £36million.

Like many other voluntary organisations, we have felt the impact of government cuts on our service income but have continued to focus on this area and income has risen by £2million or 5 per cent (2014: rise of £0.5million or 1 per cent). We endeavour to be constantly and consistently more effective whilst ensuring we are delivering to meet the needs of blind and partially sighted people.

Group incoming resources have fallen by £4.2million (2014: rise of £1.6 million). This is due to the two areas highlighted above, together with an increase in income from the defined benefit scheme of £0.4million (2014: increase of £1.4 million), which in the previous year was offset by a fall in gains on disposal of properties that amounted to £nil (2014: fall of £2.2 million), a VAT refund of £0.6million (2014: £nil) and a fall in investment income of £0.4million (2014: fall of £2.2million).

Other information

£114.5 Million Incoming Resources

Legacies: 30%

Donations and Gifts: 28%

Services: 40%

Other: 2%



Group resources expended were split between supporting our four strategic priorities of Being there: 6 per cent (2014: 5 per cent), Independence: 68 per cent (2014: 70 per cent), Inclusion: 7 per cent (2014: 8 per cent) and Prevention: 1 per cent (2014: 3 per cent), together with the costs of raising funds (17 per cent; 2014: 13 per cent) and the governance costs for the organisation (1 per cent; 2014: 1 per cent). What we did with these resources is explained in “Our work in 2014/15” earlier in this report. Total resources expended have fallen by £2.1million (2014: rise of £4.2million) due to actions in recognition of the drop in income from legacies.

RNIB’s associated charities are RNIB Charity, Action for Blind People (Action), Cardiff Institute for the Blind (CIB), RNIB Specialist Learning Trust and BucksVision. These charities contributed income of £41.3million (2014: £23.4 million) of which £17.1 million related to grants from RNIB (2014: £10.9million)

and charitable activities of £46million (2014: £22.4million) to the Group in 2014/15 (note 4).

Free reserves disclosed in the Group balance sheet at the end of the year stood at £23.3million (2014: £22.5million). However, during the year we changed our approach to our free reserves across the Group and put in place an agreement that we would jointly hold free reserves between RNIB and Action. On this basis, free reserves for the Group amount to £27.8million (RNIB: £23.3million; Action: £4.5million), which is favourable to our reserves policy of £22.5million (see reserves section).

An actuarial valuation was carried out at 31 March 2014 by the pension scheme’s actuary Aon Hewitt, using the projected unit method. The valuation disclosed that the market value of the scheme’s assets (excluding defined contribution and additional voluntary contribution assets) at that date was £175.9million,

and that there was a surplus of £0.6million relative to the technical provisions (the level of assets agreed by the Trustees and RNIB as being appropriate to meet member benefits, assuming the scheme continues as a going concern). Contributions by RNIB therefore reduced to 12.5 per cent for future accrual of final salary benefits from 1 January 2015. As of 1 January 2015, RNIB also ceased to make additional contributions of £828,000 a year that were due to be paid until 30 June 2018.

The three subsidiary trading entities of the Group contributed £500,000 (2014: £221,000) to the RNIB Group through gift aid, and two subsidiary charities gifted nil (2014: £278,000) to RNIB.

We are very grateful for the continued support of donors through legacies, gifts and donations, as well as the work of our many volunteers, which allows the vital work of RNIB to continue.


Fundraising reviewTotal voluntary income for 2014/15 amounted to £64.6million (2014: £71.7million), a decrease of £7million against 2013/14. This is due to the level of income from legacies in the year. We are pleased to have achieved this against the background of the current economic difficulties that we all face. Gifts in kind included in voluntary income amount to £0.3million (2014: £0.3million) for pro bono work from various firms of lawyers and £0.2million (2014: £0.2million) for advertising. There is also £3.1million (2014: £3million) of lottery and statutory grants within income from charitable activities which is actively supported by our fundraising team.

On 1 April 2009, RNIB and Action entered into an association agreement. Under the terms of that agreement RNIB has taken over the responsibility for the fundraising operation of Action in return for a grant. The grant in 2014/15

amounted to £5.5million (2014: £8.4million). The net proceeds of this fundraising activity have been restricted within these financial statements for the benefit of Action. The fall year-on-year is due to the adoption of a Group free reserves policy to ensure we use our resources as effectively as possible to support blind and partially sighted people.

On 1 July 2014, RNIB and RNIB Charity entered into an association agreement. Under the terms of that agreement RNIB has responsibility for the fundraising operation of RNIB Charity in return for a grant. The grant in 2014/15 amounted to £10.4million. The net proceeds of this fundraising activity have been restricted within these financial statements for the benefit of RNIB Charity.

Fundraising costs for 2014/15 amounted to £20.7million (2014: £15.7million). The fundraising costs are net of an internal recharge in the sum of £4.7million (2014: £5.2million) for costs

incurred in raising public awareness about matters relating to sight loss. These costs have been included within the costs of ‘Charitable activities’. The increase from last year is due to the reduction in the allocation to raising awareness, work on a new CRM system and investment in medium- to long- term income.

Our investment in fundraising is vital to sustaining our income and our ability to plan and fund direct services, but we remain focused on driving efficiencies and reducing our costs.

RNIB is a member of the Fundraising Standards Board (FRSB) scheme, the body of self-regulation of fundraising in the UK, and as a member we adhere to the highest standards of good practice. RNIB is also a member of the Institute of Fundraising and adheres to contemporary best practice codes of fundraising.

Other information



Investment policyStatement of investment principlesInvestment decisions are taken on the advice of the Investment Committee whose members have a finance, investment or commercial background.

RNIB’s investment policy is to hold assets to achieve an appropriate return with an appropriate level of risk when considered alongside RNIB’s business plan and level of reserves. It has three investment objectives:

• To invest prudently – the basic investment strategy of RNIB has been to invest in a way that the minimum level of reserves is very likely to remain covered, but with some investment risk being taken on the assets over and above this minimum level

• To invest in liquid assets – RNIB could call upon its quoted investments at any point. It should be straightforward to sell RNIB’s assets down to cash, and doing so should result in the cash being available quickly and without the potential for significant adverse impact on the value of investments

• To invest ethically – RNIB wishes to avoid unethical investments, and in particular tobacco stocks due to the link between smoking and certain conditions that result in sight loss.

The benchmark allocation for investments is 20-30 per cent in equities, 30-40 per cent in bonds and 30-40 per cent in cash. This strategy was developed with the advice of Hewitt Associates and takes into account the nature of RNIB’s business as reflected in its business plans. At 31 March 2015, the allocation of investments is 25.7 per cent in equities, 34.6 per cent in bonds and 39.7 per cent in cash.

It is our intention to maintain sufficient short-term cash holdings to meet fluctuating needs, and to make appropriate use of an overdraft facility as required with the RBS.

RNIB Group’s reserves policy is to set the level of free reserves using a risk-based approach. The level of reserves is reviewed on an annual basis and is currently set at £22.5million. Planned project expenditure from designated funds and the current economic

uncertainty have led us to hold its investments in a low-risk and liquid portfolio.

It is our aim to perform an annual desktop review of Investment Managers and to meet them as appropriate.

RNIB has mandates with Legal & General and Foreign & Colonial (F&C) and fee structures are:

• Legal & General Ethical Trust – 0.3 per cent per annum

• Legal & General Cash Trust – 0.2 per cent per annum

• Foreign & Colonial Ethical Bond Fund Share Class 2 – 0.55 per cent per annum.

The Endowment Funds are managed by F&C. F&C fee structures are:

• Foreign & Colonial Ethical Bond Fund Share Class 2 – 0.55 per cent per annum

• Foreign & Colonial Stewardship Income Fund (Dist) Share Class 2 – 0.88 per cent per annum.


The Group investments include a further £49,000 (2014: £49,000) relating to CIB and £6,536,000 (2014: £9,145,000) to Action. Other than the investments of Staffordshire Blind, all Action’s funds are now managed by Legal & General, using pooled funds to match the allocation set out in their investment strategy, and their performance is closely monitored against, and closely matches, publicly available market benchmarks. The investments of Staffordshire Blind are managed by Investec Wealth and Investment.

Investment performance The funds in which the investments are held are measured against agreed benchmark indices for each relevant

holding. The performance of the investments held by RNIB at 31 March 2015 against each fund’s benchmark index is detailed in the following table.

As our UK equities are invested in an Ethical fund, the stocks in the index are screened before being accepted into the fund.

Cash deposits are placed on behalf of the RNIB Group including the Associated Charities by their respective banking organisations.

At 31 March 2015, the Group’s cash and short-term deposits stood at £3.3million (2014: £2.1million). During the year the Group received interest of cash and short-term deposits of £8,000 (2014:

£8,000) of which £1,000 (2014: £2,000) related to RNIB. RNIB’s short-term deposits were all overnight placements and the average return made was 0.1 per cent (2014: 0.17 per cent).

At 31 March 2015, the unrealised gain on the Endowment Funds was £405,000 (2014: loss £32,000), and the breakdown of the unrealised gain by fund can be found in note 20.

The Elizabeth Eagle-Bott and Dr Duncan Leeds Funds are held in the F&C Responsible UK Income Fund and the F&C Responsible Sterling Bond Fund.

The Emma Nye Fund is held in the F&C Responsible UK Income Fund only.

Other information


Value at 31 March 2015 Actual holding Target holding +/– Performance in year to 31 March 2015

£’000 % % %Fund

%Benchmark

%+/–

Cash 4,771 39.7 40.0 -0.3 +0.2 +0.4 -0.2Corporate bonds

8,571 34.6 35.0 -0.4 +13.1 +13.1 –

UK equities 4,166 25.7 25.0 +0.7 +7.9 +2.9 +5.0

Total 17,508 100.0 100.0


The Bristol Blind and GDC Rushton Funds are held in the F&C Responsible Sterling Bond Fund only.

The Sunshine Fund is held in the F&C Responsible Sterling Bond Fund, F&C Responsible UK Income Fund and F&C Money Markets Fund.

Reserves policyRNIB Group’s reserves policy focuses on the level of ‘free reserves’. Free reserves exclude restricted funds and designated funds, which include the net book value of land and buildings occupied by RNIB services and activities. The assessment of free reserves excludes any surplus or deficit reported on the pension scheme.

The recommended free reserves level is calculated annually as part of the budget process on the basis of the financial impact of the current risks facing RNIB Group. The reserves policy is reviewed annually by the Trustees.

RNIB Group seeks to maintain free reserves within RNIB, RNIB Charity and Action, to manage the risks to which RNIB Group is exposed in the course of its business, including but not limited to safeguarding against volatile income,

both voluntary and service.

The Trustees consider that in order to meet these needs, and to operate effectively, RNIB Group needs reserves of £22.5million based on the current analysis of risk. RNIB Group’s free reserves were £27.8million (RNIB: £23.3million; Action: £4.5million) at 31 March 2015 (2014: £29.6million; RNIB: £22.5million; Action: £7.1million). The Trustees have agreed a business plan in support of the strategy which aims to keep reserves close to the reserves policy level during the new strategy period. This includes a planned deficit in 2015/16 of £3.1million.

The actuarial valuation of RNIB’s Pension Scheme at 31 March 2015 for the purposes of FRS17 showed a surplus of £12.6million (2014: £6.5million), which is added to the level of free reserves as required by FRS17. The corresponding asset does not result in an immediate cash flow impact on RNIB. A full triennial valuation of the pension fund took place as at 31 March 2014 and the updated valuation has been produced and considered by the Pension Scheme Trustees. Contributions to the scheme

are met through planned income. The level of free reserves has been calculated excluding the FRS17 surplus.

At 31 March 2015, RNIB held designated funds totalling £43.8million (2014: £46.7million). Of this, £38.8million (2014: £39.6million) relates to properties and £1.6million (2014: £1.7million) relates to other assets. Both of these are used directly in undertaking RNIB’s objectives. The remaining funds amounting to £3.4million (2014: £5.4million) represent the investment and mergers funds together with amounts expected to be spent within three years on the maintenance and replacement of properties and other assets and specific projects. The fund definitions can be found within note 20.

Where restricted fund balances are in a deficit situation, then unless these will be covered by forthcoming receipts, the deficit balances are charged to general funds. Such balances in 2015 amounted to £49,000 (2014: £36,000), all of which are to be covered by forthcoming receipts.


Risk managementRisk is not only about threats that have to be managed; it is equally about the potential failure to seize opportunities. RNIB views the strategic management of risk as an integral part of its decision-making processes and culture, supporting effective planning and evaluation of its activities. Risk management is focused on risks associated with delivering our 2014/19 strategy and business plan, with identified risks embedded in our strategic and operational management processes.

Governance of the Group’s risk management ultimately sits with the Board of Trustees. Detailed consideration of risk is delegated to the Audit Committee, who are assisted by senior management in continually reviewing risk and reporting to the Board.

Our risk management approach details the structures and processes that have been put in place, and the key roles and responsibilities for successful risk management.

We established an internal strategic risk committee (lead by senior officers) who will undertake formal review of strategic and significant operational risks every quarter and play a key role in ensuring mitigation plans are up to date and relevant. The internal strategic risk committee report directly to the Strategic Management Team, who in turn report on risk management to the Audit Committee twice a year.

In preparation for the new strategic period 2014/19 the internal strategic risk committee reviewed our existing strategic risk register, risks identified through business planning and considered the wider external environment. As a result they have developed a new set of strategic risks and risk factors which have been signed off by the Board of Trustees. There are six key strategic risks which cover both external and internal risks:

Risk 1: Insufficient resources to deliver the 2014/19 strategy.

Risk 2: Inability to respond to a significant change in the external environment.

Risk 3: We do not have the right Trustee, employee and volunteer capacity or capability.

Risk 4: We do not have adequate and appropriate IT and digital infrastructure to deliver our strategy.

Risk 5: We do not have adequate or appropriate governance or processes in place.

Risk 6: Our actions or behaviour damages the RNIB Group brand or reputation with key stakeholders.

In order to manage these risks there are a number of controls and mitigations in place including (but not limited to):

1. Five-year strategy, business plan and budget which has regular Strategic Management Team and Board of Trustees oversight.

2. Strategically aligned Governance structures including subsidy charity agreements.

3. Group-wide organisational values.

4. Financial controls and policies (such as reserves, investment policies and ethical fundraising).

Other information



5. Disaster recovery and business continuity planning.

6. Controls related to statutory compliance obligations (such as health and safety, data protection, safeguarding).

7. Proactive and targeted campaigning.

8. Involvement of blind and partially sighted people in our campaign and influencing work.

9. Strategic partnership work.

10. Staff and volunteer recruitment policy and procedures which are aligned to strategy.

Overall, deployment of the Group’s risk management controls and mitigations continue to remain effective where they are already well-embedded, and where new risks have been identified mitigations are being implemented.

The Board of Trustees are therefore satisfied that the major risks have been identified and processes for addressing them have been put in place. It is recognised that any control systems can only provide reasonable but not absolute assurance that major risks have been

adequately managed. Overall we are confident our risk position remains within acceptable levels.

Going concernHaving reviewed the strategic risks facing RNIB, the business plan for the period 2015/16 and beyond, and the cash and investments forecast over the same period, the Board of Trustees considers that there are sufficient reserves held at 31 March 2015 to manage those risks successfully despite the current uncertain economic outlook. The Trustees consider that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the ‘going concern’ basis in preparing the Annual Report and Financial Statements.

Our volunteersWe have huge ambitions to reach many more people with sight loss. In order to do this we need to increase our volunteer involvement in everything we do so people with sight loss can get the support they need when they need it.

This year we have increased our volunteer numbers from 4,020 to 4,811, and our volunteers themselves are giving us more of their time to help achieve this ambition. On average each volunteer gives us 9.8 hours per month, up from last year by 10 per cent.

The range of volunteering opportunities increases, attracting more people to help us reach more people with sight loss, for example:

• Our Living with Sight Loss volunteers are there for people to help them come to terms with losing their sight, our campaigns volunteers continue to have a significant impact on local issues and our community fundraising groups are expanding across the UK

• Our Online Today service launched in February. We are recruiting and training volunteers to help blind and partially sighted people get online over the next three years.


Other information

“I thoroughly enjoy volunteering and would recommend anyone to take some time if they have any.”RNIB Cymru volunteer



Engagement with staff RNIB has a number of mechanisms for engaging with staff and seeking their views, both formal and informal. In September, we signed a recognition agreement with Unite and UNISON trades union which gives them collective bargaining rights over certain terms and conditions of employment. We currently have five staff union representatives.

We also have a Staff Forum and a number of Staff Forum representatives who meet at a site, regional and national level to discuss areas that are specifically of interest to staff but also to receive information about the financial health of the organisation and how we are achieving our strategic goals. We now have a permanent Staff Forum chair and have held our first Staff Forum conference bringing all staff representatives together to talk about their role.

As well as increasing our volunteer engagement, we need to maintain our high standards of customer service. 9 out of 10 of our customers are happy with the quality of services provided by volunteers and 9 out of 10 volunteers recommend volunteering with us to others.

Employing disabled peopleRNIB is a disability charity working to support people with sight loss. We seek to support all our staff that has a disability, regardless of its cause.

Last year, RNIB introduced five values which underpin everything that we do. Two of these specifically refer to people with disabilities. They are:

• Led by blind and partially sighted people – blind and partially sighted people are at the heart of everything we do;

• Inclusive – we include and value people with diverse experience, abilities and backgrounds.

RNIB makes sure that we comply with the Equality Act (Disability Discrimination Act in Northern Ireland) and seek to

make reasonable adjustments to allow people with differing disabilities to work for us.

As a sight loss charity we ensure all blind and partially sighted applicants who meet the minimum requirements for the role are automatically offered an interview and given constructive feedback if they are unsuccessful. In addition, where there are two equally matched applicants, one of whom is blind or partially sighted and one is not, the role is then offered to the applicant who is blind or partially sighted.

Currently, 10.7 per cent (2014: 10.5 per cent) of our employees tell us that they have a disability. Through dedicated resources in our IT team we are able to provide specialist advice and support to ensure that disabled staff have the appropriate equipment and training to perform effectively. Additional reasonable adjustments are also made for disabled staff as required. RNIB also operates a trainee scheme to provide work opportunities for blind and partially sighted people and these have been successful in providing a route to permanent employment both within and external to RNIB.


Other information


We are continually looking for ways in which we can engage more with our Staff Forum representatives and this year, they were involved for the first time in the analysis of the feedback from the annual staff survey. They are also asked for their views on changes to HR-related policies and procedures.

The staff survey was run again towards the end of 2014 and showed favourable results when benchmarked against the charity sector averages with scores of

69 per cent of staff agreeing that they would recommend RNIB as a good place to work and 88 per cent of staff understanding the aims of the charity.

All five of the key staff engagement scores which we use to benchmark against the annual charity-wide survey showed an increase against last year’s scores.

Health, safety and the environmentWe are firmly committed to achieving our goals of environmental sustainability and ensuring the safety of our people through the continued development of our safety, health and environmental management systems. We recognise that our people are our single most important asset within the organisation. Through the provision of sound risk management techniques and a comprehensive training programme we will ensure they are both competent and confident to undertake their roles; working in ways which are efficient and cost-effective for the benefit of all who work in, and access, our services.

Environmental impactRNIB Group has come to the end of a five-year plan to reduce environmental impact in five priority activities: zero carbon, zero waste, health and happiness, sustainable materials and sustainable transport.

Some excellent results were achieved, most notably in waste, sustainable materials and transport. The target to reduce our carbon footprint by 10 per cent from the energy use in buildings was not achieved across all of our portfolio of properties. We will, however, continue, across all of RNIB Group, to strive towards further reductions in all five activities identified in the RNIB five- year plan. Future environmental targets and initiatives will be aimed at ensuring compliance with the new Energy Saving Opportunity Scheme Regulations (ESOS).

The performance for the year against our targets is set out in the following table.


Priority Target 2014/15 2013/14

Zero carbon Buildings – 10 per cent total reduction (CO2 tonnes) over five years – [baseline 4,104]

4,195 (2 per cent increase from baseline)

4,085 (slight reduction from baseline)

Zero waste Reduce total waste by 10 per cent over five years [baseline 602]

601 (in line with baseline) 549 (9 per cent decrease)

Zero waste Recycling rate of 40 per cent per annum

43 per cent 44 per cent

Sustainable transport Reduce air, road and rail travel (CO2 tonnes) by 2.5 per cent per annum for five years [baseline 846]

542 (36 per cent reduction) 655 (23 per cent reduction)

Sustainable materials Develop a sustainable procurement policy

Implemented Implemented

Health and happiness Reduce staff sickness levels from 10 working days in 2011

11.27 days 10.26 days

Health and happiness Improve staff satisfaction ratings in biennial staff survey from 73 per cent

78 per cent 64 per cent


Zero carbonThe figures represent the amount of electricity/gas usage in our buildings converted to carbon tonnes. This year there has been a 2 per cent increase (from baseline) in CO2 tonnes energy used for our buildings. This increase in CO2 is due to higher than average use of gas (compared to the average for the last 20 years) at nearly all of our sites which is attributable to a colder winter period.

Zero wasteWaste initiatives have continued to be successful in many parts of the organisation; however, we have seen changes in our property portfolio, which means a creation of decommissioning waste that would not generally have been created.

Sustainable transportBy far our best efforts have been in the reduction of CO2 emissions from the use of the various transport options: air, road and rail transport. A year-on-year reduction has been achieved and we create 36 per cent less CO2 than we did in 2010/11. We will continue to encourage all of our staff and volunteers to use rail instead of road transport and to make greater use of telephone conferencing.

Sustainable materialsThe Sustainable Procurement Policy has been reviewed and approved. This is supported by more efficient processes for the evaluation of contractors ensuring we work alongside suppliers with sound environmental principles and practices.

Other information

Health and happinessSickness absence levels have increased by 9.8 per cent from 10.26 working days lost per person in 2013/14 to 11.27 in 2014/15. Health and well-being benefits available to staff continue to be reviewed with the aim of reducing sickness absence levels and encouraging healthy lifestyles. The HR team plays a key role in the support of managers managing sickness absences; return to work interviews have increased and case handling has improved.


Alan TingerHonorary Treasurer

Kevin CareyChair


Going forwardsThe governance of health, safety, fire and environment will continue to be enhanced during 2015/16 with further developments to, and efficiencies in, our safety management systems. The Health, Safety, Fire and Environment (HSFE) team will continue to improve our performance and processes, through a range of monitoring activities and introduction of a suite of intuitive risk assessment techniques. Performance indicators will be agreed and monitored by the HSFE group. Key areas will include: fire safety management, risk assessment processes and lone working. Also, as the range of activities across the Group continues to expand, so too does the potential for new risks.

The HSFE team work hard, and in close collaboration with colleagues across the business, to identify these new risks and implements effective measures to reduce or eliminate their impact.

In 2015/16 the HSFE team will continue to advance our environmental credentials, in particular by ensuring compliance with the new ESOS, requiring the detailed collection and analysis of energy data, and the identification of opportunities for reduced and smarter energy use.

The Trustees’ report, including the strategic report, was approved by the Board of Trustees and authorised for issue on 16 July 2015.


Governance and financials

54 Independent auditors’ report58 Consolidated statement of financial activities62 Balance sheets64 Group cash flow statement67 Notes to the financial statements131 Who’s who at RNIB


Making every day better for everyone affected by sight loss.


Report on the financial statements

Our opinionIn our opinion the financial statements, defined below:

• give a true and fair view of the state of the Group’s and the parent charity’s affairs as at 31 March 2015 and of the Group’s incoming resources and application of resources and the Group’s cash flows, for the year then ended;

• have been properly prepared in accordance with UK Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and regulation 15 of The Charities (Accounts and Reports) Regulations 2008.

This opinion is to be read in the context of what we say in the remainder of this report.

What we have auditedThe Group financial statements and the parent financial statements (‘the financial statements’), which are prepared by RNIB Group comprise:

• the Group and parent charity balance sheets as at 31 March 2015;

• the Group charity statement of financial activities for the year then ended;

• the Group cash flow statement for the year then ended;

• the notes to the financial statements, which include a summary of significant accounting policies and other explanatory information.

The financial reporting framework that has been applied in their preparation is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).

Independent auditors’ reportIn applying the financial reporting framework, the Trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.



Other matters on which we are required to report by exception

Sufficiency of accounting records and information and explanations receivedUnder the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended) we are required to report to you if, in our opinion:

• we have not received all the information and explanations we require for our audit; or

• sufficient accounting records have not been kept by the parent charity; or

• the parent charity financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Other information in the Annual ReportUnder the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended we are required to report to you if, in our opinion, the information given in the Trustees’ report is inconsistent in any material respect with the financial statements. We have no exceptions to report arising from this responsibility.


Responsibilities for the financial statements and the audit

Our responsibilities and those of the TrusteesAs explained more fully in the Trustees’ Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and ISAs (UK & Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

This report, including the opinions, has been prepared for and only for the charity’s Trustees as a body under section 144 of the Charities Act 2011 and in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulations made under those Acts (regulation 30 of The Charities (Accounts and Reports) Regulations 2008 and (regulation 10

of the Charities Accounts (Scotland) Regulations 2006 (as amended)) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

What an audit of financial statements involvesWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland) (‘ISAs (UK & Ireland)’). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:

• whether the accounting policies are appropriate to the Group’s and the parent charity’s circumstances and have been consistently applied and adequately disclosed;

• the reasonableness of significant accounting estimates made by the Trustees; and

• the overall presentation of the financial statements.

In addition, we read all the financial and non-financial information in the RNIB Group Annual Report and Financial Statements 2014/15 (the ‘Annual Report’) to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Independent auditors’ report



PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

London

16 July 2015

PricewaterhouseCoopers LLP is eligible to act, and has been appointed, as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and section 144(2) of the Charities Act 2011.


Consolidated statement of financial activities

Notes Unrestricted funds £’000

Restricted funds £’000

Endowment funds £’000

Total 2015

£’000

Total 2014

£’000Incoming resourcesIncoming resources from generated fundsVoluntary incomeDonations and gifts 27,921 2,729 – 30,650 30,859Legacies 28,608 5,369 – 33,977 40,797Total voluntary income 56,529 8,098 – 64,627 71,656Activities for generating fundsMerchandising and sponsorship 538 – – 538 348Investment income 2 260 375 – 635 1,056Total incoming resources from generated funds

57,327

8,473

–

65,800

73,060

Incoming resources from charitable activitiesBeing there 87 1,404 – 1,491 2494Independence 17,446 22,798 – 40,244 39,006Inclusion 209 4,201 – 4,410 2,021

Prevention 4 68 – 72 629Total incoming resources from charitable activities

1.5

17,746

28,471

–

46,217

44,150

Other incoming resourcesOther income – VAT claim 629 – – 629 –Other Income – defined benefit pension scheme 1,806 – – 1,806 1,434Net gain on disposal of fixed assets 13 – – 13 3Total incoming resources 1.5 77,521 36,944 – 114,465 118,647






Total 2015

£’000

Total 2014

£’000Resources expendedCosts of generating fundsCosts of generating voluntary income 1.6 17,522 3,192 – 20,714 15,705Merchandising/sponsorship costs 6 – – 6 28 Investment management costs 48 12 – 60 115Total costs to generate funds 1.6/6 17,576 3,204 – 20,780 15,848Charitable activitiesBeing there 4,204 2,365 – 6,569 5,761Independence 49,950 30,614 – 80,564 84,152Inclusion 4,410 3,843 – 8,253 9,741Prevention 579 387 – 966 3,562Total charitable activity costs 6 59,143 37,209 – 96,352 103,216Governance costs 5 948 465 – 1,413 1,540Total resources expended 6 77,667 40,878 – 118,545 120,604Net outgoing resources before transfers (146) (3,934) – (4,080) (1,957)Transfers 20 69 (69) – – –Net outgoing resources before other recognised gains and losses

(77)

(4,003)

–

(4,080)

(1,957)


Consolidated statement of financial activities




Total 2015

£’000

Total 2014

£’000Balance brought forward (77) (4,003) – (4,080) (1,957)Gains on investment assets 612 662 405 1,679 1,150Actuarial gains (losses) on defined benefit pension schemes

22

3,435

(1,645)

–

1,790

(22)

Net incoming resources attributable to non-controlling interest

–

(7)

–

(7)

–

Net movement in funds 12 3,970 (4,993) 405 (618) (829)Total funds balance brought forward at 1 April 2014

75,670

25,335

5,329

106,334

107,163

Total funds balance carried forward at 31 March 2015

20

79,640

20,342

5,734

105,716

106,334



A Statement of Total Recognised Gains and Losses is not required as all gains and losses are included in the Statement of Financial Activities. Incoming resources of RNIB during the year were £89,461,000 (2014: £106,453,000) less resources expended by RNIB at £89,817,000 (2014: £106,687,000) led to a deficit of £356,000 (2014: deficit of £234,000). All incoming resources, resources expended and resulting net movements in funds are derived from continuing activities. The Isle of Man Government require that we disclose the income and expenditure in the Isle of Man which amounted to £145,000 (2014: £162,000) and £163,000 (2014: £188,000) respectively. The notes that follow form part of the financial statements.

It is worth noting that all incoming and outgoing resources through our associated charities – Action for Blind People, RNIB Charity, Cardiff Institute for the Blind and RNIB Specialist Learning Trust – are treated as restricted as these funds relate to the specific services provided by each entity.


Balance sheets

Notes Group 2015 £’000

Group 2014 £’000

RNIB 2015 £’000

RNIB 2014 £’000

Fixed assetsTangible assets 13 73,986 76,237 60,395 62,320Investments 14 24,795 33,833 18,215 24,644Total fixed assets 98,781 110,070 78,610 86,964Current assetsStocks and work in progress 15 1,051 1,010 – 904Debtors:amounts falling due within one year 16 24,761 21,020 21,156 19,400amounts falling due after one year 17 – – 731 643Investments 14 931 1,236 859 1,236Cash at bank and in hand 3,253 2,080 1,323 835Total current assets 29,996 25,346 24,069 23,018Creditors: amounts falling due within one year 18 12,303 13,075 6,695 11,008Net current assets 17,693 12,271 17,374 12,010Total assets less current liabilities 116,474 122,341 95,984 98,974Creditors: amounts falling due after one year 19 19,026 20,000 19,026 20,000Net assets excluding pension asset 97,448 102,341 76,958 78,974Defined benefit pension asset 22 8,275 3,993 12,596 6,482Net assets including pension asset 105,723 106,334 89,554 85,456Non-controlling interest in net assets 7 – – –Net assets 21 105,716 106,334 89,554 85,456



Notes Group 2015 £’000

Group 2014 £’000

RNIB 2015 £’000

RNIB 2014 £’000

The funds of the Group/RNIB:Endowment funds 20 5,734 5,329 5,733 5,328Restricted income funds 20 20,342 25,335 4,181 4,458Unrestricted income funds:Designated 20 43,808 46,701 43,808 46,701General 20 23,236 22,487 23,236 22,487Pension reserve 20/22 12,596 6,482 12,596 6,482Total unrestricted income funds 20 79,640 75,670 79,640 75,670Total Group/RNIB funds 20 105,716 106,334 89,554 85,456

These financial statements were approved by the Board of Trustees on 16 July 2015 and signed on behalf of RNIB by Kevin Carey, Chair, and Alan Tinger, Honorary Treasurer.

Alan TingerHonorary Treasurer

Kevin CareyChair


Group cash flow statement

2015 £’000

2014 £’000

Net cash outflow from operating activities (7,399) (1,964)Returns on investments and servicing of financeInvestment income 635 780Interest element of finance lease rental payments and loan (1,160) (1,220)Net cash outflow from investments and servicing of finance (525) (440)Capital expenditure and financial investmentPurchase of tangible fixed assets (1,286) (2,060)Proceeds from sale of tangible fixed assets – 3Purchase of investments (7) (15)Proceeds from sale of investments 10,773 4,045Net decrease in endowment investments – 64Proceeds from sale of property held for sale 613 –Cash acquired on merger/association – (20)Net cash inflow from capital expenditure and financial investment 10,093 2,017Net cash inflow (outflow) before management of liquid resources and financing 2,169 (387)Management of liquid resourcesCash deposited to short-term deposits – 961Net cash from the management of liquid resources – 961FinancingNet decrease in endowment investments – (64)Finance loan paid (1,000) (1,203)



2015 £’000

2014 £’000

Increase (decrease) in cash 1,169 (693)Cash at 1 April 2014 2,079 2,772Cash at 31 March 2015 3,248 2,079

2015 £’000

2014 £’000

Net cash outflow from financing activities (1,000) (1,267)Increase (decrease) in cash 1,169 (693)

Reconciliation of net income to net cash outflow from operating activities 2015 £’000

2014 £’000

Net outgoing resources before transfers (4,080) (1,957)Investment income (635) (1,056)Depreciation 3,093 3,166Non-monetary assets acquired on association (388) (1,377)Gifted assets – 149Investment management fees charged to portfolio 13 56Costs on disposal of investment property deducted from transfer to current asset

–

100

Investments – 100Loss on disposal of tangible fixed assets 461 2,086(Decrease) increase in current creditors (775) 334Increase (decrease) in long-term creditors 26 (2)Decrease in pension provision (2,492) (2,824)Interest charged on finance lease payments and loan 1,160 1,220Increase in debtors (3,741) (2,431)(Increase) decrease in stock (41) 572Net cash outflow from operating activities (7,399) (1,964)


Group cash flow statement

Analysis of change in net debt 31 March 2013

£’000

Cash flow 2013/14

£’000

31 March 2014

£’000

Cash flow 2014/15

£’000

31 March 2015

£’000

Cash at bank 2,774 (694) 2,080 1,173 3,253Bank overdraft (2) 1 (1) (4) (5)Total cash 2,772 (693) 2,079 1,169 3,248Debt due within one year (1,000) – (1,000) – (1,000)Debt due after one year (21,205) 1,205 (20,000) 1,000 (19,000)Total change in net debt (19,433) 512 (18,921) 2,169 (16,752)



Notes to the financial statements1. Statement of accounting policiesThe principal accounting policies adopted in the preparation of these financial statements are as follows:

1.1 Basis of preparationThe financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments and properties held for sale, in accordance with applicable accounting standards in the UK and the Statement of Recommended Practice – “Accounting and Reporting by Charities” (SORP 2005) as revised in May 2008, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The financial statements are prepared on a going concern basis. The accounting policies have been consistently applied across the Group from year to year.

1.2 Group financial statementsThe results of each of RNIB’s subsidiary undertakings, as listed in note 4, have been consolidated in these financial

statements under the heading “Group” on a line-by-line basis, adopting uniform accounting policies. The term ‘Associated Charity’ refers to organisations that have entered into a formal association agreement with RNIB. Their objectives contribute to those of the RNIB Group Strategy and under the tests of control they are deemed to be charitable subsidiaries of RNIB.

The net assets at the date of association or merger are assessed on a fair value basis for the purposes of consolidation into the results for the RNIB Group. The results of the subsidiaries acquired during the year are included in the SoFA from the effective date of acquisition. The intra-Group transactions, balances and unrealised profits are eliminated in full. Any negative goodwill arising is written off in the year of acquisition and included as an incoming resource within the SoFA. Where specific assets are gifted to RNIB as part of the acquisition, these are treated as a donation and transferred to RNIB.

No separate SoFA has been presented for RNIB alone as permitted by paragraph 397 of the SORP.

1.3 Foreign currency transactionsForeign currency transactions completed within the year are included at their transacted sterling equivalents. Assets and liabilities are valued using those rates published by HM Revenue and Customs as at the balance sheet date. Any foreign exchange gains or losses are charged to the SoFA.

1.4 Fund accountingUnrestricted funds comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the Trustees in furtherance of the general objectives of RNIB.

Designated funds are unrestricted funds that the Trustees of RNIB have set aside, out of general funds and comprise sums of money for specific projects that can either be the updating of existing, or the development and piloting of new, charitable services.

Also within the designated funds are ‘service properties’ and ‘other fixed assets’. ‘Service properties’ represents the value of RNIB’s interests in land and buildings, for the provision of services to people with sight problems. This value is


shown in a separate designated fund, as the properties represented are essential for the provision of RNIB’s services. Transfers in respect of additions to property in the year are made from the general fund and the development fund. Transfers are made from this fund to the general fund in respect of property disposals during the year. Property depreciation is charged to this fund. ‘Other fixed assets’ represents other assets in use by RNIB. The assets of associated charities are held within the restricted funds.

Restricted funds comprise income received with special conditions attached. Income for a specific purpose not spent in any year is carried forward in the relevant fund. Also within restricted funds are the results of the associated charities, which are operating under narrower objectives than those of RNIB.

Endowments received are credited directly to the relevant endowment fund. Income arising from the related investments is allocated to the general fund or to the relevant restricted fund, depending on the terms of endowment.

1.5 Incoming resourcesDonated goods and services are included at the value to RNIB where these can be quantified. No amounts are included in these financial statements for the services donated by volunteers. Income from trading in subsidiary undertakings is transferred to RNIB by covenanting the profits of those undertakings. Donations are accounted for as soon as their amount and receipt is certain. Donations include Gift Aid based on amounts recoverable at the accounting date.

Accrued income is provided for in respect of revenues that have been earned in the current financial year but are yet to be invoiced.

Pecuniary legacies are recognised on notification. Residuary legacies are recognised when probate is granted and there is sufficient information to value them. In practice this is usually when the assets and liabilities statement is received: they are included at 95 per cent of their valuation (to reflect the uncertainty of estate administration). Reversionary interests involving a life tenant are not recognised. We do not include any notification below

£30,000 where we have yet to receive estate accounts.

Investment income, interest on deposits and income in connection with services to people with sight problems is recognised on an accruals basis. Where an incoming resource is received in advance of the activity to be performed then the incoming resource is deferred and included in creditors. Income from the sale of goods is recognised when orders are fulfilled. Investment income arising on endowment funds is credited to the appropriate fund in accordance with the prescribed conditions.

1.6 Resources expended(a) Expenditure, including irrecoverable VAT, is accounted for on an accruals basis.

(b) Included within charitable activity costs is an apportionment of public awareness expenditure representing the costs incurred by RNIB in educating the public to be aware of the needs of people with sight loss.

(c) Support costs include both Group and corporate costs and are incurred in


Notes to the financial statements for the year ended 31 March 2015


support of direct service expenditures. Allocation of support service costs is on a mixture of bases (see note 7).

(d) Fundraising expenses include those costs incurred in raising donations and legacies.

(e) Governance costs are incurred in relation to the running of RNIB and the charitable subsidiaries. This includes strategic planning and attending to the statutory affairs of RNIB and the charitable subsidiaries.

(f ) Grants payable are charged to the SoFA when a constructive obligation exists, that is when the recipient has been informed.

1.7 Fixed assetsTangible assets are recorded at cost, including irrecoverable VAT, or where donated, open market valuation at the time of donation. Under the transitional provisions of Financial Reporting Standard 15 (FRS15), RNIB has adopted the valuations of properties as at 31 March 1999, where known, at cost and these will not be updated. Where assets are acquired through entering into Association agreements, then the cost

of these are included at their fair value as at the agreement date. Assets in the course of construction are transferred to the relevant category of asset and depreciated when practical completion is achieved. The minimum threshold for capitalisation is £2,500.

Depreciation is provided on all tangible fixed assets, except freehold land and assets under construction, at rates calculated to write off the cost on a straight-line basis over their expected useful lives. Where the assets have been acquired under a finance lease then depreciation, and any impairment, is provided at rates calculated to write off the cost, less estimated residual value of each asset, over the life of the primary lease. The standard rates of depreciation are as follows:

Fixed assets are subject to review for impairment when there is an indication of a reduction in their carrying value. Any impairment is recognised in the SoFA in the year in which it occurs.

1.8 InvestmentsListed investments are stated at mid-market value at the balance sheet date.

Investment properties are stated at market value as advised by RNIB’s property advisers at the balance sheet date and this is done on an annual basis.

The investment in subsidiary undertakings is at cost.

Service propertiesFreehold buildings 50 yearsLeasehold land and buildings – lease longer than 50 years 50 yearsLeasehold land and buildings – lease shorter than 50 years Lease periodMachinery, vehicles and equipmentMotor vehicles; fixtures and fittings; equipment 5 yearsComputer hardware 3 years


The SoFA includes the net gains and losses arising on disposals and revaluations throughout the year.

1.9 Property held for saleIncluded within current asset investments are properties held for sale. These are properties that are actively being marketed and where there is a reasonable expectation that the sale will be completed within the next 12 months. The value of such assets is determined by the expected proceeds of the sale guided by the professional valuations received and net of estimated disposal costs.

On transfer to property held for sale the unrealised gains and losses are included along with other gains and losses within the SoFA. On completion the realised gains and losses will be recognised in the incoming and outgoing resources within the SoFA.

1.10 StocksStock of raw materials, consumables and finished goods held for resale is valued at the lower of cost and net realisable value. Cost is standard cost on a first-in first-out basis. Finished goods for resale

comprises products suitable for use by blind and partially sighted people. Provisions are considered for each line of stock which has been held for more than a year.

1.11 Pension schemeFor the defined benefit pension schemes of the RNIB Group, the current service costs, gains and losses on settlements and curtailments, are charged to resources expended. Similarly, pension finance costs arising from changes in the net of the interest costs and expected return on assets are charged to resources expended. Where income arises as a result of such changes this is shown in the SoFA as an ‘other’ incoming resource. Actuarial gains and losses are recognised immediately in the SoFA as ‘Actuarial gain, or loss, on Defined benefit pension scheme’. The Group and RNIB defined benefit pension scheme asset/liability is shown on the face of the balance sheet. For the defined contribution schemes of the RNIB Group the amount charged to the SoFA in respect of pension costs and other post-retirement benefits are the contributions payable in the year.

1.12 Leased assetsLeases are regarded as finance leases where their terms transfer to the lessee substantially all of the benefits and burdens of ownership other than the right to legal title.

The obligations to the lessor are shown as part of the borrowings and the rights in the corresponding assets are treated in the same way as owned fixed assets.

All operating leases and rental expenses are charged to the SoFA as incurred over the term of the lease on a straight- line basis.

1.13 TaxationRNIB 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 RNIB’s primary objectives, if these profits are applied solely for charitable purposes.




2. Investment income

2015 Group £’000

2014 Group £’000

General fundsInvestment income from quoted investments 233 424Bank interest receivable 1 2Rents 22 47Royalties 20 –Restricted fundsInvestment income from quoted investments 352 583Bank interest receivable 7 –Total 635 1,056

Details of our investment policy can be found in the financial review section of the Trustees’ strategic report.


3. Net assets acquired on merger/associationRNIB Enterprises Limited entered into a limited liability partnership on 11 September 2014 in the form of RNIB Business Services LLP. There were no assets or liabilities transferred at the date of acquisition.

Action for Blind People entered into an association with BucksVision on 1 July 2014, (charity number 1147814)

and a company limited by guarantee and registered in England and Wales (number 8016572). BucksVision is a local society that delivers services to people who are blind or partially sighted in Buckinghamshire.

RNIB associated with NTNM in February 2009 and the two charities subsequently merged on 30 June 2013.

RNIB established a new charity in April 2013, the RNIB Specialist Learning Trust,

as an Academy Trust. This resulted in the transfer of assets from Coventry City Council in September 2013. The value of fixed assets transferred was reviewed during the year and an updated valuation received which resulted in the reduction of £544,000 in the year.

The assets and liabilities in the table below are as at the date of merger or transfer and have been accounted for using the acquisition method.

BucksVision £’000

Fixed assets 43Investments 309Current assets 572Creditors – amounts falling due within one year 20Creditors – amounts falling due after one year –Net assets 904Net assets in the subsidiary 904Fair value adjustment –

There were no purchase or consideration costs incurred in acquiring these net assets. The resulting negative goodwill of £904,000 was recognised in the year ended 31 March 2015 and included as an incoming resource within the SoFA.




NTNM

£’000

RNIB Specialist Learning Trust

£’000

Total 2014

£’000Fixed assets 376 1,248 1,624Investments – – –Current assets 108 94 202Creditors – amounts falling due within one year 132 – 132Creditors – amounts falling due after one year 203 – 203Net assets 149 1,342 1,491Net assets in the subsidiary 149 1,342 1,491Fair value adjustment – – –

There were no purchase or consideration costs incurred in acquiring these net assets. The resulting negative goodwill of £1,491,000 was recognised in the year ended 31 March 2014 and included as an incoming resource within the SoFA.

The table below relates to the year ended 31 March 2014.


4. Net income from trading activities of subsidiary undertakingsA summary of the results for the year ended 31 March 2015 of the subsidiaries of RNIB operating under association agreements follows:

RNIB Charity

£’000

Action

£’000

CIB

£’000

NTNM

£’000

Bucks Vision

£’000

RNIB Specialist Learning

Trust £’000

Total 2015 Associated

charities

£’000


charities

£’000Total incoming resources 25,116 14,124 554 150 131 1,237 41,312 23,355Total outgoing resources (24,907) (18,593) (522) (150) (330) (1,452) (45,954) (22,390)Net incoming (outgoing) resources before transfers

209

(4,469)

32

–

(199)

(215)

(4,642)

965

Net gains on investment assets

–

658

–

–

2

–

660

402

Net gains on revaluation of fixed assets

–

(531)

–

–

–

–

(531)

4,420

Actuarial gain (loss) on defined benefit pension scheme

–

(1,481)

(78)

–

–

(86)

(1,645)

456Net movement in funds 209 (5,823) (46) – (197) (301) (6,158) 6,243Funds brought forward – 26,012 565 – – 1,260 27,837 21,743Funds transferred on association

–

–

–

–

904

–

904

–

Funds transferred to RNIB on merger

–

–

–

–

–

–

–

(149)

Funds carried forward 209 20,189 519 – 707 959 22,583 27,837




RNIB Charity delivers regional services in Cymru, Northern Ireland and Scotland and national services across the UK, grant funded by RNIB. RNIB provides the fundraising service, with net fundraising receipts being restricted for RNIB Charity. The sum of such grants amounted to £10,351,000 in the year (2014: not applicable).

Action delivers regional services in England through their Action Teams in the areas of work, leisure, housing, support for beneficiaries, and information and education. RNIB provides the fundraising service,

RNIB Charity

£’000

Action

£’000

CIB

£’000

NTNM

£’000

Bucks Vision

£’000

RNIB Specialist Learning

Trust £’000


charities £’000


charities £’000

Fixed assets 209 22,858 1,932 – 40 1,565 26,604 30,070Current assets 5,179 1,889 220 7 691 561 8,547 3,630Creditors – amounts falling due within one year

5,179

1,666

165

7

24

475

7,516

2,731

Creditors – amounts falling due after one year

–

–

731

–

–

–

731

643

Pension scheme liability – 2,892 737 – – 692 4,321 2,489Net assets 209 20,189 519 – 707 959 22,583 27,837

with net fundraising receipts being restricted for Action. Since 1 July 2014, RNIB has delivered support functions for Action. The sum of such grants amounted to £6,505,000 in the year (2014: £10,640,000).

CIB provides a wide range of services to blind and partially sighted people within Cardiff and the Vale of Glamorgan. RNIB provides the fundraising service, with net fundraising receipts being restricted for CIB. The sum of such grants amounted to £95,000 in the year (2014: £nil). RNIB has also paid a grant to CIB in the year amounting to £172,000

(2014: £121,000) to cover additional costs funded from income restricted for Cymru.

NTNM provided newspapers, magazines and information in accessible formats for people with sight problems and also people with other disabilities. RNIB provided operational funding and the fundraising service, with net fundraising receipts being restricted for NTNM. RNIB has not paid a grant to NTNM in the year (2014: £112,000). NTNM merged with RNIB on 30 June 2013.


BucksVision provided services for blind and partially sighted people in Buckinghamshire. BucksVision became an associated charity to Action on 1 July 2014. RNIB has not paid a grant to BucksVision in the year (2014: not applicable).

RNIB Specialist Learning Trust is an Academy Trust that took over responsibility for Three Spires School in Coventry in September 2013 and

which provides education for primary age pupils with special educational needs. No financial support was given to the Trust. The Trust’s year end is 31 August and so the consolidation is on the basis of management accounts.

RNIB also has five wholly owned subsidiaries. These are RNIB Enterprises Limited, RNIB Services Limited, National Library for the Blind (NLB), Blind Centre for Northern Ireland (BCNI) and the

Glynn Vivian Home of Rest for the Blind (Glynn Vivian). RNIB Enterprises Limited holds the controlling interest in RNIB Business Services LLP.

A summary of the results for the year ended 31 March 2015 of the subsidiaries of RNIB follows below:

RNIB Enterprises Limited

£’000

RNIB Services Limited

£’000

NLB

£’000

BCNI

£’000

RNIB Business Services LLP

£’000

Total 2015

£’000

Total 2014

£’000Total incoming resources 538 6,595 10 – 90 7,233 5,698Total outgoing resources (68) (6,572) (10) – (76) (6,726) (5,199)Net incoming resources 470 23 – – 14 507 499Amount gifted/covenanted to RNIB

(470)

(23)

–

–

–

(493)

(499)

Non-controlling interest – – – – (7) (7) –Net movement in funds – – – – 7 7 –Funds brought forward 5 – – – – 5 5Capital investment – – – – 10 10 –Funds carried forward 5 – – – 17 22 5




A summary of the net assets as at 31 March 2015 of the subsidiaries of RNIB follows:

RNIB Enterprises

Limited £’000

RNIB Services Limited

£’000

NLB

£’000

BCNI

£’000

RNIB Business Services LLP

£’000

Total 2015

£’000

Total 2014

£’000Investment 10 – – – – 10 –Current assets 337 1,583 5 – 100 2,025 818Creditors – amounts falling due within one year

342

1,583

5

–

76

2,006

813

Non-controlling interest – – – – 7 7 –Net assets 5 – – – 17 22 5

RNIB Enterprises Limited The trading activities include commercial sponsorship and a scheme for the recycling of toner cartridges, with the consent of RNIB. A £200,000 facility remains available to RNIB Enterprises Limited and if called upon would be made by RNIB to cover the working capital requirements.

RNIB Services Limited administers RNIB’s school fees.

NLB exists as a shell charity to receive donations and legacies, which are transferred to RNIB to be ring-fenced for the RNIB National Library Service.

BCNI exists as a shell charity to receive donations and legacies, which are transferred to RNIB to be ring-fenced for RNIB Northern Ireland.

Glynn Vivian exists as a shell charity following the sale of the property previously owned by Glynn Vivian. RNIB is the sole Corporate Trustee and on the grounds of control Glynn Vivian has previously been consolidated within the financial statements of the RNIB Group. The charity is now dormant and so there is no disclosure in the tables above.


RNIB Enterprises Limited is one of two corporate members of RNIB Business Services LLP. The Limited Liability Partnership has been set up to work in partnership with MPH Accessible Media Limited to provide services to the commercial and public sectors both in the UK and internationally.

We want to help our customers provide accessible information and environments economically for those with sight loss.

A summary of the net assets as at 31 March 2015 of the subsidiaries of RNIB follows:

Associated charities

£’000

Subsidiaries

£’000

Total subsidiaries

2015 £’000

Total subsidiaries

2014 £’000

Total incoming resources 41,312 7,233 48,545 29,053Total outgoing resources (45,954) (6,726) (52,680) (27,589)Net incoming resources before transfers (4,642) 507 (4,135) 1,464Net gains on investment assets 660 – 660 402Net gains on revaluation of fixed assets (531) – (531) 4,420Actuarial loss on defined benefit pension scheme (1,645) – (1,645) 456Amount gifted/covenanted to RNIB – (493) (493) (499)Non-controlling interest – (7) (7) –Net movement in funds (6,158) 7 (6,151) 6,243Funds brought forward 27,837 5 27,842 21,748Investment of capital – 10 10 –Funds transferred on association 904 – 904 –Funds transferred to RNIB on merger – – – (149)Funds carried forward 22,583 22 22,605 27,842




A summary of the net assets as at 31 March 2015 of all RNIB subsidiaries follows:

The total net assets of the associated charities as at 31 March 2015 amounting to £22,605,000 (2014: £28,986,000) are held within the Group restricted and endowment funds as detailed in note 20.

Associated charities

£’000

Subsidiaries

£’000

Total subsidiaries

2015 £’000

Total subsidiaries

2014 £’000

Fixed assets 26,604 10 26,614 31,214Current assets 8,547 2,025 10,572 4,448Creditors – amounts falling due within one year 7,516 2,006 9,522 3,544Creditors – amounts falling due after one year 731 – 731 643Pension scheme liability 4,321 – 4,321 2,489Non-controlling interest – 7 7 –Net assets 22,583 22 22,605 28,986


5. Governance costs

Group 2015 £’000

Group 2014 £’000

RNIB 2015 £’000

RNIB 2014 £’000

Internal audit 83 104 79 84External audit – PricewaterhouseCoopers LLP 155 143 41 76External audit – other 8 9 – –Other services – PricewaterhouseCoopers LLP 11 7 11 7Legal fees – Associated charities 165 246 88 215Trustees’ expenses 73 69 57 54Costs incurred in running the Chairman’s Office 48 47 48 47International activity – including World Blind Union 66 67 66 67General costs incurred in servicing RNIB’s corporate committees and the statutory affairs of RNIB

804

848

545

688

Total governance costs 1,413 1,540 935 1,238




6. Resources expended – Group

Direct costs

£’000

Support costs £’000

Total 2015

£’000

Total 2014

£’000Costs of generating fundsCosts of generating voluntary income 15,395 5,319 20,714 15,705Merchandising and sponsorship costs 2 4 6 28Investment management fees 60 – 60 115Total costs to generate funds 15,457 5,323 20,780 15,848Charitable activitiesBeing there 5,295 1,274 6,569 –Independence 65,841 14,721 80,562 89,913Inclusion 6,951 1,303 8,254 9,741Prevention 703 264 967 3,562Total charitable activity costs 78,790 17,562 96,352 103,216Governance costs 824 589 1,413 1,540Total resources expended 95,071 23,474 118,545 120,604


7. Support costs allocation

Human Resources

£’000

Finance

£’000

Information Technology

£’000

Legal Services

£’000

Property Services

£’000

Other

£’000

Total 2015

£’000

Total 2014

£’000Costs of generating fundsCosts of generating voluntary income

672

412

1,321

70

92

2,752

5,319

4,171

Merchandising and sponsorship costs

–

3

–

–

–

1

4

4

Investment management fees – – – – – – – 16Total costs to generate funds 672 415 1,321 70 92 2,753 5,323 4,191Charitable activitiesBeing there 200 195 362 16 78 423 1,274 –Independence 2,620 2,062 3,800 189 863 5,187 14,721 13,241Inclusion 144 127 335 20 28 649 1,303 1,341Prevention 47 16 60 3 3 135 264 714Total charitable activity costs 3,011 2,400 4,557 228 972 6,394 17,562 15,296Governance costs 13 185 48 3 4 336 589 1,009Total resources expended 3,696 3,000 5,926 301 1,068 9,483 23,474 20,496

Basis of allocation:Human resources – HeadcountFinance – Pro rata on basis of costsInformation and technology services – Networked computers

Legal Services – Pro rata on basis of costsProperty services – Floor space Other (including strategy and performance, Group support) – Pro rata on basis of costs




8. TaxationRNIB is a registered charity and is thus exempt from tax on income and gains falling within sections 478 – 489 of the Corporation Tax Act 2010 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charge arises in any of the non-charitable subsidiary entities included in the Group financial statements due to their policy of gifting all taxable profits to their parent each year.

9. Group employee remunerationThe average monthly number of employees during the year was 2,471 (2014: 2,490), of which, the average full-time equivalent was 1,783 (2014: 1,978). Total emoluments for all staff for the year amounted to £61,446,000 (2014: £64,424,000). The total emoluments are analysed as shown below:

2015 £’000

2014 £’000

Salary costs 52,731 53,770Employer’s NI contributions 4,781 4,820Employer’s pension contributions 5,554 5,834Total emoluments 61,446 64,424


The following numbers of employees received total emoluments within the bands shown:

Between £60,001 and £70,000 18 16Between £70,001 and £80,000 8 14Between £80,001 and £90,000 7 4Between £90,001 and £100,000 2 1Between £100,001 and £110,000 4 6Between £110,001 and £120,000 1 1Between £130,001 and £140,000 – 1Between £140,001 and £150,000 1 –Between £150,001 and £160,000 – 1

No-one (2014: one) in the band from £150,000 to £160,000, and there are nine other people (2014: 10) disclosed above where the figures include a payment on the termination of employment. Included in the total emoluments figures above are payments amounting to £2,664,000 made to 192 members of staff (2014: £1,263,000 to 112 members of staff ) on termination of employment. These costs have been incurred as part of a programme of work to implement our 2014/19 strategy and ensure we have the right people with the right skills to effectively meet the needs of our customers.

Also, of the number of staff disclosed in the table above RNIB made payments on behalf of 36 (2014: 36) employees in respect of the RNIB Retirement Benefit Scheme and the Teachers’ Pension Scheme, and there were payments made to 16 (2014: 17) members of staff in respect of the defined contribution element of the RNIB Retirement Benefits Pension Scheme. The total amount of employer contributions paid in respect of these employees was £358,000 (2014: £374,000). For new entrants since 1 April 2005 the RNIB Retirement Benefits Pension Scheme (RBPS) is partly defined benefit and partly defined contribution, so included in the numbers reported are

staff that may be within both elements of the scheme.

In addition Action made payments on behalf of five (2014: seven) of its employees in respect of pension contributions totalling £20,000 (2014: £44,000).

Staff are able to claim reimbursement of expenditure incurred by them in the course of undertaking business on behalf of RNIB. Expenses are claimed against a set policy and guidelines, are independently authorised and are not regarded as part of the employee’s emoluments.




10. RNIB Trustees’ expenses and related parties transactionsMany Trustees and/or their organisations bear the cost of attending meetings themselves. They receive no benefits from RNIB except as users of our services. Where expenses are claimed these are in accordance with a set policy and guidelines, are independently authorised and are not regarded as emoluments.

Trustees of RNIB attend many committee, sub-committee and Boards of Governors’ meetings, most of which are held at RNIB’s London service centre.

A total of £36,672 was paid to, and on behalf of, 21 Trustees of RNIB as reimbursement of travel and subsistence expenses incurred in attending these meetings (2014: £37,129 to 22 Trustees). In addition, £15,954 was paid to one Trustee of RNIB as reimbursement of overseas travel and subsistence incurred in attending international meetings and conferences (2014: £14,684 to three Trustees).

The cost of lunches and overnight stays in RNIB establishments during the meetings cost a further £4,054 (2014: £2,507).

During the year RNIB paid Kevin Carey, Chair of RNIB, £25,113 (2014: £24,604) as remuneration in respect of carrying out his duty as Chair of RNIB. Included in this salary was back-dated pay of £329 in respect of the staff annual pay award relating to 2013/14. These payments have been made with the consent of RNIB Commission. In addition, RNIB has paid £20,100 (2014: £20,100) to HumanITy as a contribution to their secretarial and office costs in providing support to Kevin Carey in his role as the Chair of RNIB. Kevin Carey was employed as an executive director of the HumanITy organisation during this period. HumanITy also receives a management fee of US$3,400 per month from Transforming Braille Group of which RNIB has a 20 per cent share holding.

Peter Bennetts, a Trustee of RNIB, is also a Trustee of Gateshead & South Tyneside Sight Service to which RNIB paid £30,000 grant (2014: £nil). Peter is also a Trustee of VINE (Visual Impairment North East), which RNIB paid £810 (2014: £nil) and received £166 (2014: £nil). He is also a member of the Macular Society which RNIB paid £100 (2014: £nil) and received £567 (2014: £nil).

Lord Low of Dalston, a Vice President of RNIB and a Trustee of Action, is President of Visionary to which grants have been paid of £nil (2014: £18,000).

Vidar Hjardeng, a Trustee of RNIB, is a Director of External Relations for Focus Birmingham from which RNIB received £11,240 (2014: £nil), as well as being a member of the Audio Description Association, to which RNIB paid £50 (2014: £nil).

Ian Jentle, a Trustee of RNIB, is also a Trustee of Extant, to which RNIB paid £2,538 (2014: £nil).

The wife of David Mann (a Trustee of RNIB), is Chair of Sightlines to which RNIB paid £298 (2014: £150).


Mike Nussbaum, a Trustee of RNIB and a Trustee of Action, is a Trustee of Guide Dogs for the Blind Association from which £74,859 (2014: £67,553) has been received and £3,100 (2014: £2,590) has been paid. Also Guide Dogs for the Blind Association own two Action hotels where the lease is charged at a peppercorn rent. Mike is also a Trustee of National Blind Children’s Society to which £nil (2014: £22,593) has been paid and from which £555 (2014: £1,670) has been received. Mike is also a Trustee of Vision 2020 UK to which £19,876 (2014: £nil) has been paid and from which £22,302 (2014: £nil) has been received.

John Ramm, a Trustee of RNIB, is also a Trustee of Habinteg Housing Association form which RNIB received £137 (2014: £nil).

In the year RNIB made Honoraria payments totalling £300 (2014: £810) to Ken Reid, a Trustee of RNIB, in respect of the UK Vision Strategy. In addition, Ken is a member of RP Fighting Blindness, formerly British Retinitis Pigmentosa Society, from which RNIB received £nil (2014: £44). Ken is also a Trustee of Scottish War Blinded from which RNIB received £23,372 (2014: £nil).

Paul Ryb, a Trustee of RNIB, is a Trustee of Macular Society to which £100 (2014: £200) has been paid. Paul is also a Managing Director of the GMB division of Royal Bank of Scotland from which RNIB received £175,686. Paul had no involvement in this contract either as Trustee of RNIB or as a Managing Director of Royal Bank of Scotland.

Eleanor Southwood, Group Vice Chair, became an elected councillor for London

Borough of Brent on 22 May 2014 from which RNIB received £200,886. Eleanor had no involvement in this contract either as Trustee of RNIB or as a councillor for London Borough of Brent.

Mike Townsend, a Trustee of RNIB, is a director of the Torch Trust from which £100 (2014: £7,009) has been received.

Sandra Wilson, a Trustee of RNIB, is a member of Scottish Accessible Information Forum (SCVO), for which RNIB received £40 (2014: £nil).

RNIB enters a comprehensive range of insurance policies to protect Trustees, officers and employees against losses and personal legal liabilities arising from neglect or default in the course of business. Total premiums for these policies amounted to £33,989 (2014: £33,920).




11. Grants payableGrants payable in the year amount to £382,000 (2014: £392,000) with seven (2014: eight) grants of £5,000 or above, amounting to £94,000 (2014: £165,000). In addition, around 730 (2014: 700) small grants at an individual value of less than £5,000 were made.

2015 £’000

2014 £’000

Association of Blind Asians 10 –Daisy Consortium 20 20Gateshead and South Tyneside Sight Service 30 –ICEVI Europe 5 –June Metro Athletics – 6Louis Braille Museum 8 9Royal College of General Practitioners – 51South Lincolnshire Blind Society – 7Vision 2020 (UK) Limited – 17Visionary (formerly NALSVI) – 18Waltham Forest Blind Association – 12World Blind Union – Marrakesh Treaty Ratification Campaign Project

5

–

World Blind Union – Core Work Sponsorship 16 –Other grants – all under £5,000 288 252Total grants payable 382 392


12. Total movements of funds in the year is stated after charging

2015 £’000

2014 £’000

Auditors remunerationStatutory audit fee – RNIB 70 71Statutory audit fee – Subsidiary companies 18 13Statutory audit fee – Associated charities 76 62Audit of teachers' pension scheme and other non-statutory audit work 3 3Financial advice and other services 11 15Operating lease payments – other 1,544 1,542Foreign exchange losses 59 49Depreciation charge – tangible fixed assets 3,093 3,166(Loss) profit on disposal of fixed assets (7) 453

Of the £76,000 (2014: £62,000) statutory audit fees payable by the associated charities £8,000 (2013: £9,000) was paid to organisations other than PricewaterhouseCoopers LLP.




13. Tangible fixed assets

GroupService

properties

£’000

Machinery, vehicles and

equipment £’000

Total

£’000CostBalance 1 April 2014 90,259 9,508 99,767Additions 131 975 1,106Additions on association 61 12 73Transfer to property held for sale (300) – (300)Elimination on disposal (100) (156) (256)Balance 31 March 2015 90,051 10,339 100,390Accumulated depreciationBalance 1 April 2014 17,324 6,206 23,530Charge for year 1,909 1,184 3,093Elimination on disposal (66) (153) (219)Balance 31 March 2015 19,167 7,237 26,404Net book value 31 March 2015 70,884 3,102 73,986Net book value 31 March 2014 72,935 3,302 76,237


13. Tangible fixed assets

RNIBService

properties

£’000

Machinery, vehicles and

equipment £’000

Total

£’000CostBalance 1 April 2014 76,414 6,875 83,289Additions 28 417 445Transfer of assets from Action – 424 424Transfer of assets on association – RNIB Charity – (3,505) (3,505)Transfer of property held for sale (300) – (300)Elimination on disposal – (154) (154)Balance 31 March 2015 76,142 4,057 80,199Accumulated depreciationBalance 1 April 2014 15,842 5,127 20,969Charge for year 1,486 761 2,247Transfer of assets on association – RNIB Charity – (3,259) (3,259)Elimination on disposal – (153) (153)Balance 31 March 2015 17,328 2,476 19,804Net book value 31 March 2015 58,814 1,581 60,395Net book value 31 March 2014 60,572 1,748 62,320




Service properties are used to provide services to blind and partially sighted people. Of the net book value of property used by the Group, £15,761,000 (2014: £16,192,000) represents leaseholds of more than 50 years whilst £448,000 (2014: £548,000) represents leaseholds of less than 50 years.

A transfer has been made from the designated service properties fund in the sum of £272,000 (2014: £73,000) comprising additions of £28,000 (2014: £73,000) less £300,000 (2014: £nil) disposals in the year.

A transfer has been made to the designated other fixed assets fund in the sum of £594,000 (2014: £628,000) comprising additions of £841,000 (2014: £628,000) less £247,000 (2014: £nil) disposals in the year.

The net book value of fixed assets of our associated charities are held within the restricted funds as set out in note 20.


14. Investments

Unrestricted fundsGroup 2015

£’000Group 2014

£’000RNIB 2015

£’000RNIB 2014

£’000Quoted/UnquotedMarket value at beginning of year 15,025 16,759 15,030 16,764Acquisitions at cost 1 3 1 3Disposals at opening market value (7,434) (3,946) (7,434) (3,946)Net gain on revaluation 1,338 2,209 1,338 2,209Market value at the end of the year 8,930 15,025 8,935 15,030Historical cost at the end of the year 5,380 12,034 5,385 12,039PropertyMarket value at beginning of year 665 1,703 665 1,703Disposals at opening market value – (1,071) – (1,071)Net gain on revaluation 42 33 42 33Market value at the end of the year 707 665 707 665Historical cost at the end of the year – – – –Total market value at the end of the year 9,637 15,690 9,642 15,695Total historical cost at the end of the year 5,380 12,034 5,385 12,039




Restricted funds

Endowment funds

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

Quoted/UnquotedMarket value at beginning of year 12,814 14,002 3,621 5,434Acquisitions at cost 239 265 – –Disposals at opening market value (3,446) (13) – –Net loss on revaluation (183) (1,440) (781) (1,813)Market value at the end of the year 9,424 12,814 2,840 3,621Historical cost at the end of the year 10,156 13,381 4,780 4,780

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

QuotedMarket value at beginning of year 5,329 5,393 5,328 5,392Disposals at opening market value – (29) – (29)Net gain (loss) on revaluation 405 (35) 405 (35)Market value at the end of the year 5,734 5,329 5,733 5,328Historical cost at the end of the year 4,775 4,775 4,774 4,774


The market value of investments is further broken down as follows:

The Trustees believe that the carrying value of the investments is supported by their underlying assets.

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

Unrestricted funds – Quoted 9,637 15,690 9,637 15,690Unrestricted funds – Unquoted – – 5 5Restricted funds 9,424 12,814 2,840 3,621Endowment funds 5,734 5,329 5,733 5,328Total market value of investments at end of year 24,795 33,833 18,215 24,644

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

Unrestricted funds – UK Quoted 8,930 15,025 8,930 15,025Unrestricted funds – UK Unquoted – – 5 5Unrestricted funds – UK Property 707 665 707 665Restricted funds – UK Quoted 9,424 12,814 2,840 3,621Endowment funds – UK Quoted 5,734 5,329 5,733 5,328Total market value of investments at end of year 24,795 33,833 18,215 24,644




Significant holdingsWithin the portfolio of quoted investments, the following holdings for RNIB Group exceed five per cent of the total market value of the fund:

In addition, RNIB investments also include the following nominal holdings in subsidiary undertakings. The subsidiaries are all based within the UK and their accounting year ends are 31 March.

In September 2014, RNIB entered into a partnership in the form of RNIB Business Services LLP. RNIB Enterprises Limited is one of two corporate members of the LLP and is entitled to half of the profits and has the controlling voting interest.

2015 £’000

2015Per cent

2014£’000

2014Per cent

Unrestricted funds – L&G Ethical Trust (Distribution Units) 3,015 12.5 4,942 20.6Unrestricted funds – L&G Cash Trust (Accumulation Units) 4,666 19.4 7,304 30.5Unrestricted funds – F&C Ethical Bond Share Class 2 4,061 16.7 6,374 26.6Restricted funds – CAF UK Equities fund 2,645 11.0 – –Restricted funds – L&G Fixed Interest Trust 2,582 10.7 – –Endowment funds – F&C Ethical Bond Share Class 2 (Emma Nye Fund) 3,148 13.1 2,899 12.1

Subsidiary undertakings with a share capital

Registered in Capital heldPer cent

Number of £1 ordinary shares held

RNIB Enterprises Limited England and Wales 100 5,000RNIB Services Limited England and Wales 100 1Transforming Braille Group LLC USA 20 5 ownership unitsTotal – direct 5,001RNIB Business Services LLP England and Wales 50 Not applicable


RNIB is the sole corporate member of the following organisations which, all bar the Glynn Vivian Home of Rest for the Blind, are limited by guarantee with no shares in issue:

RNIB has an indirect holding in the following organisations, through Action, which are all limited by guarantee with no shares in issue:

In addition to the fixed asset investments there are also some donated investments held by RNIB, which because of their nature are included within current assets.

Subsidiary undertakings limited by guarantee

Registered in Company number Charity number Charity number – Scotland

Action for Blind People England and Wales 26688 205913 SC040050CIB England and Wales 149982 214131 –NTNM England and Wales 1973092 293656 –BCNI Northern Ireland NI 20701 XN48801 –NLB England and Wales 58823 213212 –Glynn Vivian England and Wales – 214330 –RNIB Specialist Learning Trust

England and Wales

8478985

Exempt Charity

–

Subsidiary undertakings limited by guarantee Registered in Company number Charity numberBucksVision England and Wales 8016572 1147814The Blind Society for North Tyneside Limited England and Wales 3736040 1075973Staffordshire Blind England and Wales 4154438 1091458




Current asset investments (including property held for sale)

The opening value relates to four properties in Condover, Shropshire three of which have been sold. The remaining property was sold in April 2015. The transfer in respect of property in 2015 relates to a parcel of land in Peterborough which is in the process of being sold.

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

Property held for saleMarket value at beginning of year 1,236 – 1,236 –Transfers on association with BucksVision 72 – – –Transfers from fixed assets to property held for sale 400 1,236 400 1,236Disposals of property held for sale (613) – (613) –Net loss on revaluation (164) – (164) –Market value at the end of the year 931 1,236 859 1,236Historical cost at the end of the year 528 600 528 600

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

Unrestricted funds 931 1,236 859 1,236Total market value of current asset investments at end of year 931 1,236 859 1,236Total historical cost at the end of the year 528 600 528 600


15. Stocks and work-in-progress

16. Debtors – amounts falling due within one year

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

Finished goods for resale 792 762 – 656Raw materials and consumables 259 248 – 248Total 1,051 1,010 – 904

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

Trade debtors 5,790 3,780 499 2,902Amounts owed by Group undertakings – – 3,824 1,281Other debtors 1,518 2,168 1,219 830Legacy accrued income 14,382 12,763 14,382 12,763Prepayments and accrued income 3,071 2,309 1,232 1,624Total 24,761 21,020 21,156 19,400

The Group and RNIB has been notified of further legacies amounting to £10,287,000 (2014: £7,464,000), which have not been recognised as income at 31 March 2015 because the conditions of the accounting policy for legacies have not been met. When these conditions are met these amounts will be included in future periods.




17. Debtors – amounts falling due after one year

18. Creditors – amounts falling due within one year

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

Amounts owed by Group undertakings – – 731 643Total – – 731 643

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

Trade creditors 1,694 2,696 810 2,479Bank overdraft 5 1 5 1Net obligations under loan 1,000 1,000 1,000 1,000Net obligations under finance leases 6 – 6 –Taxes and social security costs 1,100 1,447 528 1,131Amounts owed to Group undertakings – – 78 42Other creditors 1,822 1,530 726 1,344Accruals 5,704 5,228 3,302 4,365Deferred income – all utilised in the year 972 1,173 240 646Total 12,303 13,075 6,695 11,008


19. Creditors – amounts falling due after more than one year

Group 2015 £’000

Group 2014 £’000

RNIB 2015£’000

RNIB 2014£’000

Net obligations under finance leases are payable as follows:Between one and two years 6 – 6 –Between two and five years 20 – 20 –Net obligations under bank loan is payable as follows:Between one and two years 1,000 1,000 1,000 1,000Between two and five years 3,000 3,000 3,000 3,000More than five years 15,000 16,000 15,000 16,000Total 19,026 20,000 19,026 20,000

In 2011/12, RNIB exercised its option to convert a three-year revolving loan agreement with the AIB Group (UK) plc to finance the redevelopment known as the RNIB Pears Centre for Specialist Learning in Coventry into a 23-year mortgage secured over the freehold property at Coventry. At 31 March 2015, the amount owing on the loan is £20,000,000 (2014: £21,000,000).

Interest is charged on the loan at 0.65 per cent above the three-month LIBOR rate. RNIB has entered into a swap with AIB under which for the period 30 December 2011 to 31 December 2026 the interest charged on the outstanding amount of the loan, less £500,000, is at a fixed rate of 5.05 per cent.

Under the terms of the mortgage, RNIB undertakes to maintain the aggregate of Designated and General Reserves at a level 25 per cent above the amount outstanding at any time. At 31 March 2015, with the amount outstanding at £20,000,000 (2014: £21,000,000) the level of such reserves has to exceed £25,000,000 (2014: £26,250,000) and the actual level of such reserves stands at £82,051,000 (2014: £83,059,000).




20. Group/RNIB statement of funds

Designated31March

2014 £’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers

£’000

Gains(losses)

£’000

31March2015

£’000Investment fund 3,183 – 2,412 (400) – 371Mergers fund 1,173 – 329 – – 844Service property and associated facilities development

551

–

102

–

–

449

Operational equipment fund 402 – 1,490 2,495 – 1,407Information technology infrastructure fund 72 – 831 1,101 – 342Repairs and maintenance fund – – 884 884 – –Net book value – Service properties 39,572 – 1,485 728 – 38,815Net book value – Other fixed assets 1,748 424 1,007 415 – 1,580Total designated – Group and RNIB 46,701 424 8,540 5,223 – 43,808

Investment fund: The purpose is to fund major projects furthering the strategic business plan. The transfer represents the release of unspent funds back to free reserves of £400,000.

Mergers fund: This fund is designed to meet the costs of transition and future development of services relating to organisations that have merged with RNIB.

Service property and associated facilities development fund: The purpose is to fund capital building projects.


Operational equipment fund: The purpose is to fund planned capital acquisitions. The £2,495,000 transfer represents a £253,000 designation from the general fund for general capital acquisitions and the transfer to other funds of £2,407,000 offset by the acquisition of fixed assets in the sum of £165,000.

Information technology infrastructure fund: The purpose is to ensure that the information technology infrastructure is robust. The £1,101,000 transfer represents a planned designation of £464,000 towards the fund as well as a net transfer from other funds of £726,000 offset by the acquisition of fixed assets in the sum of £89,000.

Repairs and maintenance fund: The purpose is to fund a rolling programme of regular property maintenance. The £884,000 transfer represents new designations to cover planned expenditure.

Net book value – service properties: The purpose is to recognise the value, net of long-term debt, of RNIB’s service properties that are unavailable to free reserves. Such fixed asset properties held in the associated charities are recognised within the restricted funds. The transfer comprises £28,000 of other additions together with a reduction in the long-term debt of £1,000,000 relating to the loan repayment regarding the redevelopment at the RNIB Pears Centre for Specialist Learning offset by a transfer of property to current assets of £300,000.

Net book value – other fixed assets: The purpose is to recognise the value, net of long-term debt, of RNIB’s other fixed assets that are unavailable to free reserves. Such other fixed assets held in the associated charities are recognised within the restricted funds. The transfer comprises additions amounting to £417,000 less the net book value of disposals of £2,000.




Other unrestricted

Restricted

31March2014

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers

£’000

Gains(losses)

£’000

31March2015

£’000General – RNIB 22,487 68,148 62,857 (5,154) 612 23,236Pension reserve 6,482 1,806 (873) – 3,435 12,596Total other unrestricted 28,969 69,954 61,984 (5,154) 4,047 35,832RNIB Enterprises Limited – 538 538 – – –RNIB Services Limited – 6,595 6,595 – – –National Library for the Blind – 10 10 – – –Blind Centre for Northern Ireland – – – – – –Total unrestricted – RNIB and Group 75,670 77,521 77,667 69 4,047 79,640

31March2014

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers

£’000

Gains(losses)

£’000

31March2015

£’000Emma Nye fund welfare pensions 525 135 208 – – 452Dr Duncan Leeds Bequest 74 51 69 – – 56Elizabeth Eagle-Bott Memorial Fund 39 28 60 – 2 9Donations for specified services and equipment

2,899

9,784

9,892

(69)

–

2,722

Action – 21 21 – – –Glynn Vivian 526 – 526 – – –Sub total 4,063 10,019 10,776 (69) 2 3,239


31March2014

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers

£’000

Gains(losses)

£’000

31March2015

£’000Fund and/or purpose b/f 4,063 10,019 10,776 (69) 2 3,239Big Lottery FundAdvantAGE Programme Wales Eye Patient Advocacy Service

73

67

113

–

–

27

Empowering Young People Programme – Realise

15

108

115

–

–

8

Safe and Well Programme, Lisburn in Focus

46

133

170

–

–

9

Silver Dreams Programme: OPTiC (Older People Taking Control)

8

(8)

–

–

–

–

Connecting Older People: Looking Forward

62

170

112

–

–

120

Bright New Futures – Future In–Sight 31 196 187 – – 40Reaching Communities – Talk and Support: Supporting our Volunteers through Mentoring

39

1

5

–

–

35Sub total 4,337 10,686 11,478 (69) 2 3,478




31March2014

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers

£’000

Gains(losses)

£’000

31March2015

£’000Fund and/or purpose b/f 4,337 10,686 11,478 (69) 2 3,478Reaching Communities: Trainee Grade Scheme – Extending the Reach

45

112

101

–

–

56

Awards for AllConnecting Communities 1 – 1 – – –Family Activity Days – 5 2 – – 3Creative Scotland – Public Engagement Fund

–

5

2

–

–

3

The Arts GalleryHeritage Lottery Fund (4) 5 1 – – –Our Heritage Fund – Seeing our History – Scotland 2014Our Heritage Fund – Museums In Focus – 28 16 – – 12Heritage Grants Fund – Culture Link South East

18

–

17

–

–

1

Big Lottery Fund 13 21 34 – – –Young Start Programme: Education, Respect and Awareness

7

21

27

–

–

1

Support and Connect – Advice Plus – 130 64 – – 66Sub total 4,417 11,008 11,741 (69) 2 3,617


31March2014

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers

£’000

Gains(losses)

£’000

31March2015

£’000Fund and/or purpose b/f 4,417 11,008 11,741 (69) 2 3,617Investment In Communities – Looking To The Future

– 85 1 – – 84

People & Places – All Wales Welfare Rights Service for People with Sensory Loss

–

150

92

–

–

58Basic Online Skills – Online Today! – 472 176 – – 296Department of HealthIESD: Electronic Certificate of Visual Impairment

26

80

40

–

–

66

IESD: Communicating for Efficiency and Effectiveness

2

59

61

–

–

–

HSCVF Community Eye Health Champions

–

74

27

–

–

47

EIRECS Early Intervention and Rehabilitation in Eye Care Services

–

37

31

–

–

6

Total restricted – RNIB 4,445 11,965 12,169 (69) 2 4,174




31March2014

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers

£’000

Gains(losses)

£’000

31March2015

£’000Fund and/or purpose b/f 4,445 11,965 12,169 (69) 2 4,174IESD – Bradford Community Engagement Project (BCEP)

–

(5)

(5)

–

–

–

IESD – Support for Early Reach in Clinics and Hospitals (SEARCH)

13

68

74

–

–

7

Total restricted – RNIB 4,458 12,028 12,238 (69) 2 4,181Action 19,053 7,598 12,067 – (823) 13,761RNIB Charity – 14,519 14,310 – – 209CIB 564 287 255 – (78) 518NTNM – 150 150 – – –RNIB Specialist Learning Trust 1,260 1,237 1,452 – (86) 959RNIB Business Services LLP – 90 76 – (7) 7BucksVision – 1,035 330 – 2 707Total restricted – Group and RNIB 25,335 36,944 40,878 (69) (990) 20,342

Restricted fund balances may be in a deficit situation pending future receipts where such funding is given on a reclaim basis and at 31 March 2015 such deficit balances amounted to £49,000 (2014: £36,000), which lies within ‘Donations for specified services and equipment’.

The amounts included within ‘Group’ represent the net assets at fair value of the associated charities, other than those held within endowment funds.


We apply a total return approach to The Sunshine Endowment Fund. In the year this resulted in the release of the unapplied total return amounting to £nil (2014: £31,000) to general funds. Within the balance at 31 March 2015, the value of the gift element of the permanent endowment was £323,000 (2014: £323,000) and the unapplied total return was £44,000 (2014: £27,000).

31March2014

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers

£’000

Gains(losses)

£’000

31March2015

£’000Sunshine 350 – – – 17 367Emma Nye 2,899 – – – 249 3,148Bristol Blind Fund 105 – – – 9 114Eagle-Bott Memorial 628 – – – 40 668Dr Duncan Leeds Bequest 1,177 – – – 76 1,253GDC Rushton 169 – – – 14 183Total endowment – RNIB 5,328 – – – 405 5,733CIB 1 – – – – 1Total endowment – Group and RNIB 5,329 – – – 405 5,734




31March2014

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers

£’000

Gains(losses)

£’000

31March2015

£’000RNIBUnrestricted 75,670 77,433 77,579 69 4,047 79,640Restricted 4,458 12,028 12,238 (69) 2 4,181Endowment 5,328 – – – 405 5,733Total 85,456 89,461 89,817 – 4,454 89,554GroupUnrestricted 75,670 77,521 77,667 69 4,047 79,640Restricted 25,335 36,944 40,878 (69) (990) 20,342Endowment 5,329 – – – 405 5,734Total 106,334 114,465 118,545 – 3,462 105,716

Summary


Group fund balances are represented by: Unrestricted funds£’000

Restricted funds£’000

Endowment funds£’000

Total funds2015

£’000

Total funds2014

£’000Tangible fixed assets 60,604 13,382 – 73,986 76,237Investments 9,637 9,424 5,734 24,795 33,833Net current assets 15,836 1,857 – 17,693 12,271Long-term liabilities (19,026) – – (19,026) (20,000)Defined benefit pension scheme asset 12,596 (4,321) – 8,275 3,993Non-controlling interest in net assets (7) – – (7) –Total net assets 79,640 20,342 5,734 105,716 106,334

RNIB fund balances are represented by: Unrestricted funds£’000

Restricted funds£’000

Endowment funds£’000

Total funds2015

£’000

Total funds2014

£’000Tangible fixed assets 60,395 – – 60,395 62,320Investments 9,642 2,840 5,733 18,215 24,644Net current assets 16,033 1,341 – 17,374 12,010Long-term liabilities (19,026) – – (19,026) (20,000)Defined benefit pension scheme asset 12,596 – – 12,596 6,482Total net assets 79,640 4,181 5,733 88,554 85,456

21. Analysis of net assets between funds




22. Pension costsThe RNIB Group pension arrangements comprise those of RNIB and the associated charities, RNIB Charity, Action and CIB. A summary of the movement in pension assets and liabilities for the Group’s defined benefit pension funds is shown below:

RNIBThe RNIB Retirement Benefits Pension Scheme (RBPS) is partly defined benefit and partly defined contribution. Members joining before 1 April 2005 are wholly defined benefit, with those members joining after, having a hybrid of defined benefit and defined contribution. The assets of the scheme are held in a separate fund, under control of its Trustees, to which RNIB has no access. A salary sacrifice arrangement was

Amounts charged to SoFA

£’000

Actuarialgains (losses)

£’000

Defined Benefit Pension Scheme

asset (liability)£’000

RNIB 1,804 3,435 12,596RNIB Charity – – –Action schemes one and three (56) (1,481) (2,892)CIB 10 (78) (737)Academy Trust 76 (86) (692)Total defined benefit schemes 1,834 1,790 8,275

introduced 1 July 2010 whereby the member’s salary is reduced by the amount of the member contribution and in return the employer makes an equivalent contribution to the scheme.

An actuarial valuation was carried out at 31 March 2014 by the pension scheme’s actuary Aon Hewitt, using the projected unit method. The valuation disclosed that the market value of the scheme’s assets (excluding defined contribution and additional voluntary contribution

assets) at that date was £175.9million, and that there was a surplus of £0.6million relative to the technical provisions (the level of assets agreed by the Trustees and RNIB as being appropriate to meet member benefits, assuming the scheme continues as a going concern). Contributions by RNIB therefore reduced to 12.5 per cent for the future accrual of final salary benefits from 1 January 2015. As of 1 January 2015 RNIB also ceased


to make additional contributions of £828,000 a year that were due to be paid until 30 June 2018.

Following the merger with NLB, RNIB also offers the Pensions Trust’s Growth Plan. The Growth Plan is a multi- employer pension plan under which contributions are invested in personal funds which have a capital guarantee and convert to a pension on retirement. No contributions are currently required into the Plan, but the Pensions Trust has advised that in the event of a withdrawal from the Plan, or in the event of the Pensions Trust being wound up, RNIB would have liability to pay a share of the accumulated deficit in the Plan, which is estimated at £927,000 based on the valuation of the Plan as at 30 September 2014.

RNIB also participates in the Teachers’ Pension Scheme, a defined benefit scheme for employees who were formerly employed by local education authorities. The Teachers’ Pension Scheme is an unfunded scheme. Contributions on a ‘pay as you go’ basis are credited to The Exchequer under

arrangements governed by The Superannuation Act 1972.

RNIB has an auto-enrolment pension scheme which is administered by the National Employment Savings Trust (NEST). This is a defined contribution scheme. In the year, RNIB contributed £111,000 on behalf of 1,058 employees.

RNIB CharityRNIB Charity participates in the RNIB Retirement Benefits Scheme. This is a hybrid scheme for members joining after 1 April 2005 and a defined benefit scheme for prior entrants. The assets and liabilities of the scheme are accounted for within the Group accounts. The charity is unable to identify, on a reasonable and consistent basis, its share of the underlying assets/liabilities as such information is unavailable on a disaggregated basis. Therefore, RNIB Charity has accounted for contributions as if the scheme were a defined contribution scheme.

During the year contributions of £1,703,000 were paid into the scheme on behalf of the charity.

ActionAction participates in five pension schemes and the assets of all the schemes are held separately from those of RNIB.

Scheme number one is the Action Defined Benefit Scheme which was offered through the Pensions Trust. The scheme has been closed to new members since 1 October 1997.

Scheme number two is the Action for Blind People money purchase scheme and is open to existing and new employees. It is currently substantially all invested in the Pensions Trust Growth Series 3 Scheme. Due to its capital guarantee, this scheme differs in some important respects from a standard Defined Contribution Scheme, and following legislation in 2011 is now classified legally as a Defined Benefit Scheme. Action is unable to identify, on a reasonable and consistent basis, its share of the underlying assets because the Pensions Trust does not provide such information as this is unavailable on a disaggregated basis. Accordingly,




due to the nature of the scheme, Action has accounted for contributions as if the scheme were a Defined Contribution Scheme. Members contributions are not fixed, employees are able to make contributions up to 10 per cent of their salaries.

Scheme number three is a defined benefit scheme operated by Wiltshire County Council and related to staff transferred from Shelwork Industries on 1 April 2000. The Shelwork factory operation has ceased trading and therefore the majority of the members of the scheme are no longer employees of Action.

Scheme number four is the RNIB Retirement Benefits Pension Scheme of which Action became an Employer on 1 April 2009 pursuant to the Transfer of Undertakings Agreement whereby 118 scheme members transferred by TUPE to Action. With regard to Action it closed to new members with immediate effect from 1 April 2009. Under the Association Agreement with RNIB, the

deficit on the scheme disclosed by the Triennial Actuarial Valuation at 31 March is the responsibility of RNIB. The FRS17 review of the whole scheme at 31 March 2015 produced a surplus of which £45,000 (2014: £22,000) is attributable to Action. Action also participates in the Teachers’ Pension Scheme, a defined benefit scheme for employees who were formerly employed by local education authorities. The Teachers’ Pension Scheme is an unfunded scheme. Contributions on a ‘pay as you go’ basis are credited to the Exchequer under arrangements governed by the Superannuation Act 1972.

CIBCIB is a participant within the defined benefit scheme ‘Cardiff and Vale of Glamorgan Pension Fund’ which is part of the Local Government Pension Scheme.

CIB has a defined contribution pension scheme with Scottish Widows. In the year, CIB contributed £3,000 on behalf of one employee.

RNIB Specialist Learning TrustRNIB Specialist Learning Trust is a participant within the defined benefit scheme ‘West Midlands Pension Fund’ which is part of the Local Government Pension Scheme.

RNIB Specialist Learning Trust also participates in the Teachers’ Pension Scheme, a defined benefit scheme for employees who were formerly employed by local education authorities. The Teachers’ Pension Scheme is an unfunded scheme. Contributions on a ‘pay as you go’ basis are credited to The Exchequer under arrangements governed by The Superannuation Act 1972.

The following tables, and narrative, provide the detailed disclosures that relate to the RNIB Retirement Benefit Scheme. The column headed “Associated charities” refers to Action’s schemes one and three, together with that for CIB. Together these explain the Group’s pension costs.


a. Scheme assets and liabilities RNIB£’000

Associated charities£’000

Total£’000

2015Scheme assets at fair valueEquities 78,252 8,843 87,095Corporate and other bonds – 3,077 3,077Fixed interest gilts – 88 88Index-linked gilts 53,858 3,325 57,183Property (including unit trusts) 16,121 1,238 17,359Infrastructure 20,215 – 20,215Standard Life GARS 17,769 – 17,769Legal and General Real and Inflation linked funds 25,540 – 25,540Cash and other (including net current assets) 1,051 169 1,220Total market value of scheme assets 212,806 16,740 229,546Present value of scheme liabilities (200,210) (21,061) (221,271)Net pension scheme asset (liability) 12,596 (4,321) 8,275




b. Scheme assets and liabilities RNIB£’000


Total£’000

2014Scheme assets at fair valueEquities 103,282 8,550 111,832Corporate and other bonds 16,511 5,105 21,616Fixed interest gilts – 80 80Index-linked gilts 40,464 – 40,464Property (including unit trusts) 14,085 1,086 15,171Cash and other (including net current assets) 1,415 93 1,508Total market value of scheme assets 175,757 14,914 190,671Present value of scheme liabilities (169,275) (17,403) (186,678)Net pension scheme asset (liability) 6,482 (2,489) 3,993

The assets of the RNIB Scheme are held with Legal and General plus BlackRock (for equities, bonds and properties). The defined benefit assets are invested according to the Statement of Investment Principles agreed by the scheme Trustees. This sets a benchmark allocation of assets. The defined contribution assets are invested in line with member instructions. RNIB employs a building block approach in determining the long-term rate of return on pension plan assets. Historical markets are studied and assets with higher volatility are assumed to generate higher returns consistent with widely accepted capital market principles.


c. Analysis of charge to the SoFA RNIB£’000


Total£’000

Year to 31 March 2015Current service cost 3,610 153 3,763Interest cost 7,430 768 8,198Expected return on scheme assets (9,236) (891) (10,127)Expense recognised in SoFA 1,804 30 1,834Year to 31 March 2014Current service cost 3,747 174 3,921Interest cost 7,209 760 7,969Expected return on scheme assets (8,643) (832) (9,475)Expense recognised in SoFA 2,313 102 2,415

The above service cost excludes any RNIB contributions paid to the defined contributions section of the scheme.

RNIB contributed to the scheme at the rate of 12.9 per cent of pensionable salaries until 31 December 2014 and then contributed at the rate of 12.5 per cent of pensionable salaries. These rates include the cost of death in service insurance cover. During the year RNIB contributed £4,483,000 (2014: £4,878,000) to the scheme, and in the next year RNIB expects to contribute £3,195,000. In addition,

RNIB, RNIB Charity and Action share the administrative costs of the scheme. In 2010, as a part of the recovery plan it was agreed that RNIB would make additional annual contributions of £1million over 17 years, and these contributions are included in the amounts that RNIB contributed to the scheme, referred to above. From 1 April 2013 these additional contributions reduced to £828,000 per year until 30 June 2018. From 1 January 2015 these additional contributions were removed. From 1 July 2010 under the RNIB salary sacrifice arrangement




d. Analysis of actuarial gains and losses RNIB£’000


Total£’000

Year to 31 March 2015Experience gains on scheme assets 27,780 1,340 29,120Experience gains on scheme liabilities (1,299) (245) (1,544)Losses on scheme liabilities arising out of changes to the actuarial assumptions used

(23,046)

(2,740)

(25,786)

Total actuarial gain (loss) 3,435 (1,645) 1,790Year to 31 March 2014Experience gains on scheme assets 2,048 66 2,114Experience gains on scheme liabilities 707 164 871(Losses) gains on scheme liabilities arising out of changes to the actuarial assumptions used

(3,233)

226

(3,007)

Total actuarial (loss) gain (478) 456 (22)

employer contributions and service cost include the member salary sacrifice contributions while member contributions are shown as £nil. RNIB also makes contributions to a number of other pension schemes including the Teachers’ Pension Scheme. The Teachers’ Pension Scheme is a defined benefit scheme for employees who were formerly employed by local education authorities. The Teachers’ Pension Scheme is an unfunded scheme.

Contributions on a ‘pay-as-you-go’ basis are credited to the Exchequer under arrangements governed by the Superannuation Act 1972. RNIB made contributions to the Teachers’ Pension Scheme for 28 employees (2014: 30) totalling £134,000 (2014: £123,000). In addition, Action made contributions for one employee totalling £7,000 (2014: two employees totalling £13,000) to the Teacher’s Pension Scheme.


e. Actuarial assumptions 2015 RNIBper cent

2014 RNIBper cent

2015 Associated charitiesper cent

2014 Associated charitiesper cent

Discount rate 3.40 4.40 3.10–4.80 4.10–4.40Inflation assumption (RPI) 2.95 3.35 2.90–3.00 3.30Inflation assumption (CPI) 1.95 2.35 1.80–2.50 2.30–2.60Rate of increase in salaries 2.95 3.35 2.80–4.25 3.30–4.40Rate of increase in pensions paymentsPre-1 July 2010 – 5 per cent p.a. cap 2.80 3.05 – –Post-30 June 2010 – 3 per cent p.a. cap 2.10 2.25 1.80–2.50 2.30–2.60Rate of increase in deferred pensionsPre-1 July 2010 – 5 per cent p.a. cap 2.95 3.35 – –Post-30 June 2010 – 3 per cent p.a. cap 2.95 3.00 1.80–3.00 2.30–3.30

For the RNIB scheme the mortality assumptions are based on standard mortality tables which allow for future mortality improvements.

The assumptions are that a member currently aged 60 will live on average for a further 27.4 years if they are male and for a further 29.4 years if they are female.

For a member who retires in 2033 at age 60 the assumptions are that they will live on average for a further 28.4 years after retirement if they are male and for a further 31.1 years after retirement if they are female, as last year. For schemes offered by the Associated Charities, for current pensioners, their life expectancy

beyond the pensionable age of 65 ranges between 22.3 to 23.8 years if they are male, and 24.5 to 26.7 years if they are female. For future pensioners their life expectancy beyond the pensionable age of 65 ranges between 24.1 to 25.8 years if they are male and 26.5 to 29.0 years if they are female.

In accordance with the requirements of FRS17 the full actuarial valuation at 31 March 2009 was updated by Aon Hewitt at 31 March 2013. The principal assumptions they used for this purpose are summarised in the following table.




f. Changes to the present value of the defined benefit obligation

RNIB£’000


Total£’000

As at 1 April 2013 160,826 17,461 178,287Current service cost 3,747 174 3,921Interest cost 7,209 760 7,969Contributions by scheme participants 149 25 174Actuarial gain (loss) on scheme liabilities 2,526 (390) 2,136Net benefits paid out (5,182) (627) (5,809)As at 31 March 2014 169,275 17,403 186,678Current service cost 3,610 153 3,763Interest cost 7,430 768 8,198Contributions by scheme participants 138 25 163Actuarial gain on scheme liabilities 24,345 2,985 27,330Net benefits paid out (4,588) (899) (5,487)Business combinations – 626 626As at 31 March 2015 200,210 21,061 221,271


g. Changes to the fair value of scheme assets during the year RNIB£’000


Total£’000

As at 1 April 2013 165,221 14,263 179,484Expected return on scheme assets 8,643 832 9,475Contributions by the employer 4,878 355 5,233Contributions by scheme participants 149 25 174Actuarial gain on scheme assets 2,048 66 2,114Net benefits paid out (5,182) (627) (5,809)

As at 31 March 2014 175,757 14,914 190,671Expected return on scheme assets 9,236 891 10,127Contributions by the employer 4,483 418 4,901Contributions by scheme participants 138 25 163Actuarial gain on scheme assets 27,780 1,340 29,120Net benefits paid out (4,588) (899) (5,487)Business combinations – 51 51

As at 31 March 2015 212,806 16,740 229,546Actual return on scheme assets2014 10,691 898 11,5892015 37,016 2,231 39,247




h. Historical scheme information 2015£’000

2014£’000

2013£’000

2012£’000

2011£’000

RNIBFair value of scheme assets 212,806 175,757 165,221 148,987 136,592Defined benefit obligation (200,210) (169,275) (160,826) (160,533) (134,869)Surplus (deficit) in the scheme 12,596 6,482 4,395 (11,546) 1,723Gain on scheme assets 27,780 2,048 8,110 3,405 1,318(Loss) gain on scheme liabilities (24,345) (2,526) 7,193 (18,865) 7,804Total actuarial gain (loss) in year 3,435 (478) 15,303 (15,460) 9,122Cumulative amount of loss recognised in SoFA (5,513) (8,948) (8,470) (23,773) (8,313)

Associated charitiesFair value of scheme assets 16,740 14,914 14,263 13,018 12,880Defined benefit obligation (21,061) (17,403) (17,461) (15,985) (15,194)Deficit in the scheme (4,321) (2,489) (3,198) (2,967) (2,314)Gain (loss) on scheme assets 1,340 66 756 (402) 156(Loss) gain on scheme liabilities (2,985) 390 (1,124) (413) 1,034Total actuarial (loss) gain in year (1,645) 456 (368) (815) 1,190Cumulative amount of loss recognised in SoFA (4,345) (2,700) (3,156) (2,788) (1,973)

The historical scheme information under ‘Associated charities’ for 2009 excludes some information relating to CIB as this was not available.


23. Group commitments

a. CapitalAt the year-end, RNIB has no outstanding commitments (2014: £nil). At the year-end no associate or subsidiary entities have any outstanding commitments (2014: £nil).

b. Operating leasesAt the year-end, the Group had the following annual commitments amounting to £1,535,000 (2014: £1,450,000) under non-cancellable operating leases.

2015 £’000

2014 £’000

Land and buildingsExpiring within one year 246 81Expiring between two and five years 458 738Expiring after five years 391 299

VehiclesExpiring within one year 26 52Expiring between two and five years 294 207

EquipmentExpiring within one year 39 39Expiring between two and five years 81 34

Total 1,535 1,450




24. Contingent liabilitiesAs at 31 March 2015 other than the Pensions Trust Growth Plan contingent liability disclosed in the ‘Pension costs’ note (note 22) there is a liability in respect of CIB relating to the Cardiff and Vale County Council Pension Scheme additional employers contributions amounting to £nil (2014: £65,700).

25. Grants receivableDuring 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 £’000Big Lottery Fund AdvantAGE Wales Eye Patient Advocacy Service 67

Basic Online Skills: Online Today! 472Bright New Futures: Future In-Sights 196Connecting Older People: Looking Forward 170Empowering Young People Programme: Realise 108Investing in Communities: Looking to the Future 85People and Places – All Wales Welfare Rights Service for People with Sensory Loss

150

Safe and Well Programme: Lisburn in Focus Northern Ireland 133Support and Connect: Advice Plus 130Young Start Programme: Education, Respect and Awareness 21

Big Lottery Fund – Reaching Communities Trainee Grade Scheme: Extending the Reach 112Heritage Lottery Fund CultureLink South East 21

Seeing our History Scotland 28European Social Fund Eye Work 201Special EU Programmes Sensory Engagement Programme 5European Union (Lifelong Learning) VISAL 2529 May 1961 CT General support 5Alcon Eye Health Projects 31

Vision Conference 5Allergan Eye Health Projects 88Awards for All Family activity days 5Awareness Fund Employment 8




Source Purpose £’000B & P Glasser CT General support 5Barbour Paton CT General support 66Bayer Eye Health Projects 21

Vision Conference 10BBC Children in Need Building parent and peer support for blind and partially

sighted children

24Bòrd na Gàidhlig – Taic Freumhan Coimhearsnachd

Gaelic Transcription 1

Bradford Clinical Commissioning Group Diabetes Self Help Folder and Coaching 43Brian Mercer CT Children’s Giant Print 15British Council Youth in Action Northern Ireland

Seeing Eye to Eye 4

Carmen Butler Charteris CT General support 35Chalcroft General support 5Children & Young People’s Strategic Partnership, Health and Social Care Board

Family support 11

Constance Travis Trust Housing – London and South East 6Coopers Hill Trust General support 6Creative Scotland Public Engagement fund: the Arts Gallery 5Department of Health (Innovation, Excellence and Strategic Development)

Commissioning for Effectiveness and Efficiency 74

EIRECS Early Intervention and Rehabilitation in Eye Care Services 37Electronic Certification of Visual Impairment 80Support for Early Reach in Clinics and Hospitals (Search) Project 68


Source Purpose £’000Dickinson CT General support 6Dundee Reshaping Care for Older People: Capacity Building Fund

Dundee Carers Champions 9

Edith Lilian Harrison 2000 Foundation National Talking Newspapers and Magazines 10Florence Violet McCaffery Trust General support 40Harbell Centenary Fund National Talking Newspapers and Magazines 7Highland Trust General support 7HMRC Right First Time Project 55

Targeted tax help for people with sight loss 85Hugh Fraser Foundation Vision support Tayside 5Inman Charity National Talking Newspapers and Magazines 5Jack Simmons Will CT Talking Books 8Liz & Terry Bramhall Foundation Talking Books 10Loppylugs & Barbara Morrison CT General support 7Melbreak Trust Housing 5Middleton for the Blind Manchester Team 12Miss Kathleen Beryl Sleigh CT General support 7Mr & Mrs J T Morgan Foundation Housing 5Myristica Trust Talking Books 5NHS Fife Carers Fund Bridge to Vision 2014 23

RNIB Carers Café 2014 5




Source Purpose £’000NESTA Time to Talk 130Norman Dawson CT Giant Print 5Northwood CT Pathways Fife 7Novartis Pharmaceuticals UK Ltd Economic research on the impact of Eye Clinic Liaison Officers 101

Eye Health Projects 57Contribution towards the development and suitability of Vision Support Service in Scotland

50

PF CT Employment 5General support 5

Peacock CT National Talking Newspapers and Magazines 11R H Scholes CT Load2Learn 5Relief in Sickness Fund General support 5Roger de Haan CT RNIB Read Kent 5Scottish Government Autism Strategy Fund Autism Development Fund 51Scottish Government Self Directed Support Fund

Self Directed Support 77

Scottish Government – Sensory Impairment Strategy Fund

Bridge to Vision Dementia Project 80

Scottish Government – Voluntary Sector Development Fund

Investment in staff training 16

Scottish Natural Heritage – Natural Project Grant

Year of Natural Heritage – Insight Outdoors 6

Self Management IMPACT Fund for Scotland

You Care Eye Care 22

Shared Care Scotland – Better Breaks Fund RNIB Activate 2014 40


Source Purpose £’000Shenmore Trust Talking Books 10Smith CT General support 5Southern Trust Parenting Education and Support 56State Street Community Support Programme

Provide non-residential courses to blind and partially sighted jobseekers across Scotland

28

Thornton Foundation Housing 5WT Mattock CT Talking Books 10Wales Council for Voluntary Action – European Social Fund, Engagement Gateway Phase II

Engagement Gateway for blind and partially sighted people

4Wales Council for Voluntary Action – European Social Fund, Intermediate Labour Market

ILM for blind and partially sighted people

9Wales Council for Voluntary Action – GwirVol

Young Person’s Ambassadors Project 10

Weinstock Fund Housing 8Welsh Government – CFOG Children and Families Organisational Grant 47Welsh Government Get On Board 10Welsh Government – SHMG Learning Disabilities Guidance 5Welsh Government – Section 64 North Wales Partnership and Development 29Youth Council for Northern Ireland Work It Out 5

Policy on relationships with pharmaceutical companiesRNIB provides services to those with sight problems, works to prevent avoidable blindness, and campaigns for positive change. These functions will not be influenced in any way by our relationship with pharmaceutical companies or by acceptance of grants or sponsorships from them.

We will withdraw from any initiative that jeopardises our independence. RNIB will not embark on, or continue with, any sponsorship arrangement or collaborative venture which might damage its independence. Alcon, Allergan, Bayer and Novartis Pharmaceuticals UK Ltd are all pharmaceutical companies.




Department for Employment and Learning NI and European Union European Social Fund for Eye Work

Bòrd na Gàidhlig – Taic Freumhan Coimhearsnachd for Gaelic Transcription

Scottish Government for the following projects: Bridge to Vision Dementia Project, Autism Champions, Self Directed Support and Insight to Health

Shared Care Scotland – Better Breaks Fund for RNIB Activate 2013

Voluntary Action Fund and Glasgow Third Sector for Looking Forward 2012

Interreg for Sensory Engagement Programme

Department of Social Development for Campaigner’s Active Network

Scottish Natural Heritage for Insight Outdoors

European Social Fund Wales for Engagement Gateway for Blind and Partially Sighted People

RNIB Acknowledges support from


Wales Council for Voluntary Action – GwirVol for Transcription Centre Volunteering Opportunities

Heritage Lottery Fund for the following projects: A Sense of the Past, Museums In Focus and CultureLink South East

Awards For All for Connecting Communities

Big Fund – Young Start for Education, Respect and Awareness (ERA)

Big Lottery Fund for Future In-Sight and Wales Eye Patient Advocacy Service

Arts Council England for Opening Up Creative Culture

Big Lottery Fund for the following projects: Looking Forward, Realise, Lisburn in Focus , Talk and Support – Supporting our Volunteers through Mentoring, Trainee Grade Scheme – Extending the Reach, and OPTiC (Older People Taking Control)




Who’s who at RNIBPatron, President and Vice-Presidents

Patron HM The Queen

President Dame Gail Ronson DBE

Vice Presidents Sir John Beckwith CBEThe Rt Hon David BlunkettRichard BrewsterProfessor Ian Bruce CBEJeremy BullHaruhisa HandaDr Euclid HerieLady JarvisPenny Lancaster-StewartLord Low of Dalston CBETrevor Pears CMGSir Mike RakeDr Dermot SmurfitRod Stewart CBEThe Rt Hon Earl of StocktonSir Duncan Watson CBE (until 22 April 2015)His Grace The Duke of Westminster KG, CB, CVO, OBE, TD, CD, DL

Honorary officersKevin Carey MA (Cantab) MA (Kings College, London) – RNIB Group Chair

Derek Child MA – RNIB Group Vice-Chair, Internal Affairs (until 30 June 2014)

Eleanor Southwood MA (Oxon) – RNIB Group Vice-Chair, External Affairs (until 30 June 2014) RNIB Group Vice-Chair (from 1 July 2014)

Terry Moody BA, MA – RNIB Honorary Treasurer (until 29 May 2014)

Alan Tinger FCA CCMI – RNIB Honorary Treasurer (from 1 July 2014)

Chief Executive Officer and members of Strategic Management Team

Chief Executive Officer Lesley-Anne Alexander CBE MSc

Group Director, Fundraising Wanda Hamilton BA (Law) MInstF

Group Director, People Corinne Mills Chartered FCIPD (from 1 April 2015)

Group Director, Resources Keith Hickey BSc MSc FCCA DChA (until 23 April 2015)

Rohan Hewavisenti M.Eng ACA (from 24 April 2015)

Management Director, Engagement, RNIB Charity Fazilet Hadi BA (Hons)

Managing Director, Places, RNIB Charity Sally Harvey BA (Hons)

Managing Director, Solutions, RNIB Charity Neil Heslop OBE LLB (Hons) MBA CIM (Dip.M)

Chief Executive, Action for Blind People Miriam Martin


Who’s who at RNIB


Professional advisers

Independent AuditorsPricewaterhouseCoopers LLP1 Embankment PlaceLondonWC2N 6RH

Investment advisersAON Hewitt Ltd3 The EmbankmentSovereign StreetLeedsLS1 4BJ

Property advisersKnight Frank55 Baker StreetLondonW1U 8AN

SolicitorsBates Wells & Braithwaite2-6 Cannon StreetLondonEC4M 6YH

SolicitorsFarrers & Co66 Lincolns Inn FieldsLondonWC2A 3LH

Actuary advisersTowers Watson21 Tothill StreetLondonSW1H 9LL

BankersRoyal Bank of Scotland plcMarylebone Road and Harley Street Branch10 Marylebone High StreetLondonW1A 1FH


Board of TrusteesMembers of the Board of Trustees during the financial year are listed below. Following a re-structure within RNIB Group the Board was reconstituted with 10 Trustees with effect from 1 July 2014. A number of Trustees ceased to be members of the RNIB Group Board of Trustees on that date and were appointed to the newly established RNIB Charity Board of Trustees. The number in brackets after each name represents attendance at Board of Trustee meetings during 2014/15 of those they were eligible to attend. Current members of the Board of Trustees together with a brief biography of each individual are listed first below. Full details of membership of committees are available from the Governance team at RNIB’s Judd Street address. 80 per cent of the Board are blind or partially sighted.

Kevin CareyRNIB Group Chair (4 of 5)Kevin Carey is in his second term as Chair of the RNIB Group, having held this office since 2009, prior to which he was Vice-Chair from 2000/09. He also chairs RNIB’s Governance and Remuneration Committees, and the

UK Members’ Forum. He is the President of the Transforming Braille Group LLC and a Trustee of G3ict. He is Chairman of the Government’s Alliance for Digital Accessibility and a regular contributor to Ability magazine. Kevin has published nine books and is a Lay minister in the Church of England. Born with little sight, he lost his residual vision in his mid 20s. He lives with his wife Margaret in Sussex. Kevin is also a Trustee of RNIB Charity.

Eleanor SouthwoodRNIB Group Vice-Chair from 1 July 2014 (3 of 5)Ellie became a Trustee in 2010. Following two years as RNIB Vice-Chair - External Affairs, she became Vice-Chair of the newly constituted RNIB Group Board in July 2014. She is a governor of RNIB Sunshine House School. Ellie’s career spans the public, private and non-profit sectors. She is currently a consultant to non-profit organisations on senior recruitment, executive team development and organisational change. Ellie’s commitment to the RNIB Group comes from personal experience, having been born with no useful sight. She is passionate about improving opportunities for blind and

partially sighted people, particularly in overcoming barriers to employment. Ellie is also a Trustee of RNIB Charity.

Alan TingerHonorary Treasurer from 1 July 2014(2 of 4)Alan is a Chartered Accountant and a Companion of the Chartered Management Institute. He spent many years in Board roles in Corporate Opticians Groups and is currently Chairman of the LOC Central Support Unit (LOCSU) which supports Local Optical Committees in England, particularly in commissioning optical community services, a Director of the Federation of (Ophthalmic and Dispensing) Opticians (FODO), and a member of the Optical Confederation Leaders Group. He has kept up his long standing interest in taxation, corporate structures, governance and optical regulation and is a Consultant to FODO on finance, taxation, professional liability, legal defence and the future of the optical market. Alan is also a Trustee of Action for Blind People and Chair of a Registered Housing Association.


Margaret Bennett(5 of 5)Margaret is in her second term of office as a Trustee, having first been appointed to the Board in 2010. She is the Chair of RNIB’s Places Standing Board. A Chartered Accountant by profession, her portfolio of work includes Finance Director of Tinder Foundation and acting as a mentor and coach for voluntary sector leaders. Previous roles included Deputy Chief Executive of the Learning and Skills Improvement Services, a senior Civil Servant and Chief Executive of the National Library for the Blind. She lives in Sheffield and is partially sighted. Margaret is also a Trustee of RNIB Charity.

Simon Finnie(5 of 5)Simon is in his first term of office as a Trustee, having been appointed to the Board in 2014. He is the Chair of RNIB’s Solutions Standing Board. Simon is the Group Performance Director for Kier, the FTSE-250 Construction and Services Group. As part of Kier’s Executive Management Team, he is responsible for driving the strategic improvement

agenda across the whole organisation, specifically by identifying opportunities for margin enhancement, leading the delivery of transformation programmes, evaluating acquisition and divestment opportunities. He has over 15 years’ experience across a wide range of sectors. He is married with children and lives in Hertfordshire. Simon is also a Trustee of RNIB Charity.

Dr Heather Giles(3 of 5)Heather is in her second term of office as a Trustee, having been re-appointed to the Board in 2014. She is the Chair of RNIB’s Engagement Standing Board. Professionally, she has held senior scientific positions in the pharmaceutical industry and has a PhD in Pharmacology. She is currently Chief Scientific Officer for a small pharmaceutical company. Heather has a personal understanding of the challenges facing people with sight loss because she is partially sighted herself, and also, even before becoming a Trustee, she was supporting RNIB’s work as a local campaigns volunteer. She lives in London and is also a Trustee of RNIB Charity.

Vidar Hjardeng MBE(4 of 5) resigned 23 May 2014, reappointed 1 July 2014Vidar has a long-previous association with RNIB, having served on the Board in the past. He returned to the Board in July 2014 as one of two new independent Trustees. A broadcast journalist by profession, he is now a consultant with ITV News and has spent much of his career working for the broadcaster nationally and regionally. He lives in the Midlands and with personal experience of visual impairment, is proud of his association with charities working with, and for, fellow blind and partially sighted people, including Focus Birmingham, for which he now works as an External Relations Consultant on a part-time basis, the National Audio Description Charity, and Vocal Eyes which he chaired for four years up until 2012. Vidar is an independent Trustee of RNIB.

Who’s who at RNIB



Terry Moody(5 of 5) resigned 29 May 2014, reappointed 1 July 2014Terry has a long involvement with RNIB’s governance having served three terms as RNIB Group’s Honorary Treasurer. He rejoined the Board as an independent Trustee in July 2014. With an academic background in economics and finance, he has recently retired from Glasgow University where he was a senior lecturer in economics. He is blind, married with a son and lives in Glasgow. Terry is an independent Trustee of RNIB.

Dr Mike Nussbaum(5 of 5)Mike joined the Board in May 2011 and is the Chair of Action for Blind People, one of RNIB’s Associate Charities. He was forced to cut short his career as a research chemist after his eyesight suddenly failed. However, he soon forged a second career in local government and public policy development. He was Chair of Volunteering England for seven years until September 2009 and therefore,

very ably equipped to fulfil his role as RNIB’s Trustee volunteering champion. Mike holds a number of other appointments including as a Trustee of Guide Dogs for the Blind Association, a Trustee of Vision 2020 UK and the Equality and Diversity Forum.

David Quigley(5 of 5)David joined the Board in 2012, following election by the UK Members’ Forum. He graduated from Magdalen College, Oxford, with a Masters degree and three scholarships in History. He is also a graduate of the Chartered Institute of Personnel and Development and a member of the Institute of Healthcare Management. He has 30 years of NHS general management experience, including roles as executive commissioning director and primary care director and specialised in service redesign, performance improvement and turnaround. He is registered with severe sight impairment and lives with his wife in Greenwich, London. David is also a Trustee of RNIB Charity.

The following members served on the Board until the date shown:

Linda Bancroft (1 of 1) (until 30 June 2014)

Derek Child (1 of 1) (until 30 June 2014)

Ian Jentle (1 of 1) (until 30 June 2014)

Tanya Lawler (0 of 1) (until 30 June 2014)

David Mann (1 of 1) (until 30 June 2014)

Ken Reid (1 of 1) (until 30 June 2014)

Tony Rucinski (1 of 1) (until 31 May 2014)

Paul Ryb (0 of 1) (until 30 June 2014)

Mike Townsend (0 of 1) (until 30 June 2014)


Independent members of the Audit CommitteeMichael Barber

Nick Goddard

Frances Teague

UK Members’ ForumOur UK Members’ Forum gives us a closer rapport with our membership. The forum is a place for membership representatives to come together and discuss the issues of importance to them. These issues then go forward to the Board of Trustees. It gives our members a direct link to RNIB’s most senior governing body and helps identify and shape major strategy, policy and service issues. The UK Members’ Forum meets twice a year (one meeting includes the Annual General Meeting). It is supported by local member forums – nine in England, one in Northern Ireland, one in Scotland and one in Wales. As well as enabling our members to have a direct role in shaping our strategy, the UK Members’ Forum increases opportunities for interaction between members at a local and national level. All members are invited to the forum meeting in their region or country, and each forum chooses its representatives to the UK Members’ Forum.


Who’s who at RNIB


UK Members’ Forum RepresentativesSouth East

Timothy BamberKevin DeaconBrian Payne (until 31 December 2014)Mike Pearson (Region chair)Michael Radford (from 1 January 2015)

South West

Elli Bennett (from 1 July 2014)Helen MathiasDavid Ridgway John Vickery (Region chair)

London

Maggy Bower (until 30 June 2014)Elizabeth CookeJim Leeder Jackie Venus (Region chair)

East of England

Michael Cassidy (Region chair)Marian KnightsMarion MansfieldWayne Witney

East Midlands

Gordon ChandlerSophia Chandler (Region chair)John Godber (from 1 January 2015)Marcia Holder (until 31 December 2014)Gena Parker

West Midlands

Mohammed Abbas-RashidMike Hughes (from 1 January 2015) (Region chair)Patricia Mulqueen-WoodMark Williams

Yorkshire and the Humber

Liz Frankland David HaynesRoy Ruddick BEMBarbara Stephenson (Region chair)

North West

Michael Allen (Region chair)Anne BradburyHayley Anne Reed Anne Rigby

North East

Peter Bennetts (until 31 December 2014)Jillian Grant (Region chair)Chris Grethe (from 1 January 2015)Robert PotterDenise RossAlison Wheatley (from 1 January 2015)

Wales

Peter O’DriscollRose Hepburn (until 31 December 2014)Frances (Faye) Jones MBEMark Matthews (from 1 January 2015)Robert Teague

Scotland

Amanda BurtRod MurchisonHussein PatwaSandra Wilson

Northern Ireland

Paula Meenan (until 9 September 2014)Brian Murray (from 1 January 2015)Jim Nash (from 1 January 2015)Alan Owens

This report is available in print, braille and audio CD. To order contact the RNIB Helpline.

The latest Annual Report and Financial Statements are available to download from our website in both PDF and Word at rnib.org.uk. The Word version is available to enable effective use by people who need to use screen reader technology and are unable to use the PDF. If you are sent a Word version of our Annual Report and Financial Statements from a source you are unsure of, please refer to our website.

© RNIB July 2015

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