Rnib group annual report and accounts 2010/11


Creditors - amounts due after more than one year



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19. Creditors - amounts due after more than one year







Group

2011

£’000

Group

2010

£’000

Charity

2011

£’000

Charity

2010

£’000

Deferred income

-

20

-

20

Net obligations under finance leases are payable as follows













Between one and two years

-

232

-

232

Between two and five years

-

-


-

-

Net obligations under bank loan is payable as follows













Between one and two years

2,138

21

2,114

-

Between two and five years

2,560

10,031

2,536

10,000

More than five years

16,809

176

16,486

-

Total

21,507

10,480

21,136

10,252


RNIB has entered into 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. The facility was reduced on 29 November 2010 from £25million to £23million. Interest is charged at 0.85 per cent above the three-month LIBOR rate. For 90 per cent of the loan amount, RNIB has paid a premium of £113,500 to cap the interest rate at 5 per cent for the period 30 June 2009 to 30 December 2011 and this has been charged to the SOFA. At 31 March 2011 the amount owing on the revolving loan is £21.136million (2010: £10million). The loan is secured over the freehold property at Coventry.
On the termination of the three-year revolving loan, RNIB has the option to convert the outstanding amount into a 25-year mortgage and again this will secured over the freehold property at Coventry. Interest is charged at 0.85 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 rate charged on 90 per cent of the outstanding loan amount is charged at a fixed rate of 5.05 per cent.
Under clause 11.3 (Financial Undertakings) of the Facility 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 the 31st March 2011, with the amount outstanding at £21,136,000 the level of such reserves has to exceed £26,420,000 and the actual level of such reserves stands at £83,952,000.

The Group creditors greater than one year includes £221,000 outstanding against a £250,000 loan from Unity Trust Bank plc provided to NTNM, secured by first charge on their National Recording Centre. It also includes £150,000 relating to freehold property owned by the Blind Society for North Tyneside Limited, which merged with Action in the year.


20. Group/Charity statement of funds


Designated




31 March 2010
£’000

Incoming resources
£’000

Outgoing resources
£’000

Transfers

£'000

Gains

£'000

31 March 2011
£’000

Investment Fund

4,820

-

1,403

(35)

-

3,382

RNIB Pears Centre for Specialist Learning revenue shortfall reserve

3,350

-

2,823


2,779

-

3,306

Mergers Fund

1,776

-

78

121

-

1,819

Service property and associated facilities development

581

-

725

(1,303)

-

(1,447)

Information technology infrastructure fund

127

-

144

215

-

198

Repairs and maintenance fund

2

-


618

616

-

-

Net book value - Service Properties

43,822

-

1,371

(38)

-

42,413

Net book value - Other fixed assets

1,370

-

569

838

-

1,639

Total designated - Group and Charity

55,848

-

7,731

3,193

-

51,310


Investment fund: The purpose is to fund major projects furthering the strategic business plan. The transfer represents the net planned release back to general funds of £35,000.

RNIB Pears Centre for Specialist Learning revenue shortfall reserve: The purpose is to provide support to the RNIB Pears Centre for Specialist Learning service during the course of the reconstruction project. The transfer represents the partial reversal of temporary funding made to cover the construction phase of the project pending future finance loan receipts in prior years.

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

Service property and associated facilities development fund: The purpose is to fund capital building projects, including the RNIB Pears Centre for Specialist Learning reconstruction, and funds to acquire capital equipment. The transfer comprises the £11,136,000 loan finance drawn to cover the construction project less the transfer back to the revenue shortfall reserve mentioned above, a £250,000 designation from the general fund for planned capital acquisitions and a transfer from restricted funds of £1,381,000. This is offset by additions to designated fixed assets of £11,621,000. The deficit balance relates to expenditure being incurred ahead of loan finance drawn, or donations received, in regard to the RNIB Pears Centre for Specialist Learning reconstruction.

Information technology infrastructure fund: The purpose is to ensure that the information technology infrastructure is robust. The transfer represents a planned designation of £250,000 towards the fund offset by additions to designated fixed assets of £38,000.

Repairs and maintenance fund: The purpose is to fund a rolling programme of regular property maintenance. The £1,366,000 transfer represents new designations of £1,054,000 to cover planned expenditure within this programme offset by additions to designated fixed assets of £438,000.

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 £10,390,000 additions to assets under construction, other additions amounting to £828,000, offset by disposals amounting to £121,000 and an increase in the long term debt of £11,136,000 regarding the redevelopment at the RNIB Pears Centre for Specialist Learning.

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 represents the net disposals of other fixed assets in the year.
Other unrestricted




31 March 2010
£’000

Incoming resources
£’000

Outgoing resources
£’000

Transfers

£'000


Gains

£'000

31 March 2011
£’000

General - Charity

19,061

80,680

83,467

3,514

615

20,403

Pension reserve

(9,164)

422

(1,343)

-

9,122

1,723

Total other unrestricted

9,897

81,102

82,124

3,514

9,737


22,126

Total unrestricted - Charity

65,745

81,102

89,855

6,707

9,737

73,436

General - retained in subsidiaries

-

29

29

-

-

-

Total unrestricted - Group

65,745

81,131

89,884

6,707

9,737

73,436

Restricted




31 March 2010
£’000

Incoming resources
£’000

Outgoing

resources
£’000

Transfers

£'000

Gains

£'000

31 March 2011
£’000

Emma Nye fund welfare pensions

675

118

115

-

-

678

Dr Duncan Leeds Bequest

40

44

33

-

-

51

Elizabeth Eagle-Bott Memorial Fund

97

25

31

-

1


92

Opportunities for Volunteering

10

31

27

-

-

14

Donations for specified equipment

2,859

18,708

16,754

(1,312)

-

3,501

Action

-

78

78

-

-

-

Glynn Vivian

-

350

-

-

-

350

Donations for specific services


86

22

31

(6)

-

71

Donations for specified capital projects – non-Community/New Opportunities Fund

3

-

3

-

-

-

Sub total

3,770

19,376

17,072

(1,318)

1

4,757

Restricted (continued)






31 March 2010
£’000

Incoming resources
£’000

Outgoing resources

£’000


Transfers

£'000

Gains

£'000

31 March 2011
£’000

Fund and/or purpose b/f

3,770

19,376

17,072

(1,318)

1

4,757

National Lottery



















Big Lottery Fund



















British Braille Heritage

-

3

3


-

-

-

Children's Low Vision

-

63

49

-

-

14

Enabler - Research Programme

5

89

76

-

-

18

Eye Matter – Youth Forum Northern Ireland

18

64

55

-

-

27

Future Jobs

66

(66)

-

-

-

-

Gullane Street

-

355


16

(394)

-

(55)

Hillside Art Club

-

10

1

-

-

9

Life Skills Development for Young People

11

16

27

-

-

-

Medivision

-

-

23

23

-

-

Recession Funding

-

29

11

-

-

18

Sub total

3,870

19,939


17,333

(1,689)

1

4,788

Restricted (continued)






31 March 2010
£’000

Incoming resources
£’000

Outgoing resources
£’000

Transfers

£'000

Gains

£'000

31 March 2011
£’000

Fund and/or purpose b/f

3,870

19,939

17,333

(1,689)

1

4,788


RNIB Cymru Developing Emotional Wellbeing Through the Arts

-

43

25

-

-

18

Lisburn in Focus

31

129

138

-

-

22

Seed - Reaching Communities Programme

-

190

97

-

-

93

Social Enterprise Employment Development

39

(39)

-

-

-

-

Vision for Life

(3)

17

14


-

-

-

Young People's Forum - Scotland

39

-

39

-

-

-

Sub total

3,976

20,279

17,646

(1,689)

1

4,921

Restricted (continued)






31 March 2010
£’000

Incoming resources
£’000

Outgoing resources
£’000

Transfers

£'000

Gains

£'000


31 March 2011
£’000

Fund and/or purpose b/f

3,976

20,279

17,646

(1,689)

1

4,921

Awards for All



















Scotland - Family Away Days

-

14

8

-

-

6

Northern Ireland - Visually Impaired Football Clubs

9

-

9

-

-

-

Total restricted - Charity


3,985

20,293

17,663

(1,689)

1

4,927

Glynn Vivian

-

(8)

4

-

-

(12)

Action

16,209

13,843

11,342

-

1,182

19,892

CVV

595

387

239

-

78

821


NTNM

150

635

604

-

-

181

Total restricted - Group and Charity

20,939

35,150

29,852

(1,689)

1,261

25,809

The restricted fund under Glynn Vivian within the Charity refers to the assets held under new trusteeship in the year referred to in notes 3 and 4.
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 2011 such deficit balances amounted to £218,000, of which £163,000 lies within "Donations for specified equipment".

Transfers amounting to £1,689,000 comprises £401,000 designated other fixed asset additions, £1,381,000 relating to projects where the initial expenditure is made under the designated development fund and £93,000 transferred from the general fund as a result of a review of outstanding restricted fund balances.

The amounts included within "group" represents the net assets at fair value of the associated charities, other than those held within endowment funds.
Endowment




31 March 2010

£’000

Incoming
resources


£’000

Outgoing
resources


£’000

Transfers
£'000

Gains

£'000

31 March 2011

£’000

Sunshine

993

-

5

-

36

1,024

Emma Nye

2,592

-

11

-

95

2,676


General (inc. Bristol Blind Fund)

5,032

-

21

(5,018)

104

97

Eagle-Bott Memorial

520

-

3

-

19

536

Dr Duncan Leeds Bequest

973

-

4

-

36

1,005

GDC Rushton

154

-

1

-

3

156

Total endowment - Charity

10,264


-

45

(5,018)

293

5,494

Glynn Vivian

-

30

-

-

1

31

CVV

1

-

-

-

-

1

Total endowment - Group and Charity

10,265

30

45

(5,018)

294

5,526

General endowments are comprised of individual funds built up over many years and are not material on an individual basis, and for the purposes of disclosure have been amalgamated. Within the year a Section 75(a) resolution was passed, and approved by the Charity Commission, resolving that the value held within the General Endowments, excluding the Bristol Blind Fund, be released to General Funds on the grounds of economic usefulness.
Summary




31 March 2010
£’000

Incoming resources
£’000

Outgoing resources
£’000

Transfers

£'000

Gains

£'000

31 March 2011
£’000

Charity



















Unrestricted

65,745

81,102

89,855

6,707

9,737

73,436

Restricted

3,985

20,293

17,663

(1,689)


1

4,927

Endowment

10,264

-

45

(5,018)

293

5,494

Total

79,994

101,395

107,563

-

10,031

83,857

Group



















Unrestricted

65,745

81,131

89,884

6,707

9,737

73,436


Restricted

20,939

35,150

29,852

(1,689)

1,261

25,809

Endowment

10,265

30

45

(5,018)

294

5,526

Total

96,949

116,311

119,781

-

11,292

104,771




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