Net obligations under finance leases are payable as follows
Between one and two years
Between two and five years
Net obligations under bank loan is payable as follows
Between one and two years
Between two and five years
More than five years
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.
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.
Northern Ireland - Visually Impaired Football Clubs
Total restricted - Charity
Total restricted - Group and Charity
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.
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.