Rnib group annual report and accounts 2010/11


Independent auditors' report to the trustees of RNIB



Download 1.18 Mb.
Page4/18
Date conversion04.09.2017
Size1.18 Mb.
1   2   3   4   5   6   7   8   9   ...   18

Independent auditors' report to the trustees of RNIB

We have audited the financial statements of Royal National Institute of Blind People for the year ended 31 March 2011 which comprise the Consolidated Statement of Financial Activities, the Group and Parent Charity Balance Sheets, the Group Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Respective responsibilities of trustees and auditors


As explained more fully in the "Statement of Trustees’ Responsibilities" section earlier in this report, the trustees are responsible for the preparation of financial statements which give a true and fair view.
We have been appointed as auditors under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under section 43 of the Charities Act 1993 and report in accordance with regulations made under those Acts. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and 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 in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and Regulation 30 of The Charities (Accounts and Reports) Regulations 2008 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.


Scope of the audit of the financial statements


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 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 nonfinancial information in the RNIB Group Annual Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements


In our opinion the financial statements:

  • give a true and fair view of the state of the group’s and parent charity’s affairs as at 31 March 2011 and of the group’s incoming resources and application of resources and cash flows, for the year then ended

  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

  • have been prepared in accordance with the requirements of the Charities Act 1993, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).


Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:


  • the information given in the RNIB Group Annual Report is inconsistent in any material respect with the financial statements; or

  • proper 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; or

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

PricewaterhouseCoopers LLP


Chartered Accountants and Statutory Auditors
London
21 July 2011

PricewaterhouseCoopers LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006




Consolidated statement of financial activities for the year ended 31 March 2011





Notes

Unrestricted funds

£’000

Restricted funds

£’000

Endowment funds

£’000

Total 2011

£’000


Total 2010
£’000

Incoming resources

 

 

 




 

 

Incoming resources from generated funds

 

 

 




 

 

Voluntary income

 

 

 




 

 

Donations and gifts

 

18,302

12,824

-

31,126

30,233

Legacies

 

30,393


5,415

-

35,808

38,069

Total voluntary income

 

48,695

18,239

-

66,934

68,302

Activities for generating funds



















Merchandising and sponsorship

 

295

320

-

615

261

Investment income


2

1,190

483

-

1,673

1,690

Total incoming resources from generated funds

 

50,180

19,042

-

69,222

70,253

Incoming resources from charitable activities

1.5

 

 




 

 

Stopping people losing their sight unnecessarily

 

400

101

-

501

489

Supporting independent living

 


28,079

15,372

-

43,451

43,337

Creating an inclusive society

 

1,859

164

-

2,023

1,857

Total incoming resources from charitable activities

1.5

30,338

15,637

-

45,975

45,683



Notes

Unrestricted funds

£’000

Restricted funds

£’000


Endowment funds

£’000

Total 2011
£’000

Total 2010
£’000

Other incoming resources



















Fair value of acquired net assets

3

-

463

30

493

17,696

Other income - VAT claim




191

-

-

191

1,513

Other Income - defined benefit pension scheme



422


8

-

430

-

Total incoming resources

1.5

81,131

35,150

30

116,311

135,145

Resources expended
















 

Costs of generating funds
















 

Costs of generating voluntary income

1.6

15,858

25

-

15,883

16,708

Merchandising and sponsorship costs





12

309

-

321

306

Investment management fees




116

13

45

174

179

Total costs to generate funds


1.6/6/7

15,986

347

45

16,378

17,193

Charitable activities



















Stopping people losing their sight unnecessarily




3,117

288

-

3,405


3,403

Supporting independent living




60,116

28,155

-

88,271

96,681

Creating an inclusive society




9,433

703

-

10,136

11,052

Total charitable activity costs




72,666

29,146

-

101,812

111,136

Governance Costs

5

1,232

359

-

1,591

1,821




Notes

Unrestricted funds

£’000

Restricted funds

£’000

Endowment funds

£’000

Total 2011
£’000

Total 2010
£’000

Total resources expended

1.6/5/6

89,884

29,852

45

119,781

130,150

Net (outgoing) incoming resources before transfers




(8,753)

5,298

(15)

(3,470)

4,995

Transfers between funds


20

6,707

(1,689)

(5,018)

-

-

Net (outgoing) incoming resources before other recognised gains and losses




(2,046)

3,609

(5,033)

(3,470)

4,995

Net gains on investment assets





615

71

294

980

7,375

Actuarial gain (loss) on defined benefit pension scheme

22

9,122

1,190

-

10,312

(3,111)

Net movement in funds





7,691

4,870

(4,739)

7,822

9,259

Total funds brought forward




65,745

20,939

10,265

96,949

87,690

Total funds carried forward

20

73,436

25,809

5,526

104,771

96,949

A Statement of Total Recognised Gains and Losses is not required as all gains and losses are included in the Statement of Financial Activities. Incoming resources of the Charity during the year were £101,395,000 (2010: £103,493,000) less resources expended by the Charity at £107,563,000 (2010: £116,535,000) led to a deficit of £6,168,000 (2010: £13,042,000). All incoming resources, resources expended and resulting net movements in funds are derived from continuing activities.


The notes that follow form part of the financial statements.




1   2   3   4   5   6   7   8   9   ...   18


The database is protected by copyright ©hestories.info 2017
send message

    Main page