Rnib group annual report and accounts 2010/11



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2. Investment income







2011

Group

£’000

2010

Group

£’000

General funds







Investment income from quoted investments

1,137

1,188

Bank interest receivable

7

2

Rents

46

47

Restricted funds







Investment income from quoted investments

422

364

Bank interest receivable

5

-

Rents

56


89

Total

1,673

1,690


3. Net assets acquired on merger/trusteeship


Under a Scheme approved by the Charity Commission on the 28 September 2010, RNIB has been made the sole Corporate Trustee of the Glynn Vivian Home of Rest for the Blind (Glynn Vivian) and as such has been consolidated on the grounds of control. The charity has ceased operations and therefore their accounts have been incorporated on a break up basis. Under the scheme titles to the land and buildings of the charity were transferred to RNIB to be held in trust for the charity.
Action merged with Staffordshire Blind and The Blind Society (Staffordshire) for North Tyneside Limited (North Tyneside) on the 1 April 2010. Both societies are charitable companies limited by guarantee and registered in England and Wales, incorporated in Great Britain. A summary follows of the fair values of the net assets acquired.





Action

Staffordshire

£’000

Action

North Tyneside

£’000

Glynn Vivian

£’000

Total

2011


£’000


Fixed assets

147

250

-

397

Investments

210

-

30

240

Current assets

17

13

6

36

Creditors - amounts falling due within one year

-

12

15

27

Creditors - amounts falling due after one year

-

153

-

153

Net assets

374

98


21

493

Net assets in the subsidiary

374

98

21

493

Fair value adjustment

-

-

-

-

There were no purchase costs incurred in acquiring these net assets. The resulting negative goodwill at £493,000 has been written off in the year and included as an incoming resource within the SOFA.



4. Net income from trading activities of subsidiary undertakings


A summary of the results for the year ended 31 March 2011 of the subsidiaries of RNIB operating under association agreements follows:





2011

Action


£’000

2011

CVV


£’000

2011

NTNM


£’000


2011

Total associated charities
£’000

2010

Total associated charities

(restated)

£’000

Total incoming resources

26,980

1,417

1,116

29,513

29,069

Total outgoing resources

(24,477)

(471)

(1,085)

(26,033)

(28,778)

Net incoming (outgoing) resources before transfers

2,503

946

31

3,480


291

Net gains on investment assets

68

2

-

70

486

Losses on revaluation of fixed assets

-

-

-

-

(7,238)

Actuarial gain (loss) on defined benefit pension scheme

1,114

76

-

1,190

(1,568)

Net movement in funds

3,685

1,024

31

4,740

(8,029)

Funds brought forward

16,207


(202)

150

16,155

24,184

Funds carried forward

19,892

822

181

20,895

16,155

The funds brought forward within the accounts of CVV have been restated to incorporate the pension scheme deficit of CVV in the sum of £982,000, however this adjustment had already been allowed for within the consolidation last year. The restatement comprised of a £37,000 costs adjustment, actuarial loss for the year of £274,000 and a brought forward deficit of £671,000.


A summary of the net assets as at 31 March 2011 of the subsidiaries of RNIB operating under association agreements follows:





2011

Action

£’000

2011

CVV

£’000


2011

NTNM

£’000

2011

Total associated charities

£’000

2010

Total associated charities

£’000

Fixed assets

17,567

51

426

18,044

19,423

Current assets

7,200

1,768

146

9,114

4,939

Creditors - amounts falling due within one year

3,167

241

170

3,578

3,927


Creditors - amounts falling due after one year

150

-

221

371

228

Pension scheme liability

1,558

756

-

2,314

4,052

Net assets

19,892

822

181

20,895

16,155

Action delivers regional services in England through their Action Teams, grant funded by RNIB. Action also delivers services in the areas of work, leisure, housing, support for beneficiaries, and information and education. RNIB provides the fundraising service, with net fundraising receipts being restricted for Action. Further, RNIB provides funding to deal with the structural deficits of Action. That funding ceases in the year ending 31 March 2013. In the year Action merged with Staffordshire and North Tyneside. RNIB has entered into an additional agreement with Action, whereby additional funding is made to Action to support their work with, and the fundraising for, these Local Societies. Within the year, Action repaid the remaining £250,000 outstanding at 31 March 2010 re the interest free loan facility for Action in the sum of £1.5million. The sum of such grants amounted to £13,177,000 in the year.

CVV provides a wide range of services to blind and partially sighted people within the counties of Cardiff and the Vale of Glamorgan. RNIB has paid a grant to CVV in the year amounting to £300,000.
NTNM provides newspapers, magazines and information in accessible formats for people with sight problems and also people with other disabilities. RNIB provides operational funding and the fundraising service, with net fundraising receipts being restricted for NTNM. The results for NTNM are Group figures and include the results of the wholly owned subsidiary Talking Newspapers Enterprises Limited. RNIB has paid grants to NTNM in the year amounting to £480,000.
RNIB also has four wholly owned subsidiaries. These are RNIB Enterprises Limited, RNIB Services Limited, National Library for the Blind and Blind Centre for Northern Ireland. In addition, new this year is the Glynn Vivian Home of Rest for the Blind (Glynn Vivian).
A summary of the results for the year ended 31 March 2011 of the subsidiaries of RNIB follows:





RNIB Enterprises Limited
£’000

RNIB Services Limited
£’000

National Library for the Blind
£’000

Blind Centre for Northern Ireland

£’000

Glynn Vivian

£'000


Total

2011

£’000

Total

2010

£’000

Total incoming resources

295

4,318

305

30

46

4,994

5,065

Total outgoing resources

(17)

(4,308)

(9)

(1)

(144)

(4,479)

(4,751)

Net incoming (outgoing) resources before transfers

278

10

296

29

(98)

515

314


Loss on investments

-

-

-

-

(3)

(3)

-

Amount gifted/covenanted to RNIB

(278)

(10)

(296)

(29)

-

(613)

(314)

Net movement in funds

-

-

-

-

(101)

(101)

-

Funds brought forward

5

-

-

-

120

125

5

Funds carried forward

5

-

-

-

19

24


5

The funds brought forward at £125,000 includes an additional £120,000 as a result of the acquisition of the Glynn Vivian Home of Rest for the Blind in the year. The results for Glynn Vivian are for the whole year. The consolidated results for RNIB includes the post Trusteeship performance with the net assets at the date of Trusteeship being included by way of gift.



A summary of the net assets as at 31 March 2011 of the subsidiaries of RNIB follows:





RNIB Enterprises Limited
£’000

RNIB Services Limited
£’000

National Library for the Blind
£’000

Blind Centre for Northern Ireland

£’000

Glynn Vivian

£'000

Total

2011

£’000

Total

2010

£’000

Fixed assets

-

-

-

-


31

31

-

Current assets

358

288

4

6

4

660

641

Creditors - amounts falling due within one year

278

288

4

6

16

592

436

Creditors - amounts falling due after one year

75

-

-

-

-

75

200

Net assets

5

-

-


-

19

24

5


RNIB Enterprises Limited The trading activities include commercial sponsorship and a scheme for the recycling of toner cartridges, with the consent of RNIB. The £200,000 loan facility has been reduced to £75,000 in the year and is made by RNIB to cover the working capital requirements. Interest is charged at 2 per cent above base rate on a quarterly basis.
RNIB Services Limited administers RNIB’s school fees.
National Library for the Blind (NLB) exists as a shell charity to receive donations and legacies, which are transferred to RNIB to be ring-fenced for the RNIB National Library Service.
Blind Centre for Northern Ireland (BCNI) exists as a shell charity to receive donations and legacies, which are transferred to RNIB to be ring-fenced for RNIB Northern Ireland.
Glynn Vivian Within the year the then trustees of Glynn Vivian decided that it was no longer a going concern and therefore it was decided to cease operations with effect from 31 July 2010. On the 28 September 2010 RNIB (226227) became the sole corporate trustee and on the grounds of control has been consolidated within the accounts of the RNIB Group.
A summary of the results for the year ended 31 March 2011 of all RNIB subsidiaries follows:





Associated charities
£’000

Subsidiaries

£’000


Total

subsidiaries

2011

£’000

Total

subsidiaries

2010

£’000

Total incoming resources

29,513

4,994

34,507

34,134

Total outgoing resources

(26,033)

(4,479)

(30,512)

(33,529)

Net incoming resources before transfers

3,480

515

3,995

605

Net gains (losses) on investment assets

70

(3)

67


486

Loss on the revaluation of fixed assets

-

-

-

(7,238)

Actuarial gain (loss) on defined benefit pension scheme

1,190

-

1,190

(1,568)

Amount gifted/covenanted to RNIB

-

(613)

(613)

(314)

Net movement in funds

4,740

(101)

4,639

(8,029)

Funds brought forward

16,155

125

16,280


24,189

Funds carried forward

20,895

24

20,919

16,160

A summary of the net assets as at 31 March 2011 of all RNIB subsidiaries follows:







Associated charities
£’000

Subsidiaries

£’000

Total subsidiaries

2011

£’000

Total subsidiaries

2010

£’000

Fixed assets

18,044

31

18,075

19,423

Current assets

9,114

660


9,774

5,580

Creditors - amounts falling due within one year

3,578

592

4,170

4,363

Creditors - amounts falling due after one year

371

75

446

428

Pension scheme liability

2,314

-

2,314

4,052

Net assets

20,895

24

20,919

16,160

The total net assets of the associated charities at £20,895,000 are held within the Group restricted and endowment funds as detailed in note 20.



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