Rnib group annual report and financial statements 2012/13



Download 1.49 Mb.
Page13/17
Date conversion04.09.2017
Size1.49 Mb.
1   ...   9   10   11   12   13   14   15   16   17

13. Investments




Unrestricted funds

Group

2013

£’000

Group

2012

£’000

Charity

2013

£’000

Charity

2012

£’000

Quoted/Unquoted













Market value at beginning of year

14,561

20,265

14,566

20,270

Acquisitions at cost

5,003

4

5,003

4

Disposals at opening market value


(3,686)

(5,738)

(3,686)

(5,738)

Net gain on revaluation

881

30

881

30

Market value at the end of the year

16,759

14,561

16,764

14,566

Historical cost at the end of the year

12,823

15,028

15,643

14,375

Property













Market value at beginning of year

1,683

1,678


1,683

1,678

Net gain on revaluation

20

5

20

5

Market value at the end of the year

1,703

1,683

1,703

1,683

Historical cost at the end of the year

600

600

600

600

Total market value at the end of the year

18,462

16,244

18,467

16,249

Total historical cost at the end of the year

13,423

15,628

16,243

14,974




Restricted funds

Group

2013

£’000

Group

2012

£’000

Charity

2013

£’000

Charity

2012

£’000

Quoted/Unquoted













Market value at beginning of year

12,507

7,803

4,927

4,799

Acquisitions at cost

271

4,642

-

-

Disposals at opening market value


(109)

(66)

-

-

Net gain on revaluation

1,333

128

507

128

Market value at the end of the year

14,002

12,507

5,434

4,927

Historical cost at the end of the year

7,572

12,302

4,780

4,540




Endowment funds

Group

2013

£’000

Group

2012

£’000


Charity

2013

£’000

Charity

2012

£’000

Quoted













Market value at beginning of year

5,636

5,526

5,635

5,494

Acquisitions at cost

105

-

105

-

Disposals at opening market value

(799)

(31)

(799)

-

Net gain on revaluation

451


141

451

141

Market value at the end of the year

5,393

5,636

5,392

5,635

Historical cost at the end of the year

4,695

5,480

4,694

5,479

During the year the split of investments between restricted and unrestricted has been recalculated.







Group

2013

£’000

Group

2012

£’000

Charity

2013


£’000


Charity

2012

£’000

Unrestricted funds - Quoted

18,462

16,244

18,462

16,244

Unrestricted funds - Unquoted

-

-

5

5

Restricted funds

14,002

12,507

5,434

4,927

Endowment funds

5,393

5,636

5,392

5,635

Total market value of investments at end of year

37,857


34,387

29,293

26,811

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







Group

2013

£’000

Group

2012

£’000

Charity

2013

£’000

Charity

2012

£’000

Unrestricted funds - UK Quoted

17,145

14,951

17,145

14,951

Unrestricted funds – UK Unquoted

-

-

5

5


Unrestricted funds - UK Property

1,317

1,293

1,317

1,293

Restricted funds - UK Quoted

13,998

12,503

5,434

4,927

Restricted funds – Overseas Quoted

4

4

-

-

Endowment funds - UK Quoted

5,393

5,636

5,392

5,635

Total market value of investments at end of year

37,857

34,387

29,293

26,811

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


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




2013

£’000

2013

%

2012

£’000

2012

%

Unrestricted funds - L&G Ethical Trust (Distribution Units)

6,043

16.7

4,717

14.4

Unrestricted funds - L&G Cash Trust (Accumulation Units)

8,712

24.1

4,197

12.8

Unrestricted funds - F&C Ethical Bond Share Class 2


7,413

20.5

10,551

32.3

Restricted funds - CAF UK Equities fund

2,989

8.8

2,766

8.5

Restricted funds - L&G Fixed Interest Trust

4,247

11.7

3,759

11.5

Endowment funds – F&C Ethical Bond Share Class 2 (Emma Nye Fund)

2,989

8.3

2,768

8.5

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



Subsidiary undertakings with a share capital

Registered in

Capital held

%

Number of £1 ordinary shares held

RNIB Enterprises Limited

England and Wales

100

5,000

RNIB Services Limited

England and Wales

100

1

Inosight Limited

England and wales

33

1

Total - direct







5,002

Action for Blind People Activities Limited

England and Wales

100

2


Talking Newspapers Enterprises Limited

England and Wales

100

100

Total - indirect







102

In September 2011 RNIB formed a new trading subsidiary, registered in England and Wales, Inosight Limited. (Company number: 07780850) At 31 March 2012 no activities had taken place. On 2 May 2012 it was resolved that RNIB be allotted the sole class A share and therefore on the grounds of control the results for the extended period should be consolidated within the financial statements of RNIB at 31 March 2013. However, the results of Inosight are not material to the Group and on this basis have been excluded from the consolidation.
The loss in the period to 31 March 2013 in Inosight amounted to £83,367. The value of total reserves in the company at 31 March 2013 is (£83,364).
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:


Subsidiary undertakings limited by guarantee

Registered in

Company number

Charity number

Charity number - Scotland


Action

England and Wales

26688

205913

SCO40050

CVV

England and Wales

149982

214131

-

NTNM

England and Wales

01973092

293656

-

BCNI

Northern Ireland

NI 20701

XN48801

-

NLB

England and Wales

00058823

213212

-

Glynn Vivian

England and Wales

-

214330

-

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


Subsidiary undertakings limited by guarantee

Registered in

Company number

Charity number

The Blind Society for North Tyneside Limited

England and Wales

03736040

1075973

Staffordshire Blind

England and Wales

4154438

1091458

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


Current Asset Investments (including property held for sale)

Unrestricted funds

Group

2013

£’000

Group

2012

£’000

Charity

2013

£’000


Charity

2012

£’000

Quoted













Market value at beginning of year

-

-

-

-

Acquisitions at cost

-

2

-

2

Disposals at opening market value

-

(2)

-

(2)

Market value at the end of the year

-

-

-

-

Historical cost at the end of the year

-

-

-

-
















Property held for sale













Market value at beginning of year

1,704

-

1,704

-

Transfers from fixed assets to property held for sale

-

1,704




1,704

Transfers to fixed assets from property held for sale

(480)




(480)

-

Disposals of property held for sale

(1,224)

-

(1,224)


-

Market value at the end of the year

-

1,704

-

1,704

Historical cost at the end of the year

-

708

-

708

The transfer from fixed assets to property held for sale in 2012 refers to the anticipated fair value proceeds of land at Bakewell Road, Orton Southgate, Peterborough and land and buildings held in Stockport. The transfer in respect of land in Peterborough has been reversed in 2013 as there was no interest shown.




Restricted funds

Group

2013

£’000

Group

2012

£’000

Charity

2013

£’000

Charity

2012

£’000


Property held for sale













Market value at beginning of year

350

2,752

350

350

Disposals of property held for sale

(350)

(2,402)

(350)

-

Market value at the end of the year

-

350

-

350

Historical cost at the end of the year

-

350

-

350








Group

2013

£’000

Group

2012

£’000

Charity

2013

£’000

Charity

2012

£’000

Unrestricted funds

-

1,704

-

1,704

Restricted funds

-

350

-

350

Total market value of current asset investments at end of year

-

2,054

-

2,054


Total Historical cost at the end of the year

-

1,058

-

1,058




1   ...   9   10   11   12   13   14   15   16   17


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

    Main page