Rnib group annual report and financial statements 2012/13


Creditors - amounts falling due after more than one year



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18. Creditors - amounts falling due after more than one year




Group

2013

£’000

Group

2012

£’000

Charity

2013

£’000

Charity

2012

£’000

Net obligations under bank loan is payable as follows













Between one and two years

1,020

1,164

1,000

1,000

Between two and five years

3,031

3,030

3,000

3,000

More than five years

17,154


18,163

17,000

18,000

Total

21,205

22,357

21,000

22,000

In 2011/12 RNIB exercised its option to convert 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 into a 23-year mortgage secured over the freehold property at Coventry. At 31 March 2013 the amount owing on the loan is £22million (2012: £23million).


Interest is charged on the loan 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 charged on the outstanding amount of the loan, less £500,000, is at a fixed rate of 5.05 per cent.
Under the terms of the mortgage 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 31 March 2013, with the amount outstanding at £22,000,000 (2012: £23,000,000) the level of such reserves has to exceed £27,500,000 (2012: £28,750,000) and the actual level of such reserves stands at £82,191,000 (2012: £83,302,000).

The Group creditors greater than one year includes £205,000 (2012: £213,000) outstanding against a £250,000 loan from Unity Trust Bank plc provided to NTNM, secured by a first charge on their National Recording Centre. This was paid in full on 28 June 2013. It also includes £144,000 (2012: £144,000) secured on freehold property transferred from the Blind Society for North Tyneside Limited, which merged with Action in 2010/11.



19. Group/Charity statement of funds


Designated




31 March 2012

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers
£'000

Gains/ losses

£'000

31 March 2013

£’000

Investment Fund

2,403

-

1,032

2,431

-

3,802

Mergers Fund

1,589

-

326


(20)

-

1,243

Service property and associated facilities development

721

-

551

461

-

631

Operational equipment fund

804

2

578

1,053

-

1,281

Information technology infrastructure fund

314

-

739

880

-

455

Repairs and maintenance fund

18


-

881

947

-

84

Net book value - Service Properties

39,902

-

1,479

1,247

-

39,670

Net book value - Other fixed assets

1,467

-

548

824

-

1,743

Total designated - Group and Charity

47,218

2

6,134

7,823

-

48,909



Investment fund: The purpose is to fund major projects furthering the strategic business plan. The transfer represents new designations of £2,545,000 in relation to the CRM and digital projects which is offset by the acquisition of fixed assets in the sum of £26,000 and transfers to other funds of £88,000.

Mergers fund: This fund is designed 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. The £461,000 transfer includes new designations of £870,000 relating to the Redhill Development Project and £59,000 transfer from general funds, offset by the acquisition of fixed assets in the sum of £383,000 and a release back to the general fund of £85,000 in respect of the land at Peterborough.

Operational equipment fund: The purpose is to fund planned capital acquisitions. The £1,053,000 transfer represents a £1,045,000 designation from the general fund for general capital acquisitions and the transfer to other funds of £178,000 offset by the acquisition of fixed assets in the sum of £170,000.

Information technology infrastructure fund: The purpose is to ensure that the information technology infrastructure is robust. The £880,000 transfer represents a planned designation of £250,000 towards the fund as well as a net transfer from other funds of £762,000 offset by the acquisition of fixed assets in the sum of £132,000.

Repairs and maintenance fund: The purpose is to fund a rolling programme of regular property maintenance. The £947,000 transfer represents new designations of £982,000 to cover planned expenditure within this programme offset by the acquisition of fixed assets in the sum of £35,000.


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 £300,000 added back to freehold land from property held for sale in respect of the land at Peterborough, other additions amounting to £5,000, offset by disposals amounting to £58,000 and a reduction in the long term debt of £1,000,000 relating to the loan repayment 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 comprises additions amounting to £838,000, offset by disposals amounting to £14,000.
Other unrestricted




31 March 2012

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers
£'000

Gains/ (losses)

£'000


31 March 2013

£’000

General - Charity

20,400

85,619

79,886

(6,961)

1,562

20,734

Pension reserve

(11,546)

-

(638)

-

15,303

4,395

Total other unrestricted

8,854

85,619

79,248

(6,961)

16,865

25,129

Total unrestricted - Charity and Group


56,072

85,621

85,382

862

16,865

74,038

Restricted






31 March 2012

£’000

Incoming resources

£’000

Outgoing

resources

£’000

Transfers
£'000

Gains/

(losses)

£'000

31 March 2013

£’000

Emma Nye fund welfare pensions

568

217

201


-

-

584

Dr Duncan Leeds Bequest

38

73

42

-

-

69

Elizabeth Eagle-Bott Memorial Fund

58

40

41

-

3

60

Opportunities for Volunteering

7

-

-

-

-

7

Donations for specified equipment

3,827

17,936

18,254

(19)

-

3,490

Action

276


19

293

-

-

2

Glynn Vivian

350

1,674

505

(62)

-

1,457

Donations for specific services

65

25

12

(4)

-

74

Sub total

5,189

19,984

19,348

(85)

3

5,743




31 March 2012

£’000

Incoming resources

£’000

Outgoing

resources

£’000

Transfers
£'000

Gains/ (losses)

£'000

31 March 2013

£’000

Fund and/or purpose b/f

5,189

19,984

19,348

(85)

3

5,743

Big Lottery Fund



















AdvantAGE Programme Wales Eye Patient Advocacy Service

23


118

83

-

-

58

Empowering Young People Programme - Realise

-

25

9

-

-

16

Energy Efficient Venues Programme

7

-

6

-

-

1

Gullane Street Centre for Sensory Impaired People, Scotland

1

-

1

-

-

-

Safe and Well Programme, Lisburn in Focus

24

140

122

-

-

42


Research Programme: ENABLER

101

144

195

-

-

50

RNIB Cymru Developing Emotional Wellbeing Through the Arts

18

-

18

-

-

-

Silver Dreams Programme: OPTiC (Older People Taking Control)

-

56

6

-

-

50

Supporting Change and Impact: SEED (Social Enterprise and Employment Development)

-

4

4

-

-

-

Arts Council England


















Opening Up Creative Culture

-

67

62

-

-

5

Awards for All



















Community Connections, Northern Ireland

6

-

6

-

-

-

RNIB Cymru Family Weekend

5

(3)

2

-

-

-

Colour Brush In Darkness, Hillside Arts

2


-

2

-

-

-

Sub total

5,376

20,535

19,864

(85)

3

5,965






31 March 2012

£’000

Incoming resources

£’000

Outgoing

resources

£’000

Transfers
£'000

Gains/ (losses)

£'000

31 March 2013

£’000

Fund and/or purpose b/f

5,376


20,535

19,864

(85)

3

5,965

Creative Scotland



















Insight Outdoors

-

15

15

-

-

-

Scottish Book Awards Transcription

1

-

1

-

-

-

Heritage Lottery Fund

















A Sense of the Past

12

10

13

-

-

9

All Our Stories Programme – Insight into the Past

-

10

-

-

-

10

Reaching Communities



















SEED (Social Enterprise and Employment Development)

93

24

118

-

-

(1)

Talk and Support: Supporting our Volunteers through Mentoring

-

8


-

-

-

8

Trainee Grade Scheme: Extending the Reach

-

-

1

-

-

(1)

Sport Northern Ireland



















RNIB Lisburn Tandem Group

6

-

6

-

-

-

Total restricted – Charity

5,488

20,602

20,018

(85)

3

5,990


Glynn Vivian

19

-

19

-

-

-

Action

20,965

10,031

10,279

-

558

21,275

CVV

349

256

210

-

(100)

295

NTNM

178

513

519

-

-


172

Total restricted - Group and Charity

26,999

31,402

31,045

(85)

461

27,732

The restricted fund under Glynn Vivian within the Charity referred to the value of the property held by RNIB as trustee which

has been sold in the year.


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 2013 such deficit balances amounted to £173,000 (2012: £201,000), which lies within “Donations for specified equipment”, “SEED (Social Enterprise and Employment Development)” and “Trainee Grade Scheme: Extending the Reach”.
The amounts included within “Group” represent the net assets at fair value of the associated charities, other than those held within endowment funds.
Endowment




31 March 2012

£’000

Incoming
resources

£’000


Outgoing
resources


£’000

Transfers
£'000

Gains/ (losses)

£'000

31 March 2013

£’000

Sunshine

1,040

-

6

(777)

117

374

Emma Nye

2,769

-

-

-

220

2,989

Bristol Blind Fund

100

-

-

-

63

163

Eagle-Bott Memorial


545

-

-

-

119

664

Dr Duncan Leeds Bequest

1,020

-

-

-

13

1,033

GDC Rushton

161

-

-

-

8

169

Total endowment - Charity

5,635

-

6

(777)

540

5,392

CVV

1

-

-

-


-

1

Total endowment - Group and Charity

5,636

-

6

(777)

540

5,393

During the year, the Charity applied to The Charity Commission to apply a total return approach to The Sunshine Endowment Fund. This resulted in the release of the unapplied total return amounting to £777,000 to general funds. Within the balance at 31 March 2013, the value of the gift element of the permanent endowment was £323,000 (2012: £323,000) and the unapplied total return was £51,000 (2012: £717,000).


Summary




31 March 2012

£’000

Incoming resources

£’000

Outgoing resources

£’000

Transfers
£'000

Gains/

(losses)

£'000

31 March 2013


£’000


Charity



















Unrestricted

56,072

85,621

85,382

862

16,865

74,038

Restricted

5,488

20,602

20,018

(85)

3

5,990

Endowment

5,635

-

6

(777)

540

5,392

Total

67,195


106,223

105,406

-

17,408

85,420

Group



















Unrestricted

56,072

85,621

85,382

862

16,865

74,038

Restricted

26,999

31,402

31,045

(85)

461

27,732

Endowment


5,636

-

6

(777)

540

5,393

Total

88,707

117,023

116,433

-

17,866

107,163




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