Rnib group annual report and financial statements 2012/13


Independent auditors’ report to the Trustees of RNIB



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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 2013 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 the trustees are responsible for the preparation of financial statements which give a true and fair view.
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 under section 144 of the Charities Act 2011 and regulations made under those Acts (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 and Financial Statements 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 2013 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; and

  • have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and regulation 15 of The Charities (Accounts and Reports) Regulations 2008.


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) and Charities Act 2011 require us to report to you if, in our opinion:


  • the information given in the Trustees 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


July 2013
PricewaterhouseCoopers LLP is eligible to act, and has been appointed, as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and section 144(2) of the Charities Act 2011.


Consolidated statement of financial activities for the year ended 31 March 2013





Notes

Unrestricted funds

£’000

Restricted funds

£’000

Endowment funds

£’000


Total 2013
£’000

Total 2012
£’000

Incoming resources

 

 

 




 

 

Incoming resources from generated funds

 

 

 




 

 

Voluntary income

 

 

 




 

 

Donations and gifts

 

19,888

9,507

-

29,395


28,989

Legacies

 

34,454

6,257

-

40,711

35,463

Total voluntary income

 

54,342

15,764

-

70,106

64,452

Activities for generating funds



















Merchandising and sponsorship

 

397

47

-

444


265

Investment income

2

562

749

-

1,311

1,079

Total incoming resources from generated funds

 

55,301

16,560

-

71,861

65,796

Incoming resources from charitable activities
















 

Stopping people losing their sight unnecessarily

 

391

201

-

592


650

Supporting independent living

 

27,733

12,697

-

40,430

41,620

Creating an inclusive society

 

1,690

290

-

1,980

1,950

Total incoming resources from charitable activities

1.5

29,814

13,188

-

43,002

44,220


Notes

Unrestricted funds


£’000


Restricted funds

£’000

Endowment funds

£’000

Total 2013
£’000

Total 2012
£’000

Other incoming resources



















Other income - VAT claim




3

-

-

3

11

Other Income - defined benefit pension scheme




-

-

-

-

862

Net gain on disposal of fixed assets




503

1,654

-

2,157


709

Total incoming resources

1.5

85,621

31,402

-

117,023

111,598

Resources expended



















Costs of generating funds



















Costs of generating voluntary income

1.6

14,337

24

-

14,361

14,437

Merchandising and sponsorship costs




24

15


-

39

22

Investment management costs




106

19

6

131

138

Total costs to generate funds


1.6/5/6

14,467

58

6

14,531

14,597

Charitable activities



















Stopping people losing their sight unnecessarily




3,056

532

-

3,588

3,195

Supporting independent living




58,098

29,248

-

87,346

84,340

Creating an inclusive society




8,611

901

-

9,512

9,070

Total charitable activity costs




69,765

30,681

-

100,446

96,605

Governance Costs

4

1,150

306

-

1,456

1,564

Total resources expended

1.6/5/6

85,382


31,045

6

116,433

112,766



Notes

Unrestricted funds

£’000

Restricted funds

£’000

Endowment funds

£’000

Total 2013
£’000

Total 2012
£’000

Net incoming (outgoing) resources before transfers




239

357

(6)

590

(1,168)

Transfers

19

862

(85)

(777)


-

-

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




1,101

272

(783)

590

(1,168)

Unrealised gain from revaluation of property held for sale


1.9

-

-

-

-

996

Net gains on investment assets





1,562

829

540

2,931

383

Actuarial (loss) gain on defined benefit pension schemes

21

15,303

(368)


-

14,935

(16,275)

Net movement in funds




17,966

733

(243)

18,456

(16,064)

Total funds brought forward at 1 April 2012




56,072

26,999

5,636

88,707

104,771

Total funds carried forward at 31 March 2013

19

74,038

27,732

5,393

107,163

88,707

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 £106,223,000 (2012: £98,678,000) less resources expended by the Charity at £105,406,000 (2012: £101,220,000) led to a surplus of £817,000 (2012: deficit of £2,542,000). All incoming resources, resources expended and resulting net movements in funds are derived from continuing activities. The Isle of Man government require that we disclose the income and expenditure in the Isle of Man which amounted to £161,000 (2012: £160,000) and £191,000 (2012: £153,000) respectively. The notes that follow form part of the financial statements.






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