Rnib group annual report and financial statements 2012/13



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2. Investment income







2013

Group

£’000

2012

Group

£’000

General funds







Investment income from quoted investments

512

665

Bank interest receivable

4

3

Rents

46

48

Royalties

-

1

Restricted funds







Investment income from quoted investments

741

327

Bank interest receivable

8


23

Rents

-

12

Total

1,311

1,079

Details of our investment policy can be found in the financial review section of the Trustees Report.



3. Net income from trading activities of subsidiary undertakings


A summary of the results for the year ended 31 March 2013 of the subsidiaries of RNIB operating under association agreements follows:





Action


£’000

CVV


£’000

NTNM


£’000

Total

2013 associated charities

£’000

Total

2012

associated charities

£’000

Total incoming resources


21,530

598

973

23,101

25,973

Total outgoing resources

(21,778)

(552)

(979)

(23,309)

(24,600)

Net (outgoing) incoming resources before transfers

(248)

46

(6)

(208)

1,373

Net gains on investment assets

822

4

-

826


40

Actuarial loss on defined benefit pension scheme

(264)

(104)

-

(368)

(815)

Net movement in funds

310

(54)

(6)

250

598

Funds brought forward

20,965

350

178

21,493

20,895

Funds carried forward

21,275

296

172


21,743

21,493

A summary of the net assets as at 31 March 2013 of the subsidiaries of RNIB operating under association agreements follows:







Action


£’000

CVV


£’000

NTNM


£’000

Total

2013 associated charities

£’000

Total

2012

associated charities

£’000

Fixed assets

22,925

1,263

381

24,569

22,757

Current assets

2,850

203


160

3,213

4,776

Creditors - amounts falling due within one year

2,300

172

164

2,636

2,716

Creditors - amounts falling due after one year

-

-

205

205

357

Pension scheme liability

2,200

998

-

3,198

2,967

Net assets

21,275


296

172

21,743

21,493


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 has provided funding to deal with the structural deficits of Action but this funding ceased at the year end. The sum of such grants amounted to £11,499,000 in the year (2012: £12,485,000).

CVV provides a wide range of services to blind and partially sighted people within Cardiff and the Vale of Glamorgan. RNIB has paid a grant to CVV in the year amounting to £342,000 (2012: £150,000).

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 its wholly owned subsidiary Talking Newspapers Enterprises Limited. RNIB has paid a grant to NTNM in the year amounting to £460,000 (2012: £450,000). NTNM has merged with RNIB on 30 June 2013.

RNIB also has five wholly owned subsidiaries. These are RNIB Enterprises Limited, RNIB Services Limited, National Library for the Blind, Blind Centre for Northern Ireland and the Glynn Vivian Home of Rest for the Blind (Glynn Vivian).

A summary of the results for the year ended 31 March 2013 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

2013

£’000

Total

2012

£’000

Total incoming resources

397

4,639

232

47

-

5,315

4,560

Total outgoing resources

(28)


(4,630)

(11)

(1)

(19)

(4,689)

(4,168)

Net incoming (outgoing) resources

369

9

221

46

(19)

626

392

Loss on investments

-

-

-

-

-

-

(1)

Amount gifted/covenanted to RNIB

(369)

(9)

(221)

(46)

-

(645)

(391)

Net movement in funds

-

-


-

-

(19)

(19)

-

Funds brought forward

5

-

-

-

19

24

24

Funds carried forward

5

-

-

-

-

5

24

A summary of the net assets as at 31 March 2013 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

2013

£’000

Total

2012

£’000

Current assets

371

341

114

-

-

826

396

Creditors - amounts falling due within one year

366

341

114

-

-

821

372

Net assets

5

-

-

-

-

5

24



RNIB Enterprises Limited The trading activities include commercial sponsorship and a scheme for the recycling of toner cartridges, with the consent of RNIB. A £200,000 facility remains available to RNIB Enterprises and if called upon would be made by RNIB to cover the working capital requirements.

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 exists as a shell charity following the sale of the property previously owned by Glynn Vivian. RNIB is the sole corporate trustee and on the grounds of control Glynn Vivian has been consolidated within the financial statements of the RNIB Group.
A summary of the results for the year ended 31 March 2013 of all RNIB subsidiaries follows:




Associated charities
£’000

Subsidiaries

£’000

Total

subsidiaries

2013

£’000

Total

subsidiaries

2012


£’000


Total incoming resources

23,101

5,315

28,416

30,533

Total outgoing resources

(23,309)

(4,689)

(27,998)

(28,768)

Net (outgoing) incoming resources before transfers

(208)

626

418

1,765

Net gains on investment assets

826

-

826

39

Actuarial loss on defined benefit pension scheme

(368)

-

(368)


(815)

Amount gifted/covenanted to RNIB

-

(645)

(645)

(391)

Net movement in funds

250

(19)

231

598

Funds brought forward

21,493

24

21,517

20,919

Funds carried forward

21,743

5

21,748

21,517

A summary of the net assets as at 31 March 2013 of all RNIB subsidiaries follows:




Associated charities
£’000

Subsidiaries

£’000

Total

subsidiaries

2013

£’000

Total

subsidiaries

2012

£’000

Fixed assets

24,569

-

24,569

22,757

Current assets

3,213

826

4,039

5,172

Creditors - amounts falling due within one year

2,636

821

3,457

3,088

Creditors - amounts falling due after one year


205

-

205

357

Pension scheme liability

3,198

-

3,198

2,967

Net assets

21,743

5

21,748

21,517

The total net assets of the associated charities as at 31 March 2013 amounting to £21,743,000 (2012: £21,493,000) are held within the Group restricted and endowment funds as detailed in note 19.




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