Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 Company registration number.. 2669868 Charity number.. 1007726 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) MENZIES BRIGHTER THINKING
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Company. its Trustees and Advisers Trustees. Report Independent Examiner's Report Statement of Financial Activitles 10 Balance Sheet Notes to the Flnanclal Statements 13-26
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Trustees Mr Geoff Adam-spink Dr Philip Friend OBE, Chair Mrs Carol Campbell Ms Judith Gubbay Mrs Tracey Proudlock Mr Brian Yates Dr Deborah Horowitz Mr Michael Nicholson Mr Michael Briggs Mrs Margaret Cheng Mr Raj Mehta Company gIStered number 2669868 Charity registered number 1007726 Registered Offi¢e and Principal Office Unit 10 Blenheim Court 62 Brewery Road London N7 9NY Company secretsry Razia Mohammed Chief executive officer Gordon Mccullough Independent examiner Menzies LLP Chartered Accountants Lynton House 7- 12 Tavistock Square London WC1H 9LT Bankers Barclays Bank PLC Leicester LE87 2BB Website www.iidc.oig.uk Page 1
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020 The Trustees present their annual report together with the financial statements for 1st October 2019 to 30th September 2020. Since the wmpany qualifies as srn811 under section 383. the strategic report required of medium and 181ge companies under The Comp8nie5 Act 2006 Istrategic Report and Directoi's Report) Regul8tions 2013 Is not required. Charity infomiation The Research Institute for Disabled Consumers is both a company registered in England under Registration No. 2669868 and a registered charity under Registration No. 1007726. The company is limited by guarantee not having a share capital and is governed by its Memorandum and Articles of Association. About the Research Institute for Disabled Consumers The Research Institute for Disabled Consume15 IRIDCI is 8 leading expert in Inclusive research involving disabled and older consumers. We ale an independent, national tharity with over 50 years of experience in cotnrnissioned consurnei research and Insights in this specialist area. We have developed a strong trad( record of providing unique insights and solutions to businesses, government and charities. We are run by, and for, people with personal experience of disability. Our vision is of a society that is accessible and inclusive for all, regardless of age or ability. Through our research we will Iransfonn how private. public and voluntary sectors listen to. adapt and learn from the direct experiences and insights of disabled and older people. We aim lo achieve this by.. Pioviding high quality res88rch-Infoim8d by disab18d and older people to improv8 goods and 58rvices delivered by public, voluntary and private secttsis Using the knowledge gained from our research with disabled and older people to influence and drive forward policy and practice,. and, Increasing RIDC'S strategic relevance within sectors to improve accessibility and inclusion. PUBLIC BENEFIT Under the Charrtie5 Act 2006, ch8ritie5 ale required to demon5tr8te that their aims are for the public benefit. The two key principles which must be met in this context are, firstly, that there must be an identifiable benefit or benefits", and, secondly, that the benefit must be to the public or a section of the public. Charity trustees must ensure that they carry out their charity's aims for the public benefit, must have regard to the Charity Commission's guidance, and must report on public benefit in their annual report. RIDC'S Board of Truslees regularly monitors and reviews the success of the organisation in meeting its key objectives of helping businesses, charities and governrnent understand the needs and experiences ol disabled and older consumers., providing free, up to d8te consumer infomiation lo allow disabled and older people to choose the right products and services to lead an independent life.. and. promoting and representing the voice of disabled and older consumers. The trLJStees wnfirm. in the light ol the guidance, that these aims fully meet the publiG benefit lest and th* all the adivilies of the charity, described In the Report of the Trustees, are undertaken in pursuit of these aims. REVIEW OF 2019120 It is fair to say this has been a year like no other. The impact of the Covid-19 pandemic, which struck in March 2020 and continued throughout the rest of the financial year and beyond. meant RIDC needed to change the way we conducted research. We were shocked and deeply saddened by the new5 that David Lazarus, our dear colleague. and Vi¢e-Ch8ir of RIDC, died in April 2020 8ft81 contracting the COVID-19 virus. David joined RIDC, first as a Tru5t88 from 2012 and then as VIc8-Chair from 2015. Page 2
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 David was a vibrant rnan, always questioning and aayS totally committed lo our work. He was a wami and loyal colleague. irnrnensely valued and liked by all staff and Trustees. Gifted with an incisive mind, coupled with an 85tute turn of phi8se, David urged stsff and Trustees lo question and be practical while never failing to support and nurture our ide85. His challenging questions weie always posited In good spiiit, to improve and inform our piactice. In April 2020 the trustees agreed a new five-year strategy. Small Changes, Big Drfference maiks a significant departure in the focus of RIDC. We wll use the strength of having experienced researchers, a large and engaged, pan-disability research panel, with a long track record of research and consumer insight work, which is user-led, authentic and credible to increase and improve knowledge in speafic sectors. We will becorne a thought leader and use our partnerships and influence to turn this knowledge into changes in policy and practice, in a small number of areas that we excel in. The three areas that RIDG will focus on are.. Moving forward= The future of inclusive tiansport and mobility Opening windows= Exploring the interface between technology and the individual Actively ageing= The intersection between age and disability In future reports, we will focus on the impact we have had on each of these three strategic priorities. Visit www.ridc.org.uk to read the outcomes of our research. COVID-19 Like rnany other research agencies. we decided in earfy March 2020 to pause 811 face-to-face research with our panel mernbers. This meant seve[81 signifi¢8nl projects were paused and have yet lo recomrnence due lo the ongoing restriction5. However, as a response to the COVID-19 restrictions, RIDC developed a tracker survey to gather the experiences and opinions of disabled and older people during the lockdown. The response from the RIDC consumer panel was amazing with an average of 78Spanel members responding to each survey. Visit www.ridc.org.uk to see the full results. The research was conducted in partnership with the Disability Charities Consortium IDCCI. The findings have fomed part of the DCC'S government briefings and have been shared with individual government departments IDEFRA and the Cabinet Office). In addition. the research findings have reported on by the Guardian 1291412020 and 1115120201. ITV and The Grocer. We also received fLJnding in September 2020 from the London Covid Response Fund ladministered by City Bridge Tiusti to explore the impact of COVID-19 restrictions on disabled people in London. The results from this in-depth study will be available in March 2021. Some highlights Despite the pandemic and almost complete cessation to our work beeen April and September, RIDC still produced impactful research. Listed below are sorne of the highlights. Moving forward= The future of inclusive transport and mobility Motability- we continLJe to piovide our unique car 5e8rch showing measurements, photos and assibIlItY features of over 1,700 vehides. The ie50urce includes data on seat heights, headroom, door openings and boot sizes, and cars that can take an unfolded standard wheelchair. Page 3
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 Electric cars- research, funded by Motability, into electric cars and the charging infrastructure. The testing highlighted that the needs of disabled drivers are being ignored in this fast-changing sector. We asked panel mernbers lo test the accessibility and us8bility of electric car charging points at two locations. This rese8ich h8S directly inforrned Mot8bilily's Strategy on developing new 8PPfO8ches lo electric cars and disabled diivers. Office for Road and Rail IORRI- new regulation5 on acce55ibility at train stations were Introduced on 1 st April 2020. ORR cotllmissioned RIDC to create a compliance baseline across 140 staffed and unstaffed stabons. This work was paused due to the COVID-19 restiictions. Arriva Buses- year-long mystery shopping exercises across several London bus routes. Panel members were asked to report on their experiences of travelling on these routes. Feedback is given directly to the drivers and to inform training. This work was paused due to the COVID-19 restrictions. Opening windows.. Exploring the Interfa between technology and the individual Brit18h Ga$- testing accessibility and usability of British Gas websites and apps. RIDC was involved earty in the design cyde Iprototype st8gel which helped Infoirn future accessibility features. Skipton Building Soci8ty- RIDC wa5 commissioned to test the cu5totner journey of a banking rnobile application and AIB testing communication emails. We were involved ielatively early In the design cyde and were able, using the insights of panel members, to help Skipton to adjust and refine the accessibility ol their communications and app. Home heating controls- funded by the Energy Redress Scheme, this research tested the accessibility and usability 0111 home heating controls. This is an important issue for disabled people as they tend to have higher than average energy bills and lower than average incomes. It is estimated that there are 939,000 fuel poor households in England with a disabled person. Adively ageing= The intersection between age and disability Understanding the home lift market- this is a relatively n8w rnatk8t compared to st8iil1ft5 and a d8ai understanding of how ielevant products are to potential customers is extremely important. To develop thi5 understsnding, Stannah asked the Research Institute for Disabled Consumers IRIDCI to look at the current market, the trends and opportunities for and how to gain a better understanding of customers, experience and attitudes. Read more about what Stannah got out of the research. Dementia research- working in partnership with Innovations in Dementia IIDI and local groups in the Dementia Engagement and Empowerment Project network. This Ihre&year project, funded by City Bridge Trust, aims to improve the experiences of people with dementia when using London arts. sports, health or well-being venues or services. This work was paused due to the COVID-19 restrictions. Which? Over the last 12 months, there has bèen increased collaborative working between RIDC and Which? This renewed focus on partnership working has seen several successful joint projects, induding". Speclal assistance at alrports In October 2019, we contacted our panel members about their experiences of special assistance at UK airports. We received 363 responses in total. The research uncovered that there are far too many barriers for disabled and older people with restricted rllobilily lo feel comfortable travelling. With respect lo special assistance arrangements. il was clear that communication between the airlines 8nd airports is failing a lol of Ir8vellers. Our work with Which? into what ali travel is really like for disabled and older travelleis, gained national tnedia Coverage. It highlighted the problems that many disabled passengers face when travelling through airports. In the national press, the story appeared in the Mirror, ITV, the Telegraph and the Independent113101120201. The research was broadcast on television with Which? appearing on BBC News and various ITV regional channels. The story was also covered by BBC Radio 5 Live, ITV News as well as some BBC regional radio stations. Trade websites that publicised the airport travel survey included.. International Airport Review., Access and Mobility Professional., Passenger Terminal Today. and Assistive Technology Today. Page 4
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 Council Tax deductions In December last year. we surveyed 417 members of the RIDC panel about their awareness of council tax discounts. Only half were aware of the disabled band reduction. On average. the people we surveyed, who clairn the disabled band reduction. have saved £246 8 year. The results were used foi an article in Which? Money published in March 2020. Vulnerable food supplies We shared data from our Covid-19 tracker suNey with the Which? investigatitsns team. The data highlighted the anxieties that disabled people (particularly those who are shielding) have in relation to supermarket deliveries, the availability ol food and the impact of social distancing measures when shopping. Bank branch closures Most recently we have assisted with a Which? Money investigation into bank branch closures. We sent an online survey to our panel and achieved 664 responses. We piovided Which? with a br8akdown of respons8s by disability type and regional vaiiations. We hope, once the lockdown restrictions are lifted, to assist Which? with some tnystery shopping of the solutions that have been PLrt in place Our eonsumer panel None of the work described above would have been possible without the continued commitment and enthusiasm of our consumer panel. They are at the heart of everything we do. They make research possible and their experiences and opinions are key in shaping products and Servi$. Over the last year, the panel has grown by 25 /0 to 1,665 disabled and older people right across the UK. We want to keep growing the panel so that we'll include an even broader range of views and experiences in our research for businesses. organisations and institutions on their inclusion journeys. Fundraising Incom8 is iais8d through COTntnissioned research contracts and grants frorn a range of sourc85 Including tharitabl8 foundation5 and cotnrnercial organisations. Fundrai51ng effort has focused on widening the SoUrS of our income to ensure continued support for the chaiity's programme of activities. The financial report shows that a greater proportion tsf our funding came in the form of commissions than in grants during 2019120. THANKS TO OUR FUNDERS Without our funders, none of our work would be possible. In the financial ye8r ending 30th September 2020, we received core funding frorn the Consurners, Association. We are very grateful lo this organisalion and others that have provided grants.. Energy Savings Tiust Motability City Bridge Trust We would like to extend particular thanks to Which? and City Bridge Trust. Which? very kindly donation of £75,000 to help support RIDC through the first COVID-19 lockdown. City Bridge Trust gave RIDC an additional payment of £8,500 to support the charity during the lockdown and enabled us to use 12 month's grant funding lo cover core costs as the work had lo be paused. We will be forever grateful. Page 5
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 FINANCE REVIEW Going concern After making appropriate enquirie5. the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For thi5 reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Financial risk management objectives and policies RIDC is primarily funded through project work. so our income fluctuates from year to year which can lead to a deficit at the end of a finanoal year. To help cushion against fluctuating income, we have built up reserves to help manage this risk. Our policy 15 to 8chiev8 a suiplus over tlrn8 to build up reserv8s in lin8 Wlth the poliry outlined below. Comparing figures with the last financial year they show". Income has decreased by £111,887 to £415,493127Q/o decreasel. Expenditure has decreased by £4,583 to £513,301 Ino changel Total funds al 30 September 2020 have decreased to £448.491 12019.. £551,118). Reserves policy RIDC'S policy is to review annually its resetV8 leve15 to ensure that they are 5LJffici8nt to provide some protection against ptstential risks that could Impact the organisation. Trustees have decided to designate certain reserves to meet some identifiable costs and some development expenditu not covered by funders or customers. £184,000 is designated to fu11 RIDC'S share ol the CA pension scheme defiat which may rise after the 2021 revaluation. A further £50,000 is designated to research development costs. Our target current range of general and designated reserves combined is £450,000 to £600.000. Trustees anticipate that any iNcrernent81 reserves will be used to fund additional expansion of our charitable activity. Investment poliey Trustees delegate management of reserves to a Finance Committee whid) includes trustees experienced in asset management. The Committee reports quartedy to the Trustees. Risk assessment The trustees have assessed the major risks lo which the charity is exposed, in particular those related to the operations and finan3 of the charity. and are satisfied that systems are in place to mitigate exposure to the major risks. Risks h8ve been identified under the four headings suggested by the Charity Gommission.. Governance and M8n8gement.' Operation81.. FInanal, and OperationaliExtern81 Environment. The ttustees require the Chièf Executive and staff to actively manage these risks throughout the year. The primary risks faang the charity are a lailLJre to achieve financial stability in the medium term and failing to meet the necessary standards in our service delivery required by clients and funders. Page 6
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 CONNECTED CHARITIES- CONSUMERS. ASSOCIATION RIDC was originally formed by the Consumers. Assouation. The Consumers. Association currently gives RIDC an annual core grant of £75,000 as disclosed in note 2 to these financial slalemenls. 12018119. £75.0001. A Iruslee of RIDC is also a Council tnember of the Consumers, Association. The level of funds RIDC received from the Consumers, Association represent5 a rnaterial proportion of RIDC'S income. OUR PLANS FOR 2020121 Our plans for 2020121 is to continue to grow our consumer panel to ensure the voice of disabled and older people is at the forefront of rnaking products and services a¢SSIble. We will focus on being leaders in inclusive rese8rch focusing on technology. transport and ageing well. We will continue to raise the prolile and impact of our work and seek to Influen service and produd designers to consider and act upon the n8eds of disabl8d and older people. Internally, we want to develop a mole sustainable funding model that is not as dependent upon clients. We want to be able to set the agenda for indusive research and not always be responding to the needs ol others. And, finally, we want a dedicated, committed and talented team of researchers who can lulfil a number of functions. Therefore we will invest in the team and ensure they are supported and encouraged to amplify the hopes and expectations of disabled and older people. STRUCTURE, GOVERNANCE AND MANAGEMENT The TTUStees The Trustees. who are also the directors undei cornp8ny18w, who served during the period and up lo the date of this report were 8s follows.. Mr Geoff Adams-spink Mrs Jill Allen-King OBE (retired February 20201 Mr Michael Briggs Mrs Margaret Cheng Dr Philip Friend OBE (Chairl Dr Jeffrey Graham (retired February 20201 Ms Judith Gubbay Mr David Lazarus Ideceased April 20201 Mr Raj Mehta (Vice-chair." appointed August 20201 Mrs Tracy Proudlock Mr Brian Yates (Tieasuierl Ms Carol Campbell (appointed February 20201 Ms Deborah Horowitz (appointed February 20201 Mr Michael Nicholson (appointed February 20201 Up to a maximum of twelve Trustees are elected by the members of RIDC. Each of the Trustees retires by rolalion and may sland for re-election. Addition8lly. the Trustees may elect to sland until the end of the next Annu81 Gener81 Meeting. A Tiustee so elected then vacates office if not re-elected at th81 meeting. The Ttustee5 of RIDC are the only members of the wmpany, remaining as membeis, only so long as they iernain on the Board of Trustees. Members of the charitable company guarantee to contribute an amount not exedIng £1 to the assets of the charitable company in the event of winding up. The total number of such guarantees on 30th September 2020 was 11 12019- 121. The Trustees have no beneficial interest in the charitable company. During the year five fonnal Trustee meetings took place and an annual general meeting was held IN February 2020. Poliaes for th8 tr8ining and Induction of TIu5t8es are in line with published guidance frorn the Ch8rty Cornmission. Page 7
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020 Structure, govemance and management The Trustees {who are also directors of Research Inslilule for Disabled Consumers for the purposes of company 18wl are responsible for preparing the Trustees, Report and the fin8nci81 stalernenls in aOrdanCe with applicable law and United Kingdorn Acwunting Standards (United KingdoTn Generally Accepted Accounting Pr8Cticel. Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the finanaal statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select 5Ultable accounting policies 8nd then apply them consistently., observe the methods and principles In the Ch8rit185 SORP., make judgments and accounting estimates that are reasonable and prudent", state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the finanaal statements., prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequ8le accounting records th81 are sufficient lo show and explain the haritable comp8nY5 transactions and disclose with reasonable accuracy at any lime the financial position of the chaiitable company and enable thern to ensur8 that the financial statements cotnply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Cornpanies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by.. Docu$ndty. Do¢uSIgNd by.. t6rAÈfoB¥11YC4LY" Dr Philip Friend 08E Trustee Trustee D*e.' 08-Jun-2021 Page 8
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) MENZIES INDEPENDENT AUDITORS, REPORT TO THE OF RESEARCH INSTITUTE FOR DISABLED CONSUMERS Indend•nt Examinèrfs Rèport to thè Tru$te•s of Res•arch Institutè for Disabled Consumèrs (Formèrly R•$aareh Institut8 for Consumèr Affairs) I'thg Company'l I report to the charity Trustee5 on rny examination of the accounts of the Company for the year ended 30 September 2020. Responslbllltles and Basls of Report As the Trustees of the Company land its directors for the purposes of company lawl you are responsible for thè preparation Of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Acfl. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my exarnination of the Company's accounts carried out under section 145 of the Charities Act 2011 I'the 2011 ACVI. In carrying out rny examination I have followed the Directions given by the Charity Commission under Section 14515llbl of the 2011 Act. Independent Examinerfs Statement Since the Company's gross income exceeded £250,000 your examiner must be a member ol a body listed in section 145 of the 2011 Act. I confim that l am qualified to undertake the examination because l am a member of The Association of Chartered Certified Accountants, which is one ol the listed bodies. I have completed my ex8min8lion. I confirm th81 no tnatters h8ve cotne lo my attention in connection with the examin81ion giving tne caus8 to beli8ve'. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act,. or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concems and have come across no other mters in connection with the examinion to which attention should be diawn in this report in order to enable a pioper undeist8nding of the account5 to be reached. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those rnatlers I arn required lo stale to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent perrnitted by law. I do not accept or assurne responsibility lo anyone olhei than the Cornpany and the Company's Trustees as a body, for 9¥èY..thIS report. Signed.. Dated.. 08-Jun-2021 E6423E31558A49Q Richard Walson FCCA Menzies LLP Chartered Accountants Lynton House 7- 12 Tavistock Square London WC1H 9LT Page 9
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2020 Unrestrlcted funds 2020 Restrlcted funds 2020 Total funds 2020 Total funds 2019 Note Incorne from.. Donations and legacies Charitable a¢tivilie5 259.413 88.130 10,364 259.413 145,716 10,364 75,000 440,816 11,564 57,586 Investments Total ineomè 3S7.907 57.586 415,493 527,380 Expenditure on.. Raising funds Charitable activities 21,170 435,634 21,170 492,131 20,053 497,831 56,497 Totsl expenditure 456.B04 56.497 513.301 517,884 Net lexpenditurellincome before n•t Ilossesllgains on investments 198.8971 1.089 197.8081 9,496 Nel Ilossesllgains on investments 14,8191 14,8191 4.400 N•t mov•m•nt in funds bèfor• othèr recognSsed galns 1103.7161 1.089 1102.6271 13,896 Net movement in funds 1103.7161 1,089 1102,6271 13,896 Rèeortciliation of funds= Total funds brought fotW8rd Net rnovement in funds 551.118 1103,7161 551,118 1102,6271 537,222 13,896 1,089 Totsl funds carried forward 447,402 1,089 448,491 551,118 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 10 26 form part of these financial statements. Page 10
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) REGISTERED NUMBER. 2669868 BALANCE SHEET AS AT 30 SEPTEMBER 2020 2020 2019 Note Fixed assets Tangible assets Investments 30,379 376,305 39.717 425.927 12 406,684 465.644 Current assets Debtors 13 14,002 167,031 108,682 83.664 Cash at bank and in hand 181,033 192,346 Creditors.. amounts falling due within one year 14 1139.2261 (106,872) N•t currènt assèts 41,807 85,474 Total assets less current liabilitie8 448,491 551, 118 Net assets excluding pension a3¥et 448,491 551. 118 Total net assets 448,491 551. 718 Charity funds Restricted funds Unrestricted funds 15 15 1,089 447,402 551, 118 Total funds 448,491 551, 118 Page11
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2020 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small conipanies regirne. The financial stat8m8nts were approved and 8Uthorised foi issu8 by the Trust8es and signed on th8ir b8half by.. Do¢uSlgNd by.. Do¢uSb3Mdby'. 06ttECUUIDrri" Dr Philip Friend OBE Trustee "IWCFSX20D¥ty2" Mr Brian Yates Trustee Date.. 08-Jun-2021 The notes on pages 13 to 26 form part of these financial statements. Page 12
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 General inforniation Research Institute For Disabled Consumers is a private charitable company limited by guarantee, incorporated and registered in England and Vvales and has company registration nurllber 2669868. The registered Offi and principal address is Unil 10. Blenheim Court. 62 Brewery Road. London, N7 9NY. Details of the operations and princip81 activities of the ch8rity 8ie set out in the Trustees, Annual Report set out on page5 2 onwards. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Ch8rities'. Statement of Recommended Pr8Ctice applicable to charities prepaiirig their accounts in accoidance with the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 20(. Research InstitLrte for Disabled Consumers meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The reporting currency is GB Pounds Sterling 1£). 2.2 Going concern The Coronavirus pandemic is creating significant uncertainty and the Company is not immune to this although, at this stage. it is not possible to reliably forecast what the long-terrn impact of this may be. The director5 are Confident. however. that the Cornpany will be able to see through the current uncertainty. Therefore. it is the Director's opinion th8t the going cOnrn basis of preparation of the acwunls continues lo be appropriate. 2.3 Ineom• All income is recognised once the Company has entidement to the income, it is probable that the income will be received and the amount of income receivable can be measLJred reliably. External projects income represents research income earmarked for projects. Income is recognised to match expenditure in the period, where projects are estimated lo generate a surplus such surplus is recognised on completion of the projecl. Where projecls are estimated a loss, ihe loss is recognised as soon as it is anticipated. Gifts are included in full in the period in which they are received. Grants are included in the period in which they are r1vable, unless they rel8te lo a specific future period in which case they are deferred. Government gr8nls received as a result of the Coronavitus Job Retention schetne ale reoognised as income when the charity is entitled to the tlloney. Page 13
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Accounting policies Icontinuedl 2.4 Expenditu Expenditure is recognised once there is a legal or constructive obligation to transfer econornic benefit lo a third party, it is probable that a transfer of economic benefits will be required in selllernent and the amount of the obligation can be measured reliably. Expendituie is Glassified by activity. The costs of each activity are made LJP of the total of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs induding attributable salaries are allocated on an actual basis to the relevant areas of programme activrty. Overheads and other salaries are allocated beNveen expenses headings on the basis of time spent. Governan costs are costs associated with the governance arrangements relating to the general running of the charity, including costs of strategic planning for the longer term development of the charity. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charit8ble activities 8re (x)st5 incurred on the cornpany's operations, including support costs and costs relating to the governance of the company apportioned to charitable activrtie5. All expenditure is InclUse of Itrecoverable VAT. 2.5 Govarnmènt grants Govemment grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concemed. Other grants are credited to the Statement of Finanaal Activities as the related expenditure is incurred. 2.6 Interest receivable Interest ON funds held on deposit is included when receivable and the arnount can be rne8sured reliably by the Company.. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £NIL or more are capitalised and recognised when fLrture economic benefits a probable and the cost or value ol the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreriation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases. Long-term leasehold property Office equipment 10 years 3 years Page 14
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Accounting policies Icontinuedl 2.8 Investments Investments are accounted for al market value at year end. Gains and losse5 investment5 are taken lo the Stslemenl of Financial Activities. 2.9 Liabilities and provi¥ionB Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer ol economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company antiapates it will pay to settle the debt or the amount it has received as advanced payments lor the goods or services il must provide. 2.10 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their Settlement value with the exception of bank 108ns which are subsequently measured al 8mortised c05t using the effective interest method. 2.11 Operating leases Rentals paid under operating leases are charged to the Statement of Finanaal Activities on a straight line basis over the lease tem. 2.12 Penslons Pension costs are charged so that they spread evenly over the estimated average remaining service life of members of the scheme, The regular service cost is determined on the advice of qualified actuaries in triennial valuations. Full details of the valuation are included in note 18. 2.13 Fund accounting General fvnds ale unrestricted funds which are av8ilable foi use at the discietion of the Trustees in furtheranoe of the general objeGtives of the Company and whi¢h have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for patticulai purposes. The aim and use ol each designated fund is set out in the ntstes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Income from donations and legacies Unrestricted funds 2020 Total funds 2020 Total funds 2079 Page 15
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Income from donations and legacies Icontinuedl Unrestricted funds 2020 Total funds 2020 Total funds 2079 Grants 195,192 64,221 195,192 64,221 75,000 Government grants 259,413 2S9,413 75,QOO Total 2019 75,000 75,OOQ Grants includes a donation of £75.000 from Which? lo help support RIDC through the first CQVID-19 lockdown. Goveintnent gi8nt5 comprise monies received undei the Government Coronavirus Job Retention ScheTne. Income from charitable aetivities Unrestrlcted funds 2020 RestrScted funds 2020 Total funds 2020 Total funds 2019 External projects 88,130 57.586 145,716 440.816 Total 2019 320,070 120,746 440,816 Page 16
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Investment income Unre8tricted fund8 2020 Totsl funds 2020 Totol funds 2079 Income from listed investments 10,317 47 10.317 47 11,368 196 Inter8St rec8lV8d on bank d8POSIts 10.364 10,364 71,564 Total 2019 11,564 17,564 Analysis of èxp8nditure on charitable activiti8S Summary byfund typè Unrestrlcted funds 2020 Restrlcted funds 2020 Total funds 2020 Total funds 2079 Consumer reports Consultancy or commissioned research Development and representation 99,958 241,970 93,706 99,958 298,467 93,706 97.Q57 316, 756 84,618 56,497 Total 2020 435,634 56.497 492,131 497.831 Total 2019 36Q.874 736.957 497,837 Page 17
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Analysis of expenditure by activities Activities undertaken directly 2020 Support C05tS Total funds 2020 Total funds 2079 2020 Consumer reports Consuttancy or commissioned resèaich Development and representation 72,036 213,107 73,788 27,922 85,360 19.918 99,958 298,467 93,706 97,057 316, 156 84.618 358,931 133,200 492,131 497,831 Total 2019 374,524 723,507 497,831 Independent examinerfs remuneration 2020 2079 Fees payable to the Charity's Independent Examiner for the Indep8nd8nt Exatnination 1.750 16.070 Fees payable for other accountancy services 15,599 17,820 17.D99 Staff costs 2020 20t9 Wages and sa181ies Social security costs Contribution to defined contribution pension schemes 299,539 30,375 26,552 256.448 25.992 27,697 3S6,466 310, 157 Page 18
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Staff costs Icontinuedl The average number of persons employed by the Company during the year was as follows.. 2020 No. 2079 No. Researchers Management Fundr8isinglincome gen8iation Marketing Administrator No employee received rerlluneralion amounting to rnore than £60,000 in either year. Staff costs include lerminalion payments of £23.44512019- £nill. 10. Trustees. remuneration and expenses During the year, no Trustees received any rernuneralion or other benefits (2019- £NIL). During the year ended 30 September 2020, expenses lolalling £793 were reimbursed or paid directly lo 4 Trustees 12019- £933 10 4 Truslegsl. 11. Tangibl& fixèd assèts Long-terni leasehold property Office equipment Totsl Cost At 1 October 2019 39.036 46.393 85.429 At 30 Septembei 2020 39.036 46.393 85.429 D•praciation At 1 October 2019 Charge for the year 5.350 3,904 40.362 5.434 45.712 9,338 At 30 September 2020 9,254 45,796 55,050 Page 19
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 11. Tangible fixed assets Icontinuedl Long-term leasehold property Office equipment Totsl N•t book valu• At 30 September 2020 29,782 597 30,379 At 30 September2079 33,686 6,031 39,717 12. Fixed asset investments Listed invèstments Market value At 1 October 2019 Additions Disposals Rev8lu81ions 42S,927 35,317 180,1201 14,8191 At 30 September 2020 376,305 13. Debtors 2020 2079 Due within one year Trade debtors 86.814 8,221 15,647 Other debtors Prepayments and accrued income S,250 8,752 14.002 108,682 Page 20
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 14. Creditors: Amounts falling due within one year 2020 2079 Trade creditors Other taxation and social security Other Creditors Accruals and deferred income 2.602 30.359 3,463 102,802 7,634 34,249 3.929 61.Q60 139,226 106.872 Deferred in¢ome 2079 Deferred income at 1 October 2019 56,250 98,702 156,250 ReSoUrS deferred during the year Atnounls rele8sed from previous year8 Deferred income at 30 September 2020 98,702 Page 21
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 15. Statement of funds Balance at 30 September 2020 Balance at 1 October 2019 Gainsl ILos¥esl Income Expenditure Unrestricted funds Designated funds Development fund Pension fund deficit 50,000 183.750 50,000 183.750 233,750 233,750 General funds General Funds 317.368 357,907 1456,8041 14.8191 213.652 Total unrèstrict funds 551.118 357,907 1456,8041 14.8191 447.402 Restricted funds City of London ICBTI Energy Savings Trust Consutner Association 34,000 22,586 1,000 134,0001 121,4971 11,0001 1.089 57,586 156,4971 1,089 Total of funds S51,118 415,493 1513,3011 14,8191 448,491 Restricted funds City of London ICBTI- represent5 funds used for the purpose of Detnenlia Research. Energy Savings Trust- represent5 funds used on Smarthome technology accessibility testing. Consumer Association- represents funds used in relation to Bank branch closure research. Page 22
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 15. Statement of funds Icontinuedl Statement of funds- prior year BalanGe at 1 OGlober 2018 B818nce al G8Ansl 30 September {Losses) 2019 Tr8nsfers I101 InGome Expenditure Unrestricted funds Designated funds Office relocation 28,000 20,000 (28,OOQ) (20,000) Website Development fund Pension fund deficit 50,000 ,000 183, 750 t83,750 231.750 2,OOQ 233.750 General funds General Funds 289,261 406,634 (380,927) (2,000) 317,368 Restricted funds ASsIble washing machines research Rate itl Project Electric car accessibility research A¢SSIble heating controls research 17,638 47,527 (77,638) (63,738) 16,217 48,850 (48,850) 6, 731 {6,731J 16,211 120,746 1136,9571 Total of funds 537,222 527,380 (517,884J 551, 118 Page 23
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 16. Summary offunds Summary of funds - current year 8alan¢e at 30 September 2020 Balance at 1 October 2019 Gainsl IL08¥e81 Incorne Expenditure Designated funds General funds Restricted funds 233,750 317,368 233,750 213,652 1,089 357,907 57,586 1456,8041 IS6,4971 14,8191 551.118 415,493 1513,3011 14.8191 448.491 Summary of funds - prlor year Balance at 1 October 2018 Balance at Gains/ 30 September (Losses) 2079 Transfers in/out Income Expenditure Designated funds General funds 231, 750 289,261 16.211 2,000 (2,000) 233,750 317,368 406,634 120. 746 (380,927J (136.9571 Restricted funds 537,222 527,380 (577.884J 4,4QO 551. 118 17. Analysis of n•t ass•ts bètwèèn funds Analysis of net assets between funds- Current period Unrestricted funds 2020 Restrlcte(I funds 2020 Total funds 2020 Tangible fixed assets Fixed asset investrnents Current assets Creditois due within one year 30,379 376,305 179,944 1139,2261 30,379 376,305 181.033 1139.2261 1,089 Total 447.402 1,089 448,491 Page 24
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 17. Analysis of net assets betsyeen funds Icontinuedl Analysis of net assets beeen funds- prior period unStIFcted funds 2079 Total funds 2Q19 Tangible fixed assets Fixed asset investrnents 39,717 425,927 192.346 1106.8721 39,717 425,927 192.346 (1Q6.8721 Current assets Creditors due within one year Total 551,118 551, 118 18. Pension commitments The company is an associated ernployer of a pension scheme, administered by the Consumers, Assoriation. The Scheme comprises two sections a hybrid section that combines the features of defined benefit and defined contribution schernes and piovides benefits based on the higher of 8 fin81 $818ry pension and a money purchase pension, 8nd a defined contribution only section. It 15 funded by contributions from both employer and employees. The assets ol the Scheme are held separately from those of the Consumers, Assoaation and ale invested on behalf of Scheme members by the Scheme trustees. RIDC is part of a MultemPloYer scheme and will be unable to identify the proportion of any surplusl deficit that relates directly to its employees. As a result, RIDC does not intend to reflect any surplusl deficit within the balance sheet as permitted under FRS 102. Page 25
Docusign En¥ÈlopÈ ID." O48CC345D78-4788-B8424D48c362662 RESEARCH INSTITUTE FOR DISABLED CONSUMERS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 18. Pension commitments Icontinuedl The Consumers. Association hybrid scheme combines the features of defined benefit (final salary) and defined contribution scherne5. As al 30 June 2017. the hybrid scheme. valued under FRS 102. had 8 £9.9m liabilily1£6.5m liability at 30 June 20161. The rnosl recent tiiennial valuation of the scheme in March 2015 indicated a deficit of £14.7m. Addition81 contributions to the scherne were made in the year in line with the recovery plan agreed with the tiustees. Det8ils of the most recent trienni81 valuation 8re not yet available. 19. Operatlng lease commltments At 30 September 2020 the Company had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2020 2079 Within 1 year Belw8en 1 and 5 y88r5 After more than 5 years 21.000 84.000 53,842 21,000 84,(100 74.842 Total 158,842 179.842 20. Related party transactions During the year a grant of £75,000 (2019.. £75.QOOI was r1Ved from The Consumers. Association. a charrty. as described in the Trustees, Report. The Ctsnsumers, Association head office is at 2 Marylebone Road, London, NW14DF. 21. Taxatlon Research Institute for Disabled Consumers is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charrtable activities, as they fall within the various exemptions available to registered charities. Page 26