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2023-03-31-accounts

RNIB Group Annual Report and Accounts 2022123 RNIB ¥1/ See differently rE",

Contents

04 Welcome from our Chair, 76 Disclosure of information
Anna Tylor to auditors
06 Welcome from our Chief 78 Statement of public benefit
Executive, Matt Stringer 80 Independent auditor’s report to
08 Remembering our Late Patron Trustees of RNIB
Her Majesty Queen Elizabeth II 86 Group statement of financial
10 Our year at-a-glance: activities for the year ended
highlights of 2022/23 31 March 2023
12 Kimberley Burrows – “RNIB’s 89 Group statement of financial
Helpline is such a great activities for the year ended
resource” 31 March 2022
14 What we’ve achieved 94 Group and RNIB balance sheets
20 Driving social change as at 31 March 2023
28 Our customers 96 Group cash flow statement for
the year ended 31 March 2023
32 Our employees 97 Notes to the cash flow
34 Our volunteers statement
36 Our response to the cost 100 Notes to the financial
of living crisis statements for the year ended
40 Fundraising review 31 March 2023
44 Financial review 166 Thank you
52 Governance and leadership
60 Structure, governance
74 and leadership
Statement of Trustees’
responsibilities

03

Welcome from our Chair, Anna Tylor

We launched our new strategy this year to reflect our ambitions as an organisation. We’ve continued to listen to what blind and partially sighted people have told us is important to participate in society on equal terms. We’ve focused on two key priorities.

We know that changing the way society understands the challenges of sight loss is key to our participation. That’s why we continue to talk about it and why we have launched our most ambitious campaign to date: See the person, not the sight loss. The campaign explains the challenges of living with sight loss, but we’ve also shown millions of people it’s possible to live a full and rewarding life. Understanding is essential to building an inclusive society.

We have also prioritised developing the sight loss pathway, which

establishes a clear set of health and social actions to support people experiencing – or living with – sight loss. We aim to ensure no one is left behind.

If we get this right as a society, more people with sight loss will be in the right place to keep their jobs, find employment, enjoy full social participation and build resilience and independence. It’s our job to keep pushing for this.

We know disabled people experience worse health outcomes. We can improve the situation for blind and partially sighted people by ensuring we have same time access to information, including using digital formats, large and giant print, braille and audio versions, so we know about vital medical appointments, can read medication labels and understand what we need to do to maintain good

health. I have personally leant into this task, supporting the update of the Accessible Information Standard, and we will use all our influence to finish the job.

We continue to support people day to day. More than 100,000 people used our Sight Loss Advice Service. More than 47,000 students use RNIB Bookshare and now have over one million titles to choose from.

Our Employment Service has helped 18 employers gain a Visibly Better Employer accreditation – proving accessible recruitment processes work; this one initiative has directly led to more than 200 people with sight loss finding work.

Building on the successful launch of our Curriculum Framework for Children and Young People with Vision Impairment, we have engaged with nearly 6,000 education

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professionals and teachers through our online training and campaigning, to grow the support for learners with visual impairment. Much remains to be done.

Many of our services reported an increase in customers with concerns around finances as rising living costs – combined with delays to getting support – meant more people have struggled. We’ve adapted to help, but we know people are facing stark choices. We will continue to speak up about this and have reached more than two million people with our message.

We can only build a better future for people with sight loss by improving health outcomes, educational attainment and employment opportunities.

continued to develop our Board of Trustees to ensure it is comprised of people with lived experience of sight loss and directly relevant experience and expertise.

All our Trustees are volunteers and it’s important to acknowledge the hundreds of volunteers who contribute so much to RNIB. Our work has been made possible by an organisation of dedicated professionals and volunteers, and of course, all our donors. Huge thanks to everyone who has supported us this year.

Anna Tylor

Our work is only possible with good governance and leadership. We have

Chair

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Welcome from our Chief Executive, Matt Stringer

Our year has been busy and productive. We’ve made progress with our two key priorities – launching our biggest ever advertising campaign to raise awareness of the challenges of sight loss and starting to establish a sight loss pathway but we've also made some significant steps in transforming our organisation to meet future challenges.

We've done this while responding to the cost of living crisis, which has hit blind and partially sighted people more than most. Rising living costs – combined with delays to receiving vital support – have meant blind and partially sighted people have struggled in particular. Many feel they are choosing between heating and eating.

Our services have reported an increase in customers with queries

and concerns around finances. We’ve listened and adapted to deliver the help we can and we urgently and successfully called for an increase in benefits in line with inflation, ahead of the Chancellor’s Autumn Statement in 2022. We also led our VI (Visual Impairment) Charity Sector Partnership members in issuing a shared statement backing this call.

The way we've worked with our peers in the VI charity sector to spread our impact and maximise our collective influence on the cost of living crisis, shows how we can deliver more in partnership with other organisations at times.

We've also combined our efforts to reach further afield. We used our collective response to the terrible war in Ukraine – which focused on getting financial and practical help

to those who need it the most – to make sure our services are available to refugees and immigrants with sight loss.

The nature of these diverse and complex challenges reinforce our need to be agile, connected and responsive as an organisation; we need to continue changing to be in the best place to face the future for the people we support. We have to be the best organisation we can be to deliver on our ambitious strategy.

Helping us to do this, we have ended the year in a strong financial position, with overall growth in total income. This resilience helps us withstand risks to our operations and allows us to be able to continue to deliver more services for people with sight loss.

Our ability to deliver also means being a great place to work – so we

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can attract – and keep – the best people. Winning two awards in the Best Workplace Awards 2022 is just one sign of how important this is.

We opened our new London office – The Grimaldi Building – in March 2023. It’s important we have a modern, accessible building which all our staff can feel comfortable visiting and working in. But it is more than that – it symbolises our confidence to look forward and build an organisation able to deliver for blind and partially sighted people in the future.

In a different sense, more foundations are in place for the year ahead: We’ll share a new organisational purpose in 2023/24 and follow a new income and engagement strategy to help us grow.

Sadly, we look forward without our Patron of 70 years. We keenly felt the passing of Her Late Majesty

Queen Elizabeth II and the response from our community was heartfelt. Her continued inspiration helps us look forward to the future with confidence and a commitment to make a real difference to the lives of all blind and partially sighted people.

Matt Stringer

Chief Executive Officer

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Remembering our Late Patron Her Majesty Queen Elizabeth II

Her Majesty Queen Elizabeth was RNIB’s Patron for 70 years Like so many people, we were deeply saddened by the passing of our Patron, Her Late Majesty Queen Elizabeth II on 8 September 2022. Her impact on the lives of blind and partially sighted people – particularly in her role as RNIB’s Patron for 70 years – has been substantial.

Here, we celebrate her relationship with RNIB and the massive contribution she made to our work.

Queen Elizabeth II became our Patron on her accession to the throne in 1952 and was a passionate advocate for the rights of blind and partially sighted people. The National Institute for the Blind (NIB) officially became The Royal National Institute for the Blind to reflect our Royal Charter status and Her Majesty’s Patronage.

Queen Elizabeth II made her first visit to RNIB in 1955 and during her time as our Patron, she generously hosted many receptions for our organisation. She always enjoyed meeting the blind and partially sighted people who use our services, our volunteers and supporters.

Following Her Majesty’s passing, RNIB mourned her loss and celebrated her involvement with people with sight loss.

Anna Tylor, RNIB’s Chair, shares her thoughts on our Patron and a great friend of RNIB:

“ Our Queen was the embodiment of what it is to be a servant-leader; service was at the centre of everything she did. It was as if it was in her DNA.

“ She visited RNIB services, attended events, opened exhibitions and colleges and all kinds of things so she’s been a great friend, and she lent that moral authority to the cause of sight loss.”

RNIB paused fundraising and services-related activity during the period of National Mourning. Our Helpline remained open – supporting those in need – and RNIB Connect Radio introduced appropriate programming.

We created a Book of Condolence, which will be kept in RNIB’s archives, on our website featuring more than 400 submissions, featuring tributes, farewells and, even, poetry remembering Her Majesty The Queen. We shared a

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commemorative booklet charting the long history of Her Late Majesty’s many contributions to RNIB with more than 180,000 of our supporters.

Matt Stringer, RNIB’s Chief Executive, was among the many to pay his respects. He said:

“ The Queen was heavily involved and interested in whatever we did, and where we were involved in the development of equipment and technology. Right up until the last few weeks, you can clearly see that she was very connected with her work and maintained that sense of duty. We’re very sad to have lost our Patron of 70 years.”

RNIB Connect Radio broadcast a range of unique interviews and stories in tribute to Her Majesty. These included unique coverage of the State Funeral. Many of those who met The Queen shared their memories on air.

Anthony Ogogo, wrestler and bronze medal-winning boxer at the 2012 Olympics, told us:

“ It was an amazing day and something I’ll cherish for the rest of my life. I just went blank… I told her she was my favourite Bond girl. She chuckled and said: “Good to know I’ve still got it!”

Denise Leigh, the blind opera singer who met The Queen at an RNIB event in 2003, explained:

“ I was the last in the line, and The Queen worked her way up the line; my heart was racing and my hands were sweating. The first thing she did was reach out and touch my hand, I suppose because she was aware I couldn’t see and wanted to have some physical contact. Because she spoke to me in a very relaxed way, that relaxed me. We interacted like we were sat in my living room having a chat… I felt like I already knew her.”

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Our year at-a-glance: highlights of 2022/23

Total income: £106.6m , including a gain on the disposal of the old London office in Judd Street of £22.1m . Excluding this, gain income was £84.5m in relation to operating activities.

Sight Loss Advice Service: Our Sight Loss Advice service supported more than 100,000 people.

ECLOs: Volunteering: 88 per cent of This year, more than customers said 3,300 volunteers they had a better supported us.

88 per cent of customers said they had a better understanding of their eye condition after speaking to an ECLO (Eye Care Liaison Officer).

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----- Start of picture text -----
Our awareness Cost of living: Our workplace: RNIB
campaign: 78 per cent of MPs Recognised with Bookshare:
See the person, from across the UK Best Workplace Now has more than
not the sight loss heard our message Gold Award 2022 one million titles to
reached 82 per cent from constituents and Best Workplace choose from.
of the UK adult expressing concern for Employee
population. about the cost of Development 2022.
living crisis.
----- End of picture text -----*

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Kimberley Burrows – “RNIB’s Helpline is such a great resource”

Kimberley explains one way my 7: : our services change lives Kimberley Burrows, 33, was born with congenital cataracts. She then lost a lot of her vision in 2018 due to double retinal detachment at the age of 28. As a result of this, she now has Charles Bonnet syndrome and her only vision is light perception. 'I: =4 7 : Kimberley has always been an artist, : since she was young with a love of illustration. After losing a lot of her sight, Kimberley decided to change artistic mediums in order to continue to pursue her passion for art. In A 2022, UK fashion retailer Warehouse launched a clothing range featuring her designs. She has since studied for a master’s degree at the Royal College of Art, London.

“ I’ve used RNIB’s Helpline to get advice from the Benefits team with regards to becoming a freelance artist – how that will impact my income as a disabled person and what help I may be entitled to. For instance, I didn’t know that there was something called “Blind Person’s Allowance” until I spoke with them. Finding out about things like that; that is why RNIB Helpline is such a great resource. Having those conversations has given me such peace of mind and has been so beneficial to me.”

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What we’ve achieved

We put an ambitious new strategy in place for 2022/23 – and beyond – which marks the start of an exciting chapter for RNIB and blind and partially sighted people across the UK. The new strategy has two key priorities and seven objectives and here we outline the progress we’ve made in achieving them.

Priority 1 Change public perceptions and behaviours

Objective 1

See sight loss differently

Reverse inaccurate perceptions and change public behaviours to expect equitable participation from people with sight loss.

How we did this

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challenging perceptions and championing accessibility.

People that recognised the campaign were significantly more likely (46 per cent) to feel like they had a good understanding of the lives of people with sight loss than people who did not recognise the campaign (35 per cent).

Objective 2

Design for everyone, better for anyone

Make standards for design of mainstream environments and solutions accessible by default.

How we did this

packaging. We won two Global PAC awards for Innovation, from the organisation that represents the global packaging network, with Kellogg’s and Unilever, respectively. Kellogg’s distributed 100 million cereal boxes with NaviLens codes on, to make the packaging accessible. NaviLens is a free and completely accessible app which gives smartphone users information from optical codes placed on packaging and other objects.

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Priority 2 Innovate a sight loss pathway

Objective 3

No diagnosis without support

Enable all people experiencing sight loss to move quickly from diagnosis to confidence and expect equitable participation in society.

How we did this

explore the lived experience of people who accessed NHS eye care services. This research identified the key issues faced by patients, such as inaccessible eye health information, services and support; it meant we could map the clear stages of people’s sight loss journey – the pathway.

pathways, is reached through automatic referral.

Objective 4

Close the gap

Eradicate the disparities for digital inclusion, educational attainment and employment.

How we did this

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stayed in work; We signed up 18 new companies as Visibly Better Employers, including DWP, HMRC, Tesco, Worldline and BT, who have committed to helping job seekers with sight loss find vacancies and ensure they're appropriately supported throughout the selection process.

social care sectors – through our online training, campaigning and awareness work in 2022/23, increasing opportunities for change and impact. We’re engaged with the Department for Education and education leads in the devolved governments to work towards UK-wide adoption of the CFVI framework.

In addition to these two priorities – and their directly related objectives – we have three more objectives to ensure RNIB is in the best place to deliver for blind and partially sighted people in the present – and the future.

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Organisational enabling objectives

Objective 5

Drive income growth and increase supporter and customer engagement

How we did this

Objective 6

Increase effectiveness, efficiency and impact of existing business as usual services and activity

How we did this

with a total value to RNIB of more than £1m for 2023/24 and more than £3.25m for the next three years. Thanks to these new services, a further 5,000 patients will be offered practical and emotional support from the point of diagnosis.

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Objective 7

Develop the maturity of existing, and implement new core business capabilities within RNIB to enable the successful delivery of the strategy

How we did this

We’ve improved the experience of people using our services through better customer journeys in areas, including ECLO referrals; SLAS and campaigner onboarding. This has created deeper engagement and encouraged more people to use more services.

As a result:

We now have more than 1,300 customers signed up to our Sight Loss Advice series after an initial conversation with our Helpline team. More than 99 per cent of the customers who started the journey have completed it.

Some 36 per cent of ECLO patients

are referred to an RNIB service and a further 45 per cent are actively directed to contact RNIB for support via the Helpline.

in contact with us.

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Driving social change

Changing the way society understands the challenges of sight loss is key to our participation so we have brought our key campaigning, brand and communications activity together in one group. Here we highlight our progress:

Changing public attitudes and behaviours: See the person, not the sight loss

In October 2022 we launched RNIB’s See the person, not the sight loss campaign to change public attitudes about sight loss.

Research shows that the public’s lack of knowledge about sight loss – and its resulting attitudes and behaviours – stop blind and partially sighted people from leading a full life.

So, the primary objective of the See the person campaign is to change public attitudes regarding sight loss

– at a cultural and societal level – laying the foundation for long-term behaviour change.

At the heart of the campaign is a powerful film telling the emotive story of Ava. The film explores the teenage gamer’s journey with sight loss from initial diagnosis and despair though to her acceptance and a positive future.

We used TV, video-on-demand and cinema advertising, earned and social media to reach a core audience of adults, aged 35 and over, with inherent charitable attitudes and a desire to drive positive change.

To turn awareness and conversation into action, we created educational assets to equip people with the knowledge and tools they needed to change their own behaviour.

Impact and results

The See the person, not the sight loss campaign has had positive impact on those who recognised the campaign and we see this as a big step forward in changing public attitudes and behaviours. According to our research, 56 per cent agreed it challenged their perceptions of people with sight loss.

After watching the advert, people who recognised the campaign reacted in the following ways:

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blind or partially sighted people in the street – 58 per cent compared to 49 per cent of non-recognisers. Campaign recognisers were also significantly more likely to feel they have a good understanding about the lives of blind and partially sighted people (46 per cent compared to 35 per cent for

non-recognisers) and their ability to do regular jobs (45 per cent compared to 29 per cent for nonrecognisers).

“I was happy about the way it was put across,” and, “I was glad that the public could learn something from seeing it.”

Since the launch, our brand recognition has risen from 69.1 per cent in November 2022 to 72.6 per cent in December 2022; we will continue the campaign in 2023/24.

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Other campaign successes

In addition to campaigns focused on accessible streets, access to work and accessible voting, we saw success in campaigns targeted at:

Accessible video-on-demand (VOD) services

We launched our #DescribeIt campaign in April with the Royal National Institute for Deaf People, calling on the Government to use existing legislation to compel broadcasters to make more videoon-demand services accessible.

More than 20,000 people signed our joint petition which we handed in to the Department for Digital, Culture, Media, and Sport (DCMS) urging it to ensure a bigger proportion of content on television and streaming services is audio described. After a meeting in December 2022, the

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responsible Minister confirmed the Government’s commitment to making VOD services accessible. Our lobbying and contact with DCMS on this issue will continue until its draft Media Bill – which features specific reference to the needs of viewers with sight loss and the potential to bring the accessibility of streaming services in line with broadcast TV – comes before Parliament.

Tactile paving on rail platforms

After two years of RNIB campaigning with Sekha Hall, whose blind partner Cleveland Gervais tragically died after falling from a platform without tactile paving in 2020, Network Rail has pledged to install tactile paving, – which is essential for helping people with sight loss know when they’re coming close to the edge of the platform, – on all rail platforms in Britain by 2025. This is four years

earlier than originally planned and government funding has been confirmed by the Rail Minister.

Two years ago, only half of British mainline station platforms were fitted with tactile paving, now 60 per cent do.

Accessible health information

Under the NHS Accessible Information Standard (AIS) blind and partially sighted people in England have a legal right to receive their health and care information in their required format, such as large print, email, braille and audio. However, many continue to face serious risks to health and wellbeing due to inaccessible information.

Since January 2022, RNIB has worked closely with NHS England on a review of the Standard which will ultimately lead to an updated version.

In the run up to the launch of the updated Standard, RNIB launched the My Info My Way campaign in May 2023 which aimed to:

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External communications and social media

Media engagement

We earned media attention to make sure that the experiences of blind and partially sighted people and the key issues they care about stayed in the public spotlight.

We secured regular and prominent features and coverage across national, regional, digital and broadcast media which ensured our messaging had the opportunity to reach millions of people on a regular basis.

Highlights included:

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Social media

Our two most successful social media posts this year featured blind and partially sighted people and informed and educated the public about sight loss, and championed accessibility:

demonstrating the accessibility of buses in London went global reaching 22.5m people. The point-of-view shooting format, the intrigue of a blind person using a phone and the design of London buses resonated with people worldwide. Thousands of comments and shares led to a

very strong engagement rate of 6.2 per cent.

We’ve used our social media platforms to engage, inform and inspire a wide range of audiences about living with sight loss and how to break down barriers and build equity. Our followers increased by 14.8 per cent to a collective total of 148,593 across our main four channels: Instagram, Facebook, LinkedIn and Twitter/X.

Across all our channels our posts were seen more than 10.7 million times.

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Research and insight

Our Insight and Customer Voice team gives us an authentic and timely understanding of the lived experience of blind and partially sighted people to drive all of our work. Through our Customer Involvement Advisory Group (CIAG) we continue to bring insights into lived experience to many of our critical strategic considerations.

This year we also added expertise in behavioural insights to our team so we can be more direct in our research and in asking people to change what they do to help solve the problems blind and partially sighted people face.

Highlights

VI Lives

Accessible banking

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information after requesting it from financial service providers.

Public transport

Innovation team looking to solve some of the problems.

The Sight Loss Data Tool

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Our customers

Our services gave vital emotional, practical support and information to blind and partially sighted people, their friends and families and professionals.

Sight Loss Advice Service and Eye Care Liaison Officers (ECLOs)

were entitled to. Our Tax Advice Service supported customers to claim £965,466 in increased tax entitlements.

decisions and 83 per cent told us they were more confident to advocate for their child. Our faceto-face and virtual family and young people events reached more than 300 people. Our Living Well With Sight Loss Parent Pathway course has reached more than 60 families at the point of diagnosis, giving crucial support at a very difficult time.

“ I want to express my heartfelt thanks to the Sight Loss Adviser that has been supporting me. She’s a superstar and has kept me updated all the way, she is always helpful and provides an absolutely first-class service.”

Sight Loss Advice Service customer

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“ Understanding my situation and having kindness, compassion and listening from an ECLO, instills a bit more hope and ability to manage better.”

People supported by our Sight Loss Advice Service this year gave us the following feedback:

of people experienced 84% an increase in knowledge and awareness of support.

experienced an increase 81% in confidence. 73% experienced an increase in wellbeing. 72% experienced an increase in peer-to-peer connection.

77% experienced an increase in their ability to access and use technology.

This is particularly important as an indication of success; as we strive to close the equity gap in society between people who are sighted and

people with sight loss, we need more confident and independent, supported blind and partially sighted people.

Blind and partially sighted people supported by our ECLO service told us how we made a difference:

of people said they 77% would'nt have accessed relevant support outside the hospital without an ECLO.

88% of people said they had a better understanding of their eye condition after speaking to an ECLO.

95% of clinicians strongly agreed, or agreed, that the ECLO service fills a gap in support which would otherwise not be offered.

“ Just knowing someone is there, when you have lots of information; it’s knowing that I can pick up a phone and ask any questions, getting the support and pointing me in the right direction, that has been valuable.”

ECLO Patient

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“ A big thank you to RNIB for the Talking Books service improvements when I thought it was great already. The RNIB Talking Books service is a lifeline… thank you once again for a really wonderful service.”

RNIB Library (braille and Talking Books) and RNIB Bookshare

The number of Talking Books we have available impacts on quality of life, health, wellbeing and the joy of reading.

“ We’re so grateful for Bookshare. My daughter can access texts she wouldn't normally be able to, it's the most important thing that she has to support her education.”

RNIB Bookshare user

with sight loss across the UK were able to prepare for their exams equitably compared to their sighted peers.

Products for Life and the RNIB Shop

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Living at Home course. The final session covers product solutions for confident living, potentially reaching up to 180 customers a year.

" Your customer service is remarkable. I’ve never had such great service in a long time… you managed to take time and effort to get me the right products. I’m really delighted."

Products for Life Store Shopper

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Our employees

Our employees are at the heart of what we do. To ensure we attract and retain the best and most talented people who share our values – from all backgrounds – we have focused our efforts on creating a great employee experience this year.

Employee engagement remains high; in our annual staff survey, more than nine in 10 people told us they feel a strong connection to what RNIB wants to achieve as an organisation.

Our efforts as an employer have been recognised with two successes, based on the views of at least 100 RNIB employees, at the WorkL awards this year: WorkL Employee’s Voice – Best Workplace Gold Award 2022 and Best Workplace for Employee Development 2022.

We continued to champion the value of lived experience and

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have promoted new routes into employment for blind and partially sighted people through the creation of 20 work placements on our See Work Differently programme. By the end of the year, we had 18 apprentices on our scheme.

Developing talent

We’ve invested in skills, knowledge and career development with an apprenticeship programme, alongside our successful crosscharity mentoring scheme, and a new leadership development programme. Some 195 line managers and more than 60 other RNIB leaders took part in this Leadership Exploration and Development Programme (LEAD), which is designed to support individuals to grow and develop their management skills. Each participant is equipped with the skills and knowledge to lead successful teams in delivering RNIB’s strategy.

Accessibility, Diversity and Inclusion

Accessibility, Diversity and Inclusion are priorities. We continue to be a Disability Confident Leader in the sector.

Gender pay gap reporting

We’re pleased to report a reduction in our mean (average) gender pay gap from 8.93 per cent in 2021 to 7.53 per cent in 2022. Our median (middle) gender pay gap has reduced from 7.32 per cent in 2021 to 3.60 per cent in 2022.

There’s still more for us to do and we’re working hard to address this. We will continue to improve our approach to flexible working and recruitment.

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Our volunteers

“ It’s so important that younger people seize these opportunities to show others that we can take this initiative and these opportunities will shape our future.”

RNIB Volunteer Advisory Council member

Volunteers give us their time and skills to help us in every area of RNIB’s work.

This year, more than 3,300 volunteers supported us, including nearly 1,000 people with lived experience of sight loss; many volunteers helped in more than one role. RNIB and our customers are extremely grateful for their support and pleased we can continue to report a positive volunteering experience. Feedback from volunteers, based on three quarterly surveys this year, tells us:

83% of volunteers feel they are making a difference in the lives of others by volunteering with RNIB.

of volunteers feel valued 83% for the time and effort they donate to RNIB.

82% of volunteers feel supported in their role. of volunteers 80% would recommend volunteering with RNIB.

Key achievements

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80% of volunteers feel volunteering improves their wellbeing.

Our impact through volunteers Volunteers extend the reach of our services. In 2022/2023, volunteers:

Based on the feedback of our October 2022 volunteer survey, people say they get their own benefits from helping out:

61% of volunteers have learnt and developed new skills through volunteering with RNIB.

58% of volunteers have gained confidence through volunteering with RNIB.

“ [Volunteering] has given me more confidence in myself and satisfaction in helping others. Giving me back "Me" which I had lost along with my sight.”

RNIB volunteer, Community Connection

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Our response to the cost of living crisis 36

Since the start of the year, as the cost of living crisis has bitten, many of our services reported an increase in customers with queries and concerns around finances. We’ve listened and adapted to deliver the help we can.

Rising living costs – combined with delays to receiving vital support – have meant people with sight loss have struggled in particular in this crisis. Many people with sight loss feel they are choosing between heating and eating.

How we have responded:

and all Sight Loss Advisers can now give general energy information and support.

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• Our plans for 2023/24

Objective 1: See sight loss differently

1. Campaign on the key issues for blind and partially sighted people through a bolder approach to communication, campaigning and engagement.

2. Expand our community change work and activism, starting with the insight from our pioneering behaviour change pilot in Islington.

3. Deliver the public launch of See Sport Differently and sponsor the IBSA World Games to engage more blind and partially sighted people in sport.

Objective 2: Design for Everyone

1. Persuade more brands to

2. Build our influence and impact on the gaming industry through further engagement and make key tools available to the gaming sector.

3. Deliver a Design for Everyone marketing campaign to raise awareness and engagement in the travel and transport sector.

Objective 3: No diagnosis without support

1. Engage with health professionals to understand and embed better support for patients after they’re diagnosed.

2. Pioneer new referral processes to increase the number of people able to get eye care support and information with referrals into RNIB from primary eye care services and more ECLO e-referrals.

3. Improve uptake of specialist training with up to 3,400 health and social care staff, eye care professionals and Low Vision practitioners.

4. Our Sight Loss Advice Service will support up to 100,000 customers.

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Objective 4: Close the gap

1. Improve education for young people by training 3,000 education professionals, and help families by responding to at least 2,600 enquiries.

2. Get 600 blind and partially sighted people into employment and support 1,200 to remain in work. Provide employment support to 4,000 people.

3. Continue our programme of accessible technology grants for people on means-tested benefits, to a total value of £150,000.

Three additional objectives ensure RNIB is in the best place to deliver for blind and partially sighted people in the present – and the future.

Objectives 5-7: Drive income growth, increase effectiveness and impact

1. Boost fundraising income to £67.3m by engaging many new individual, trust, statutory, lottery and corporate supporters and those leaving a legacy gift in their will

2. Build a people plan so we’re better set up to find, engage and retain the most talented staff.

3. Roll out our CRM (Customer Relationship Management) platform into fundraising, so our supporters have a better, integrated experience when engaging with RNIB.

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Fundraising review

We would like to say a huge thank you to all the individuals, companies, trusts, foundations, funders and public bodies that have supported us in yet another extraordinary year. They’ve made our work possible at a time when our services were in great demand – in particular, our Helpline which offers advice and support for people concerned about the fastrising cost of living.

Together we raised £63.7m this year to support blind and partially sighted people. This comprises of £20.2m donations, £37.1m legacies and £6.4m lottery and raffle income.

Funds from voluntary sources represented 60 per cent of RNIB income (76 per cent of operating income). Most of this income (£37.1m) came from gifts from supporters who thoughtfully

remembered us in their Will (legacies) and other fundraising activities (£26.6m). Other sources of voluntary income included:

Also included within the gross voluntary income is statutory and lottery income (£3.4m, of which £1m is included within income from charitable activities). Additionally, we raised a further £0.9m from

high-value partners through Corporate Partnerships.

This year, total Legacy income increased overall by £1.6m compared to 2021/22. This all related to RNIB receipts. External factors including nationwide delays in receiving notifications and the statutory processing of grants of probate continue to affect Legacy income. Additionally, we expect the slowing down of the housing market to further impact the value of legacy gifts.

Our strategic income and engagement priorities changed in the year with the creation of an Income and Engagement department, reflecting the importance of fundraising to RNIB, and with the development of a new strategy, placing customers at the heart of everything we do and

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being guided by insight and data in our decision-making. Our new strategy will enable us to deepen our relationships with customers and supporters and to offer a more meaningful experience with RNIB. Successful delivery of the strategy will grow our voluntary income over the next five years to support our strategic priorities and offset rising costs.

This year we've invested both in growing our regular giving supporter base to provide a sustainable source of income and in promoting the importance of gifts in Wills to support RNIB's future income.

Our high-value fundraising was boosted by a significant £2m oneoff gift from a trust, and we also benefited from generous grants from funders from across the four nations, including the National

Lottery Community Fund and the players of People’s Postcode Lottery. Once again, our major donors have been very supportive, and we have enjoyed being able to meet supporters in person and to host engagement events again.

We've prioritised engaging companies and corporate partners in our vision and mission, inspiring them to become a Visibly Better Employer, or lead the way on accessible design. Our first Collaborate for Good Conference, in February 2023, was a highlight, bringing more than 60 corporate partners together with us.

Our fundraising is underpinned by a commitment to excellent customer and supporter experience; we review our practices on an ongoing basis to ensure compliance with all relevant codes and regulations.

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Fundraising controls and regulation

Like all charities, our fundraising success depends on maintaining the trust of donors and the public. We have controls in place to ensure our fundraising is ethical, transparent, compliant with current regulation and meets public expectation.

Our Board of Trustees plays an active role in our fundraising activities. The committee structure changed in the year and performance is monitored by the Public Engagement Committee and the Finance and Investment Committee.

In addition, the Audit and Risk Committee provides oversight of fundraising control and regulation

through regular reviews and independent assurance from our internal auditors that control processes are operating effectively.

RNIB’s Ethical Fundraising and Due Diligence Policy ensures we consider the wider implications of who we accept gifts from, or work in partnership with.

We're committed to the highest standards in fundraising practice and customer service, putting customers at the heart of

everything we do. We're registered with the Fundraising Regulator and a member of the Chartered Institute of Fundraising.

Our lottery and raffle activities are managed under our Gambling Commission licenses which regulate these activities and help to provide additional protection and support for players. We not only ensure we meet our legal requirements, but also focus on providing the best customer experience.

Use of agencies and third parties

Working with external agencies, which fundraise on our behalf, is a vital part of our fundraising strategy. These agencies are contracted to carry out a range of fundraising activities including door-to-door, telephone and private site fundraising, helping us reach as many people as possible in a cost-effective way.

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We hold these agencies to the same high standards we expect of our in-house fundraisers. We regularly carry out mystery shopping, call monitoring and other quality checks on all their activities.

All our third-party agencies and inhouse fundraisers are contractually required to follow the Codes of Conduct and Codes of Fundraising Practice put in place by the Fundraising Regulator, The Chartered Institute of Fundraising and The Charity Commission.

Vulnerable people

We're led by our Safeguarding Policies, which involve training staff, at all levels, as well as following additional processes for protecting vulnerable customers.

All our third-party agencies are required to adhere to these policies.

Complaints

We take all complaints seriously, monitor them closely and report on them regularly to learn, improve and shape the work we do. We acknowledge all fundraising complaints within one working day and aim to investigate and respond fully within 20 workings days. The total number of fundraising complaints this year was 242. This increase in complaints from the previous year of 134 has mainly been due to an increase in activities that generate and encourage more direct supporter feedback, which has also included an increase in positive feedback.

We constantly review our approach to supporter feedback as a whole and look for ways to make it easier for our customers to engage with us and learn how we can improve the supporter experience.

Our commitment

We remain absolutely committed to continually improving our fundraising standards. We ensure that anyone involved in our fundraising activities is aware of our requirement to live by our Fundraising Promise, which states that:

We are committed to high standards

We are honest and open

We are clear

We are respectful

We are fair and reasonable

We are accountable.

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Financial review

Overview of our financial performance and position The result of recurring activities in the financial year of 2022/23 was a deficit of £0.3m (2022: surplus of £8.4m) and, after non-recurring adjustments for profit on disposal of fixed assets of £22.1m (see note 29) and a loss on disposal of subsidiaries of £2.2m (see note 5), this resulted in the net operating surplus of £19.6m reported (2022: £8.6m). Completing the sale of the Judd Street office puts the organisation in a good position to designate more than £30m of reserves for strategic investments to deliver greater and faster impact for blind and partially sighted people.

In 2022-23, we put to use some of our previously generated surpluses to deliver priorities that amplify our reach and impact. We invested a 17

per cent (£6.9m net expenditure) increase in charitable activities to help improve the impact of our work. We grew our donor base (recruitment of c.52,000 new donors compared to around 7,000 in the previous year) by increasing our money raising costs by 22 per cent to £17.2m (2022: £14.1m).

These investments in fundraising and charitable activities provide a solid foundation for the organisation to transform its existing activities and build on our high-priority ones.

Income

We generated gross income of £106.6 million (2022: £85.7m). The increase of £20.9m is due to profit on disposal of fixed assets (see note 29). Income, excluding this one-off gain, fell by £1.2m due to the effects of discontinued operations (regulated services)

and lottery income reductions that were partly offset by legacy income improvement. Our trading income, generated through our fundraising raffles and lotteries, commercial transcription services, retail products and consultancy, was £19.8m (2022: £20.7m). The £0.9m drop, compared to the previous year, was mainly due to a fall in lottery income. Donations increased to £20.2m (2022: £19.2m), mainly as a result of large one-off gifts from Trusts and our major donors.

Expenditure

Group operating expenditure was £87.0m (2022: £77.2m). The increase of £9.8m is due to a combination of:

44

sight loss differently and change, perceptions about blind and partially sighted people.

• Other headlines:

The net increase in funds includes net gains of £22.1m due to the sale of Judd Street (see note 29).

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Our charitable income and expenditure are presented in the statement of financial activities in accordance with the new strategic objectives, except for regulated services that have been discontinued. Headline net expenditure for the charitable activities are provided below:

Priority 1: Change public perceptions and behaviours

accessible by default. This is a growth area and we expect to do more with partners going forward.

Priority 2: Innovate a sight loss pathway

• No diagnosis without support – we spent net £5.2m (2022: £2.8m), to enable all people experiencing sight loss to move quickly from diagnosis to confidence in living with sight loss. The increase of £2.4m includes investment growth in ECLOs; work being done on the sight loss pathway project, focusing on improving the support pathway from diagnosis onwards and influencing the clinical journey, which at present leaves too many people struggling to access the practical support and information they need.

Organisational enabling objectives

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Support costs are allocated to the other priorities as overheads. A full analysis of group expenditure is shown in note 6. The allocation of support costs is shown in note 7.

Subsidiary entities

Three active trading entities of the Group (RNIB Enterprises Limited, RNIB Direct Services Lottery and RNIB Feel Good Friday) contributed £4.6m (2022: £6.3m) to the RNIB Group through Gift Aid and share of profit.

RNIB had three active operational subsidiary charities in 2021/22: RNIB Charity, Cardiff Institute for the Blind (trading as Sight Life) and BucksVision. Together, these three entities contributed an income of £7.0m in 2021/2022, almost all of which related to charitable activities. The activities of these charities have now been transferred out of RNIB Group and their contribution to

income in 2022/23 was zero. The full results of all subsidiary entities are shown in note 5.

Balance sheet

Overall, net assets including pension assets have increased from £113.7m to £136.0m, due mainly to the gain from the sale of Judd Street.

Pensions

The triennial actuarial valuation was completed as at 31 March 2020 for the main RNIB Retirement Benefits Scheme (RNIBRBS) – a defined benefit scheme. As at 31 March 2020, a £17.0m technical provisions deficit was agreed with scheme trustees. The Trustees and RNIB agreed that from December 2021 no additional employer contributions in respect of the £2.5m per annum deficit repair contribution plan were required.

The RNIB scheme had a calculated surplus of £15m at 31 March 2023 (2022: £42m) and as RNIB doesn't have an unconditional right to a refund or reductions in future contributions, the surplus isn't recognised in the accounts.

The RNIB Pension Trust scheme has a calculated surplus of £0.3m as at 31 March 2022 (2022: £1.5m), as there is no automatic distribution of this surplus back to RNIB it isn't recognised in the accounts.

As at 31 March 2023, the financial statements show a total deficit pension reserve of £36,000 (2022: £56,000) relating to the National Library for the Blind (NLB) Pension Trust scheme, as determined by the FRS102 accounting basis approach. NLB is a linked charity of RNIB.

A full analysis of pensions valuations and costs is shown in note 26.

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Footnote:

In general terms, a pension scheme surplus is said to exist when the actuarially-determined value of the scheme's assets exceeds the value of the scheme's liabilities i.e. there's a surplus amount of money/assets needed to cover current and future monthly obligations. The March 2023 financial statements for the RNIB pension scheme shows a surplus reserve of £nil as the surplus has been restricted.

Reserves Policy

RNIB’s reserves policy is reviewed annually and includes both a liquidity (which has primacy) and free reserves measure. This is to reinforce our organisational focus on cash management and effectively manage risk and financial sustainability in the event of an unexpected reduction of income.

Liquidity is defined as free cash – plus available financing facilities – reduced by the value of restricted funds to ensure these funds are appropriately ring-fenced.

Free reserves exclude restricted funds and designated funds, which include the net book value of land and buildings occupied by RNIB services and activities. The assessment of free reserves excludes any surplus or deficit reported on the pension scheme.

The required liquidity and free reserves levels are predominantly

determined by a risk-weighted assessment of income streams. This assessment assigns a percentage risk factor to each income stream which is used to calculate the overall figure. Since the pandemic we’ve prudently updated our reserves policy to be more conservative.

The target level is held in liquid form with an adjustment for working capital, such as Legacy accrual, to arrive at corresponding liquidity and free reserves levels. The resulting range for year ended 31 March 2023 was £23.3m to £35.0m (3.3 to 5.0 months spend) and increases to

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£24.7m to £37.1m from April 2023. The free reserves target range was £38.3m to £50.0m (5.4 to 7.1 months spend) for the year ended 31 March 2023 (increasing to £39.7m to £52.1m from April 2023). The small increase in the target range for both is primarily a consequence of an increased reserve deemed necessary due to cost inflation risk and to cover any potential future pension deficit. At 31 March 2023, liquidity stood at £52.4m (2022: £43.3m), so notably above the upper end of the target range, but within range, after accounting for funds designated for future strategic investments. Free reserves of £43.4m (2022: £30.6m), are within our Reserves Policy target range.

Going concern

Our going concern assessment focuses on an immediately available source of liquidity to fund our strategy and

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investments, ensuring we always maintain a comfortable margin of headroom in case of the unexpected. We've carried out robust assessments of our current financial position and forward projections, along with stress testing reviews. The assessment has given our Trustees confidence that the charity will have adequate resources to continue to operate for the foreseeable future. As a result, these accounts have been prepared on a going concern basis.

Investment policy and performance

During 2021/22, the Charity Commission gave approval to release certain endowment funds to restricted and general funds and therefore amounts relating to RNIB’s investments are held in respect to all funds. The investments related to endowment funds have strict

controls over how they are used. These investments are managed in accordance with our wider Investment and Treasury Management Policy, which sets a long-term objective for exceeding an inflation-based measure (set at CPI +2.0 per cent).

Following the sale of the former offices of the charity at Judd Street, the monies received have been invested and are being managed by an independent fund manager. These investments are also managed in accordance with our wider Investment and Treasury Management Policy. Fund 1 has a long-term objective for exceeding an inflation-based measure (set at CPI +2.0 per cent). Fund 2 has an objective of achieving cash returns through income from investments plus a 1.0 per cent return.

Total investments held now relate to £41.4 million held in unrestricted funds (2022: £2.8m), £0.1m in restricted funds (2022: £1.9m) and £1.2m held in endowment funds (2022: £3.1m).

Due to the performance of the financial markets the investments held suffered a fall in value. There were also some losses upon the disposal of both the funds formerly held as endowments and investment properties in comparison to the market value brought forward at the beginning of the financial year. During 2022/23 total realised and unrealised losses on the various funds were an unrestricted funds loss of £307,000 (2021/22 gain of £331,000), restricted funds loss of £188,000 (2021/22 gain of £1,000) and endowment funds loss of £403,000 (2021/22: loss of £217,000).

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Governance and leadership

Principal risks and uncertainties

Governance of the Group’s risk management ultimately sits with the Board of Trustees. Detailed consideration of risk is delegated to the Audit, Risk and Assurance Committee, but with robust reporting on risk to the Board of Trustees; which regularly reviews and assesses the risks faced by the RNIB Group, satisfying themselves as to the management of those risks. The Executive Leadership Team oversees the management of risks and reports quarterly to the Audit, Risk and Assurance Committee.

Strategic management of risk is an integral part of RNIB’s decisionmaking processes and culture, supporting effective planning and evaluation of activities. Our risk management is focused on risks and opportunities associated

with delivering the strategy and business plan.

The Audit, Risk and Assurance Committee scrutinises RNIB Group’s risk management processes each year to ensure continuous improvement of risk management across the Group.

Risks are identified throughout the year through the following:

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Continuous improvement of risk management across the Group referred to above has included:

The Board of Trustees is satisfied major risks have been identified and processes for addressing them have been put in place. It's : Ul recognised that control systems can only provide reasonable – but not absolute – assurance that major : jj. — — :: risks are being adequately managed. Overall, we're confident that we're — a =, managing our overall risk position through a fit-for-purpose risk : management framework. The most[,] : —— ee : material risk areas to RNIB are set ae —— pS ae : ™ Es rt > 7 -< : out in the table below. oo < = -

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----- Start of picture text -----
Risk Primary mitigations
----- End of picture text -----

Risk Primary mitigations
Safeguarding, and regulatory
and compliance risks
Risk of any weaknesses in
compliance areas, including
in relation to safeguarding,
causing significant impact
or a regulatory issue.		 Established procedures, controls, reporting, training and policies are in place.
Strategic Safeguarding Leads (SSL) and Designated Safeguarding Leads (DSL)
are in place with a resilient Safeguarding team providing oversight and
reporting in to the Executive Leadership team. Safeguarding matters are also
reported on to a Safeguarding Committee
A cross Directorate Group (Compliance Task Force) drives continuous
improvement on compliance and risk management across RNIB and its
subsidiaries. Mapping and oversight of compliance activities across the RNIB
Group ensures effective controls are in place.
Regular reporting on regulatory compliance to the Executive Leadership Team,
the Audit, Risk and Assurance Committee (ARAC) and to the Board of Trustees.
Central oversight of compliance activity across the RNIB Group, ensuring
compliance is embedded. The central Compliance and Risk team has been
strengthened in the past year, incorporating oversight of Information
Governance and Health and Safety into the central team.
Policy framework, and ensuring policies are embedded. RNIB individuals are
required to confirm they have read and understood key policies.
Working with our internal auditors and other providers of external assurance,
ensuring recommendations are implemented in a timely fashion.

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Risk

Financial risks

Financial stability risks, including risk of fall in fundraised income, inflation risk, and ensuring appropriate level of reserves.

Primary mitigations

Our risk-based and liquidity-focused reserves policy protects us against the impact of short-term volatility of cash flows. We closely monitor our forward indicators, income against budgets and perform regular reforecasting. This ensures early recognition of longer-term challenges and any need for course correction.

We're particularly focused on the impact of external factors, such as the cost of living crisis, inflation risk, supply chain risks, Brexit, geopolitical risks and the continuing impact of the COVID-19 pandemic. A Cash and Investment Group is in place to provide management scrutiny of financial risks ahead of reporting on financial matters to the Finance and Investment Committee and to the Board of Trustees.

We have performance measurement and monitoring over fundraised income streams in place. Our new Income and Engagement Strategy is focused on deepening and diversifying our income channels.

Internal audit work has been conducted in the past year, including in relation to such areas as procurement.

In the past year we've remained focused on risk in relation to the cost of living crisis and its impact on RNIB, its staff and volunteers and blind and partially sighted people. This includes the work of our Cash and Investment Group – in relation to internal impact – and consideration of the cost of living crisis by the Board of Trustees, as well as by other applicable Board Committees.

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Risk

People risks

Risk of inadequate people resources, capabilities, culture and behaviours to deliver RNIB’s strategy and business plans. Risk of inability to translate our ambitions on Accessibility, Diversity and Inclusion (AD&I) into tangible differences for staff, volunteers and customers.

Primary mitigations

We have continued delivery of our people plans with Executive Leadership Team oversight. HR policies and robust process controls are in place.

The Executive Leadership Team and Board of Trustees engage with key areas of work such as:

We're in the process of developing and implementing an RNIB employee value proposition and are working to develop an associated employer brand. We ensure a proactive and robust approach to talent management – with a particular focus in the past year on a leadership and management development programme (LEAD). We are focused on ensuring staff wellbeing.

The Executive Leadership Team and Board of Trustees monitor and receive reporting on key HR metrics.

Ongoing delivery of Accessibility, Diversity and Inclusion (AD&I) strategy, particularly in:

Continued engagement and development of Accessibility, Diversion and Inclusion (AD and I), internal staff networks and delivery of network plans.

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Risk

Business plan related risks

Business plan related risks include those in relation to:

Primary mitigations

Our plans for 2023/24, and beyond, energised by a new purpose for RNIB, focus on pragmatic opportunities to underpin achievement, build momentum and demonstrate impact.

Structures have been further developed to focus on managing activity in relation to driving social change and creating a better society for blind and partially sighted people.

Our Executive Leadership Team continues to work at a strategic level with the Board of Trustees to deliver against our strategy and business plans. Monitoring progress of key strategic priorities is a standing item at Executive Leadership Team meetings and Board of Trustees meetings, with robust KPI / performance monitoring. We're driving forward improved understanding and measuring of impact.

Senior Leadership Team and objective-focused rhythms and routines are in place to galvanise the RNIB Group around key deliverables and shifting the culture to prioritise corporate achievement, with a real focus on crossfunction working.

Focus on partnerships, recognising that delivery of positive change and reform requires a number of working partnerships, including with sight loss charity sector partners, elements of the NHS and professional bodies.

Focus on looking to deliver innovative solutions. Programmes and projects are in place with effective oversight.

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----- Start of picture text -----
Risk Primary mitigations
----- End of picture text -----

Risk Primary mitigations
Technology, data and digtal risks
Risk that technology systems,
capability, capacity and co –
ordination is unable to meet
the needs of our Customer
Programme and the wider
RNIB Group.
Risk of cyber attack / data
breach / breach of third-party
data requirements.		 Technology is fully embedded within business planning. Working rhythms and
routines are aligned to our strategy and business plans with a specific focus
on technology to deliver our objectives. Focus on looking to deliver innovative
technological solutions, with appropriate controls and oversight in place.
Organisational structure facilitates cross-directorate working in relation to
technology objectives.
We continue to invest in delivering technology solutions and in the Technology
team to ensure effective development, implementation, and oversight/
maintenance of technology systems.
Maintaining and building key partnerships, in relation to technology, to ensure
full alignment on global technology developments.
All introductions and changes are scrutinised by a Technical Design Authority
which, among other things, helps to assure cyber-security.
Continuing to strengthen controls in relation to cyber security and assess
information security, with a key partner, against ISO27001, ensuring that
we recognise and are managing risk in relation to the increasing cyber
threat landscape.
Regular reporting to the Executive Leadership Team, the Audit, Risk and
Assurance Committee and on to the Board of Trustees on technology, cyber
and data-related matters, with appropriate challenge. We have a Trustee
in place with a particular focus on technology, who participates in routine
pre-Board of Trustees meeting discussions regarding technology matters to
provide additional scrutiny.

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----- Start of picture text -----
Risk Primary mitigations
----- End of picture text -----

Risk Primary mitigations
Critical / major incident
related risks
Risk RNIB Group is not able to
adequately respond to a critical /
major incident.		 Business Continuity Policy and Framework in place, reviewed and updated in
past year.
Corporate Major Incident Response Team in place that is made up of Executive
Leadership Team members, together with other senior managers with specific
business continuity / disaster recovery responsibilities. The Corporate Major
Incident Response Team participates regularly in business continuity planning
scenario exercises, with robust addressing of lessons learnt from these
exercises to ensure continuous improvement of business continuity plans.
The Facilities team ensures business continuity plans are in place for sites
across the RNIB Group, while Directorate / Function leads ensure such plans
are in place at department level.
The Head of Compliance, Risk and Assurance ensures ongoing awareness on
business continuity matters.

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Structure, governance and leadership

How we are managed

RNIB is led by a Board of Trustees which has ultimate responsibility for what happens in the organisation. Practically, day-to-day management of RNIB is delegated to the CEO and he, in turn, delegates to members of the Executive Leadership Team (ELT). The ELT is formed of the Chief Officers of the six departments which comprise the organisation: CEO Office; Social Change; People and Culture; Income and Engagement; Finance, Property and Technology; and Services.

The Board retains responsibility for approving RNIB’s vision, organisational strategy, annual plans and budgets and key policies. It holds management to account for delivery against the strategy and plans and also has a duty to assure itself that the organisation is operating within its policies and the

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law. The Board is led by the Chair of Trustees, assisted by the Vice Chair and Honorary Treasurer. The Board is supported by the Director of Legal and Governance, who acts as Company Secretary, and the Governance team.

There are four main Board meetings per year, in addition to which Trustees attend other meetings including quarterly Committee meetings, up to two away days each year, training (for example annual safeguarding), visits to RNIB activities and services; and other ad hoc sessions as necessary throughout the year.

Trustee recruitment and

reappointment

The Board’s Governance, Nominations and Remuneration Committee carries out succession-planning and makes

recommendations to the Board on Trustee recruitment and reappointments.

The Board will always have one Trustee recruited with financial experience to act as Honorary Treasurer and one, with safeguarding experience, to act as Board Safeguarding Lead Trustee. Other than these two specific roles, decisions about what skills to recruit to the Board are based on the outcome of a skills and diversity audit. In 2022, the Board agreed on the need to increase its diversity, focusing in particular on attracting younger candidates from a range of ethnic groups. In all Trustee recruitment, there is an emphasis on seeking Trustees with lived experience of sight loss who can speak to our stakeholders with authenticity and act as passionate ambassadors for RNIB. In 2022/23,

RNIB recruited Kamiqua Lake who joined the Board on 8 March 2023. We will be recruiting at least two more Trustees in 2023/24.

Trustees are generally appointed for a three-year term which can be renewed once – six years in total. In exceptional circumstances, Trustees may be renewed for further terms of a year at a time, up to a maximum of nine years. Trustees wishing to be reappointed for a second term of office will meet with the Chair and Vice Chair who will obtain feedback from other Trustees, appraise their performance, and make a recommendation to the Board as to whether they should be appointed for a new term. In addition, each Trustee meets with the Chair annually to discuss their performance and needs and identify objectives, with the Chair’s review being conducted by the Vice Chair. In 2022/23, Martin

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Davidson, Isabel Hunt, Iain McAndrew, Amanda Rowland, and Liz Walker were each appointed for a second term of office.

RNIB Board Committees

The purpose of Board Committees is to scrutinise and discuss matters within their particular terms of reference in more detail than would be possible for the whole Board to do within its meeting schedule. Matters to be approved by the Board would usually be reviewed and endorsed by the relevant committee prior to being presented to the Board. Additionally, a range of matters are delegated to specific committees, for example, the approval of certain policies. The committees meet quarterly.

Each committee generally has three Trustee members and some have up to three Non-Trustee Committee Members who are

appointed for renewable terms of up to two years. These members augment the skills on the Board with additional expertise and perspectives. The Chairs of the committees meet regularly to discuss governance and ensure they work together in an integrated way. Some committees are chaired by Trustees; however, the independent Chairs of the Audit, Risk, and Assurance and Safeguarding Committees are not Trustees.

The current committee structure is as follows:

the financial performance and sustainability of the RNIB Group including investments, borrowing and capital expenditure.

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In 2021, the Board undertook an external review of its committee structure to ensure that the committees meet its needs in the context of RNIB’s current strategy. The new structure – as outlined above – took effect on 1 July 2022. Prior to this, the committees were as follows:

Relationship with other charities

We maintain close links with – and support the aims of – other organisations working with or for people with sight loss. We also work closely with other disability charities on issues of mutual concern. We

deliver services in partnership with some local societies for blind and partially sighted people and some of our funding comes from charities and trusts which support our aims.

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Our Board of Trustees and Non-Trustee Committee Members (at 21 September 2023)

----- Start of picture text -----
Dates of Committee member- Committee memberships
Name Role
appointment ships to 30 June 2022 from 1 July 2022 to date
----- End of picture text -----

Name Role Dates of
appointment		 Committee member-
ships to 30 June 2022		 Committee memberships
from 1 July 2022 to date
Anna Tylor Trustee
and Chair
of Trustees		 Appointed on 29 July 2020
Reappointed on
21 September 2023		 •GTIG
•Nominations
Committee
•People Committee		 •GNRC
•Finance & Investment
Committee
•Public Engagement
Committee
Liz Walker Trustee and
Honorary
Treasurer		 Appointed on 21
August 2019
Reappointed on
21 August 2022		 •Audit & Risk
Committee
•RSSC		 •Finance & Investment
Committee (Chair)
•ARAC
Sir Martin
Davidson		 Trustee and
Vice Chair of
Trustees		 Appointed on
21 August 2019
Reappointed on
21 August 2022		 •GTIG (Chair)
•Nominations
Committee (Chair)		 •GNRC (Chair)
•Public Engagement
Committee
Paul Arnold Trustee
and Board
Safeguarding
Lead Trustee		 Appointed on
21 September 2023		 N/A •Safeguarding
Committee (Chair)
Tanya Castell Trustee Appointed on
21 September 2023		 N/A •ARAC (Chair)
Nora Colton Trustee
and Board
Safeguarding
Lead Trustee		 Appointed on
21 August 2019
Reappointed on
21 August 2022
Resigned on
22 September 2022		 •RSSC (Chair – from
Sept 2021)
•Income & Partnerships
Committee		 •Safeguarding
Committee (Chair)
•Finance & Investment
Committee

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----- Start of picture text -----
Dates of Committee member- Committee memberships
Name Role
appointment ships to 30 June 2022 from 1 July 2022 to date
----- End of picture text -----

Name Role Dates of
appointment		 Committee member-
ships to 30 June 2022		 Committee memberships
from 1 July 2022 to date
Ozzie
Clarke-Binns		 Trustee Appointed on
1 September 2017
Reappointed on
17 September 2020
Resigned on
1 December 2022		 •People Committee
(Chair)
•Nominations
Committee (to June
2021)		 N/A
Alice Collins Trustee Appointed on
17 September 2020
Reappointed on
21 September 2023		 •Income & Partnerships
Committee
•People Committee
(from May 2021)		 •ARAC
•Public Engagement
Committee
Isabel Hunt Trustee Appointed on
01 March 2019
Reappointed on
01 March 2022		 •Audit & Risk
Committee (from Nov
2021)
•Transitions
Programme
Committee		 •ARAC
•Finance & Investment
Committee
Kamiqua Lake Trustee Appointed on 8 March 2023 N/A N/A
Iain McAndrew Trustee Appointed on 1 March 2019
Reappointed on
1 March 2022		 •Customer Committee
•Income & Partnerships
Committee		 •Safeguarding
Committee
•Public Engagement
Committee (Chair)

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----- Start of picture text -----
Dates of Committee member- Committee memberships
Name Role
appointment ships to 30 June 2022 from 1 July 2022 to date
----- End of picture text -----

Name Role Dates of
appointment		 Committee member-
ships to 30 June 2022		 Committee memberships
from 1 July 2022 to date
Stephen
Monaghan		 Trustee Appointed on 21 August
2019
Reppointed on
21 August 2022
Resigned on
22 September 2022		 •Customer Committee
(Chair)		 •Finance & Investment
Committee
•Director of RNIB
Enterprises
Amanda
Rowland		 Trustee Appointed on
1 September 2019
Reappointed on
1 September 2022		 •GTIG
•Transitions
Programme
Committee (Chair)
•Nominations
•Committee (from
Sept 2021)		 •GNRC
•Director and Chair of
RNIB Enterprises
Deborah
Womack		 Trustee Appointed on
17 September 2020
Reappointed on
21 September 2023		 •Customer Committee •Safeguarding
Committee
•Public Engagement
Committee
Mike Barber Non-Trustee
Committee
Member		 Appointed on
01 February 2019
Resigned on
21 September 2023		 •Audit & Risk
Committee Chair)		 •ARAC (Chair)
Deborah
Innes-Turnill		 Non-Trustee
Committee
Member		 Appointed on
24 January 2022		 •RSSC (Vice Chair)
(from Dec 2022)		 •Safeguarding
Committee (Chair from
22 September 2022 to
21 September 2023)

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----- Start of picture text -----
Dates of Committee member- Committee memberships
Name Role
appointment ships to 30 June 2022 from 1 July 2022 to date
----- End of picture text -----

Name Role Dates of
appointment		 Committee member-
ships to 30 June 2022		 Committee memberships
from 1 July 2022 to date
Jonathan
Blackhurst		 Non-Trustee
Committee
Member		 Appointed on
01 March 2019		 •Audit & Risk
Committee		 •ARAC
Susan
Crichton		 Non-Trustee
Committee
Member		 Appointed on
1 September 2019		 •Audit & Risk
Committee		 •ARAC
Graham
Hewett		 Non-Trustee
Committee
Member		 Appointed on
1 March 2019
Resigned on
30 June 2022		 •RSSC N/A
Sharron
Lewis-James		 Non-Trustee
Committee
Member		 Appointed on
01 April 2019
Resigned on
30 June 2022		 •People Committee N/A
David Raeburn Non-Trustee
Committee
Member		 Appointed on
01 April 2019
Resigned on
30 June 2022		 •People Committee N/A
Derrick
Mabbott		 Non-Trustee
Committee
Member		 Appointed on
01 March 2019
Resigned on
30 June 2022		 •Customer Committee N/A
Tony Pinkham Non-Trustee
Committee
Member		 Appointed on
01 March 2019		 •Customer Committee N/A

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----- Start of picture text -----
Dates of Committee member- Committee memberships
Name Role
appointment ships to 30 June 2022 from 1 July 2022 to date
----- End of picture text -----

Name Role Dates of
appointment		 Committee member-
ships to 30 June 2022		 Committee memberships
from 1 July 2022 to date
Caroline
Stanfield		 Non-Trustee
Committee
Member		 Appointed on
01 March 2019
Resigned on
30 June 2022		 •Customer Committee N/A
Simon Curtis Non-Trustee
Committee
Member		 Appointed on
16 December 2020
Resigned on
30 June 2022		 •Transitions
Programme
Committee		 N/A
Dyfrig
Lewis-Smith		 Non-Trustee
Committee
Member		 Appointed on
25 February 2021
Resigned on
30 June 2022		 •Transitions
Programme
Committee		 N/A
Anne Woodley Non-Trustee
Committee
Member		 Appointed on
25 February 2021
Resigned on
30 June 2022		 •Income and
Partnerships
Committee		 N/A
Tony Barclay Non-Trustee
Committee
Member		 Appointed on
08 March 2023		 N/A •Safeguarding
Committee

Executive Remuneration

The RNIB Group was led by the Executive Leadership Team consisting of the CEO and six employed Directors (2022: eight employed directors). The total remuneration paid to the

employed members of this group was £0.8m (2022: £1.1m). Executive Leadership pay is determined by the Governance, Nominations, and Remuneration Committee (GNRC), comprised of Board Trustees and independent members.

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Safeguarding

Summary of safeguarding activity and statement on RNIB’s ongoing commitment:

Safeguarding children, young people and adults, with a focus on those who are vulnerable and may be at risk, is everyone’s responsibility. Safeguarding is a clear priority for RNIB, particularly given the increased levels of risk affecting the mental health of people across the UK, following the COVID-19 pandemic and the cost of living crisis. The support of RNIB’s customer-facing services remains paramount with the Safeguarding team responding to the increase of safeguarding concerns involving suicide risk and issues relating to mental health.

We have continued to foster a culture that focuses on personalised outcomes for people. We’ve worked collaboratively to ensure

our safeguarding practice is person-centred and outcomefocused, ensuring we give timely and proportionate responses to safeguarding matters.

Our work has involved:

– informing our safeguarding actions – in 14 of the 20 (70 per cent) audited management files of safeguarding concerns. This is an indicator of the effectiveness of the thorough policy, training and record-keeping procedures we maintain.

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• Expressions of confidence from a very high proportion of staff and volunteers in their ability to identify and escalate safeguarding concerns. In our surveys, 98 per cent of staff – and 100 per cent of volunteers – who responded told us that they were confident in identifying a safeguarding concern. In the same surveys, 95 per cent of staff and 95 per cent of volunteers expressed confidence in knowing when to seek help from their Designated Safeguarding Lead (DSL) or the Safeguarding team.

Our safeguarding principles

Our Safeguarding team continues to prioritise the promotion and understanding of our five safeguarding principles. They are:

Empowerment

Staff and volunteers take a personcentred approach to safeguarding.

Prevention

Minimise safeguarding issues and prevent their repetition whenever possible.

Proportionality

Robust risk identification, assessment and management involving adults, children and their families and carers.

Accountability

Being held accountable with a clear line of sight from Safeguarding Committee and the Board.

Protection

Ensure all vulnerable adults and children are effectively protected from harm.

Safeguarding performance data 2022/23

There were 131 concerns which met the threshold for referral to statutory services. This is a 93 per cent increase in concerns since last year. 158 referrals were sent to statutory services in response to these concerns. In some cases more than one referral is made to statutory agencies which is why there are more referrals than concerns raised. This is a reduction of 10 per cent in concerns referred to statutory services. No safeguarding allegations were reported between April 2022 to March 2023. We no longer have medication incidents and poor practice concerns are dealt with under the allegations management process.

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Health and safety

It is with thanks to the endeavours and encouragement of everyone associated with RNIB, including employees, volunteers or contractors, that we continue to maintain, monitor and improve our standards for health, safety and welfare.

Our Executive Leadership Team is committed to ensuring RNIB is a safe place to work – both physically and mentally – and ensure this by continually monitoring and working together with all our employees.

Similar to many other businesses, we are continually adapting to new ways of working that balance the requirements of the organisation with the societal challenges that influence our ability to safely deliver our aims and objectives. As an inclusive employer, we continue to listen, innovate, adapt, and provide

the encouragement, training and support for all who work for RNIB, be they working from one of our newly refurbished offices or remotely.

This has included:

• The purchase of Grimaldi Building provided RNIB with an opportunity to improve the working environment for the betterment of staff and visitors; and consolidate some of its activities. In addition, with the improvements implemented into the building – with such things as innovative lighting, improved heating and cooling controls, our environmental impact has improved, along with accesibility.

Modern Slavery and Human Trafficking Policy

Our policy in this area can be found on our website.

www.rnib.org.uk/statement-onmodern-slavery/

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Environmental Report

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Year to 31st Year to 31st
March 2023 March 2022
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Year to 31st
March 2023		 Year to 31st
March 2022
Energy consumption used to calculate emissions (kWh) 2,909,487 4,700,574
Emissions from combustion of gas (Scope 1) / tCO2e 324 488
Emissions from combustion of fuel for transport purposes (Scope 1) / tCO2e 50 50
Emissions from business travel in rental cars or employee-owned vehicles where
company is responsible for purchasing the fuel (Scope 3) / tCO2e		 2 4
Emissions from purchased electricity (Scope 2, location-based) / tCO2e 211 383
Total gross tCO2e based on above 544 925
Intensity ratio (tCO2e / employee) 0.46556 0.5698

The SECR disclosure presents our carbon footprint within the United Kingdom for Scope 1, 2 and 3 emissions based on SECR Legislation, an appropriate intensity metric, the total energy use of electricity, gas and transport fuel and an energy efficiency actions summary taken during the relevant financial year.

Energy efficiency action summary

1. Main London office on Judd Street was closed and relocated to a newly refurbished state-ofthe-art building at Grimaldi Park, Pentonville Road.

Some energy cost saving initiatives used in The Grimaldi Building are:

2. Cycle to Work scheme promoted by RNIB’s CEO Matt Stringer.

3. Major renovation works carried out at our facility in Gateshead. New LED lighting installed, new double glazing installed – with some areas receiving triple glazing all with solar tinted glass.

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4. Facilities Managers across their sites are committed to:

• Create a planned preventive maintenance strategy to ensure there is regular planned preventive maintenance on air handlers, HVAC units, boilers, and windows which can help identify energy leakages. This gives insight into equipment performance, as well as how to improve that performance with repairs or replacements.

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Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the RNIB Group Annual Report and Financial Statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that

the financial statements comply with the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005.

They’re also responsible for safeguarding the assets of the charity and the Group and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity’s website (www.rnib.org. uk) in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the Trustees. The Trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

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Disclosure of information to auditors

In so far as the Trustees are aware:

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RNIB See differently k 77

Statement of public benefit

RNIB’s charitable objects are enshrined within its Charter and, as such, the Trustees ensure that this Charter is carried out for public benefit through our four strategic priorities.

This is done through delivery of services that are primarily aimed at blind or partially sighted people and, where appropriate, open to all who might benefit throughout the United Kingdom, as well as through advocacy and campaigning.

This report allows us to show how our charitable funds are distributed and spent. It also demonstrates the benefits and effect that the funds have had on those using the services, as well as their wider impact on society for the reported year and in the future.

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit: “Charitable Purposes and Public Benefit”.

The Trustees’ Report, including the Strategic Report, was approved by the Board of Trustees and authorised for issue on 21 September 2023.

Anna Tylor Chair of Trustees

Elizabeth Walker Honorary Treasurer

78

¥¥ * *..¥+' ** 79

Independent auditor’s report to Trustees of RNIB

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of Royal National Institute of Blind People (“the Parent Charity”) and its subsidiaries (“the Group”) for the year ended 31 March 2023 which comprise the Group Statement of Financial Activities, the Group and RNIB Balance Sheets, Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and the Parent Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

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Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the RNIB Group Annual Report and Accounts, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are

required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the Parent Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern

basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charity, or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.

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Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our

procedures are capable of detecting irregularities, including fraud is detailed below:

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account combinations and postings by unexpected users or senior management;

Our audit procedures were designed to respond to risks of material

misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error; as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

frc.org.uk/auditorsresponsibilities This description forms part of our auditor’s report.

84

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BDO LLP, statutory auditor London, UK

10 October 2023

BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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Group statement of financial activities for the year ended 31 March 2023

Continuing Operations Continuing Operations Continuing Operations Continuing Operations
2023 2023 2023 2023
Notes Unrestricted
funds £,000		 Restricted funds
£,000		 Endowment
funds £,000		 Total £,000
Income and endowments from:
Donations 18,082 2,114 - 20,196
Legacies 33,962 3,139 - 37,101
Tradingincome 2 19,776 - - 19,776
Charitable activities:
See Sight Loss Differently 3 - - 3
Design for Everyone, Better
for Anyone		 - - - -
No Diagnosis Without Support 2,151 59 - 2,210
Close the Gap 1,262 - - 1,262
Increase effectiveness, efficiency
and impact of existing BAU
services and activity		 1,885 - - 1,885
Developcore capabilities - - - –
Equip blind and partially sighted
people to live the life they want
to lead – Regulated Services		 - - - –
Total income from charitable
activities		 5,301 59 - 5,360
Investment income 4 413 46 - 459

86

Continuing Operations Continuing Operations Continuing Operations Continuing Operations
2023 2023 2023 2023
Notes Unrestricted
funds £,000		 Restricted funds
£,000		 Endowment
funds £,000		 Total £,000
Other income:
Other income 1,564 - - 1,564
Gain on disposal of fixed assets 29 22,137 - - 22,137
Total other income 23,701 - - 23,701
Total income and endowments 101,235 5,358 - 106,593
Expenditure on:
Raisingfunds 6/7/8 17,150 53 23 17,226
Tradingactivities 1.7 15,156 - - 15,156
Charitable activities:
See Sight Loss Differently 6/7/8 10,421 1,300 - 11,721
Design for Everyone, Better
for Anyone		 816 44 - 860
No Diagnosis Without Support 7,105 298 - 7,403
Close the Gap 6/7/8 3,944 646 - 4,590
Increase effectiveness, efficiency
and impact of existing BAU
services and activity		 6/7/8 22,766 3,245 - 26,011
Developcore capabilities 6/7/8 1,816 50 - 1,866
Equip blind and partially sighted
people to live the life they want
to lead – Regulated Services		 - - - –
Total expenditure on
charitable activities		 46,868 5,583 - 52,451

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----- Start of picture text -----
Continuing Operations
2023 2023 2023 2023
Unrestricted Restricted funds Endowment
Notes Total £,000
funds £,000 £,000 funds £,000
Loss on subsidiaries
5 – 2,192 1 2,193
leaving group
Total expenditure 79,174 7,828 24 87,026
Net income/(expenditure)
before gains/(losses) on 22,061 (2,470) (24) 19,567
investments
Net (losses)/gains on
(307) (188) (403) (898)
investments
Net income/(expenditure)
21,754 (2,658) (427) 18,669
before exceptional items
- -
Exceptional items 3,562 3,562
Net income/(expenditure) after
25,316 (2,658) (427) 22,231
exceptional items
Transfers between funds 308 1,318 (1,626) -
Other recognised losses:
Actuarial gain/(loss) on defined 26 20 - – 20
benefit pension scheme
Net movement in funds 25,644 (1,340) (2,053) 22,251
Reconciliation of funds:
Total funds brought forward 101,962 8,528 3,215 113,705
Total funds carried forward 127,606 7,188 1,162 135,956
----- End of picture text -----

Details of the RNIB only activity and activities in the Isle of Man is included under the Group statement of financial activities for the year ended 31 March 2022.

88

Group statement of financial activities for the year ended 31 March 2022

Continuing Operations Continuing Operations Continuing Operations Continuing Operations Discontinuing Operations Discontinuing Operations Discontinuing Operations Total
2022 2022 2022 2022 2022 2022 2022 2022
Notes Unre-
stricted
funds
£,000		 Restrict-
ed funds
£,000		 Endow-
ment
funds
£,000		 Total
£,000		 Unre-
stricted
funds
£,000		 Restrict-
ed funds
£,000		 Total
£,000		 Total
(Reclas-
sified)
£,000
Income and endowments from:
Donations 17,384 1,776 - 19,160 - - - 19,160
Legacies 31,626 3,908 - 35,534 - - - 35,534
Tradingincome 2 20,682 - - 20,682 - - - 20,682
Charitable activities:
See Sight Loss
Differently		 14 - - 14 - - - 14
Design for Everyone,
Better for Anyone		 3 - - 3 - - - 3
No Diagnosis Without
Support		 1,737 74 - 1,811 - - - 1,811
Close the Gap 236 48 – 284 - - - 284
Increase effectiveness,
efficiency and impact
of existing BAU
services and activity		 1,547 1,275 – 2,822 - - - 2,822
Develop core
capabilities		 - - - - - - - -

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----- Start of picture text -----
Continuing Operations Discontinuing Operations Total
2022 2022 2022 2022 2022 2022 2022 2022
Unre- Endow- Unre- Total
Restrict- Restrict-
stricted ment Total stricted Total (Reclas-
Notes ed funds ed funds
funds funds £,000 funds £,000 sified)
£,000 £,000
£,000 £,000 £,000 £,000
Equip blind and
partially sighted
- - - - -
people to live the life 4,059 4,059 4,059
they want to lead –
Regulated Services
Total income from
- -
3,537 1,397 4,934 4,059 4,059 8,993
charitable activities
- - - -
Investment income 4 29 195 224 224
Other income:
- - - -
Other income 1,112 1,112 4 1,116
Gain on disposal of 29 - - - - - - - -
fixed assets
Total other income 1,112 - - 1,112 4 - - 1,116
Total income and
74,370 7,276 - 81,646 4 4,059 4,063 85,709
endowments
Expenditure on:
- - - - -
Raising funds 6/7/8 14,101 14,101 14,101
- - - - -
Trading activities 1.7 14,250 14,250 14,250
Charitable activities:
See Sight Loss - - - -
6/7/8 7,100 1,209 8,309 8,309
Differently
----- End of picture text -----

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----- Start of picture text -----
Continuing Operations Discontinuing Operations Total
2022 2022 2022 2022 2022 2022 2022 2022
Unre- Endow- Unre- Total
Restrict- Restrict-
stricted ment Total stricted Total (Reclas-
Notes ed funds ed funds
funds funds £,000 funds £,000 sified)
£,000 £,000
£,000 £,000 £,000 £,000
----- End of picture text -----

Continuing Operations Continuing Operations Continuing Operations Continuing Operations Discontinuing Operations Discontinuing Operations Discontinuing Operations Total
2022 2022 2022 2022 2022 2022 2022 2022
Notes Unre-
stricted
funds
£,000		 Restrict-
ed funds
£,000		 Endow-
ment
funds
£,000		 Total
£,000		 Unre-
stricted
funds
£,000		 Restrict-
ed funds
£,000		 Total
£,000		 Total
(Reclas-
sified)
£,000
Design for Everyone,
Better for Anyone		 268 39 – 307 - - - 307
No Diagnosis Without
Support		 4,168 403 – 4,571 - - - 4,571
Close the Gap 6/7/8 1,844 635 - 2,479 - - - 2,479
Increase effectiveness,
efficiency and impact
of existing BAU
services and activity		 6/7/8 24,631 3,752 27 28,410 - - - 28,410
Develop core
capabilities		 6/7/8 894 - - 894 - - - 894
Equip blind and
partially sighted
people to live the life
they want to lead –
Regulated Services		 - - - - - 3,886 3,886 3,886
Total expenditure on
charitable activities		 38,905 6,038 27 44,970 - 3,886 3,886 48,856
Loss on subsidiaries
leaving group		 5 - - - - - - - -
Total expenditure 67,256 6,038 27 73,321 - 3,886 3,886 77,207

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----- Start of picture text -----
Continuing Operations Discontinuing Operations Total
2022 2022 2022 2022 2022 2022 2022 2022
Unre- Endow- Unre- Total
Restrict- Restrict-
stricted ment Total stricted Total (Reclas-
Notes ed funds ed funds
funds funds £,000 funds £,000 sified)
£,000 £,000
£,000 £,000 £,000 £,000
----- End of picture text -----

Continuing Operations Continuing Operations Continuing Operations Continuing Operations Discontinuing Operations Discontinuing Operations Discontinuing Operations Total
2022 2022 2022 2022 2022 2022 2022 2022
Notes Unre-
stricted
funds
£,000		 Restrict-
ed funds
£,000		 Endow-
ment
funds
£,000		 Total
£,000		 Unre-
stricted
funds
£,000		 Restrict-
ed funds
£,000		 Total
£,000		 Total
(Reclas-
sified)
£,000
Net income/
(expenditure) before
gains/(losses) on
investments		 7,114 1,238 (27) 8,325 4 173 177 8,502
Net (losses)/gains on
investments		 331 1 (217) 115 - - - 115
Net income/
(expenditure) before
exceptional items		 7,445 1,239 (244) 8,440 4 173 177 8,617
Exceptional items 1,583 - - 1,583 - (173) (173) 1,410
Net income/
(expenditure) after
exceptional items		 9,028 1,239 (244) 10,023 4 - 4 10,027
Transfers between
funds		 717 1,768 (2,485) - - - - -

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Continuing Operations Continuing Operations Continuing Operations Continuing Operations Discontinuing Operations Discontinuing Operations Discontinuing Operations Total
2022 2022 2022 2022 2022 2022 2022 2022
Notes Unre-
stricted
funds
£,000		 Restrict-
ed funds
£,000		 Endow-
ment
funds
£,000		 Total
£,000		 Unre-
stricted
funds
£,000		 Restrict-
ed funds
£,000		 Total
£,000		 Total
(Reclas-
sified)
£,000
Other recognised losses:
Actuarial gain/(loss)
on defined benefit
pension scheme		 26 (1,676) - – (1,676) - - - (1,676)
Net movement
in funds		 8,069 3,007 (2,729) 8,347 4 - 4 8,351
Reconciliation of funds:
Total funds brought
forward		 89,934 6,500 5,944 102,378 3,955 (979) 2,976 105,354
Total funds carried
forward		 98,003 9,507 3,215 110,725 3,959 (979) 2,980 113,705

The Group Statement of Financial activities (SOFA) includes all gains and losses recognised in the year. Total income of RNIB during the year, including investment gains/losses was £90.5m (2022: £67.1m) less resources expended of £69.7m (2022: £59.0m) and plus exceptional items of £3.6m led to a surplus of £24.4m (2022: surplus of £8.1m). The Isle of Man Government requires that we disclose the income and expenditure in the Isle of Man which amounted to £nil (2022: £nil) and £nil (2022: £nil) respectively. The notes that follow form part of the financial statements.

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Group and RNIB balance sheets as at 31 March 2023

Notes Group 2023
£’000		 Group 2022
£’000		 RNIB 2023
£’000		 RNIB 2022
£’000
Fixed assets
Tangible assets 14 49,872 68,246 49,872 67,164
Intangible assets 15 4,068 4,263 4,068 4,263
Investments 16 42,671 7,769 42,676 7,730
Total fixed assets 96,611 80,278 96,616 79,157
Current assets
Stocks and work inprogress 17 1,268 1,008 - -
Debtors due within oneyear 18 30,707 23,964 39,611 29,051
Cash at bank and in hand 17,302 31,460 12,352 24,832
Total current assets 49,277 56,432 51,963 53,883
Creditors: amounts falling due
within oneyear		 19 9,226 21,833 11,917 20,425
Net current assets 40,051 34,599 40,046 33,458
Total assets less current liabilities 136,662 114,877 136,662 112,615
Creditors: amounts falling due
after more than oneyear		 20 180 69 180 -
Provisions for liabilities and charges 21 490 1,047 490 1,047
Net assets excluding
pension liability		 135,992 113,761 135,992 111,568

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Notes Group 2023
£’000		 Group 2022
£’000		 RNIB 2023
£’000		 RNIB 2022
£’000
Defined benefitpension(liability)/asset 26 (36) (56) (36) (56)
Net assets including pension liability 135,956 113,705 135,956 111,512
The funds of the Group/RNIB:
Endowment funds 23 1,162 3,215 1,162 3,214
Restricted income funds 23 7,188 8,528 7,188 6,336
Unrestricted income funds:
Designated 23 84,255 71,427 84,255 71,427
General 23 43,387 30,591 43,387 30,591
Pension reserve 23/26 (36) (56) (36) (56)
Total unrestricted income funds 127,606 101,962 127,606 101,962
Total Group/RNIB funds 135,956 113,705 135,956 111,512

These financial statements were approved by the Board of Trustees on 21 September 2023 and signed on behalf of RNIB by Anna Tylor, Chair, and Liz Walker, Honorary Treasurer.

Anna Tylor , Chair

Elizabeth Walker , Honorary Treasurer

95

Group cash flow statement for the year ended 31 March 2023

Note 2023
£’000		 2022
£’000
Net cash(used in)/generated by operating activities A (6,724) 7,154
Cash flows from investing activities
Investment income 427 224
Proceeds from exceptional items 3,562 1,450
Proceeds from sale of fixed assets 43,720 -
Cash deposit(refunded)/received for future fixed asset sales (9,754) 6,000
Purchase of fixed assets (8,381) (16,510)
Cash held in subsidiaries leaving group (1,135) -
Purchase of investments (55,056) (82)
Proceeds from sale of investments 19,248 477
Net cashprovided by investing activities (7,369) (8,441)
Cash flows from other activities
Deficitpayments to defined benefitpension scheme - (1,875)
Net cash used in other activities - (1,875)
Net(decrease)/increase in cash and cash equivalents in the reporting year B (14,093) (3,162)
Cash and cash equivalents at the beginningof the reporting year B 31,395 34,557
Cash and cash equivalents at the end of the reporting year 17,302 31,395

96

Notes to the cash flow statement

----- Start of picture text -----
2023 2022
A. Reconciliation of net income to net cash flow from operating activities
£’000 £’000
----- End of picture text -----

A. Reconciliation of net income to net cash flow from operating activities 2023
£’000		 2022
£’000
Net income for the reporting period(asper the statement of financial activities) 18,669 8,617
Adjustments for:
Investment income (459) (224)
Depreciation 1,337 1,434
Amortisation 902 347
Investment management fees 23 36
(Profit)/Loss on disposal of tangible fixed assets (22,137) 3
Loss/(Gain)on investments 898 (115)
Loss on subsidiaries leaving group 2,193 -
Increase in investments through linkingof charities - (65)
(Decrease)/ Increase in current creditors (598) 261
Increase/(Decrease)in long-term creditors 180 (67)
(Decrease)inprovisions for liabilities and charges (557) (551)
(Decrease)inpensionprovision - -
(Increase)/Decrease in debtors (6,906) (2,585)
Decrease/(Increase)in stock (269) 63
Net cash(outflow)/inflow from operating activities (6,724) 7,154

97

B. Analysis of change in net debt 31 March
2021
£’000		 Cash flow
2021/22
£’000		 31 March
2022
£’000		 Cash flow
2022/23
£’000		 Non cash
movements
2022/23
£,000		 31 March
2023
£’000
Cash at bank 34,558 (3,098) 31,460 (14,158) - 17,302
Bank overdraft (1) (64) (65) 65 - -
Total cash and cash equivalents 34,557 (3,162) 31,395 (14,093) - 17,302
Debt due within oneyear - - - - (139) (139)
Debt due after oneyear - - - - (180) (180)
Total net(debt)/cash net of debt 34,557 (3,162) 31,395 (14,093) (319) 16,983

98

1. Accounting policies

Notes to the financial statements for the year ended 31 March 2023

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of these financial statements are as set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

1.1. Basis of preparation

These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019; rather than the Accounting and Reporting by Charities: Statement

100

of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

The financial statements also conform to the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. No separate Statement of Financial Activities (SoFA) has been presented for the charity alone as permitted by the Charities SORP (FRS102).

1.2. Going concern

As discussed in the Financial Review section of the Trustees’ Report and Strategic Report, the Group’s forecasts and projections, taking account of reasonable possible changes in performance, show that the Group will have sufficient cash flows and reserves to adopt the going concern basis in preparing its financial statements. The Trustees have considered this and other factors and conclude the ongoing use of the going concern basis of accounting remains appropriate. This has been informed by the detailed review of reserves against target reserves, as detailed in the reserves section of the annual report, and detailed forecasts of free cash for the next four years.

1.3. Group financial statements

The results of each of RNIB’s subsidiary undertakings, as listed in note 5, have been consolidated in these financial statements under the heading “Group” on a line-by-line basis, adopting uniform accounting policies. Their objectives contribute to those of the RNIB Group strategy and under the tests of control they are deemed to be charitable subsidiaries of RNIB.

The income and expenditure for the linked charities of National Library For The Blind, National Talking Newspapers and Magazines and The John and Mary Leigh Fund has been included within restricted funds within RNIB, as detailed in note 24.

The intra-group transactions, balances and unrealised profits are eliminated in full.

No separate SoFA has been presented for RNIB alone as permitted by an administrative concession issued by the Charity Commission for England and Wales.

1.4. Foreign currency transactions Foreign currency transactions completed within the year are included at their transacted sterling equivalents as at the day of the transaction. Monetary assets and

liabilities are valued using those rates published by HM Revenue and Customs as at the balance sheet date. Any foreign exchange gains or losses are charged to the section of the SoFA relating to the activity that the transaction applies to.

1.5. Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the Trustees in furtherance of the general objectives of RNIB.

Designated funds are unrestricted funds that the Trustees of RNIB have set aside for a specific purpose. Within designated funds are “service properties”, “other fixed assets” and “strategic designated”. “Service properties” represents the value of RNIB’s interests in land and buildings, for the provision of services to people with sight problems. This value is shown in a separate designated fund, as the properties represented are essential for the provision of RNIB’s services. Transfers in respect of additions to property in the year are made from the general fund. Transfers are made from this fund to the general fund in respect of property disposals during the year. Property depreciation is charged to this fund.

101

“Other fixed assets” represents other assets in use by RNIB. The assets of subsidiary charities are held within the restricted funds. “Strategic Designated” relates to amounts designated to be spent in the next three years on charitable activities.

Restricted funds comprise income received with special conditions attached. Income for a specific purpose not spent in any year is carried forward in the relevant fund. Also, within restricted funds in 2021/22 are the results of the subsidiary charities, RNIB Charity, Sight Life (Cardiff Institute for the Blind) and BucksVision, which are operating under narrower objectives than those of RNIB. In 2022/23 Sight Life (Cardiff Institute for the Blind) and BucksVision left the group on the 1 April 2022 and the activities of RNIB Charity ceased, so this is not the case in 2022/23.

Endowments received are credited directly to the relevant endowment fund. Income arising from the related investments is allocated to the general fund or to the relevant restricted fund, depending on the terms of endowment.

A review of the allocation of expenditure is performed when

a project or contract is nearing completion, which can give rise to a transfer between funds.

1.6. Income

Donations are accounted for as soon as there is entitlement and the amount is measurable and receipt is probable. Donations include Gift Aid based on amounts recoverable at the accounting date. Donated goods and services are included at the point in time when they are received at the value to RNIB where these can be quantified. No amounts are included in these financial statements for the services donated by volunteers. Income from trading in subsidiary undertakings is transferred to RNIB by making qualifying charitable donations or by covenanting the profits of those undertakings.

Pecuniary legacies are recognised when probate is in place or when a cash payment has been received. Residuary legacies are recognised when probate is granted, a copy of the Will has been received to confirm RNIB Group’s entitlement, and there is sufficient information to value them. In practice this is usually when the assets and liabilities statement is received.

Reversionary interests involving a life tenant and contentious legacies

are not recognised. When accruing income from Residuary and Life Interest (Live) cases, the gross value of the Estate is reduced to reflect an estimate for legal fees. Where final estate accounts have been received, this will be the actual fee charged. For others, an estimate of 5 per cent of the valuation is used.

Income generated from charitable activities is recognised when it can be reliably measured, there is entitlement, and receipt is probable. Where received in advance of the activity to be performed then the income is deferred. Included within income from charitable activities in 2021/22 is income relating to COVID-19 government grants in respect of the pandemic job retention scheme and support from local government relating to the adult social care sector. The income relating to such grants is detailed in note 2. This income had ceased by 2022/23.

Income from the sale of goods and services is recognised when orders are fulfilled, or services are delivered.

Investment income, interest on deposits and income in connection with services to people with sight problems is recognised on an accrual basis. Investment income arising on

102

endowment funds is credited to the appropriate fund in accordance with the prescribed conditions. The gain on the purchase of zero rate bonds is accounted for as investment income calculated on an effective interest rate basis.

Accrued income is provided for revenue that has been earned in the current financial year but is yet to be invoiced.

Income generated from Lotteries and Raffles is recognised under Trading Income once the associated draw occurs, along with the income from RNIB Enterprises, which is recognised using the same recognition criteria as for income generated from charitable activities as described above. The split of income is detailed in note 3.

1.7. Expenditure

(b) Support costs include both Group and corporate costs and are incurred in support of direct service expenditures. Support costs also include the governance costs incurred in relation to the running of RNIB and the charitable subsidiaries. The allocation of support costs is on a mixture of bases (see note 7).

1.8. Tangible fixed assets

Tangible assets are recorded at cost, including irrecoverable VAT, or where donated, open market valuation at the time of donation. Individual items of expenditure below £5,000 are not capitalised across the RNIB Group.

Depreciation is provided on all tangible fixed assets, except freehold land and assets under construction, at rates calculated to write off the cost on a straight-line basis over their expected useful lives.

2023
£’000		 2022
£’000
Lotteries and raffles 3,399 2,964
Activities undertaken byRNIB Enterprises Ltd 11,757 11,286
Total 15,156 14,250

103

The standard rates of depreciation are as follows:

----- Start of picture text -----
Service properties
----- End of picture text -----

Serviceproperties
Freehold buildings 50years
Leasehold land and buildings – lease longer than 50years 50years
Leasehold land and buildings – lease shorter than 50years Leaseperiod
Machinery, vehicles and equipment Machinery, vehicles and equipment
Motor vehicles; fixtures and fittings; equipment 5years
Computer hardware 3years

Fixed asset residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting year. The effect of any change is recognised in the SoFA in the year in which it occurs. Fixed assets are also reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the statement of financial activities.

Component accounting has been considered and assessed. In respect to the properties held at the start of the financial year, in the view of the Trustees the 50 year useful economic life represents the median position of all components within them and any impact of adopting separate components with unique useful economic lives would be immaterial. For the new Head Office in the Grimaldi building separately identifiable assets, where material, have been separated out and depreciated over their useful economic lives. The useful economic life will be further reassessed in 2023/24 and adjusted as required.

1.9. Intangible Fixed Assets

Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is calculated and charged to the SoFA, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:

Software – three years

Where factors, such as technological advancement or changes in market price, indicate that the useful life has changed, the useful life or amortisation rate are amended in the year of change to reflect the new circumstances.

Intangible assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Costs associated with maintaining computer software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met:

104

Other development expenditures that do not meet these criteria are recognised as an expense as incurred except where they meet the criteria for recognition as an asset but cannot be treated as an intangible asset due to other factors, such as where they relate to the development costs of software not owned by the Group. In such cases they are treated as a long term prepayment.

1.10. Investments

Listed investments are stated at market value, valued at their bid price, at the balance sheet date.

Cash balances held in the portfolio are treated as part of investments held and are valued at the cash held.

Investment properties are stated at market value as advised by either the RNIB’s independent property advisers, who are appropriately

qualified, at the balance sheet date or arrived at by an internal valuation.

The investment in subsidiary undertakings is at cost.

The SoFA includes the net gains and losses arising on disposals and revaluations throughout the year.

1.11. Stocks

Stocks of raw materials, consumables, work-in-progress and finished goods are valued at the lower of cost and estimated selling price less costs to complete and sell. The cost of stock is calculated using the direct cost method on a first-in first-out basis. Finished goods for resale comprise products suitable for use by blind and partially sighted people. Provision is made to reduce carrying values for slow moving, obsolete and defective stock. Stocks are recognised as an expense in the year in which the related income is recognised.

1.12. Debtors

Debtors are stated after provision for impairment. Prepayments are valued at the amount prepaid. Long term prepayments relate to software development costs that do not meet the criteria for recognition as an intangible fixed asset.

1.13. Property held for sale

In accordance with the Charity SORP (FRS102), land and property held for resale are disclosed separately within fixed assets at cost. Gains and losses on disposal are recognised at the point of sale.

1.14. Cash at bank and in hand

Cash at bank and cash in hand includes cash, short-term highly liquid investments with a maturity of three months or less and bank overdrafts. Bank overdrafts are shown within creditors in current liabilities.

1.15. Creditors

Creditors are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount. For creditors due for settlement in more than one year the amount will be discounted for the time value of money where material.

1.16. Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently

105

measured at amortised cost using the effective interest method.

Complex financial instruments such as interest rate swaps and forward exchange contracts are measured at fair value with changes put through the SoFA in the relevant year.

1.17. Pension schemes

For the defined benefit pension schemes of the RNIB Group, which include the RNIB Retirements Benefit Scheme and the RNIB Pension Trust Scheme, the current service costs, gains and losses on settlements and curtailments, and administrative expenses are charged to expenditure. Similarly, pension finance costs arising from changes in the net of the interest costs and expected return on assets are charged to expenditure. Where income arises as a result of such changes, this is shown in the SoFA as “other” income. Actuarial gains and losses are recognised immediately in the SoFA as “Actuarial gain, or loss, on defined benefit pension scheme”. Where the scheme has a calculated surplus, in respect of the RNIB Retirement Benefits Scheme, as RNIB does not have an unconditional right to a refund or reductions in future contributions, the surplus is not recognised in the accounts and for

the RNIB Pension Trust scheme, as there is no automatic distribution of this surplus back to RNIB it is not recognised in the accounts.

The Group and RNIB defined benefit pension net scheme asset/ liability is shown on the face of the Balance Sheet.

For the defined contribution schemes of the RNIB Group the amounts charged to the SoFA in respect of pension costs and the post-retirement benefits are the contributions payable in the year.

RNIB is a member of a multiemployer defined benefit pension plan with Pensions Trust where its share of the actuarial deficit cannot be identified and hence it is treated as a defined contribution scheme. There is an agreement in place to make additional contributions based on current and past service employees and hence a liability is recognised for the present value of these outstanding additional contributions.

There are a number of pension arrangements within the Group which are multi-employer pension schemes and as such it is not possible to identify the employer’s share of the underlying assets

and liabilities. These are treated as defined contribution schemes in line with the exemption within FRS102. Where multi-employer defined benefit pension schemes have an agreed deficit reduction plan, a liability is recognised for the contributions payable.

1.18. Leased assets

Leases are regarded as finance leases where their terms transfer to the lessee substantially all of the benefits and burdens of ownership other than the right to legal title.

The obligations to the lessor are shown as part of the borrowings and the rights in the corresponding assets are treated in the same way as owned fixed assets.

All operating leases and rental expenses are charged to the SoFA as incurred over the term of the lease on a straight-line basis.

1.19. Taxation

RNIB is a registered charity and as such is entitled to certain tax exemptions on income and profit from investments and surpluses on any trading activities carried out in furtherance of RNIB’s primary objectives, if these profits are applied solely for charitable purposes.

106

1.20. Accounting estimates and judgements

In preparing the financial statements, the Trustees are required to make estimates and judgements. The matters considered below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial position and cash flows.

Cost allocation

Support costs not attributable to a single charitable activity are allocated or apportioned on a basis consistent with identified cost drivers for that cost category. Cost drivers utilised include head count, floor space and estimation and judgement is exercised in applying cost drivers to cost categories.

Legacy income accrual

Legacy income is recognised in accordance with the income recognition policy detailed in 1.6 above. In calculating the level of legacy accrual, management is required to exercise estimation and judgement, particularly in determining the amount and

probability of receipt.

Actuarial assumptions in respect of defined benefit pension schemes

The application of actuarial assumptions relating to various defined benefit pension schemes is incorporated in the financial statements in accordance with FRS102. In applying FRS102, advice is taken from independent qualified actuaries. In this context, significant judgement is exercised in a number of areas, including future changes in salaries and inflation, mortality rates and the selection of appropriate discount rates.

Pension scheme deficit reduction payments

As explained at note 26, there is a deficit reduction plan in place in respect of several of the Group’s defined benefit pension schemes. In each instance, the relevant group member has agreed with the respective scheme that it will make annual recovery payments that aim to eliminate the deficit. The level of the deficit and the deficit recovery payments are highly sensitive to a number of assumptions, hence the use of independent qualified actuaries.

Provisions

Provisions are recognised when the RNIB has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Impairment of assets

Where an indication of impairment is identified, an estimate of the recoverable value of the asset is required. This requires an estimate of the future economic benefits from the asset and the selection of an appropriate discount rate to calculate the present value of the economic benefits. The impairment of an asset could be triggered by a reduction in the market values or as a result of an asset being marketed for sale and would be derived from a valuation carried out by an appropriately qualified expert.

107

2. Trading income

2023 2022
Unrestricted
£’000		 Unrestricted
£’000
Lotteries and raffles 6,382 7,388
Activities undertaken byRNIB Enterprises Ltd 13,394 13,294
Total 19,776 20,682

3. Government grants – COVID-19

RNIB participated in the Government Coronavirus Job Retention Scheme in 2021/22 and also received local government support for adult social care during the year. This income is included within income from charitable activities of £8,993,000 in 2021/22 and is shown in the table below.

2023 2023 2023 2022
Unrestricted
£’000		 Restricted
£’000		 Total
£’000		 Total
£’000
Coronavirusjob retention scheme - - - 28
Localgovernment support for adult social care - - - 5
Total - - - 33

108

4. Investment income

2023 2023 2023 2022 2022 2022
Unrestrict-
ed
£’000		 Restricted
£’000		 Total
£’000		 Unrestrict-
ed
£’000		 Restricted
£’000		 Total
£’000
General funds
Investment income from quoted
investments		 135 46 181 11 195 206
Bank interest receivable 270 - 270 1 - 1
Rents 3 - 3 11 - 11
Royalties 5 - 5 6 - 6
Total 413 46 459 29 195 224

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

109

5. Subsidiary undertakings

RNIB has 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
per cent		 Number of £1 ordinary
shares held
RNIB Enterprises Limited England and Wales 100 5,000

RNIB is the sole corporate member of the following organisations which are limited by guarantee with no shares in issue:

----- Start of picture text -----
Subsidiary undertakings Company Charity Charity number –
Registered in
limited by guarantee number number Scotland
----- End of picture text -----

Subsidiary undertakings
limited by guarantee		 Registered in Company
number		 Charity
number		 Charity number –
Scotland
Action for Blind People England and Wales 00026688 205913 SC040050
RNIB Charity England and Wales 08971500 1156629 SC044876
RNIB Direct Services LotteryLimited England and Wales 10907799 - -
RNIB Feel Good FridayLotteryLimited England and Wales 11275644 - -
BCNI Northern Ireland NI020701 XN48801 -

110

Net income from trading activities of subsidiary undertakings

Results for the year ended 31 March 2023 of the subsidiaries of RNIB operating under association agreements

RNIB Charity
£’000		 Total 2023
£’000
Income and expenditure
Total income - -
Total expenditure - -
Net (expenditure) /income before exceptional
items		 - -
Exceptional items - -
Net movement in funds - -
Funds brought forward - -
Funds carried forward - -
Balance sheet
Fixed assets - -
Current assets 427 427
Creditors – amounts fallingdue within oneyear (427) (427)
Creditors – amounts fallingdue after oneyear - -
Net assets/(liabilities) - -

111

Results for the year ended 31 March 2022 of the subsidiaries of RNIB operating under association agreements

RNIB
Charity
£’000		 CIB
(Trading as
Sight Life)
£’000		 BucksVision
£’000		 Total 2022
£’000
Income and expenditure
Total income 5,829 485 655 6,969
Total expenditure (5,656) (419) (349) (6,424)
Net(expenditure)/income before exceptional items 173 66 306 545
Exceptional items (173) - - (173)
Net movement in funds - 66 306 372
Funds brought forward - 1,349 472 1,821
Funds carried forward - 1,415 778 2,193
Balance sheet
Fixed assets - 1,074 52 1,126
Current assets 266 541 766 1,573
Creditors – amounts fallingdue within oneyear (266) (131) (40) (437)
Creditors – amounts fallingdue after oneyear - (69) - (69)
Net assets/(liabilities) - 1,415 778 2,193

The income in the tables above includes the grants received from RNIB, which are eliminated in the consolidated numbers.

112

RNIB Charity delivered care and educational services across the UK, funded by a grant from RNIB. RNIB provided the fundraising service, with net fundraising receipts being restricted for RNIB Charity. The sum of such grants amounted to £nil in the year (2022: £1.8 million). As a result of the organisation’s restructure all non-regulated services were transferred to RNIB as of 1 April 2017. As a result of the transitions programme, which started in 2020/21 and concluded in 2021/22 – where the decision was taken to transfer RNIB’s establishment-based services to specialist providers – the

activities within RNIB Charity have been included as discontinuing operations in the SoFA in 2021/22, as all services have been transferred, with no further activity in 2022/23.

CIB (trading as Sight Life) provides a wide range of services to blind and partially sighted people within Cardiff and the Vale of Glamorgan. RNIB provided the fundraising service, with net fundraising receipts being restricted for CIB. The sum of such grants amounted to £nil in the year (2022: £108,000). From 01 April 2022 CIB became independent from the RNIB Group.

BucksVision provides services for blind and partially sighted people in Buckinghamshire. BucksVision became a subsidiary charity of Action on 1 July 2014. RNIB has paid a grant to BucksVision in the year of £nil (2022: £234,000). From 1 April 2022 BucksVision became independent from the RNIB Group.

Net Assets of Entities that left group as at 1 April 2022

----- Start of picture text -----
Balance sheet CIB £,000 Bucksvision £,000 Total £,000
----- End of picture text -----

Balance sheet CIB £,000 Bucksvision £,000 Total £,000
Fixed assets 1,074 52 1,126
Current assets 541 766 1,307
Creditors – amounts fallingdue within oneyear (131) (40) (171)
Creditors – amounts fallingdue after oneyear (69) - (69)
Net assets/(liabilities) 1,415 778 2,193

RNIB also has a further five wholly owned subsidiaries. These are RNIB Enterprises Limited, Action for Blind People, Blind Centre for Northern Ireland (BCNI), RNIB Direct Services Lottery Limited and RNIB Feel Good Friday Lottery Limited.

113

On 04 March 2022 the Charity Commission approved the linking of National Library for the Blind (NLB) and National Talking Newspapers and Magazines (NTNM) with RNIB, as detailed in note 24, and therefore these no longer form part of the subsidiary undertakings.

Results for the year ended 31 March 2023 of other subsidiaries, all of which are continuing

RNIB
Enterprises
Limited
£’000		 Action for
Blind
People
£’000		 Feel Good
Friday
Lottery
£’000		 Direct
Services
Lottery
£’000		 BCNI
£’000		 Total 2023
£’000
Income and expenditure
Total income 13,407 3,296 4,593 1,790 2 23,088
Total expenditure (11,757) (10) (2,001) (1,398) (2) (15,168)
Net income 1,650 3,286 2,592 392 - 7,920
Amount gifted/covenanted to
RNIB		 (1,650) (3,286) (2,592) (392) - (7,920)
Net movement in funds - - - - - -
Funds brought forward 5 - - - - 5
Funds carried forward 5 - - - - 5
Balance sheet
Investment - - - - - -
Current assets 8,216 1,027 53 1,265 2 10,563
Creditors – amounts falling due
within oneyear		 (8,211) (1,027) (53) (1,265) (2) (10,558)
Net assets 5 - - - - 5

114

Results for the year ended 31 March 2022 of other subsidiaries, all of which are continuing

RNIB
Enterprises
Limited
£’000		 RNIB
Services
Limited
£’000		 Action for
Blind
People
£’000		 Feel Good
Friday
Lottery
£’000		 Direct
Services
Lottery
£’000		 BCNI
£’000		 Total
2022
£’000
Income and expenditure
Total income 13,356 766 7,038 4,902 2,434 15 28,511
Total expenditure (11,286) (762) (8) (1,499) (1,464) (2) (15,021)
Net income 2,070 4 7,030 3,403 970 13 13,490
Amount gifted/covenanted
to RNIB		 (2,070) (4) (7,030) (3,403) (970) (13) (13,490)
Net movement in funds - - - - - - -
Funds brought forward 5 - - - - - 5
Funds carried forward 5 - - - - - 5
Balance sheet
Investment - - - - - - -
Current assets 3,834 - 1,290 728 4,164 18 10,034
Creditors – amounts falling
due within oneyear		 (3,829) - (1,290) (728) (4,164) (18) (10,029)
Net assets 5 - - - - - 5

115

RNIB Enterprises Limited carries out trading activities that include transcription, consultancy and training services to businesses and sales of principally sight-loss related retail products to individuals. A £0.2 million (2022: £0.2 million) facility remains available to RNIB Enterprises Limited and if called upon would be made by RNIB to cover the working capital requirements.

Action For Blind People exists as a shell charity to receive donations and legacies, which are transferred to RNIB to be ring-fenced for related services. RNIB provides the fundraising service, with net fundraising receipts being restricted for Action.

RNIB Feel Good Friday Lottery Limited carries out the raffles and lottery activities within fundraising.

RNIB Direct Services Lottery Limited carries out the raffles and lottery activities within fundraising.

BCNI exists as a shell charity to receive donations and legacies, which are transferred to RNIB to be ringfenced for RNIB Northern Ireland.

RNIB Services Limited administered school fees relating to RNIB Charity. It was Dissolved on 24 January 2023.

A summary of the financial results and balance sheet for all RNIB subsidiaries is as follows:

----- Start of picture text -----
Total 2023 Total 2022
£’000 £’000
----- End of picture text -----

Total 2023
£’000		 Total 2022
£’000
Total income 23,087 35,480
Total expenditure (15,154) (21,445)
Net income/(expenditure) before exceptional items 7,933 14,035
Exceptional items - (173)
Net income/(expenditure) after exceptional items 7,933 13,862
Amountgifted/covenanted to RNIB (7,933) (13,490)
Net movement in funds - 372
Funds brought forward 2,198 1,826
Subsidiaries leaving group (2,193) -
Funds carried forward 5 2,198

116

----- Start of picture text -----
Total 2023 Total 2022
£’000 £’000
----- End of picture text -----

Total 2023
£’000		 Total 2022
£’000
Fixed assets - 1,126
Current assets 12,619 11,607
Creditors – amounts fallingdue within oneyear (12,614) (10,466)
Creditors – amounts fallingdue after oneyear - (69)
Net assets 5 2,198

The total net assets of the subsidiary charities and other subsidiaries as at 31 March 2023 amounting to £5,000 (2022: £2.2 million) are held within the Group unrestricted funds (2022: unrestricted restricted and endowment funds) as detailed in note 23.

117

6. Expenditure – Group

----- Start of picture text -----
Unrestricted Restricted Endowment Support
Total
2023 direct costs direct costs direct costs costs
£’000
£’000 £’000 £’000 £’000
----- End of picture text -----

2023 Unrestricted
direct costs
£’000		 Restricted
direct costs
£’000		 Endowment
direct costs
£’000		 Support
costs
£’000		 Total
£’000
Raisingfunds 13,413 53 23 3,737 17,226
Tradingactivities 13,984 - - 1,172 15,156
Charitable activities:
See Sight Loss Differently 7,603 1,300 - 2,818 11,721
Design for Everyone, Better for Anyone 513 44 - 303 860
No Diagnosis Without Support 4,865 298 - 2,240 7,403
Close the Gap 2,644 646 - 1,300 4,590
Other services and activities 16,175 3,244 - 6,592 26,011
DevelopCore Capabilities 1,313 50 - 503 1,866
Total charitable activity costs 33,113 5,582 - 13,756 52,451
Loss on subsidiaries leaving group - 2,192 1 – 2,193
Total expenditure 60,510 7,827 24 18,665 87,026

All costs relate to continuing activities.

118

----- Start of picture text -----
Unrestricted Restricted Endowment Support
Total
2022 (as reclassified) direct costs direct costs direct costs costs
£’000
£’000 £’000 £’000 £’000
----- End of picture text -----

2022 (as reclassified) Unrestricted
direct costs
£’000		 Restricted
direct costs
£’000		 Endowment
direct costs
£’000		 Support
costs
£’000		 Total
£’000
Raisingfunds 11,449 - - 2,652 14,101
Tradingactivities 12,865 - - 1,385 14,250
Charitable activities:
See Sight Loss Differently 4,469 1,209 – 2,631 8,309
Design for Everyone, Better for
Anyone		 - 1 – 306 307
No Diagnosis Without Support 1,865 403 – 2,303 4,571
Close the Gap 502 635 – 1,342 2,479
Other services and activities 18,252 3,752 27 6,379 28,410
Develop Core Capabilities 523 – – 371 894
Equip blind and partially sighted
people to live the life they want to
lead – Regulated Services		 – 3,022 – 864 3,886
Total charitable activity costs 25,611 9,022 27 14,196 48,856
Total expenditure 49,925 9,022 27 18,233 77,207

Support costs of £17.3 million are split between continuing operations (£15.6 million) and discontinuing operations (£0.9 million). The costs for 2022, including support costs, have been reclassified in accordance with the change in charitable activities in 2022/23. This was necessary to ensure comparability between the two years.

119

7. Support costs allocation

2023 HR and
Volun-
teering
£’000		 Finance
and Pro-
curement
£’000		 Informa-
tion
Technology
£’000		 Legal
Services
£’000		 Property
Services
£’000		 Other
£’000		 Govern-
ance
£’000		 Total
£’000
Raisingfunds 407 551 1,056 229 389 827 278 3,737
Tradingactivities 192 514 251 24 39 115 37 1,172
Charitable activities: Charitable activities: Charitable activities: Charitable activities: Charitable activities: Charitable activities: Charitable activities: Charitable activities: Charitable activities:
See Sight Loss
Differently		 418 349 958 145 247 525 176 2,818
Design for Everyone,
Better for Anyone		 64 16 173 7 11 24 8 303
No Diagnosis
Without Support		 416 205 977 85 145 308 104 2,240
Close the Gap 234 131 526 54 92 197 66 1,300
Other services and
activities		 1,137 637 2,825 265 450 956 322 6,592
Develop Core
Capabilities		 70 54 210 23 38 81 27 503
Total charitable
activity costs		 2,339 1,392 5,669 579 983 2,091 703 13,756
Total support
expenditure		 2,938 2,457 6,976 832 1,411 3,033 1,018 18,665

120

2022 HR and
Volun-
teering
£’000		 Finance
& Pro-
cure-
ment
£’000		 Infor-
mation
Technol-
ogy
£’000		 Legal
Services
£’000		 Property
Services
£’000		 Other
£’000		 Govern-
ance
£’000		 Total
£’000
Raisingfunds 400 428 1,048 83 145 405 143 2,652
Tradingactivities 245 464 332 35 55 172 82 1,385
Charitable activities: Charitable activities: Charitable activities: Charitable activities: Charitable activities: Charitable activities: Charitable activities: Charitable activities: Charitable activities:
See Sight Loss Differently 424 493 633 96 205 628 152 2,631
Design for Everyone, Better
for Anyone		 65 23 169 5 9 29 6 306
No Diagnosis Without
Support		 422 290 956 56 120 368 91 2,303
Close the Gap 237 185 515 36 76 236 57 1,342
Other services and activities 1,073 972 2,846 143 192 899 254 6,379
DevelopCore Capabilities 71 76 106 15 32 48 23 371
Equip blind and partially
sighted people to live the
life they want to lead –
Regulated Services		 57 188 170 39 157 188 65 864
Total charitable activity costs 2,349 2,227 5,395 390 791 2,396 648 14,196
Total support expenditure 2,994 3,119 6,775 508 991 2,973 873 18,233

Basis of allocation:

121

8. Governance costs

----- Start of picture text -----
Group 2023 Group 2022 RNIB 2023 RNIB 2022
£’000 £’000 £’000 £’000
----- End of picture text -----

8. Governance costs
Group 2023
£’000
Group 2022
£’000
RNIB 2023
£’000
RNIB 2022
£’000		 8. Governance costs
Group 2023
£’000
Group 2022
£’000
RNIB 2023
£’000
RNIB 2022
£’000		 8. Governance costs
Group 2023
£’000
Group 2022
£’000
RNIB 2023
£’000
RNIB 2022
£’000		 8. Governance costs
Group 2023
£’000
Group 2022
£’000
RNIB 2023
£’000
RNIB 2022
£’000		 8. Governance costs
Group 2023
£’000
Group 2022
£’000
RNIB 2023
£’000
RNIB 2022
£’000
Auditors’ remuneration
Fees payable to the charity’s auditors and their
associates for the audit of the parent charity and
the Group’s consolidated financial statements*		 176 159 176 159
Audit of the charity’s subsidiaries* 39 53 - -
Audit-related assurance services* 5 22 - 16
Non-Audit feespayable to auditors 12 12 12 12
Total amount payable to the charity’s
auditors and their associates		 232 246 188 187
Internal audit 88 210 88 210
Audit fees – non BDO LLP 7 11 - -
Trustees’ expenses 5 3 5 3
Costs incurred in runningthe Chair’s office - - - -
General costs incurred in servicing RNIB’s corporate
committees and the statutoryaffairs of RNIB		 434 440 434 359
Totalgovernance costs 766 910 715 759

9. Taxation

RNIB is a registered charity and is thus exempt from tax on income and gains falling within sections 478–489 of the Corporation Tax Act 2010 or s256 of the Taxation of Chargeable Gains Act 1992, to the extent that these are applied to its charitable objects. No (2022: nil) tax charge arises in any of the noncharitable subsidiary entities included in the Group financial statements due to their policy of gifting all taxable profits to their parent each year.

122

10. Group employee remuneration

The average monthly number of employees during the year was 1,110 (2022: 1,214), of which, the average full-time equivalent was 996 (2022: 1,056). The total emoluments are analysed as shown below:

----- Start of picture text -----
2023 2022
£’000 £’000
----- End of picture text -----

2023
£’000		 2022
£’000
Salarycosts 38,116 36,526
Employer’s NI contributions 3,680 3,499
Employer’s DCpension contributions 5,015 5,034
Total ongoing emoluments 46,811 45,059
Redundancyand termination costs 290 236
Total emoluments 47,101 45,295

Included in the total emoluments figures above are payments amounting to £0.29 million made to 20 members of staff (2022: £0.24 million to 37 members of staff) on termination of employment, this includes compensation payments of £0.08 million made to six employees (2022: £0.08 million to six employees). These costs have been incurred as part of a programme of work to implement our strategy and ensure we have the right people with the right skills to meet the needs of our customers effectively.

Where redundancy, termination and compensation payments were made, payments were based on service.

These payments are managed by the Human Resources department in line with policy and procedures and authorised according to the scheme of delegation based on size of payment.

The following numbers of employees received total emoluments within the bands shown. Emoluments include salaries, fees, redundancy payments, amounts in lieu of notice and the estimated money value of any other benefits, received otherwise than in cash, and exclude employer pension costs. The column entitled 2023, no longer, employed contains staff who left during the year or who were under notice of redundancy at 31 March 2023.

123

----- Start of picture text -----
2023 no
2023 still 2023 2022
longer
employed total total
employed
----- End of picture text -----

2023 no
longer
employed		 2023 still
employed		 2023
total		 2022
total
Between £60,001 and £70,000 1 24 25 20
Between £70,001 and £80,000 3 4 7 7
Between £80,001 and £90,000 2 6 8 7
Between £100,001 and £110,000 - 2 2 -
Between £110,001 and £120,000 1 1 2 3
Between £120,001 and £130,000 - - - 1
Between £130,001 and £140,000 - - - 1
Between £180,001 and £190,000 - 1 1 1

There were five people (2022: two) disclosed in the bandings above where individuals received a payment on the termination of employment.

The total earnings, including benefits and employer pension contributions received by staff who were members of the Executive Leadership Team during 2022/23, totalled £0.8 million (2022: £1.1 million).

The RNIB Group was led by the Executive Leadership Team consisting of the CEO and eight employed Directors, (2022: CEO and eight employed Directors). The Executive Leadership Team are regarded as the Charity’s key management personnel under the Financial Reporting Standard 102. A fuller explanation can be found in the ‘How we are managed’ section of this report.

RNIB made payments on behalf of 44 (2022: 39) higher paid employees in respect of the Legal and General Scheme. The total amount of employer contributions paid in respect of these employees was £0.5 million (2022: £0.4 million).

Staff can claim reimbursement of expenditure incurred in the course of undertaking business on behalf of RNIB. Expenses are claimed against a set policy and guidelines, are independently authorised and are not regarded as part of the employee’s emoluments.

124

11. RNIB Trustees’ expenses and related party transactions

A number of Trustees bear the cost of attending meetings themselves. Trustees receive no benefits from the Group except as users of our services and as described below.

Most Trustees of RNIB Group sit on a number of RNIB committees and steering groups in addition to their charity’s Board. As such, most Trustees need to travel to RNIB’s London office on multiple occasions throughout the year.

A total of £722 was paid to or on behalf of 10 Trustees of the Charity as reimbursement of travel and subsistence expenses incurred in attending meetings (2022: £1,575 to 12 Trustees).

Travel, lunches and overnight stays for meetings cost a further £4,057 (2022: £1,362).

During the year, a total of £338 was donated to RNIB from three Trustees (2022: £900 from three Trustees).

The RNIB Group enters a comprehensive range of insurance policies to protect Trustees, officers and employees against losses and legal liabilities arising from neglect or default in the course of business. Total premiums for these policies amounted to £38,105 (2022: £35,600).

12. Grants payable

Grants payable in the year amount to £439,000 (2022: £93,000) with four (2022: nil) grants of £5,000 or above, amounting to £317,000 (2022: £nil). In addition, around 251 (2022: 260) small grants were paid at an individual value of less than £5,000.

----- Start of picture text -----
2023 2022
£’000 £’000
----- End of picture text -----

2023
£’000		 2022
£’000
Beacon Centre for the Blind 58 -
Thomas Pocklington Trust – Internship placements 197 -
London Borough of Hounslow – Contribution to salary 29 -
Forth ValleySensoryCentre Trust-Partner revenue 33 -
Othergrants – all under £5,000 122 93
Totalgrantspayable 439 93

125

13. Total movements of funds in the year is stated after charging/(crediting)

----- Start of picture text -----
2023 2022
£’000 £’000
----- End of picture text -----

2023
£’000
2022
£’000		 2023
£’000
2022
£’000		 2023
£’000
2022
£’000
Auditors’ remuneration
Fees payable to the charity’s auditors and their associates for the audit of the
parent charityand the Group’s consolidated financial statements*		 176 159
Audit of the charity’s subsidiaries* 39 53
Audit-related assurance services* 5 22
Non-Audit feespayable to auditors* 12 12
Total amountpayable to the charity’s auditors and their associates 232 246
Audit fees – non BDO LLP 7 11
Operatingleasepayments – other 665 1,466
Foreign exchange losses/(gains) (1) 11
Depreciation charge – tangible fixed assets 1,337 1,434
Amortisation charge – intangible fixed assets 902 347
Impairment/(reversal of impairment)on tangible fixed assets - -
(Profit)/Loss on disposal of fixed assets - 122

126

14. Tangible assets

Group Service
properties
£’000		 Service
properties
held for sale
£’000		 Machinery,
vehicles and
equipment
£’000		 Machinery,
vehicles
and equip-
ment held
for sale
£’000		 Assets
under con-
struction
£’000		 Total
£’000
Cost
Balance 1 April 2022 38,768 29,797 7,192 769 14,811 91,337
Additions 275 5 1,673 - 3,619 5,572
Elimination on disposal (3,228) (25,805) (66) (659) - (29,758)
Transfers 19,796 - (1,717) (33) (17,963) 83
Balance 31 March 2023 55,611 3,997 7,082 77 467 67,234
Accumulated depreciation
Balance 1 April 2022 9,818 5,822 6,766 685 - 23,091
Charge foryear 573 458 294 12 - 1,337
Elimination on disposal (1,865) (4,552) (29) (620) - (7,066)
Transfers 1,834 - (1,830) (4) - -
Balance 31 March 2023 10,360 1,728 5,201 73 - 17,362
Net book value 31 March 2023 45,251 2,269 1,881 4 467 49,872
Net book value 31 March 2022 28,950 23,975 426 84 14,811 68,246

127

RNIB entered into a sale and development agreement with Countryside Properties (UK) Limited relating to land and buildings at Redhill College, Redhill, Surrey owned by RNIB.

Over the period from late 2019, RNIB was entitled to receive payment of at least £5.4 million, 25 residential dwellings, a community hub and the refurbished Tudor House. The first tranche of the cash amounting to £1.1m was received in September 2019, the second tranche amounting to £2.6m was received in March 2021 and the third tranche amounting to £1.7m was received in November

  1. The construction value of the buildings is estimated at £9.8 million. In return, the developer was given land for the construction and sale of 77 private dwellings. The net book value of the Redhill land and buildings at 31 March 2023 is £11.5 million.

The accounting recognition of the cash receipts relating to the development agreement took place as the legal transfer of development land took place. As the land relating to the first two phases of the development transferred in September 2019, the third phase transferred in

March 2021 and the fourth phase transferred in November 2021, an amount of £14.2 million, comprising of £5.4 million cash received and £8.8 million in construction value received (net of the value of the land transferred), relating to the profit share has been recognised, with £3.6 million recognised in this financial year (2022: £1.6 million). As at 31 March land valued at £1m had been transferred to Countryside Properties (UK) Limited, further details are set out in note 19.

128

RNIB Service
properties
£’000		 Service
properties
held for sale
£’000		 Machinery,
vehicles and
equipment
£’000		 Machinery,
vehicles and
equipment
held for sale
£’000		 Assets
under
construction
£’000		 Total
£’000
Cost
Balance 1 April 2022 37,635 29,798 5,331 762 14,811 88,337
Additions 275 5 1,672 - 3,619 5,571
Elimination on disposal (262) (25,806) (37) (652) - (26,757)
Transfers 17,963 - 116 (33) (17,963) 83
Balance 31 March 2023 55,611 3,997 7,082 77 467 67,234
Accumulated depreciation
Balance 1 April 2022 9,769 5,823 4,903 678 - 21,173
Charge foryear 599 458 294 12 - 1,363
Elimination on disposal (8) (4,553) - (613) - (5,174)
Transfers - - 4 (4) -
Balance 31 March 2023 10,360 1,728 5,201 73 - 17,362
Net book value 31 March 2023 45,251 2,269 1,881 4 467 49,872
Net book value 31 March 2022 27,866 23,975 428 84 14,811 67,164

Service properties are used to provide services to blind and partially sighted people. Of the net book value of property used by the Group, £46.1 million (2022: £43.1 million) represents freehold land and property, £1.7 million (2022: £23.4 million) represents leaseholds of more than 50 years, while £0.2 million (2022: £0.2 million) represents leaseholds of less than 50 years. The net book value of machinery, vehicles and equipment includes £0.2m in respect of assets held under finance leases and hire purchase contracts.

129

15. Intangible assets

Group and RNIB Software
Development
£’000		 Software
Development Work
in Progress
£’000		 Software
Development
Total
£’000
Cost
Balance 1 April 2022 5,720 3,808 9,528
Additions - 790 790
Transfers 3,284 (3,284) -
Transferred to tangible fixed assets - (83) (83)
Balance 31 March 2023 9,004 1,231 10,235
Accumulated amortisation
Balance 1 April 2022 5,265 - 5,265
Charge foryear 902 - 902
Balance 31 March 2023 6,167 - 6,167
Net book value 31 March 2023 2,837 1,231 4,068
Net book value 31 March 2022 455 3,808 4,263

The net book value of software development includes £0.4m in respect to software held under finance leases and hire purchase contracts.

130

16. Investments

Group Group RNIB RNIB
Fixed Asset Investments
£’000		 Fixed Asset Investments
£’000
Market value at 1 April 2022 7,769 7,730
Acquisitions at cost 55,100 55,100
Additions through the linking of charities - -
Disposal through subsidiaryleaving group (44) -
Disposalproceeds (19,358) (19,358)
(Losses)/Gains on investments (796) (796)
Market value at 31 March 2023 42,671 42,676
Historical cost at 31 March 2023 41,465 41,470
Market value Market value Market value Market value
Fixed Asset Investments 2023 Group
£’000		 2022 Group
£’000		 2023 RNIB
£’000		 2022 RNIB
£’000
UKquoted investments 41,046 5,791 41,046 5,747
UK unquoted equityshares - - 5 5
Cash held on investment 196 - 196 -
UK other investments 194 - 194 -
Property 1,235 1,978 1,235 1,978
Market value at 31 March 42,671 7,769 42,676 7,730
Historical cost at 31 March 41,465 4,739 41,470 4,596

131

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

----- Start of picture text -----
2023 2023 2022 2022
£’000 Per cent £’000 Per cent
- -
UK Government Bonds – 0% T-Bill expiry 11/04/2023 2,498 6.1
- -
UK Government Bonds – 0% T-Bill expiry 02/05/2023 10,117 24.6
- -
UK Government Bonds – 0% T-Bill expiry 19/06/2023 9,913 24.2
- -
UK Government Bonds – 0% T-Bill expiry 11/04/2023 9,977 24.3
- -
F&C Responsible Sterling Fund formerly Ethical Bond Share Class 2 4,328 74.7
- -
F&C Responsible UK Income Fund Share Class 2 1,261 21.8
Investment properties comprises value basis. The valuation was Other investments includes £182,000
freehold land and buildings. The fair arrived at by a reference to market invested in WeAreGoodGiving Ltd,
value of the Charity’s investment evidence of transaction prices for a business designed to increase the
property at 31 March 2023 has been similar properties and a visual accessibility and uptake of payroll
arrived at on the basis of a valuation inspection of the property where giving. This investment is valued on
carried out on that date by the RNIB deemed necessary. an historical cost basis.
----- End of picture text -----

Other investments includes £182,000 invested in WeAreGoodGiving Ltd, a business designed to increase the accessibility and uptake of payroll giving. This investment is valued on an historical cost basis.

Investment properties comprises freehold land and buildings. The fair value of the Charity’s investment property at 31 March 2023 has been arrived at on the basis of a valuation carried out on that date by the RNIB Property team on an open market

17. Stocks and work in progress

Group 2023
£’000		 Group 2022
£’000		 RNIB 2023
£’000		 RNIB 2022
£’000
Finishedgoods for resale 1,109 901 - -
Raw materials and consumables 159 107 - -
Total 1,268 1,008 - -

Included in figures above is a slow-moving stock provision of £69,000 (2022: £64,000) in respect of finished goods for resale and £48,000 (2022: £28,000) in respect of raw materials and consumables.

132

18. Debtors

Group 2023
£’000		 Group 2022
£’000		 RNIB 2023
£’000		 RNIB 2022
£’000
Amounts due < 1year
Trade debtors 2,293 1,792 273 456
Amounts owed byGroupundertakings - - 13,087 8,613
Other debtors 1,392 889 1,223 734
Legacyaccrued income 23,594 18,995 22,694 17,773
Prepayments and accrued income 2,652 2,288 1,558 1,475
Sub total 29,931 23,964 38,835 29,051
Amounts due > 1year
Prepayments and accrued income 776 - 776 -
Sub total 776 - 776 -
Total 30,707 23,964 39,611 29,051

The Group and RNIB have been notified of further legacies amounting to £16.6 million (2022: £19.7 million), which have not been recognised as income at 31 March 2023, because the conditions of the accounting policy for legacies have not been met. When these conditions are met these amounts will be included in future years.

Long-term prepayments relate to project development costs that do not meet the criteria for capitalisation as an intangible fixed asset and where the project has not yet entered use.

133

19. Creditors: amounts falling due within one year

----- Start of picture text -----
Group 2023 Group 2022 RNIB 2023 RNIB 2022
£’000 £’000 £’000 £’000
----- End of picture text -----

Group 2023
£’000		 Group 2022
£’000		 RNIB 2023
£’000		 RNIB 2022
£’000
Trade creditors 1,659 1,296 1,430 1,138
Net obligations under Finance Leases 139 - 139 -
Bank overdraft - 65 - -
Amounts related to assets under construction - 3,620 - 3,620
Amounts held on deposit - 9,754 - 9,754
Taxes and social securitycosts 1,204 1,245 886 806
Amounts owed to Groupundertakings - - 109 154
Other creditors 739 931 4,723 810
Accruals 5,002 4,301 4,616 3,852
Deferred income 483 621 14 291
Total 9,226 21,833 11,917 20,425

As in 2021/22 all of the deferred income will be recognised within the year.

At the year end, RNIB no longer had an unsecured revolving credit facility with NatWest Bank. In 2021/22 this had a maximum limit of £15 million with an expiry date of 31 March 2023. This facility had nil drawn down in both 2022/23 and 2021/22.

The assets under construction creditor of £3.6 million in 2021/22 in the table above comprises of £9.6 million asset under construction offset by £5.2 million owed from Countryside Property (UK) Limited and £0.8 million relating to the land transferred as part of the sale and development agreement. This is detailed further in note 14. This agreement has now been completed and the creditor has been released.

134

20. Creditors: amounts falling due after more than one year

----- Start of picture text -----
Group 2023 Group 2022 RNIB 2023 RNIB 2022
£’000 £’000 £’000 £’000
- -
Obligations under finance lease agreements 180 180
- - -
Defined benefit pension exit payment 69
Total 180 69 180 -
Ageing of debt:
Group 2023 Group 2022 RNIB 2023 RNIB 2022
£’000 £’000 £’000 £’000
Obligations under finance lease agreements are payable as follows
- -
Between one and two years 143 143
- -
Between two and five years 37 37
- - - -
More than five years
Total 180 - 180 -
Defined benefit pension exit payment
- - -
Between one and two years 69
- - - -
Between two and five years
Total - 69 - -
----- End of picture text -----

135

21. Provisions for liabilities and charges

Group and RNIB Balance at
1 April 2022
£’000		 Charged to
income and
expenditure
£’000		 Spent
£’000		 Released
during the
year
£’000		 Balance at
31 March
2023
£’000
Dilapidations on leases 259 117 (23) (3) 350
Redundancyand termination costs 34 - (34) - -
Potential taxation costs 291 - (153) (138) -
Gift aidprovision 196 - - (56) 140
Transitions programme & Associate
Charity provision		 267 - (267) - -
Total 1,047 117 (477) (197) 490

The provision for potential taxation costs related to a liability relating to VAT that had been recovered in relation to RNIB’s Lottery fundraising activities, as well as an amount relating to a contract that RNIB had treated as zero rated, but HMRC deemed to be standard rated. A part was released as agreed to be not payable and the balance was paid on receipt of the assessments from HMRC. As a result this provision has either been settled or paid by 31 March 2023.

The provision for the transitions programme and associated charities related to amounts that had been agreed to be paid to support services that have been transferred to specialist providers and the charities that are currently within the RNIB Group, but became independent from 1 April 2022.

136

22. Financial instruments

RNIB has the following financial instruments:

Note Group 2023
£’000		 Group 2022
£’000		 RNIB 2023
£’000		 RNIB 2022
£’000
Financial assets at fair value through statement of financial activities
Long-term investments 16 42,671 7,769 42,671 7,730

23. Group/RNIB statement of funds for year ended 31 March 2023

Designated Funds – Group and RNIB

----- Start of picture text -----
1 April 2022 Income Expenditure Transfers Other Gains 31 March 2023
£’000 £’000 £’000 £’000 £’000 £’000
----- End of picture text -----

1 April 2022
£’000		 Income
£’000		 Expenditure
£’000		 Transfers
£’000		 Other Gains
£’000		 31 March 2023
£’000
Net book value –
Serviceproperties		 66,652 - (1,031) (17,634) - 47,987
Net book value –
Other fixed assets		 4,775 - (1,208) 2,067 - 5,634
Strategic designated - - - 30,634 30,634
Total designated –
Group and RNIB		 71,427 - (2,239) 15,067 - 84,255

Net book value – service properties: The purpose is to recognise the value of RNIB’s service properties that are unavailable to general reserves. The transfer of £17,634,000 comprises disposals in year less additions.

137

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 general reserves. Such other fixed assets held in the subsidiary charities are recognised within the restricted funds. The transfer of £2,067,000 comprises additions amounting to £2,462,000 less the net book value of disposals of £76,000 less the outstanding amount of finance leases used to fund additions of £319,000.

Strategic designated: The purpose is to recognise funds designated for expanding the charitable activities that intend to deliver significant long-term impact or financial return. It is planned to spend most of this fund over the next three financial years.

Total unrestricted funds – Group and RNIB

----- Start of picture text -----
Income
1 April (including Other Gains 31 March
Expenditure Transfers
2022 investment /(Losses) 2023
£’000 £’000
£’000 gains/losses) £’000 £’000
£’000
----- End of picture text -----

1 April
2022
£’000		 Income
(including
investment
gains/losses)
£’000		 Expenditure
£’000		 Transfers
£’000		 Other Gains
/(Losses)
£’000		 31 March
2023
£’000
Designated from above 71,427 - (2,239) 15,067 - 84,255
General funds(free reserves) 30,591 77,703 (53,710) (14,759) 3,562 43,387
Pension reserve (56) - - - 20 (36)
Total other unrestricted 30,535 77,703 (53,710) (14,759) 3,582 43,351
Action - 3,414 (3,414) - - -
Feel Good FridayLottery - 4,593 (4,593) - - -
Direct Services Lottery - 1,790 (1,790) - - -
RNIB Enterprises Limited - 13,428 (13,428) - - -
BCNI - - - - - -
Total unrestricted –
RNIB and Group		 101,962 100,928 (79,174) 308 3,582 127,606

138

Restricted funds

----- Start of picture text -----
Income
Other
1 April (including 31 March
Expenditure Transfers gains/
2022 investment 2023
£’000 £’000 (losses)
£’000 gains/losses) £’000
£’000
£’000
----- End of picture text -----

1 April
2022
£’000		 Income
(including
investment
gains/losses)
£’000		 Expenditure
£’000		 Transfers
£’000		 Other
gains/
(losses)
£’000		 31 March
2023
£’000
Emma Nye fund welfare pensions 1,679 42 (380) 121 - 1,462
Dr Duncan Leeds Bequest 34 221 (168) 1,170 - 1,257
Elizabeth Eagle-Bott
Memorial Fund		 1 - (1) - - -
Donations for specified services
and equipment		 4,393 4,315 (4,478) 27 - 4,257
The National Lottery Community Fund
Supporting Families
– FamilyInsight		 9 - (9) - - -
Empowering young people
– Our Futures		 57 82 (81) - - 58
People and Places – Shape and
Share – Cymru		 37 23 (20) - - 40
Partnerships South East:
Hounslow Community Eye
Health		 - 161 (46) 115

139

1 April
2022
£’000		 Income (including
investment gains/
losses) £’000		 Expenditure
£’000		 Expenditure
£’000		 Expenditure
£’000		 Trans-
fers
£’000		 Other gains/
(losses)
£’000		 31 March
2023
£’000
Sport England
See Sport Differently 81 267 (368) - - (20)
Department of Health and Social Care
ECSS NI Networks 5 59 (59) - - 5
Department of Health: Mental Health Fund administered by Community Foundation NI
CounsellingInsight Project 40 - (26) - - 14
Total restricted – RNIB 6,336 5,170 (5,636) 1,318 - 7,188
1 April
2022
£’000		 Income (including
investment
gains/ losses) £’000		 Expendi-
ture
£’000		 Trans-
fers
£’000		 Other gains/
(losses)
£’000		 31 March
2023
£’000
RNIB Charity - - - - - -
CIB 1,414 - (1,414) - - -
BucksVision 778 - (778) - - -
Consolidation adjustments - - - - - -
Total restricted – Group and RNIB 8,528 5,170 (7,828) 1,318 - 7,188

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 2023, such deficit balances amounted to £20,000 (2022: £24,000).

The transfers relating to the Emma Nye fund represent transfers

following approval from the Charity Commission to release the amounts held in endowment funds.

Other transfers between funds represent transfers from unrestricted funds to cover expenditure paid by unrestricted monies which relate to restricted fund income projects.

The amounts included within “Group” represent the net assets at fair value of the subsidiary charities, other than those held within endowment funds.

140

Endowment funds

1 April
2022
£’000		 Income
including
Investment gains/
(losses) £’000		 Expendi-
ture
£’000		 Transfers
£’000		 Other
gains and
(losses)
£’000		 31 March
2023
£’000
Sunshine 357 (22) - (335) - -
Emma Nye 1,551 (245) (23) (121) - 1,162
Dr Duncan Leeds Bequest 1,306 (136) - (1,170) - -
Total endowment – RNIB 3,214 (403) (23) (1,626) - 1,162
CIB 1 - (1) - - -
Total endowment – Group and RNIB 3,215 (403) (24) (1,626) - 1,162

The transfers in the table above relating to Sunshine, Emma Nye, and Dr Duncan Leeds Bequest represent transfers to restricted and general funds following approval from the Charity Commission to release the amounts held in endowment funds.

141

Summary of funds

1 April
2022
£’000		 Income
(including
investment
gains/losses)
£’000		 Expenditure
£’000		 Transfers
£’000		 Other gains
and (losses)
£’000		 31 March
2023 £’000
RNIB
Unrestricted 101,962 77,703 (55,949) 308 3,582 127,606
Restricted 6,336 5,170 (5,636) 1,318 - 7,188
Endowment 3,214 (403) (23) (1,626) - 1,162
Total 111,512 82,470 (61,608) - 3,582 135,956
Group
Unrestricted 101,962 100,928 (79,174) 308 3,582 127,606
Restricted 8,528 5,170 (7,828) 1,318 - 7,188
Endowment 3,215 (403) (24) (1,626) - 1,162
Total 113,705 105,695 (87,026) - 3,582 135,956

142

Group/RNIB statement of funds for year ended 31 March 2023

Designated Funds – Group and RNIB

1 April
2021
£’000		 Income
£’000		 Expenditure
£’000		 Transfers
£’000		 Other Gains
£’000		 31 March
2022
£’000
Net book value – Serviceproperties 50,209 - (1,081) 17,524 - 66,652
Net book value – Other fixed assets 3,751 - (673) 1,697 - 4,775
Total designated – Group and RNIB 53,960 - (1,754) 19,221 - 71,427

Net book value – service properties: The purpose is to recognise the value of RNIB’s service properties that are unavailable to general reserves. The transfer of £17,524,000 comprises additions amounting to £17,643,000, of which £2,831,000 relates to the Redhill asset under construction, less the net book value of disposals of £119,000. Such fixed asset properties held in the subsidiary charities are recognised within restricted funds.

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 general reserves. Such other fixed assets held in the subsidiary charities are recognised within the restricted funds. The transfer of £1,697,000 comprises additions amounting to £1,700,000 less the net book value of disposals of £3,000.

143

Total unrestricted funds – Group and RNIB

----- Start of picture text -----
Income
(including Other
1 April 31 March
investment Expenditure Transfers Gains
2021 2022
gains/losses) £’000 £’000 (Restated)
£’000 £’000
(Restated) £’000
£’000
----- End of picture text -----

1 April
2021
£’000		 Income
(including
investment
gains/losses)
(Restated)
£’000		 Expenditure
£’000		 Transfers
£’000		 Other
Gains
(Restated)
£’000		 31 March
2022
£’000
Designated from above 53,960 - (1,754) 19,221 - 71,427
General funds(free reserves) 40,184 47,777 (36,991) (20,379) - 30,591
Pension reserve (255) - - 1,875 (1,676) (56)
Total other unrestricted 39,929 47,777 (36,991) (18,504) (1,676) 30,535
Action - 7,038 (7,038) - - -
Feel Good FridayLottery - 4,902 (4,902) - - -
Direct Services Lottery - 2,434 (2,434) - - -
RNIB Enterprises Limited - 13,356 (13,356) - - -
RNIB Services Limited - 766 (766) - - -
BCNI - 15 (15) - - -
Total unrestricted – RNIB and Group 93,889 76,288 (67,256) 717 (1,676) 101,962

144

Restricted funds

----- Start of picture text -----
Income
Other
1 April (including Expendi- 31 March
Transfers gains/
2021 investment ture 2022
£’000 (losses)
£’000 gains/losses) £’000 £’000
£’000
£’000
-
Emma Nye fund welfare pensions 268 45 (134) 1,500 1,679
- -
Dr Duncan Leeds Bequest 19 30 (15) 34
-
Elizabeth Eagle-Bott Memorial Fund 27 11 (14) (23) 1
Donations for specified services -
3,200 5,863 (4,961) 291 4,393
and equipment
National Lottery Community Fund
- - -
Supporting Families – Family Insight 70 (61) 9
Empowering young people – - -
36 84 (63) 57
Our Futures
People and Places – Shape and - -
22 34 (19) 37
Share – Cymru
Sport England
- - -
See Sport Differently 230 (149) 81
----- End of picture text -----

145

----- Start of picture text -----
Income
1 April (including Other gains/ 31 March
Expenditure Transfers
2021 investment (losses) 2022
£’000 £’000
£’000 gains/losses) £’000 £’000
£’000
Wales Council for Voluntary Action (WCVA)
Wales Council for Voluntary 60 - (60) - - -
Action “VSRF Small Grants”
Welsh Government
Early Intervention/ - 10 (10) - - -
and Prevention
Department of Health and Social Care
- - -
ECSS NI Networks 74 (69) 5
Department of Digital, Culture, Media and Sport (UK Government
Loneliness Engagement Fund - 50 (50) - - -
Department of Health: Mental Health Fund administered by Community Foundation NI
- - - -
Counselling Insight Project 40 40
Total restricted – RNIB 3,702 6,471 (5,605) 1,768 - 6,336
----- End of picture text -----

146

1 April
2021
£’000		 Income
(including investment
gains/losses)
£’000		 Expenditure
£’000		 Transfers
£’000		 Other
gains/
(losses)
£’000		 31 March
2022
£’000
RNIB Charity - 5,807 (5,807) - - -
CIB 1,348 485 (419) - - 1,414
BucksVision 471 654 (347) - - 778
Consolidation adjustments - (2,082) 2,082 - - -
Total restricted – Group and RNIB 5,521 11,335 (10,096) 1,768 - 8,528

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 2022 such deficit balances amounted to £24,000 (2021: £13,000), which lies within “Donations for specified services and equipment”.

The transfers relating to the Emma Nye fund represent transfers following approval from the Charity Commission to release the amounts held in endowment funds.

Other transfers between funds represent transfers from unrestricted funds to cover expenditure paid by

unrestricted monies which relate to restricted fund income projects.

The amounts included within “Group” represent the net assets at fair value of the subsidiary charities, other than those held within endowment funds.

147

Endowment funds

----- Start of picture text -----
Income
1 April Other
including Expenditure Transfers 31 March
2021 gains
Investment gains/ £’000 £’000 2022 £’000
£’000 £’000
(losses) £’000
----- End of picture text -----

1 April
2021
£’000		 Income
including
Investment gains/
(losses) £’000		 Expenditure
£’000		 Transfers
£’000		 Other
gains
£’000		 31 March
2022 £’000
Sunshine 356 3 (2) - - 357
Emma Nye 3,284 (217) (16) (1,500) - 1,551
Bristol Blind Fund 119 (9) - (110) - -
Eagle-Bott Memorial 693 4 - (697) - -
Dr Duncan Leeds Bequest 1,299 16 (9) - - 1,306
GDC Rushton 192 (14) - (178) - -
Total endowment – RNIB 5,943 (217) (27) (2,485) - 3,214
CIB 1 - - - - 1
Total endowment – Group and RNIB 5,944 (217) (27) (2,485) - 3,215

A total return approach is applied to The Sunshine Endowment Fund. In the year this resulted in the release of the unapplied total return amounting to £nil (2021: £nil) to general funds. Within the balance at 31 March 2022, the value of the gift element of the permanent endowment was £357,000 (2021: £357,000) and the unapplied total return was £34,000 (2021: £34,000).

The transfers in the table above relating to Emma Nye, Bristol Blind Fund and GDC Rushton represent transfers to restricted and general funds following approval from the Charity Commission to release the amounts held in endowment funds. The transfer relating to Eagle-Bott Memorial represents a transfer from endowment funds following legal advice received.

148

Summary of funds

1 April
2021
£’000		 Income
(including investment
gains/losses) £’000		 Expenditure
£’000		 Transfers
£’000		 Other gains
£’000		 31 March
2022
£’000
RNIB
Unrestricted 93,889 47,777 (38,745) 717 (1,676) 101,962
Restricted 3,702 6,471 (5,605) 1,768 - 6,336
Endowment 5,943 (217) (27) (2,485) - 3,214
Total 103,534 54,031 (44,377) - (1,676) 111,512
Group
Unrestricted 93,889 76,288 (67,256) 717 (1,676) 101,962
Restricted 5,521 11,335 (10,096) 1,768 - 8,528
Endowment 5,944 (217) (27) (2,485) - 3,215
Total 105,354 87,406 (77,379) - (1,676) 113,705

RNIB Income and Expenditure amounts are shown after eliminating intra group amounts.

149

24. Linked charities

On 4 March 2022 the Charity Commission approved the linking of three charities, which had previously been held as separate entities to receive legacies and donations specifically in the name of those charities. All of the funds

received in the year of these charities are consolidated into the restricted funds of RNIB’s accounts. The linked charities as at 31 March 2023 are as follows:

----- Start of picture text -----
1 April Income Expenditure Transfers Other 31 March
2022 £’000 £’000 £’000 £’000 Gains £’000 2023 £’000
----- End of picture text -----

1 April
2022 £’000		 Income
£’000		 Expenditure
£’000		 Transfers
£’000		 Other
Gains £’000		 31 March
2023 £’000
National Library for the Blind 238 63 (301) - - -
National Talking Newspapers
and Magazines		 22 - (22) - - -
John and MaryLeigh Fund 101 4 - - - 105
Total of linked charities 361 67 (323) - - 105

25. Analysis of net assets between funds

Group fund balances are
represented by:		 Unrestrict-
ed
funds
£’000		 Restrict-
ed
funds
£’000		 Endow-
ment
funds
£’000		 Total
funds
2023
£’000		 Unre-
stricted
funds
£’000		 Restrict-
ed
funds
£’000		 Endow-
ment
funds
£’000		 Total
funds
2022
£’000
Tangible/intangible fixed
assets		 53,940 - - 53,940 71,427 1,082 - 72,509
Investments 41,457 57 1,157 42,671 2,798 1,896 3,075 7,769
Net current assets 32,915 7,131 5 40,051 28,840 5,619 140 34,599
Long-term liabilities (670) - - (670) (1,047) (69) - (1,116)
Defined benefit pension
scheme liability		 (36) - - (36) (56) - - (56)
Total net assets 127,606 7,188 1,162 135,956 101,962 8,528 3,215 113,705

150

----- Start of picture text -----
Endow- Total Unre- Endow- Total
Restrict- Restrict-
RNIB fund balances are Unrestricted ment funds stricted ment funds
ed funds ed funds
represented by: funds £’000 funds 2023 funds funds 2022
£’000 £’000
£’000 £’000 £’000 £’000 £’000
----- End of picture text -----

RNIB fund balances are
represented by:		 Unrestricted
funds £’000		 Restrict-
ed funds
£’000		 Endow-
ment
funds
£’000		 Total
funds
2023
£’000		 Unre-
stricted
funds
£’000		 Restrict-
ed funds
£’000		 Endow-
ment
funds
£’000		 Total
funds
2022
£’000
Tangible/intangible
fixed assets		 53,940 - - 53,940 71,427 - - 71,427
Investments 41,462 57 1,157 42,676 2,803 1,852 3,075 7,730
Net current assets 32,910 7,131 5 40,046 28,835 4,484 139 33,458
Long-term liabilities (670) - - (670) (1,047) - - (1,047)
Defined benefit pension
scheme liability		 (36) - - (36) (56) - - (56)
Total net assets 127,606 7,188 1,162 135,956 101,962 6,336 3,214 111,512

26. Pension costs

The RNIB Group pension arrangements comprise those of RNIB and the subsidiary charity, RNIB Charity. The net pension reserve of £36,000 deficit (2022: £56,000 deficit) disclosed in the balance sheet, only refers to RNIB and NLB. A summary of the movement in pension assets and liabilities for the Group’s defined benefit pension funds is shown below:

Amounts credited to
SoFA £’000		 Actuarial gains
(losses) £’000		 Defined Benefit Pension
Scheme asset/(liability) £’000
RNIB Retirement Benefit Scheme - - -
RNIB Pension Trust Scheme* - - -
NLB - 20 (36)
Total defined benefit schemes - 20 (36)

151

RNIB

The RNIB Retirement Benefits Pension Scheme (RBPS) is partly defined benefit and partly defined contribution. Members joining before 1 April 2005 are wholly defined benefit, with those members joining after, having a hybrid of defined benefit and defined contribution. The assets of the Scheme are held in a separate fund, under control of its Trustees, to which RNIB has no access. A salary sacrifice arrangement was introduced on 1 July 2010, whereby the member’s salary is reduced by the amount of the member contribution and in return the employer makes an equivalent contribution to the Scheme.

An actuarial valuation was carried out at 31 March 2020 by the pension scheme’s actuary Aon, using the projected unit method. The valuation disclosed that the market value of the scheme’s assets (excluding defined contribution and additional voluntary contribution assets) at that date was £267.3 million, and that there was a deficit of £17.0 million relative to the technical provisions (the level of assets agreed by the Trustees and RNIB as being appropriate to meet member benefits, assuming the scheme

continues as a going concern).

Where the scheme has a calculated surplus, as RNIB does not have an unconditional right to a refund or make reductions in future contributions, the surplus is not recognised in the accounts.

From December 2021 the Trustees and RNIB agreed that no additional employer contributions in respect of the annual £2.5m funding shortfall will be paid to the scheme. This is because the partial allowance for the improvement in the funding position due to experience since the valuation date, is more than sufficient to remove the shortfall. The position will continue to be assessed annually against technical provisions funding level each year.

The Final Salary section of the RNIB Retirement Benefits Scheme was closed to future accruals on 31 March 2019. Ongoing benefits are provided in a new “Defined Contribution” section to the Scheme provided by Legal & General. In the year RNIB contributed £4,827,000 to the scheme (2022: £4,626,000).

RNIB participated in the Teachers’ Pension Scheme in 2021/22, a defined benefit scheme for employees who were formerly

employed by local education authorities. The Teachers’ Pension Scheme is an unfunded scheme. Contributions on a “pay-as-you-go” basis are credited to The Exchequer under arrangements governed by The Superannuation Act 1972. Following the transfer of the schools and colleges to specialist providers there were no employees remaining in the scheme as at 31 March 2022. Therefore RNIB made no contributions to the Teachers’ Pension Scheme for employees in the year (2022: made controbutions for three emloyees). The amount paid in 2021/22 was £7,800.

The RNIB Pension Trust Scheme is the Pension Trust Defined Benefit Scheme transferred from Action For Blind People as a result of the merger with RNIB at 1 April 2018. The scheme has been closed to new members since 1 October 1997. No employees remain active in the scheme.

*The RNIB Pension Trust Scheme has a calculated surplus at the end of March 2023 however, as there is no automatic distribution of this surplus back to RNIB we have not recognised this in the accounts.

152

RNIB Charity (for 2021/22 only)

RNIB Charity participated in the RNIB Retirement Benefits Scheme. This is a hybrid scheme for members joining after 1 April 2005 and a defined benefit scheme for prior entrants. The assets and liabilities of the scheme are accounted for within the Group financial statements. The charity is unable to identify, on a reasonable and consistent basis, its share of the underlying assets/ liabilities as such information is unavailable on a disaggregated basis. The Scheme was closed to future accruals on 31 March 2019. Ongoing benefits are provided in a new “Defined Contribution” section to the Scheme provided by Legal & General. In the year RNIB Charity contributed £nil to the scheme (2022: £221,000).

RNIB Charity participated in the Teachers’ Pension Scheme, a defined benefit scheme for employees who were formerly employed by Local Education Authorities (LEAs). The Teachers’ Pension Scheme is an unfunded scheme. Contributions on a “pay – as-you-go” basis are credited to The Exchequer under arrangements governed by The Superannuation Act 1972. Following the transfer of the schools and colleges to specialist providers, there

were no employees remaining in the scheme as at 31 March 2022, therefore there were no employees in the year to 31 March 2023. RNIB Charity made contributions to the Teachers’ Pension Scheme for seven employees in 2021/22, totalling £23,000.

NLB

Following the merger with NLB, RNIB also offers the Pensions Trust’s Growth Plan. This is a multi-employer scheme which provides benefits to some 1,300 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for RNIB to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme and reflects the present value of agreed deficit reduction payments as a liability in the balance sheet. Full details are shown below.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding – defined benefit – occupational pension

schemes in the UK.

The scheme is classified as a “lastman standing arrangement”. Therefore, the company is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit, following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme, relating to all participating employers, was carried out at 30 September 2020. This valuation showed assets of £799m, liabilities of £832m and a deficit of £33.3million.

153

The following tables have been provided by the Pensions Trust. RNIB has agreed to the following recovery plan payments:

----- Start of picture text -----
31 March 31 March 31 March 31 March 31 March 31 March 31 March
Year ended 2023 2022 2021 2020 2019 2018 2017
£’000 £’000 £’000 £’000 £’000 £’000 £’000
----- End of picture text -----

Year ended 31 March
2023
£’000		 31 March
2022
£’000		 31 March
2021
£’000		 31 March
2020
£’000		 31 March
2019
£’000		 31 March
2018
£’000		 31 March
2017
£’000
Year 1 21 21 66 64 62 69 67
Year 2 17 21 68 66 64 71 69
Year 3 - 17 70 68 66 73 71
Year 4 - - 60 70 68 75 73
Year 5 - - - 60 70 77 75
Year 6 - - - - 60 80 77
Year 7 - - - - - 82 80
Year 8 - - - - - 42 82
Year 9 - - - - - - 42
Year 10 - - - - - - -

The present value of the recovery plan contributions as recognised in RNIB Group balance sheet

31 March 2023
£’000		 31 March 2022
£’000		 31 March 2021
£’000		 31 March 2020
£’000		 31 March 2019
£’000
Present value ofprovision 36 56 255 312 376

154

Reconciliation of opening and closing provision

----- Start of picture text -----
2023 2022
£’000 £’000
----- End of picture text -----

2023
£’000		 2022
£’000
Provision at start ofyear 56 255
Unwindingof the discount factor(interest expense) 1 2
Deficit contributionpaid (20) (66)
Remeasurements – impact of anychange in assumptions (1) 5
Remeasurements – amendments to the contribution schedule - (140)
Provision at end ofyear 36 56

Income and expenditure impact

2023
£’000		 2022
£’000
Interest expense 1 2
Remeasurements – impact of anychange in assumptions (1) 5
Remeasurements – amendments to the contribution schedule - (140)

Assumptions

31 March 2023 per cent
per annum		 31 March 2022 per cent
per annum		 31 March 2021 per cent
per annum
Rate of discount 5.52 2.35 0.66

155

Detailed disclosures relating to pension schemes

The following tables, and narrative, provide the detailed disclosures that relate to the RNIB Retirement Benefit Scheme and schemes related to subsidiary entities. Together these explain the Group’s pension costs.

----- Start of picture text -----
RNIB RNIB Pension
Total
a. Scheme assets and liabilities Retirement Benefit Trust Scheme
£’000
Scheme £’000 £’000
----- End of picture text -----

a. Scheme assets and liabilities RNIB
Retirement Benefit
Scheme £’000		 RNIB Pension
Trust Scheme
£’000		 Total
£’000
2023
Scheme assets at fair value
Equities 33,974 - 33,974
Fixed income 37,313 - 37,313
Alternatives 3,448 - 3,448
Corporate and other bonds - 6,303 6,303
Property (includingunit trusts) - 1,331 1,331
Real assets 5,029 - 5,029
LiabilityDriven Investment 78,191 1,301 79,492
Incomegenerating 12,587 - 12,587
Private markets(credit) 9,340 101 9,441
Cash and other(includingnet current assets) 5,584 1,493 7,077
Total market value of scheme assets 185,466 10,529 195,995
Present value of scheme liabilities (170,391) (10,190) (180,581)
Netpension scheme asset 15,075 339 15,414
Unrecognised asset due to surplus restriction (15,075) (339) (15,414)
NLB liability (36) - (36)
Totalpension scheme(liability) (36) - (36)

156

----- Start of picture text -----
RNIB Retirement
RNIB Pension Trust Total
b. Scheme assets and liabilities Benefit Scheme
Scheme £’000 £’000
£’000
----- End of picture text -----

b. Scheme assets and liabilities RNIB Retirement
Benefit Scheme
£’000		 RNIB Pension Trust
Scheme £’000		 Total
£’000
2022
Scheme assets at fair value
Equities 43,676 – 43,676
Fixed income 34,057 - 34,057
Alternatives (397) - (397)
Corporate and other bonds - 10,139 10,139
Property (includingunit trusts) - 1,729 1,729
Real assets 4,882 - 4,882
LiabilityDriven Investment 170,041 830 170,871
Incomegenerating 30,620 - 30,620
Cash and other(includingnet current assets) 1,096 1,933 3,029
Total market value of scheme assets 283,975 14,631 298,606
Present value of scheme liabilities (241,909) (13,137) (255,046)
Netpension scheme asset 42,066 1,494 43,560
Unrecognised asset due to surplus restriction (42,066) (1,494) (43,560)
NLB liability (56) - (56)
Totalpension scheme(liability) (56) - (56)

157

c. Analysis of charge to the SoFA RNIB
Retirement
Benefit Scheme
£’000		 RNIB
Pension Trust
Scheme
£’000		 Total
£’000
Year to 31 March 2023
Current service cost - - -
Past service cost - - -
Interest on net defined benefit liability/(asset) - - -
Benefit changes - -
Administration expenses - 94 94
Expense recognised in SoFA - 94 94
Year to 31 March 2022
Current service cost - - -
Past service cost - - -
Interest on net defined benefit liability/(asset) (restated) - - -
Benefit changes - - -
Administration expenses - 69 69
Expense recognised in SoFA(restated) - 69 69

158

The above service cost excludes any RNIB contributions paid to the defined contributions section of the Scheme.

The Final Salary section of the RNIB Retirement Benefits Scheme was closed to future accruals on 31 March 2019. During the year 2021/22 RNIB contributed £1,875,000 relating to deficit contributions. Following the 2020 actuarial valuation, the Trustees and RNIB agreed the deficit contributions would stop in

December 2021. In addition, RNIB incurs the administrative costs of the Scheme. From 1 July 2010 under the RNIB salary sacrifice arrangement employer contributions and service cost include the member salary sacrifice contributions while member contributions are shown as £nil. RNIB also makes contributions to a number of other pension schemes including the Teachers’ Pension Scheme. The Teachers’ Pension Scheme is a defined benefit scheme

for employees who were formerly employed by local education authorities. The Teachers’ Pension Scheme is an unfunded scheme.

Contributions on a “pay-as-you-go” basis are credited to the Exchequer under arrangements governed by the Superannuation Act 1972. RNIB Group, including RNIB Charity, no longer makes contributions to the Teachers’ Pension Scheme. In 2021/22 contributions were paid for 10 employees totalling £30,800.

RNIB
Retirement
Benefit Scheme £’000		 NLB Pension
Trust Scheme
£’000		 RNIB Pension
Trust Scheme
£’000		 Total
£’000
Year to 31 March 2023
Assetgains/(losses)arisingduringtheyear (98,852) - (3,899) (102,751)
Liability (losses) gains arisingduringtheyear 70,704 20 2,730 73,454
Adjustment arising due to asset valuation
and restriction of surplus		 28,148 1,169 29,317
Total actuarialgain/(loss) - 20 - 20
Year to 31 March 2022
Assetgains/(losses)arisingduringtheyear 500 - (192) 308
Liability (losses) gains arising during the year 22,363 199 762 23,324
Adjustment arising due to asset valuation
and restriction of surplus(restated)		 (24,738) (570) (25,308)
Total actuarial(loss)/gain (1,875) 199 - (1,676)

159

Assumptions used for the FRS102 valuation are summarised in the following table:

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2023 RNIB 2022 RNIB 2023 2022
Retirement Retirement RNIB RNIB
e. Actuarial assumptions
Benefit Scheme Benefit Scheme Pension Trust Pension
per cent per cent per cent Trust per cent
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e. Actuarial assumptions 2023 RNIB
Retirement
Benefit Scheme
per cent		 2022 RNIB
Retirement
Benefit Scheme
per cent		 2023
RNIB
Pension Trust
per cent		 2022
RNIB
Pension
Trustper cent
Discount rate 4.70 2.75 4.89 2.78
Inflation assumption(RPI) 3.20 3.50 3.20 3.67
Inflation assumption(CPI) n/a n/a 2.85 3.27
Rate of increase in salaries 3.20 3.50 n/a n/a
Rate of increase inpensionspayments
Pre 1 July2010 – 5per centp.a. cap 3.00 3.35 2.78 3.15
Post 30 June 2010 – 3per centp.a. cap 2.30 2.55 2.24 2.45
Rate of increase in deferredpensions
Pre 1 July2010 – 5per centp.a. cap - - 3.20 3.67
Post 30 June 2010 – 3per centp.a. cap - - - -

The pension assumptions in the table above differ in respect of the two main RNIB schemes as the assumptions relating to the RNIB Retirement Benefit Scheme are specific to RNIB, whereas for the RNIB Pension Trust scheme the method determined by Pensions Trust for setting the assumptions has been adopted.

For the RNIB scheme the mortality assumptions are based on standard mortality tables which allow for future mortality improvements. The assumptions are that a member

currently aged 60 will live on average for a further 26.0 years (2022: 26.5 years) if they are male and for a further 28.3 years (2022: 28.7 years) if they are female. For a member who retires in 2042 at age 60 the assumptions are that they will live on average for a further 26.8 years (2022: 27.2 years) after retirement if they are male and for a further 29.5 years (2022: 29.9 years) after retirement if they are female. For RNIB Pension Trust scheme for current pensioners, their life expectancy beyond the pensionable age of 65 is 21.5 years (2022: 21.7

years) if they are male and 23.9 years (2022: 24.1 years) if they are female. For future pensioners, their life expectancy beyond the pensionable age of 65 is 23.1 years (2022: 23.3 years) if they are male and 25.4 years (2022: 25.6 years) if they are female.

160

f. Changes to the present value of the
defined benefit obligation		 RNIB Retirement
Benefit Scheme £’000		 RNIB Retirement
Benefit Scheme £’000		 RNIB Pension Trust
Scheme £000		 Total
£’000
As at 1 April 2021 266,113 14,163 280,276
Interest expense on defined benefit obligation 5,512 285 5,797
Actuarial loss/(gain)on scheme liabilities (22,363) (762) (23,125)
Net benefitspaid out (7,353) (549) (7,902)
As at 31 March 2022 241,909 13,137 255,046
Interest expense on defined benefit obligation 6,552 357 6,909
Actuarial loss/(gain)on scheme liabilities (70,704) (2,730) (73,434)
Net benefitspaid out (7,366) (574) (7,940)
As at 31 March 2023 170,391 10,190 180,581
g. Changes to the fair value of scheme as-
sets during theyear		 RNIB Retirement
Benefit Scheme £’000		 RNIB Pension Trust
Scheme £000		 Total
£’000
As at 1 April 2021 283,061 15,071 298,132
Expected return on scheme assets 5,892 303 6,195
Contributions bythe employer 1,875 67 1,942
Actuarial(loss)/gain on scheme assets 500 (192) 308
Net benefitspaid out (7,353) (549) (7,902)
Administration costs incurred - (69) (69)
As at 31 March 2022 283,975 14,631 298,606
Expected return on scheme assets 7,709 398 8,107
Contributions bythe employer - 67 67
Actuarial(loss)/gain on scheme assets (98,852) (3,899) (102,751)
Net benefitspaid out (7,366) (574) (7,940)
Administration costs incurred - (94) (94)
As at 31 March 2023 185,466 10,529 195,995

161

h. Changes to the fair value of scheme assets
during the year		 RNIB
Retirement Benefit
Scheme
£’000		 RNIB Pension
Trust Scheme
£000		 Total
£’000
Actual return on scheme assets
2022 6,392 111 6,503
2023 (91,143) (3,509) (94,652)

27. Group commitments

a) Capital

At the year-end, RNIB had outstanding commitments of £0.1 million (2022: £nil). At the year-end, no other subsidiary entities have any outstanding commitments (2022: £nil).

b) Operating leases

At the year-end, the Group had the following total commitments amounting to £5,760,000 (2022: £5,655,000) under non – cancellable operating leases.

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2023 £’000 2022 £’000
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2023 £’000 2022 £’000
Land and buildings
Expiringwithin oneyear 487 524
Expiringbetween two and fiveyears 1,126 1,269
Expiringafter fiveyears 2,626 2,657
Equipment
Expiringwithin oneyear 597 417
Expiringbetween two and fiveyears 927 788
Expiringafter fiveyears - -
Total 5,763 5,655

162

28. Grants receivable

During the year, RNIB received a number of grants and other funding resources, which are required by the donors to be shown in our annual financial statements.

----- Start of picture text -----
2023 2022
Source Purpose
£’000 £’000
----- End of picture text -----

Source Purpose 2023
£’000		 2022
£’000
Children & Young People’s Strategic Partnership,
Health and Social Care Board		 Family Support Service 41 71
Parenting, Education and Support 4 12
Department for Digital, Culture, Media and Sport (UK
Government)		 DCMS Loneliness Engagement Fund - 50
Department of Health: Mental Health Fund administered
byCommunityFoundation NI		 Counselling Insight Project - 40
Department of Health and Social Care ECSS NI Networks 59 74
European Social Fund Eye Work too(2022) 118 126
His Majesty’s Revenue and Customs HMRC Grant funding 2021-2024 –
RNIB Tax Service		 90 88
MinistryHCLG UK CommunityRenewal Fund NI Eye Work With You Too 25 46
Motability User Research Grant - 153
Postcode Care Trust: Postcode Lottery Limited (Supported
by players of People’s Postcode Lottery, awarded funds by
the Postcode Care Trust)		 Multi-service funding 2,250 2,507
Southern Health and Social Care Trust FamilySupport Service 60 57
Special EU Programme Body (A project supported by the
European Union’s INTERREG VA Programme, managed
bythe Special EU Programmes Body (SEUPB))**		 INTERREG VA Funding – Need to talk 159 233

163

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2023 2022
Source Purpose
£’000 £’000
----- End of picture text -----

Source Purpose 2023
£’000		 2022
£’000
Sport England See Sport differently 267 230
The National Lottery Community Fund Empowering young people – Our Futures 82 84
People and Places – Shape & Share Cymru 23 34
Partnerships South East: Hounslow
CommunityEye Health		 161 -
The Royal Borough of Kensington and Chelsea Kensington & Chelsea Outreach Svc 10 10
The RS Macdonald Charitable Trust Haggeye Youth Engagement Forum –
GA-02636		 - 8
Welsh Government Sustainable Social Services Third Sector
Grant – Vision Friends		 134 135
EarlyIntervention & Prevention - 10

** A project supported by the European Union’s PEACE IV Programme, managed by the Special EU Programmes Body (SEUPB).

Policy on relationships with pharmaceutical companies

RNIB provides services to those with sight problems, works to prevent avoidable blindness and campaigns for positive change. These functions will not be influenced in any way by our relationship with pharmaceutical companies or by acceptance of grants or sponsorships from them. We will withdraw from any initiative that jeopardises our independence. RNIB will not embark on, or continue with, any sponsorship arrangement or collaborative venture which might damage its independence.

164

29. Gain on disposal

RNIB realised a gain of £22.1m upon the sale of the old head office that was located in Judd Street. This gain has been classified as other income in accordance with the Charities SORP (FRS102), but does not relate to operating activities. Part of the proceeds have been used for a replacement of the head office, the Grimaldi Building.

165

Thank you

We’re honoured to have had the support of our Patron Her Majesty The Queen until her death in September 2022. We’re indebted to our President Dame Gail Ronson DBE and to our Vice Presidents.

We’re grateful to the many individuals, companies, trusts and public bodies that have supported us this year. In particular we’d like to thank the following supporters:

1-9

29th May 1961 Charitable Trust

A

Ada Hillard Charitable Trust Allergan Ltd Amazon Ltd AMB Charitable Trust Lord Jeffrey Archer Mr Peter Atkinson

B

Mr and Mrs Bahaeddine Bassatne, BB Energy Trading Ltd Sir John Beckwith CBE, Pacific Investments PLC Blindcraft Charitable Trust Brian Wilson Charitable Trust British Gas Energy Trust Brownlie Charitable Trust Sir George and Lady Bull

C

Calleva Foundation

Caretech Foundation

Charles & Jane Allan Memorial Fund Charlotte Aitken Trust Chiesi Ltd

Children & Young People’s Strategic Partnership, Health and Social Care Board

Sir Trevor Chinn CVO and Lady Chinn Crispa Charitable Trust

D

Mr David Davis and Ms Jackie Wai, Supermart Stores Ltd

Department of Health Mental Health Fund administered by Community Foundation NI

Department of Health (Northern Ireland) Physical and Sensory Disability Unit Dickinson Charitable Trust Durham County Council DWT Cargill Fund

E

European Social Fund

F

The Lord and Lady Fink, The Barbara and Stanley Fink Foundation

G

Garfield Weston Foundation Gateshead Council

Mrs M Greetham

Mr and Mrs Clifford Gundle, The Gundle Philanthropic Trust

H

Haleon PLC

Haley Family Charitable Trust Hallmark UK Limited

Mr Richard Harris and Ms Esther Isaacs, Richard Harris Charitable Trust His Majesty’s Privy Purse

His Majesty’s Revenue and Customs Mrs J Hotchkiss Mrs P Hill

I

Innovate UK – Smart Grant/Healthy Ageing Challenge Investors Chronicle

J

Lady Joan Jarvis CBE, ROAN Charitable Trust

Mr Eugene Jilg and Ms Mei Chang Mr and Mrs JMB Trust

John Scott Trust Fund Jones Family Trust

K

Kathleen Beryl Sleigh Charitable Trust

166

Mr and Mrs Isaac Kaye, Aimwell Charitable Trust

L

Loppylugs & Barbara Morrison Charitable Trust

M

Mayer Brown International LLP Ministry HCLG UK Community Renewal Fund NI

Mr and Mrs Mark Mishon, The Mishon Family Charity

Mr and Mrs Samad Munshi, Doctor Munshi Foundation

N

NatWest Group PLC Newark and District Talking Newspapers North Tyneside Council

P

Mr and Mrs Graham Peacock People’s Postcode Lottery Sir Jack and Lady Petchey, Jack Petchey Foundation P F Charitable Trust Philip Breeze Charity Mr and Mrs Paul Phillips Mr and Mrs Paul Polman Postcode Care Trust

R

Mr and Mrs David Randall, Joseph and Lena Randall Charitable Trust Roche Products Ltd

The Gerald and Gail Ronson Family Foundation

Mrs Cheryl Roux

R S Macdonald Charitable Trust

S

Sky UK Ltd

Smith Charitable Trust

Southern Health and Social Care Trust

Special EU Programme Body Sport England The Steinberg Family Charitable Trust

T

Ms Tina Taylor The Booker Prize Foundation The National Lottery Community Fund

Mr Chris Thomas Tony and Audrey Watson Charitable Trust

V

Vision Foundation

W

Welsh Government

Mr Richard Wilkins

Wilson + Olegario Philanthropy Miss I White

The Hon. Andrew Wolfson and Mrs Orly Wolfson, The Charles Wolfson Charitable Trust

167

Who’s who at RNIB

Patron, President and Vice Presidents

Patron

Her Late Majesty Queen Elizabeth II

President

Dame Gail Ronson DBE

Vice Presidents

Sir John Beckwith CBE The Rt Hon. the Lord Blunkett Mr Richard Brewster Professor Ian Bruce CBE Mr Jeremy Bull Dr Haruhisa Handa Dr Euclid Herie Lady Jarvis CBE Penny Lancaster-Stewart, Lady Stewart

The Lord Low of Dalston CBE

Sir Trevor Pears CMG

Sir Mike Rake

Dr Dermot Smurfit

Sir Rod Stewart CBE

The Rt Hon the Earl of Stockton

The Lord (Julian) Fellowes of West Stafford

References and administration

The Royal National Institute of Blind People (RNIB) Trustees’ report and the audited Group and RNIB financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities 2015, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act and the Charities Accounts (Scotland) Regulations 2006 (as amended).

Charity number

226227 in England and Wales SC039316 in Scotland 1226 in the Isle of Man.

Established in 1868, RNIB was incorporated under Royal Charter in 1949, with a Supplemental Charter in 1993 (revised in 2007, 2014, 2017, and 2020).

Company Secretary

Jessica Holifield

Professional advisers

Independent auditor BDO LLP 55, Baker Street London W1U 7EU

Investment advisers

BMO Global Asset Management Exchange House Primrose Street London EC2A 2NY

Rathbone Greenbank Investments 8 Finsbury Circus London ECM 7AZ

Solicitor

Bates Wells 10 Queen Street Place London EC4R 1BG

Actuarial adviser

AON Solutions UK Limited 3 The Embankment Sovereign Street Leeds LS1 4BJ

Banker

Royal Bank of Scotland plc Marylebone Road and Harley Street Branch 10 Marylebone High Street, London W1A 1FH

168

Contact details

RNIB Registered Office

The Grimaldi Building, 154a Pentonville Road, London N1 9JE

t: 0303 123 9999

RNIB Cymru

Jones Court/Cwrt Jones, Womanby Street/Stryd Womanby, Cardiff/ Caerdydd CF10 1BR

t: 029 2082 8500

RNIB Northern Ireland

Victoria House, 15-17 Gloucester Street, Belfast BT1 4LS

t: 028 9032 9373

RNIB Scotland

Greenside House, 12-14 Hillside Crescent, Edinburgh EH7 5EA

t: 0131 652 3140

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169
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Contact details

RNIB Registered Office The Grimaldi Building 154a Pentonville Road, London N1 9JE t: 0303 123 9999

RNIB Northern Ireland

Victoria House, 15-17 Gloucester Street, Belfast BT1 4LS t: 028 9032 9373

RNIB Cymru

Jones Court/Cwrt Jones, Womanby Street/Stryd Womanby, Cardiff/Caerdydd CF10 1BR t: 029 2082 8500

RNIB Scotland

Greenside House, 12-14 Hillside Crescent, Edinburgh EH7 5EA t: 0131 652 3140

Royal National Institute of Blind People

A registered charity in England and Wales (226227), Scotland (SC039316) and the Isle of Man (1226). Also operating in Northern Ireland. A company incorporated by Royal Charter. Registered in England and Wales (RC000500). Registered office: The Grimaldi Building 154a Pentonville Road, London N1 9JE.