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2023-12-31-accounts

RSBQ Royal Societyfor Blind Children Life Without Limits For Blind Children Annual Report 2023

Contents

Introduction 4
Impact Summary 5
Additional Information 6
Welcome from the Chair of Trustees 9
Welcome from the CEO 11
About us 13
Our Services 16
Partnerships & Engagement 25
Education 27
People & Places 32
Income & Engagement 38
Leadership & Governance 44
2023 Financial Accounts 47

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Making an impact on children and young people’s lives

“It was so fun! I liked this session because we all got to share our interests, thoughts and opinions. It also helped us find other people who have the same interests and look into new ones!”

“Excellent get together, because a good group of older young people encouraged each other to participate and supported each other if needed!”

“The sessions with Justyna help me with thinking about my feelings. I like the gratitude jar we made together. Today I pulled out ‘I believe in myself’ and that’s nice.”

“My family practitioner is Kim. I really love the books we use, because they have some sensory stuff that is nice. I enjoy my sessions with Kim because I get to play with squidgy toys.”

“The staff and other students make me laugh and are friendly. I like working with other students in the health and wellbeing sessions.”

“I feel much more confident that I can live my life happily even with eyesight difficulties.”

3

Introduction

Charity Name Royal Society for Blind Children (RSBC)

Working Name

RSBC

Charity Number 307892

Company Number 00139928 (England & Wales)

Registered and Principal Office Life Without Limits Centre

10 Lower Thames Street

LONDON

EC3R 6EN

4

Our Impact

Provided over

226

Welcomed

1 437 ,

Delivered

4 582 ,

instances of telephone advice and support

children and young people who took part in RSBC’s activities

instances of support for children, young people and their families via Families First

4,279

people supported

----- Start of picture text -----
84% 90%
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average satisfaction rating

would recommend RSBC

5

19 767 ,

Dorton College education delivery hours 100% 98% OO Dorton College Dorton College adaptive technology accredited individual targets qualifications pass rate achieved 186 10 654 57 6eee@ young people young people AQA formal service received gained paid accreditations partnerships employment jobs or support apprenticeships

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Administrative Details

Royal Patron

His Majesty King Charles III

Medical Advisory Panel

Mr Michael Crossland

Professor Rachel Pilling

President

The Rt Hon Sir Michael Fallon KCB

Mr Wagih Aclimandos MB Bch FRCS FRCOphth DO FEBO

Dr Naomi Dale

Vice Presidents

Earl Stockton Vivian Lawrence Harry O’Neill Phillip Bassett Dr David Wright MBE Ian Stephenson Tom Pey Michael Brignall

Mr Ashwin Reddy MA MBBChir FRCOphth MD

Members of the Council of Trustees

Patrick Plant LLB Solicitor, Chair of Trustees (appointed as Chair on 01.01.2023)

John Heller MA (Cantab)

Helen Jones

Peter Knott BA (Hons) FCA CF (Honorary Treasurer)

Val May BA (Hons)

Ambassadors

Souleyman Bah, Youth Ambassador Jon Culshaw Anita Dobson Anne Fine OBE FRSL Darren Leach Natalie Lee Charlotte McMillan, Youth Ambassador Georgie Wyatt Ben Quilter Melissa Reid Wayne Sleep OBE Jane Torvill OBE

John Miller

Callum Russell

Lola Solebo iBsc, MBBS, PhD Epidemiology, FRCOphth

Sabira Hasham (appointed 25.05.2023) Ian Godwin BSc (resigned 25.05.2023) Celso Zuccollo (resigned 31.12.2023) Fazilet Hadi (resigned 31.01.2024) Tom Kelman (appointed 12.02.2024) Simon Ward (appointed 27.03.2024) Martin Doel (resigned 31.03.2024) William Ramsay (appointed 04.03.2024)

Company Secretary

Eileen Harding

Chief Executive

Sue Sharp (retired 19.10.2023) Julie Davis (appointed 16.10.2023)

Auditors

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Bankers

C Hoare & Co 37 Fleet Street London EC4P 4DQ

National Westminster Bank plc Orpington Branch 235 High Street Orpington BR6 0NS

Legal Advisers

Reed Smith Broadgate Tower 20 Primrose Street London EC2A 2RS

Investment Managers

Cazenove Capital Management 1 London Wall Place London EC2Y 5AU

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Welcome

Patrick Plant Chair of Trustees

Dear Colleagues and Friends,

“I just want my child to be safe, healthy and happy.”

These are the words and aspirations of every parent, but they’re particularly poignant when that child is blind or severely vision impaired.

The emotional protective shield which kicks in automatically upon diagnosis is a remarkable phenomenon, and something that’s very evident in all the families we support here at The Royal Society for Blind Children.

We see ourselves as enablers; helping and supporting those families, gently and confidently, to dismantle some of that protective shield to allow their children to thrive and flourish without limits, and then mature to lead independent and fulfilling lives.

In my first year as Chair of this remarkable organisation, I believe that we have achieved an incredible amount. During 2023, we supported thousands of children, young people and their families across England and Wales through our services and so I wanted to celebrate and share some of the highlights with you.

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I am particularly proud that, this year, we welcomed representatives from our Youth Forum onto our Council of Trustees. Having young people with lived experience on our Board is vital in contributing to the strategy and leadership of the charity. Their presence is both inspirational and instructive for everyone on the Board: their views matter, and I firmly believe we make better decisions with them in the room. Early in 2024, the Youth Forum will launch their Young People’s Manifesto for change, featuring education, mental health and transport as key issues for blind and partially sighted young people – another example of the invaluable contribution they are making.

2023 taught us just how important our channels of communication are in sharing our mission more widely through compelling storytelling. We will continue to develop them going forward, not least through our new website which will be launched in 2024. In an ever-changing world, we know that we need to do much more to raise RSBC’s profile with both new and existing audiences.

With your loyal support, we can continue our life-changing work and share many more positive outcomes.

Please do continue to support us.

With my very best wishes,

Patrick Plant

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Welcome

Julie Davis CEO

Dear Friends,

Welcome to our review and celebration of 2023; my first as CEO of The Royal Society for Blind Children. We’re delighted to bring you our Trustees’ Annual Report, celebrating all that’s been achieved over the past twelve months. You can read through it, or listen to the detail, to fully understand our programme of activity and the outcomes achieved.

We are so proud of the children and young people we support. We are committed to authentic partnership working with our wonderful families, who help to shape our needs-led provision.

2023 was a year that saw several changes within RSBC:

It was also a time of celebration! Our Chair, Patrick, has highlighted some of our key 2023 achievements in this report, from our AQA Awards to appointing our new Youth Forum representatives on our Trustee Board.

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2024 will see more exciting developments as we strengthen our teams to move forward and embrace change; our newly enhanced and expanded Marcomms team being a prime example. The whole organisation, our service users and our wider stakeholders will be engaged in our strategy planning process. It is critically important to us that we listen to what our children, young people and families have to say, so that we can ensure our provision meets their needs readily in the years ahead. Our children are change-makers!

RSBC strives always to be at the forefront of change; we commit to being bold and brave! It’s vital that we continue to build our resilience; innovation, agility and the ability to adapt are crucial attributes. We aim to strengthen our national infrastructure as we develop further our services within the regions and countries of the UK. By working alongside partners with similar values and missions, we hope to achieve better outcomes for more blind and partially sighted children through collaborating with breadth and depth nationally.

We do, however, recognise that we are operating in a world with many challenges. An extended global economic crisis is hampering a slow COVID recovery, amidst deepening austerity measures which are contributing to poor mental health and wellbeing. RSBC sees our children and young people as being at the centre of our charity and all we do. They are critical stakeholders, and we are here to ensure that they have the agency to curate the future, indeed their future, and be at the forefront of change.

We are thrilled to announce the appointment of our new Royal Patron. Buckingham Palace confirmed that, “His Majesty King Charles III would be delighted to accept the patronage of RSBC”. We look forward to sharing our work with the King and, of course, inviting him and Her Majesty Queen Camilla to meet the families we serve. Our thoughts and prayers are also with all members of the Royal family as they focus on their wellbeing.

I commend this Trustees Annual Report to you. I hope that you enjoy hearing about RSBC’s work and will join with us to celebrate the achievements of the children and young people we work with. We firmly believe that not only should they be able to realise their dreams and achieve their aspirations, but all blind and partially sighted children and young people deserve ‘aspiration plus’!

Fond regards,

Julie Davis

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About us

For over 185 years, The Royal Society for Blind Children (RSBC) has been educating and supporting blind and partially sighted children and young people and their families.

Our founder, Thomas Lucas, set up a school to teach blind children to read in 1838. Nearly two centuries later, his vision to support blind children to fulfil their potential lives on.

Today, our team delivers a range of services which support children and young people from birth to the age of 25. These services are delivered in local communities across England and Wales, and include whole family support as well as activities to reduce isolation and

loneliness, increase independence, and support young people to achieve their vocational ambitions, including employment.

RSBC continues to deliver education through the work of our specialist Further Education College, Dorton College, based in the London Borough of Bromley. A member of the Association of National Specialist Colleges, it is the only specialist VI FE college based in London and the South-East.

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RSBC’s Vision

Every blind child and their family will have the skills and confidence to live their lives without limits.

RSBC’s Mission

We work with blind children and young people and their families to develop the skills and qualifications they need to overcome the barriers to realising their hopes, dreams and ambitions.

Our values lead to our success

Underpinning RSBC’s work are values embedded in trust and excellence.

Trust

Respect and accountability

Energy

Straight talking and constantly learning

Ambition

Confronting reality and driving results

Motivation

Vision impaired children and young people are our number one priority and we look for solutions, not problems

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Our Key Promises

We help families access practical and emotional support, from the 1 2 moment of diagnosis

We deliver education and help blind young people get qualifications 3 4 and jobs

We fundraise passionately to support our work 5 6

We bring blind children and young people together to build friendships and develop skills for life

We champion the use of new and existing technology

We work with local partners to make sure that blind young people and their families can access services wherever they live

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Our Services

Children, young people and their families across England and Wales benefitted from our wide range of services in 2023.

It was an exciting year for RSBC’s Live Life Go Further activity programme and for Families First, which includes our Information and Advice Service.

The Live Life Go Further programme

1,326 young people attended a wide range of activities in person at The Richard Desmond Life Without Limits Centre (LWLC), in their local communities, and online. These activities included:

Autumn Residential visit to Stubbers Adventure Centre

Bowling

Audio Book Club

Animal encounters

Sisterhood

Assistive Technology

Futures (including employment)

Cooking

Family Fun Days

Creative activities, including music, arts, crafts & creative writing

Cultural visits

Icon design: Freepik

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In 2023, the children and young people we support via our services told us that:

----- Start of picture text -----
89.4%
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----- Start of picture text -----
97.5%
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felt more confident following activities

felt more connected with others and made new friends

80.0%

93.8%

----- Start of picture text -----
96.8%
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learned practical skills or something new

felt more motivated or positive

felt safe and secure during activities

We’re delighted that these activities had a very positive impact on young people, helping them reduce isolation, build friendships and learn new life skills.

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What young people are saying about RSBC’s services

“I loved all the activities and spending time chatting and making new friends. I loved the canoeing and thanks to everyone for looking after me. Defo want to go again.” Young person attending our residential trip

“I had an amazing experience and the staff were brilliant. I really enjoyed the event and hope to attend more.” Young person attending a theatre visit

“I enjoyed getting to hear everyone’s ideas about their business ideas and employment journey. It gives me a bit of confidence in my next employment sessions and for future sessions - to work towards my goals and not give up on myself.” Young person taking part in our Futures service

“Sisterhood is a safe space for me and it’s easy for me to be myself, which is often difficult for me in real life. Usually, I have to fight and argue for things to be made accessible for me, but it’s like a breath of fresh air joining Sisterhood and having those things in place. Thank you for facilitating this.”

Young person attending our online Sisterhood group

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The AQA Awards

RSBC’s annual AQA (Assessment and Qualifications Alliance) Awards in October provided an opportunity to celebrate the achievements of children and young people.

654 AQA awards were earned by 103 young people across a vast array of learning areas. These ranged from horse riding to playing percussion instruments, rock climbing, and setting up a small business, with some new awards introduced in 2023 to mark special celebrations, including the King’s Coronation.

2023’s Pamela Wright Award for Special Achievement was presented to an extraordinary young person, Arun Karunakaran. Arun was nominated because of the exceptional resilience he displayed during his journey towards employment. He secured a permanent role at the end of the year, and is thoroughly enjoying it.

Many of the children and young people achieved their awards through participation in RSBC’s in-person and online activities, as well as through their studies at RSBC’s specialist further education college, Dorton College in Orpington.

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Our Families First Service

This service provides the whole family with bespoke one-to-one support focusing on emotional wellbeing both in person and online.

There is also an opportunity for families to join online group sessions and build support networks. Our Information and Advice helpline provides a comprehensive service which focuses on practical and financial support.

In 2023:

Our Family Practitioners carried out

1,777 one-to-one support sessions

Our Family Practitioners supported 489 families

Meaning

Our Information and Advice Service supported 195 one-to-one support sessions

684

families are now in a stronger position as they move forward in their journey

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Supporting children, young people and their families

Online groups such as our Connecting Families session, which brings families who have a blind or partially sighted child together for much needed peer support, welcomed 25 families in 2023.

The Moving on Up group supported children moving to secondary school in the year prior, so they could share their thoughts and feelings about the big change in their lives that was approaching.

The unique holistic offer of the Families First service continues to go from strength to strength, having a marked impact on the children, young people and families it supports.

We give practical support such as benefits, grants and specialist advice, including independent living consultation from our Habilitation specialist. And we provide emotional wellbeing support, too. Our engagement with families has shown that the need for this service is evergrowing.

Referrals from trusted local partners are increasingly received, and RSBC will continue to reach as many families as possible through this invaluable service going forward.

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Of the children and young people supported in 2023:

----- Start of picture text -----
92.0% 81.4% 93.9% 89.5%
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feel more confident about the future

feel they have been helped by their Family Practitioner

know more about feel that they were what they can get listened to involved in

----- Start of picture text -----
85.9% 94.3%
----- End of picture text -----

----- Start of picture text -----
100% 81.3%
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feel the support know more now has had a positive about other effect on them, services their child, or their family’s future

felt confident sharing their concerns

feel communication has improved with their child and at home

“Sue has helped me to not feel as anxious and helped me think about my future independence.”

“Jody always made me feel understood and has really helped with the way I view my eye condition. She made my feelings feel validated and that I shouldn’t let it hold me back.”

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In total, RSBC has 3,246 service users across the following regions:

London

28.8%

South East

7.0%

South West

5.1%

East Midlands 1.4%

West Midlands

16.0%

East of England 3.1%

North East

North West 21.7% 7.1%

Wales

5.4%

Yorkshire & The Humber

4.4%

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Partnerships & Engagement

There were many opportunities to consult with children and young people in 2023 at RSBC, helping us build an even stronger programme of activities that meet their needs and wishes in 2024.

RSBC works with a range of partners across England and Wales, including statutory services, other charity partners, child, youth and family organisations, and membership organisations.

In total, in 2023 we held 186 active partnerships that helped us to reach blind and partially sighted children throughout the two countries.

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We were able to reach even more children and families through our partners. This meant that we could deliver activities such as:

Football

Sports

Arts & Crafts

Youth drop-in sessions

Outreach sessions

Capacity Building training

Capacity Building training is a key activity for RSBC, because it helps us to ensure that grassroots community activity providers are inclusive and welcoming to blind and partially sighted children and young people.

In 2023, 96 organisations benefitted from this free training. 114 individuals were trained across England and Wales, meaning that children with vision impairment can take part in locally based activities.

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Education

Dorton College, RSBC’s specialist independent Further Education College, offers day placements for vision impaired young people aged 16-25 years. Students can attend up to 5 days a week across 38 weeks of the year, just as in mainstream settings.

Each student at the college benefits from a curriculum that is tailored to their individual requirements by a Qualified Teacher of the Visually Impaired (QTVI). They’re supported by

Dorton College’s specialist teaching and support staff, and have input from a range of therapists covering mobility and habilitation, independent life skills, speech and language therapy and occupational therapy.

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During the 2022-23 academic year, there was a student retention figure of 75%. Four students graduated in July 2023, with two taking up their first choice of university places, one starting a supported activities and learning placement in their local community, and one intending to start their own business. All graduating students fully or partially achieved their transition destinations.

We also welcomed two new partnership colleges, based in Surrey and Berkshire, to our hybrid portfolio in September 2023. This means that students from those regions can access the majority of their education locally, and spend a day a week at our new hub. For the first time ever, we have a student who is sitting A levels, which widens the scope of the post-16 qualifications that we can offer via our hybrid partnerships.

Across the year, our students come from 15 local authorities across London and the Southeast. At the start of the 2023/24 academic year in September, our student numbers had grown to 20 – an increase of 25% and something which achieved our strategic target two years early.

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Some of our student feedback includes:

“It’s a friendly environment. I enjoy it - every day is different.”

“I like the support I receive from the staff. If I have a problem, I can talk to someone, and they will always address it.”

“People are very caring. I enjoy my time in the Bromley College and Orpington hubs.”

Some of our parent feedback includes:

“I’m impressed with the can-do approach of Dorton College, and the ambition for students. It does feel that students are not written off or given up on. It’s refreshing that external advice is acted on when given and implemented to inform the students’ learning experience and meet individual needs.”

“My child is happy, safe, respected, very well cared for. Well done everyone!”

“How do you improve perfection?”

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Student case study

One of the students who graduated from Dorton College in July 2023 was Jon.

Jon was delighted to receive three unconditional university offers. However, he stayed for a final transition year at Dorton College. It was a bespoke year, focusing on independence skills he’d need for progression to university, his UCAS application and DSA and support packages, and university visits with liaison with the campus and his family.

He started at Dorton College following an unhappy time at a specialist residential school. He didn’t pass his GCSE English and maths several times and had become demotivated with a loss of self-belief.

This was a particularly effective year for Jon, and he was able to complete ASDAN and AQA modules in all these areas. He also continued with his weekly work experience placement at the Imperial War Museum, where he could identify any war plane solely from touch and gave presentations and talks to members of the public.

We agreed that we’d focus on English and maths for his first year, and once those were completed, Jon would study those academic areas he was most interested in. Then the pandemic hit, and learning was disrupted for some time. We supported Jon online daily, and when the college returned to face-to-face learning, he attended consistently and worked diligently, passing both English and maths in his first year.

consistently and worked diligently, Jon started his degree at a top London passing both English and maths in his university - his first choice - and decided to move into the halls of first year. residence using his new independence Jon then applied to do a Level 3 skills. Humanities course at our partnership college. He passed this with multiple distinctions and gained enough UCAS points to apply for his favoured courses at university. 30

RSBC’s Youth Forum

It was an exciting year for our Youth Forum, which recruited new young people aged 16 – 25 as members to increase its numbers to 10. The Youth Forum is committed to creating positive change and championing the voices of blind and partially sighted young people, as well as influencing all areas of work across RSBC.

It met 12 times in 2023 and, during the year, developed a manifesto for change for launch in 2024, featuring education, mental health and transport as key issues for blind and partially sighted young people.

The Youth Forum also created a range of podcasts and tapped into conversations that young people across the charity are having, covering a wide variety of topics. The podcasts are an exciting way to gain insight into the things they really care about.

95% of Youth Forum members felt confident that they were part of a group that was making a real difference during 2023. It’s clear that the influence of our Youth Forum and the voices of all children and young people with vision impairment is shaping what we do, and we expect this to make an even greater impact in 2024 and beyond.

In addition, two Youth Forum members joined RSBC’s Trustee meetings in 2023, and it now has a real voice in the decision making that takes place at the charity. In 2024, its members will be working with us to help develop our new organisational strategy alongside sighted peers.

People & Places

One of RSBC’s strategic objectives is ‘Our People.’ We aim to have an employee turnover rate that is 10% lower than the sector average, with at least 75% of colleagues and volunteers recommending RSBC as a great place to work.

Our Trustees and Senior Leadership Team recognise that our people and volunteers are key to the quality of the services we deliver and create the RSBC employer brand. It is vital that we support employee and volunteer wellbeing and help them increase their knowledge and skills.

We are committed to introducing and maintaining channels and opportunities so that everyone can contribute to continuous improvement, be listened to and feel valued.

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Our quality kitemarks

We were re-assessed under the Investors in People (IiP) framework in January 2023, and were very proud that 87% of our employees responded to the survey, indicating a high level of engagement.

The survey results showed an increase in 8 of the 9 indicators used, with one remaining at the same level. We were delighted to achieve Silver level - a great achievement as RSBC continues on its journey to Gold.

of organisations achieve IiP Silver accreditation

“Your people are proud of what you do and the impact you have on the lives of the young people you support. They know you have a plan for the future and are clear on how they contribute to it. Your values are well embedded and active in the organisation. People act in line with them and know what you expect from them to demonstrate the values.” IiP Assessor

We also retained our Bronze Quality Mark with London Youth , an organisation which aims to champion and strengthen London’s youth organisations so young people have the skills and opportunities they need

to succeed. This reinforces the quality of our policies and procedures to support staff and volunteers in their work with the blind and partially sighted children and young people we support, and their families.

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Being a Great Place to Work

The IiP survey results showed that 80% of employees believe that RSBC is a great place to work.

Despite a difficult candidate-led labour market in 2023, we were able to recruit to 85% of all our vacancies on the first advert. Our staff turnover for the year stands at 21% - an increase in line with the sector and all organisations, but lower than the majority of charities, which is our strategic objective.

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What our employees say:

“All Dorton College students receive one-to-one support, a package of care and a holistic approach/support from our therapists, which enables them to learn, grow and achieve to become independent young people. With RSBC’s ethos of ‘Life Without Limits’ and ‘Just Enough Support’, this sums up our role.” Zena, Learning Support Lead

“RSBC is a truly inclusive place to work. There is very much a team spirit across the organisation. Everyone is fully motivated to do the very best we can to support our children, young people and families who are living with sight loss.”

Kevin, Corporate & Community Fundraising Executive

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Wellbeing For All

Wellbeing remains the top item of all team meeting agendas, with feedback considered by the crossorganisational committee.

New initiatives introduced from feedback in 2023 included more financial wellbeing resources, including a new benefit of access to earned wage before pay day and the introduction of

additional retail discount cards at significantly reduced cost. A menopause support group was established, and a session held with a medical specialist to provide information and guidance.

We would like to thank every RSBC employee for their dedicated commitment to supporting the services we deliver.

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Our fantastic volunteers

We are extremely grateful to our 195 volunteers for dedicating 877 hours of their time during 2023 to support a variety of activities across the organisation – something which represented an incredible monetary value of £11,170 to RSBC.

What our volunteers say:

“Recently I’ve been supporting RSBC beneficiaries with cooking, playing electronic games, taking part in karaoke, social get-togethers, and creative music/ songwriting. It is such a rewarding experience to spend time with the service users, helping them to interact with others, getting involved with the activity, gaining confidence, and having lots of fun - for them and for me too. I would highly recommend anyone getting involved and becoming a volunteer for RSBC.”

Harriet

“I volunteer to connect with the world and give back. I highly recommend RSBC because it offers a rewarding experience where you receive more than you give. It’s also fun and flexible with the type of activities and volunteer involvement”.

Coco

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Income & Engagement

We have been immensely grateful to continue to receive wide-ranging and generous support from our donors. Whether it be through individual donations, corporate support, trust and foundations, those fundraising on our behalf or those of you who choose to leave us a gift in your Will, we extend a heartfelt thank you to each and every one of you.

While we did see a decrease in our regular giving support in 2023 - an important source of income to help us plan our likely funding and activity - we have been working hard to find new ways to not only rebuild this support, but to grow it further in 2024 and beyond.

We continued to update our supporters on our amazing work and the key part they play in helping blind and partially sighted children to live life without limits.

Our spring and autumn newsletters were well recieved and highlighted the difference that donations make.

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Our Christmas appeal

We also saw an excellent response to our Christmas Appeal. It shared the story of Emily, a young girl who was experiencing her first Christmas after being diagnosed with sight loss. She and her family have been supported by our Families First service, and the appeal resulted in donations of more than £40,000.

Legacy income

Legacies continue to be a vital part of our income and we are very appreciative of those people who kindly include us in their Wills. In 2023 we raised over £1 million. Legacy income has a transformational impact for RSBC and helps us plan for, and safeguard, the charity’s future, and will change the lives of young blind people for many years to come.

Building for our future

There is so much more we want and need be doing to help blind and partially sighted children and their families. However, our current income and relatively low levels of awareness presented a barrier to our ambitious plans.

In 2023, as a first step in addressing this, we merged our fundraising, marketing

Lego Without Limits

We were thrilled to launch RSBC’s Lego Without Limits Challenge in 2023, one of our fun and engaging group challenges. Our corporate supporter Gresham House recently participated with 230 staff members, with those taking part giving it glowing reviews. They are now looking forward to their next RSBC challenge.

and communications teams into a new directorate. We also began to develop our new website, which will be launched in 2024. Over the coming years, we will be implementing further plans to ensure our awareness, engagement and income levels are no longer barriers to the impact we need to make. We truly appreciate your continued support.

“We are delighted that RSBC were able to join us. Having a charity partner that prioritises staff engagement is so valuable to us, and I look forward to the continuing impact our partnership will have.”

Jeston Na Nakhorn, Chief of Staff at Gresham House

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We would like to thank all the local community groups, organisations and families who raised funds in aid of RSBC during 2023.

Notably, one of our service users from Dorton College participated in the Superhero Triathlon, showcasing a remarkable journey of overcoming obstacles, confronting fears, and embracing a life without limits. This effort alone raised £1,430.

The 2023 TCS London Marathon saw the biggest RSBC team fielded to date, with 52 runners crossing the starting line. They were supported by us throughout their 6-month training and preparation journey. Teams from local corporate supporters in the London EC3/SE1 area matched fundraising and really encouraged their employees to get behind their runners.

Despite the cost of living crisis, the RSBC runners did a wonderful job with their training and fundraising. Although the donations received were in smaller amounts than in previous years, through their great efforts the team fundraising target was well and truly beaten. An RSBC Marathon team record high of £150,000 was raised to support the services we deliver.

We are incredibly thankful for our runners’ fantastic support, and would like to say, “Thank you, #TeamRSBC 2023!” for being truly extraordinary.

On the day, RSBC colleagues and volunteers turned out in force at our cheer points at Canary Wharf (Mile 18) and outside our LWLC (Mile 23) to support #TeamRSBC. One of our competitors, a blind runner from Spain, completed the course with a guide in just over 4.5 hours. Sean from Missouri, USA, completed his fourth consecutive London Marathon for RSBC, and Hiroyuki from the USA became our first sub-3hour runner.

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We would like to thank our long-term and new funders who are supporting our work nationally and regionally, including:

Richard Desmond

Scope Eyecare Kroll

Gresham House

Fullers

The Powell Family Foundation BBC Children in Need Benecare Foundation

City Bridge Trust The Eveson Trust

The National Lottery Community Fund Paul Hamlyn Foundation The Worshipful Company of Cordwainers

Vision Foundation

The Hargreaves Foundation WCVA

London Borough of Tower Hamlets London Borough of Hackney

Our promise to donors and supporters

RSBC supports and is registered with the Fundraising Regulator, who works closely with charities to ensure public protection, accountability and excellence in fundraising, now and in the future. RSBC fundraises from our donors and supporters via a range of fundraising activities including direct mail, telephone, events, and email strictly in line with the Fundraising Code of Practice set by the Fundraising Regulator.

Our fundraising promise to our donors and supporters is that RSBC will:

We provide training for our staff on the requirements of the Fundraising Regulator’s Code of Practice.

We worked with a limited number of Professional Fundraisers to raise funds through activity including payroll giving and lottery; they are required to comply with the Fundraising Code of Practice. We did not use commercial participators to raise funds in 2023.

We received one complaint in relation to our fundraising activities in 2023. When anyone wishes to raise a complaint, we seek to resolve it through our complaints procedure. We do not share our donors’ data with any other party and have not had any complaints regarding our processes and policies in the year.

43

Leadership & Governance

In 2023, RSBC recruited a new CEO in Julie Davis, saying farewell to her long-serving predecessor, Sue Sharp. In a rigorous process which attracted a significant number of quality candidates, supported by Peridot Partners, the recruitment campaign was completed in July.

Trustee recruitment was deferred inyear to prioritise CEO recruitment and will be a priority in 2024.

Sabira Hasham, pictured, is one of our Trustees, and commented:

“Following various roles spanning 10 years or so within corporate finance, a new role came up – motherhood - that had me thinking about what my ideal life would look like. I wanted to transition to a ‘life of balance’ around my little one and start my own small consulting firm in finance and sustainability. While I haven’t hit the nirvana yet on balance, and I’m under no illusions that I will, to align to my goals I also wanted to make a difference, while enriching my skillset in an impactful way.

I was immediately drawn to RSBC and what it stood for. I started out as a Coopted Trustee to the Audit Committee and was admitted as ‘fully-fledged’ Trustee a year later in February 2023.

My heart is full when I hear positive reviews of our work, or when I hear colleagues and trustees share feedback from service users on how impactful our work is. RSBC has been the life support for families who face visual impairment from birth to young adulthood, and who may have little or no prior knowledge of what to expect physically, mentally and socially.

I’m humbled and privileged to be a small part of this wonderful charity that strives to provide those with visual impairment with equitable opportunities and empower them to be active, contributing members of our society.”

44

Pay Policy for the Senior Leadership Team

Executive pay at RSBC reflects the market rate for comparable jobs in similar organisations, the level of knowledge, skills and experience required, and the responsibilities and accountabilities associated with each role.

We aim to:

The Remuneration and Appointments (R&A) Committee is responsible for overseeing the remuneration

of RSBC’s Senior Leadership Team and for reviewing the annual pay award for all employees. The Council considers the recommendations of the R&A Committee and is ultimately responsible for approving the SLT salaries and any annual pay awards.

In recent years, where an annual pay award has been made, the same rate has applied to all colleagues.

RSBC ensures it follows guidance on the Real Living Wage issued by the Living Wage Foundation, whose mission is that everyone can earn a wage that meets their everyday needs. This provides an important benchmark for attracting and retaining staff.

45

Group Structure and Associated Subsidiaries

RSBC has one wholly owned subsidiary trading company, RSBC Lotteries Ltd, formerly RLSB Enterprises Ltd, (company registration number 05757769), incorporated 27th March 2006; RSBC Lotteries Ltd did not trade in the year or the preceding three years.

The Thomas Lucas Academy Trust Limited (company registration number 09206440) is a dormant subsidiary. The company did not trade in the year or the previous four years.

An additional dormant company is Vision Charity (company registration number 03737109).

Kyekus Limited (formerly the Royal Society for Blind Children): On 31 December 2016, the Royal Society for Blind Children (“old RSBC”) transferred its assets and liabilities to its parent charity, the Royal London Society for Blind People (RLSB). Following the transfer and on 1 January 2017, RLSB took on the name “Royal Society for Blind Children” (“new RSBC”). Since no two charities can bear the same name, the old RSBC took the name Kyekus Limited as at that date. Kyekus Limited ceased operations on 31 December 2016, although a shell charitable company (company registration number 05764810) continues to exist.

Wayfindr.org Ltd: The Directors wound up the company on 11 April 2023.

Statement on Public Benefit

In accordance with Section 17 of the Charities Act 2011, the Trustees have carefully considered the Charity Commission’s guidance on public benefit when establishing our charity’s aims, objectives, and policies. This report details the activities we undertake to achieve our charitable purpose and the positive impact these activities have generated.

We are committed to ensuring our work aligns with the public benefit requirement, as outlined by the Commission.

46

THE ROYAL SOCIETY FOR BLIND CHILDREN

FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

The current economic climate, with the continuing impact of the pandemic and the cost-of-living crisis, presented significant challenges for RSBC during this financial year.

Despite these conditions, RSBC are pleased to report a surplus of £113k for the year ending 31 December 2023. Whilst this is a decrease compared to the previous year’s surplus of £1,111k, it reflects a resilient performance and demonstrates our commitment to prudent financial management.

Whilst the economic outlook remains challenging, we are confident in our ability to continue fulfilling our mission. We are committed to exploring new fundraising to reduce reliance on any single source of income. We will continue to review and improve our processes to increase efficiency and contain or reduce controllable costs where possible.

Income

Total income for 2023 was £4.0m, a decrease of £479k compared to 2022 (£4.5m). However, it is crucial to consider the exceptional nature of 2022, which benefited from two large legacies at the end of the 2022 financial period.

----- Start of picture text -----
2023 2022
Income (£000’s)
Legacies £1,085k £2,295k
Donations £1,966k £1,446k
Fundraising &
£86k £5k
Other Income
Education
£897k £767k
Income
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
----- End of picture text -----

48

Icon design - Freepik

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Income Sources

While overall income in 2023 appears lower than 2022 due to the exceptional nature of the large legacies received in the prior year, underlying income sources saw positive growth, indicating a strong foundation for the future. Diversifying income streams through successful fundraising efforts, responsible investments, and an expanding education programme will ensure long-term financial stability and allow RSBC to continue fulfilling its mission.

49

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Expenditure

Total expenditure for RSBC in 2023 was £3,972k, an increase of £559k compared to 2022 (£3,413k). While this may appear significant, it is essential to analyse the breakdown and context of this growth. Included in the graphical illustration below are administrative support costs of £736k in 2023 (2022: £733K) see note 4.

----- Start of picture text -----
2023 2022
Expenditure (£000’s)
Community
£1,902k £1,614k
Services
Education
£1,266k £1,013k
& Training
Fundraising
£804k £786k
Costs
£0k £1,000k £2,000k £3,000k £4,000k
----- End of picture text -----

50

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

While overall expenditure has increased, the growth in charitable activities directly reflects the charity’s core mission of serving more students and improved facilities due to the relocation. Additionally, the modest increase in fundraising costs demonstrates efficient resource allocation, considering the overall income growth. The proportional increase in staff costs therefore aligns with the expansion of operations and service delivery.

Reserves Policy

The Trustees reviewed RSBC’s reserves policy during the year-end assessment, ensuring it aligns with the current and future needs of our beneficiaries and considers the risks and opportunities associated with our operations.

Key Points of the Reserves Policy:

This year’s review revealed the following regarding our reserves:

Designated Funds Breakdown:

51

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

RSBC’s increased free reserves and information available suggest RSBC is a going concern with strong financial health. While the Society has met the reserve level mandated by policy, the Trustees believe the current economic climate and our commitment to charitable investments necessitate maintaining our current reserves.

Investment Policy

The Council agreed an updated investment policy in May 2023. In accordance with the charity’s investment policy, approved by the Council, the long-term investment objective is to achieve a net return exceeding Retail Prices Index (RPI) + 3% over the long term. This strategy aims to generate a sustainable income stream (approximately 6% p.a.) to support the Society’s ongoing activities while adapting to inflationary pressures.

Investment Activity

Following Council’s approval in July 2023, a total of £1.5m was allocated to investments. This included:

All investments are readily marketable and registered on a recognised stock exchange.

Investment Performance

For the 2023 financial year, the total return on investments amounted to £41k (2022: Nil). This return was in line with the Society’s investment objective to generate a net return no less than RPI + 3% over the long term whilst generating an income to support the ongoing activities of the Society.

52

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Risk Management

The Trustees recognises the importance of proactive risk management for the longterm sustainability and success of RSBC. This report highlights key risks facing RSBC and outlines the mitigation strategies implemented to protect our beneficiaries, our reputation, and our financial resources.

1. Safeguarding

• Mitigation:

2. Staffing

• Mitigation:

53

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

3. Fraud and Cybercrime

Risk: Financial fraud or cyberattacks targeting the charity, resulting in loss of funds, reputational damage, and potential operational disruption.

Mitigation:

4. Financial Investment Performance

Risk: Market volatility and underperforming investments could negatively impact the charity’s financial reserves.

Mitigation:

The Trustees maintain a comprehensive risk register, which is reviewed and updated regularly. Mitigation strategies are continuously evaluated and adjusted as necessary. Effective risk management is embedded into our strategic planning and operational decision-making processes. The Trustees are satisfied that all material risks are properly monitored and regularly review risks to ensure that the position is maintained.

The Audit Committee is notified along with the external auditors of incidents of fraud or attempted fraud which could present risk to the organisation’s assets. Any incidents of this nature should be reported to the Chair of the Audit Committee as soon as they are identified. There were no issues identified in the year.

By proactively identifying and managing risks, the charity aims to safeguard RSBC’s mission of working with blind children and young people and their families to develop the skills and qualifications they need to overcome the barriers to realising their hopes, dreams, and ambitions.

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THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

We are committed to protecting our beneficiaries, our reputation, and the financial resources entrusted to us.

Environmental Responsibility and Sustainability

This year, we’ve made significant strides in promoting environmental responsibility. We, along with many other charities, recognise the importance of energy efficiency actions and their alignment with Environmental, Social, and Governance (ESG) principles.

Our ESG Policy

We understand the profound responsibility entrusted to us. The Society’s ESG policy sits alongside our team values of Trust, Energy, Ambition and Motivation. It encompasses:

Future Plans

Strategic Development:

55

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Key Strategic Initiatives:

Based on preliminary observations and stakeholder engagement, the following key strategic initiatives are emerging:

1. Enhanced National Reach: We are committed to expanding our reach across the UK. A key component of this strategy will be the development of a robust digital service offering. This will enable more children, young people, and families to access our support virtually, regardless of location.

2. Promoting Equity: We are dedicated to ensuring equitable access to our services across England and Wales. This includes ensuring all families in need have access to our Families First provision.

3. Financial Advocacy: We will prioritize increasing access to information, advice, and guidance on available financial support for those we serve.

4. Education Expansion: We will explore the potential for expanding and growing our educational offerings, with Dorton College remaining at the core of our delivery.

5. Strengthened External Affairs: We will continue to develop the structure and remit of our External Affairs Team to enhance our outreach and advocacy efforts.

Expected Outcome:

These thorough planning efforts undertaken in 2024 will provide a clear strategic roadmap for the charity’s growth. This roadmap will ensure our services continue to adapt and evolve to meet the ever-changing needs of children, young people, and families across the UK.

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THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company 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 charitable company and of the profit or loss of the charitable company 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 charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

57

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

So far as each of the Trustees is aware at the time the report is approved:

This report which includes the strategic report was approved by the Trustees and signed on the on their behalf by 02/09/2024

Patrick Plant, Chair of the Society

58

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ROYAL SOCIETY FOR BLIND CHILDREN

Opinion

We have audited the consolidated financial statements of The Royal Society for Blind Children for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, 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).

In our opinion, the financial statements:

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 are independent of the charity in accordance with the ethical requirements that are 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

59

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Conclusions relating 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 charitable company’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 Trustees’ Annual Report. 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.

In connection with our audit of the financial statements, 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 or a material misstatement of the other information. 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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THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

61

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 53, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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. 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. Mis-statements 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.

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:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to care regulations including safeguarding and health and safety, and employment law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and other factors such as income tax, payroll tax and sales tax.

62

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and concluded that the risk was low. Audit procedures performed by the engagement team included:

Identifying and testing journals; and

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

63

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Stokes (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: 2 September 2024

64

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME AND ENDOWMENTS
Income from Charitable Activities
Fees
Grants
Income from investments
2
Donations and Legacies
Donations
Legacies
Other
3
Total Income and Endowments
EXPENDITURE
Expenditure on Raising Funds
Fundraising Costs
Net income available for charitable application
Expenditure on Charitable Activities
Education
Support Services
Total Expenditure on Charitable Activities
Total Expenditure
4
Net Gains on Investments
10
Net Income/ (expenditure)
Actuarial gains/(losses) on defined benefits pension schemes
17
Transfers between Funds
Net movement in funds for year
Reconciliation of funds:
Fund balances at 31 December 2022
Fund balances at 31 December 2023		 Unrestricted
Funds
£000
881
-
881
43
798
1,060
1,858
43
2,825
786
2,039
1,133
795
1,928
2,714
41
152
10
580
742
2,166
2,908		 Designated
Funds
£000
-
-
-
-
-
-
-
-
-
18
(18)
63
100
163
181
-
(181)
-
(439)
(620)
1,977
1,357		 Restricted
Funds
£000
-
16
16
-
1,168
25
1,193
-
1,209
-
1,209
70
1,007
1,077
1,077
-
132
-
(141)
(9)
149
140		 2023
2022
£000
£000
881
727
16
40
897
767
43
1
1,966
1,446
1,085
2,295
3,051
3,741
43
4
4,034
4,513
804
786
3,230
3,727
1,266
1,013
1,902
1,614
3,168
2,627
3,972
3,413
41
-
103
1,100
10
11
-
-
113
1,111
4,292
3,181
4,405
4,292

The statement of financial activities has been prepared on the basis that all activities are continuing, other than those indicated above.

All recognised gains and losses are included in the Statement of Financial Activities.

No summary income and expenditure account has been prepared because this information is clearly identified in the above statement.

The accompanying notes form part of these financial statements.

65

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

PRIOR YEAR COMPARATIVES

PRIOR YEAR COMPARATIVES
Note
INCOME AND ENDOWMENTS
Income from Charitable Activities
Fees
Grants
Income from investments
2
Donations and Legacies
Donations
Legacies
Other
3
Total Income and Endowments
EXPENDITURE
Expenditure on Raising Funds
Fundraising Costs
Net income available for charitable application
Expenditure on Charitable Activities
Education
Support Services
Total Expenditure on Charitable Activities
Total Expenditure
4
Net Gains/(Losses) on Investments
10
Net Income/ (expenditure)
Actuarial gains on defined benefits pension schemes
17
Transfers between Funds
Net movement in funds for year
Reconciliation of funds:
Fund balances at 31 December 2021
Fund balances at 31 December 2022		 Unrestricted
Funds
£000
727
14
741
1
876
2,274
3,150
4
3,896
772
3,124
968
690
1,658
2,430
-
1,466
11
(953)
524
1,642
2,166		 Designated
Funds
£000
-
-
-
-
94
-
94
-
94
14
80
41
85
126
140
-
(46)
-
902
856
1,121
1,977		 Restricted
Funds
£000
-
26
26
-
476
21
497
-
523
-
523
4
839
843
843
-
(320)
-
51
(269)
418
149		 2022
£000
727
40
767
1
1,446
2,295
3,741
4
4,513
786
3,727
1,013
1,614
2,627
3,413
-
1,100
11
-
1,111
3,181
4,292		 2021
£000
684
9
693
-
2,949
1,358
4,307
6
5,006
761
4,245
1,177
1,932
3,109
3,870
-
1,136
65
-
1,201
1,980
3,181

The statement of financial activities has been prepared on the basis that all activities are continuing, other than those indicated above.

All recognised gains and losses are included in the Statement of Financial Activities.

No summary income and expenditure account has been prepared because this information is clearly identified in the above statement.

The accompanying notes form part of these financial statements.

66

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT – COMPANY NO: 00139928 BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Fixed assets
Tangible Assets
9
Investments
10
Current assets
Debtors
11
Cash and Bank balances
Liabilities
Creditors: Amounts falling due within one year
12
Net current assets
Creditors: Amounts falling due after one year
12
Net assets excluding pension scheme liability
Defined Benefit Pension Scheme
17		 Charity
2023
£000
1,147
1,556
2,703
2,012
595
2,607
(901)
1,706
-
4,409
(4)		 Charity
2022
£000
1,229
-
1,229
2,617
1,711
4,328
(924)
3,404
(327)
4,306
(14)
4,292
25
124
149
1,977
1,583
583
2,166
4,292
Total net assets 4,405
The funds of the charity:
Restricted funds
Permanent Endowment Funds
13
Other Funds
13
Designated funds
Designated funds
13
Unrestricted Funds
General Funds
13
Revaluation Reserve
13
Total charity funds		 25
115
140
1,357
2,325
583
2,908
4,405

The financial statements were approved and authorised for issue by the Board of Trustees on 02/09/2024 and signed on their behalf by:

P.R.A.Knott

…………………………………. ………………………………………….. Patrick Plant, Chairman Peter Knott, Treasurer

The accompanying notes form part of these financial statements.

67

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 DECEMBER 2023

Note
2023
£000
Net cash provided by (used in) operating activities
a
911
Cash flow from investing activities:
Dividends, interest and rent from investments
43
Purchase of Tangible Fixed Assets
(71)
Proceeds from sales of Tangible Fixed Assets
9
Purchase of Investments
(1,500)
Net cash by investing activities
(1,519)
Cash flow from financing activities
Repayment of borrowing
(508)
Net cash by financing activities
(508)
Change in cash in the reporting period
(1,116)
Cash and cash equivalents at the beginning of the period
1,711
Cash and cash equivalents at the end of the period
b
595
a Reconciliation of net income/(expenditure) to net cash flow from operating activities
2023
£000
Net income for the reporting period (as per the
statement of financial activities)
113
Adjustments for:
Investment income
(43)
Depreciation charges
153
Profits of disposal of Fixed assets
(9)
Net pension scheme movements
(10)
Decrease/(Increase) in Debtors
590
Increase in Creditors
158
Gain on Investments
(41)
Net cash provided by (used in) operating activities
911
b Analysis of cash and cash equivalents
2023
£000
Cash in hand
595
595
c. Analysis of changes in net debt
At start of
year
Cash-flows
£000
£000
Cash
1,711
(1,116)
Loans falling due within one year
( 181)
181
loans falling due after more than one year
(327)
327
1,203
(608)		 Note
2023
£000
Net cash provided by (used in) operating activities
a
911
Cash flow from investing activities:
Dividends, interest and rent from investments
43
Purchase of Tangible Fixed Assets
(71)
Proceeds from sales of Tangible Fixed Assets
9
Purchase of Investments
(1,500)
Net cash by investing activities
(1,519)
Cash flow from financing activities
Repayment of borrowing
(508)
Net cash by financing activities
(508)
Change in cash in the reporting period
(1,116)
Cash and cash equivalents at the beginning of the period
1,711
Cash and cash equivalents at the end of the period
b
595
a Reconciliation of net income/(expenditure) to net cash flow from operating activities
2023
£000
Net income for the reporting period (as per the
statement of financial activities)
113
Adjustments for:
Investment income
(43)
Depreciation charges
153
Profits of disposal of Fixed assets
(9)
Net pension scheme movements
(10)
Decrease/(Increase) in Debtors
590
Increase in Creditors
158
Gain on Investments
(41)
Net cash provided by (used in) operating activities
911
b Analysis of cash and cash equivalents
2023
£000
Cash in hand
595
595
c. Analysis of changes in net debt
At start of
year
Cash-flows
£000
£000
Cash
1,711
(1,116)
Loans falling due within one year
( 181)
181
loans falling due after more than one year
(327)
327
1,203
(608)		 Note
2023
£000
Net cash provided by (used in) operating activities
a
911
Cash flow from investing activities:
Dividends, interest and rent from investments
43
Purchase of Tangible Fixed Assets
(71)
Proceeds from sales of Tangible Fixed Assets
9
Purchase of Investments
(1,500)
Net cash by investing activities
(1,519)
Cash flow from financing activities
Repayment of borrowing
(508)
Net cash by financing activities
(508)
Change in cash in the reporting period
(1,116)
Cash and cash equivalents at the beginning of the period
1,711
Cash and cash equivalents at the end of the period
b
595
a Reconciliation of net income/(expenditure) to net cash flow from operating activities
2023
£000
Net income for the reporting period (as per the
statement of financial activities)
113
Adjustments for:
Investment income
(43)
Depreciation charges
153
Profits of disposal of Fixed assets
(9)
Net pension scheme movements
(10)
Decrease/(Increase) in Debtors
590
Increase in Creditors
158
Gain on Investments
(41)
Net cash provided by (used in) operating activities
911
b Analysis of cash and cash equivalents
2023
£000
Cash in hand
595
595
c. Analysis of changes in net debt
At start of
year
Cash-flows
£000
£000
Cash
1,711
(1,116)
Loans falling due within one year
( 181)
181
loans falling due after more than one year
(327)
327
1,203
(608)		 2022
£000
(172)
1
(46)
-
-
(45)
(172)
(172)
(389)
2,100
1,711
2022
£000
1,111
-
136
-
(13)
(1,531)
125
-
(172)
2022
£000
1,711
1,711
Other non
cash
changes
At end
of year
£000
£000
-
595
-
-
-
-
1,203 (608) -
595

68

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

a: Statutory information

The Royal Society for Blind Children (RSBC) is a charitable company limited by guarantee (company number: 139928) and is incorporated in England and Wales (charity number: 307892). The Charity's registered office address and principal place of business is LWLC, 10 Lower Thames Street, London EC3R 6EN.

The principal accounting policies, all of which have been applied consistently throughout the year are set out below:

b: Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the inclusion of fixed asset investments at market value and are in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), Charities SORP FRS 102 and the Companies Act 2006. The charity is a Public Benefit Entity as defined by FRS 102.

c: Going Concern

The Trustees have considered the charity's operations and cashflow for at least 12 months from the date of signing these accounts and they believe that there are no material uncertainties about the charity’s ability to continue in operational existence over the period. Accordingly, they have adopted a going concern basis in the preparation of these financial statements.

d: Group Accounts

The charity also has the following dormant subsidiaries that have not traded in the year:

Another subsidiary, Blind Independence Greenwich, (Company No: 07324135 and Charity No: 1139798) ceased trading in September 2015.

All the above-mentioned entities are wholly controlled by RSBC and have the same registered office address.

The Charity's income was £4.0m (2022: £4.5m), expenditure £3.97m (2022: £3.41m) and net Income of £113k (2022: £1.1m).

e: Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received; and, that the amount can be measured reliably.

69

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

e: Income (continued)

Income from government and other grants, whether "capital" grants or "revenue" grants, is recognised when the charity has entitlement to the funds; any performance conditions attached to the grants have been met; it is probable that the income will be received; and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made; or, when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f: Donations of gifts, services, and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over them or received the service; any conditions associated with the donation have been met; the receipt of economic benefit from the use by the charity of the item is probable; and, that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the Trustees' annual report for more information about their contribution.

g: Expenditure and Irrecoverable VAT

Expenditure is accounted for on an accruals basis. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Central (support) costs which cannot be directly allocated are apportioned across cost categories on the basis of total expenditure which will indirectly relate to volume of transactions, floor area and usage.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly allocated to such activities together with an allocation of support costs.

Costs of generating funds comprise those costs associated with attracting voluntary income together with an allocation of support costs.

Irrecoverable VAT is charged as a cost against the activity to which the expenditure was incurred.

h: Tangible Fixed Assets

Tangible fixed assets are stated at cost.

Depreciation is provided to write off the cost of fixed assets over their estimated useful lives on a straight-line basis over the following periods:

70

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

i: Operating Leases

Rentals paid under operating leases are charged to income on a straight-line basis over the lease term.

j: Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

k: Cash at bank and in hand

Cash at bank and in hand includes all cash balances and short term highly liquid investments with a short-term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l: Creditors and provisions

Creditors and provisions are recognised where the charity has 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.

m: Pension costs

The Society has a legacy defined benefit pension scheme and operates a current GPP scheme for employees. Kyekus Limited (formerly RSBC) participates in the Scottish Voluntary Sector Pension Scheme administered by the Pensions Trust, a multi-employer defined benefit pension scheme. The liability is included in the accounts.

n: Fund Accounting

Restricted funds are subject to specific conditions imposed by the donors or grant making bodies or monies raised in response to a specific appeal.

Designated funds are funds that have been set aside by the Trustees for particular purposes. The purpose and use of each designated fund is set out in Note 13.

General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the charity’s objectives and which have not been designated for other purposes.

Permanent endowment funds represent restricted funds the capital of which should be held in perpetuity.

o: Significant judgements and sources estimation uncertainty

The preparation of these financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charity's accounting policies. The Trustees do not consider that there are any key sources of material estimation uncertainty in the preparation of these financial statements.

p: Financial Instruments

With the exception of the listed investments described above, the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

71

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

q: Employee benefits

Short term benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Employee termination benefits

Termination benefits are accounted for on an accrual basis and in line with FRS102.

2. INVESTMENT INCOME

INVESTMENT INCOME
Income from UK listed investments
Interest received on UK cash deposits		 2023
2022
£000
£000
15
-
28
1
43
1

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

3. OTHER INCOME

OTHER INCOME
Profit on Disposal of fixed assets 2023
2022
£000
£000
9
-
Sundry income 34
4
43
4

4. ANALYSIS OF TOTAL EXPENDITURE

Support costs relating to central services including management and administration have been allocated over the service areas by way of total expenditure which will indirectly relate to volume of transactions, floor area and usage. Governance costs include insurance, audit fees and legal fees.

Expenditure on raising funds was £804k (2022: £786k) all of which is unrestricted.

Expenditure on charitable activities was £3,168k (2022: £2,627k) of which £1,077k (2022: £843k) was restricted; £163k was designated funds (2022: £140k); and £1,928k (2022: £1,658k) unrestricted.

72

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. ANALYSIS OF TOTAL EXPENDITURE (continued)

Expenditure Charitable Activities:
on Raising Education Total
Basis of Allocation Funds & Training Services 2023 2022
£000 £000 £000 £000 £000
Costs directly allocated to activities:
Staff Costs Direct 481 670 847 1,998 1,589
Non Staff Costs Direct 190 191 268 649 564
Total direct costs 671 861 1,115 2,647 2,153
Support Costs allocation:
Premises Floor area 25 74 147 246 206
Administrative support Estimated usage 74 221 441 736 733
Marketing Estimated usage 11 34 68 113 110
Governance Estimated usage 9 26 51 86 75
Support costs excluding depreciation 119 355 707 1,181 1,124
Support costs - depreciation Estimated usage 14 50 80 144 136
Total Support Costs 133 405 787 1,325 1,260
Total Expenditure 804 1,266 1,902 3,972 3,413

Cost of administrative support above of £736k (2022: £733K) and includes £37k of pro bono expenditure (2022: £23k).

PRIOR YEAR COMPARATIVES

PRIOR YEAR COMPARATIVES
Expenditure Charitable Activities:
on Raising Education Total
Basis of Allocation Funds & Training Services 2022 2021
£000 £000 £000 £000 £000
Costs directly allocated to activities:
Staff Costs Direct 349 527 713 1,589 1,520
Service Costs Direct 309 108 147 564 452
Total direct costs 658 635 860 2,153 1,972
Support Costs allocation:
Premises Floor area 21 61 124 206 107
Administrative support Estimated usage 74 220 439 733 1,563
Marketing Estimated usage 11 33 66 110 179
Governance Estimated usage 8 23 44 75 42
Support costs excluding depreciation 114 337 673 1,124 1,891
Support costs - depreciation Estimated usage 14 41 81 136 7
Total Support Costs 128 378 754 1,260 1,898
Total Expenditure 786 1,013 1,614 3,413 3,870

73

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. LEASE COMMITMENTS

At 31 December 2023, RSBC had commitments to make the following payments in total under noncancellable operating leases of:

Operating leases which expire: 2023
2022
£000
£000
Land and buildings		 2023
2022
£000
£000
Land and buildings		 Other Other
2023
£000		 2023
£000		 2022
£000
in less than one year
between one and five years		 131
672		 131
672		 -
-		 7
21
after five years 373
1,176		 504
1,307		 -
-		 -
28

6. EMPLOYEES

The average FTE during the year was 59 (2022: 54). The average FTE of employees of the RSBC allocated based on activity was:

Education and training
Community service
Support to direct charitable activities
Fundraising
Management and administration
Staff costs comprise:
Wages and salaries*
Social Security contributions
Other pension costs		 2023
No. FTE
22
22
9
12
2
67
2023
£000
2,218
189
118
2,525		 2022
No. FTE
16
18
9
9
2
54
2022
£000
1,879
181
113
2,173

*Total payments related to redundancy totalled £nil (2022: £17k)

In 2023 the Senior Leadership Team comprised the Chief Executive Officer, and 6 Senior Managers. The total cost of the Senior Leadership Team in the year was £570k (2022: £517k).

The following number of employees received employee benefits (excluding employer pension costs and employer’s national insurance) during the year between:

£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000		 2023
2
3
1
-		 2022
1
2
-
1

The 6 Senior Leadership staff are members of the Scottish Widows defined contribution Pension Scheme (2022: 6)

74

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. TRUSTEES

No Council member received any remuneration from the RSBC during the year or previous year. Travel expenses of £548 were incurred by Council members whilst on RSBC activities (2022: £256)

8. NET MOVEMENT IN FUNDS

The net movement in funds for the year is stated after charging:

Depreciation of Tangible Fixed Assets
Staff costs
Auditors' remuneration:
Audit services
9.
TANGIBLE FIXED ASSETS		 Depreciation of Tangible Fixed Assets
Staff costs
Auditors' remuneration:
Audit services
9.
TANGIBLE FIXED ASSETS		 Depreciation of Tangible Fixed Assets
Staff costs
Auditors' remuneration:
Audit services
9.
TANGIBLE FIXED ASSETS		 Depreciation of Tangible Fixed Assets
Staff costs
Auditors' remuneration:
Audit services
9.
TANGIBLE FIXED ASSETS		 2023
£000
153
2,525
21		 2022
£000
136
2,173
21		 2022
£000
136
2,173
21
CHARITY
Cost
At 1 January 2023
Additions		 Freehold
land
£000
125
-		 Freehold
properties
£000
1,004
-		 Fixtures
and
fittings
£000
262
15		 Machinery
tools and
equipment
£000
249
51		 Motor
vehicles
£000
11
5		 Total
£000
1,651
71
At 31 December 2023 125 1,004 277 300 16 1,722
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net Book Values
At 31 December 2023
At 31 December 2022		 -
-
-
125
125		 84
84
168
836
920		 134
8
142
135
128		 193
60
253
47
56		 11
1
12
4
-		 422
153
575
1,147
1,229

75

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10.
INVESTMENTS
Market value at 1 December 2022
Additions
Additional Investment
Net investment gains
Market value at 31 December 2023
Investment comprises the following:
Asset funds
Equities
Bonds
Multi-asset funds
Cash
Cash Funds
Bonds
Cash		 2023
£000
-
1,500
15
41
1,556
714
121
152
54
500
15
1,556		 2022
£000
-
-
-
-
-
-
-
-
-
-
-

All investments are held in a UK quoted stock market.

11. DEBTORS AND PREPAYMENTS

Trade debtors
Other debtors and prepayments
Accrued income		 Charity
2023
£000
227
160
1,625
2,012		 Charity
2022
£000
140
112
2,365
2,617

Included within accrued income are legacies of £1.6m (2022: £2.35m)

76

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. CREDITORS – amount falling due within one year

Trade creditors 2023
£000
90		 2022
£000
70
Accrued expenditure 210 157
Other taxes and social security costs
Deferred income
Loan
Other creditors		 63
520
-
18		 46
454
181
16
901 924
Deferred Income
Balance at 31 December 2022
Amounts released to income
Amounts deferred in the period
Balance at 31 December 2023		 2023
£000
454
(454)
520
520		 2022
£000
281
(281)
454
454

Deferred income consists of receipts in advance from funders £360k (2022: 302k) and local authority income for Dorton College £160k (2022: £152k).

CREDITORS – Creditors: amounts falling due after more than one year.

CBILS Loans
Total		 2023
£000
-
-		 2022
£000
327
327

In July 2020 and May 2021, RSBC applied for a loan (a “CBIL Scheme Facility”) under the Coronavirus Business Interruption Loan Scheme (“CBILS”) of £250k and £500k respectively under the Government’s initial CBILS (the Scheme).

The outstanding balance of the CBILS loans was repaid in May 2023.

The loans are repayable as follows :

Amounts payable within one year
Amounts payable between one and two years
Amounts payable between two and five years
Total		 2023
2022
£000
£000
-
181
-
125
-
202
-
508

77

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. STATEMENT OF FUNDS 2023

Permanent endowment funds
Fox Musical Scholarship Fund
Other Restricted Funds
Families First Service Programme
Live Life Go Further
Fox Revenue
Legacies
Dorton College
Restricted Funds - charity
Total Restricted Funds
Unrestricted Funds
Designated Funds
LWLC Centre Fixed Assets
Development Funds
Loan Repayments
Total Designated Funds
Revaluation Reserves
General Funds
Unrestricted Funds- charity
Total Funds		 1 Jan
2023
£000
25
25
25
37
1
22
39
124
149
1,075
447
455
1,977
583
1,583
4,143
4,292		 £000
-
-
778
390
-
25
16
1,209
1,209
-
-
-
-
-
2,876
2,876
4,085
Income &
Investment
gains		 £000
-
-
(682)
(325)
-
(22)
(48)
(1,077)
(1,077)
(144)
(21)
(16)
(181)
-
(2,714)
(2,895)
(3,972)
Expenditure
& Losses		 31 Dec
2023
£000
£000
-
25
-
25
(113)
8
(28)
74
-
1
-
25
-
7
(141)
115
(141)
140
-
931
-
426
(439)
-
(439)
1,357
-
583
580
2,325
141
4,265
-
4,405
Transfers

Transfer

A total of £580k was transferred back into the general fund relating to the following.

The loan repayment represents a significant portion of the transferred funds (£439k) whilst overhead allocations contribute to the general fund, helping cover shared costs between different services.

Designated Funds

Development Fund

Loan Repayment

LWLC Fixed Assets

78

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. STATEMENT OF FUNDS 2022

Permanent endowment funds
Fox Musical Scholarship Fund
Other Restricted Funds
Families First Service Programme
Live Life Go Further
Fox Revenue
Legacies
Dorton College
Restricted Funds - charity
Total Restricted Funds
Unrestricted Funds
Designated Funds
LWLC Centre Fixed Assets
Development Funds
Loan Repayments
Total Designated Funds
Revaluation Reserves
General Funds
Unrestricted Funds- charity
Total Funds		 1 Jan
2022
£000
25
25
156
205
1
1
30
393
418
1,121
-
-
1,121
583
1,059
2,763
3,181		 £000
-
-
296
180
-
21
26
523
523
94
-
-
94
-
3,907
4,001
4,524
Income &
Investment
gains		 £000
-
-
(506)
(333)
-
-
(4)
(843)
(843)
(140)
-
-
(140)
-
(2,430)
(2,570)
(3,413)
Expenditure
& Losses		 31 Dec
2022
£000
£000
-
25
-
25
79
25
(15)
37
-
1
-
22
(13)
39
51
124
51
149
-
1,075
447
447
455
455
902
1,977
583
(953)
1,583
(51)
4,143
-
4,292
Transfers

Fox Musical Scholarship Fund

For pupils to receive music lessons.

Families First Service Programme

This programme provides support and helps families access practical and emotional support from the moment their child is diagnosed with sight loss. Based across England and Wales, RSBC's family practitioners work with young people and their families.

Life Live Go Further Programme

This programme provides a range of activities for young people between the ages of 8 and 25 years to choose from. The programme builds confidence, resilience, social networks, and skills as well as independence. Activities include health and wellbeing, employability, book club, sisterhood club and other social and peer groups.

Legacies

Restricted funds to provide support and help to vision impaired children and young people at Dorton College.

Dorton College

Capital funding to maintain and improve the condition of school buildings, received from the department for School Condition Allocations (SCA) for special post-16 institutions.

79

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. LIABILITY OF MEMBERS

The RSBC (formerly the RLSB) is a company limited by guarantee and has no share capital. The liability of the members of RSBC is limited to £1 per member.

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023

Permanent
**Unrestricted ** Designated Restricted Endowment
funds funds funds Funds Total
£000 £000 £000 £000 £000
Fixed Assets
Tangible assets 177 970 - - 1,147
Investments 1,556 - - - 1,556
1,733 970 - - 2,703
Current Assets
Debtors 1,005 1,007 - - 2,012
Cash and Bank balances 1,075 (620) 115 25 595
2,080 387 115 25 2,607
Creditors
Amounts falling due within one year (901) - - - (901)
Net Current (Liabilities)/Assets 1,179 387 115 25 1,706
Amounts falling due after one Year - - - - -
Pension scheme deficit (4) - - - (4)
NET ASSETS 2,908 1,357 115 25 4,405

ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022

Permanent
**Unrestricted ** Designated Restricted Endowment
funds funds funds Funds Total
£000 £000 £000 £000 £000
Fixed Assets
Tangible assets 129 1,100 - - 1,229
129 1,100 - - 1,229
Current Assets
Debtors 1,694 923 - - 2,617
Cash and Bank balances 1,608 (46) 124 25 1,711
3,302 877 124 25 4,328
Creditors
Amounts falling due within one year (924) - - - (924)
Net Current (Liabilities)/Assets 2,378 877 124 25 3,404
Amounts falling due after one Year (327) - - - (327)
Pension scheme deficit (14) - - - (14)
NET ASSETS 2,166 1,977 124 25 4,292

80

THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. PENSION SCHEMES

a) ROYAL SOCIETY FOR BLIND CHILDREN (RSBC) PENSION SCHEMES

The company participates in a multi-employer scheme which provides benefits to some 82 nonassociated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company 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.

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 'last man 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. The liability and risk are limited and proportionate given there is only one pensioner member remaining in this scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 21 December 2021 and showed assets of £153.3m, liabilities of £160.0m and a deficit of £6.7m. To eliminate this funding shortfall, the scheme trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 May 2024: £1,473,969 per annum (payable monthly and increasing by 3% each year on 1[st] April)

Some employers have agreed concessions (both past and present) with the scheme trustees and have contributions up to 28 February 2034.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £120.0m, liabilities of £145.9m and a deficit of £25.9m. To eliminate this funding shortfall, the scheme trustees asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

£1,404,638 per annum From 1 April 2019 to 30 September 2026: (payable monthly and increasing by 3% each on 1st April)

From 1 April 2019 to 30 September 2027:

£136,701 per annum (payable monthly and increasing by 3% each on 1st April)

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THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. PENSION SCHEMES (continued)

PRESENT VALUES OF PROVISION

31 December
(£s)		 2023 31 December 2022
(£s)		 31 December
2021
(£s)
Present value of provision 4,378 14,338 25,827

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

RECONCILIATION OF OPENING AND CLOSING PROVISIONS
Period Ending Period Ending
31 December 2023 31 December 2022
(£s) (£s)
Provision at start of period 14,338 25,827
Unwinding of the discount factor (interest expense) 430 223
Deficit contribution paid (10,390) (11,361)
Remeasurements - impact of any change in assumptions 0 (351)
Remeasurements - amendments to the contribution schedule - -
Provision at end of period 4,378 14,338

INCOME AND EXPENDITURE IMPACT

INCOME AND EXPENDITURE IMPACT
Period Ending Period Ending
31 December 2023 31 December 2022
(£s) (£s)
Interest expense 430 223
Remeasurements – impact of any change in assumptions 0 (351)
Remeasurements – amendments to the contribution schedule - -
Contributions paid in respect of future service* * *
Costs recognised in income and expenditure account * *

*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company.

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THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. PENSION SCHEMES (continued)

ASSUMPTIONS

ASSUMPTIONS
31 December 2023 31 December 2022 31 December 2021
%per annum %per annum %per annum
Rate of discount 4.84 4.90 1.16

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:

DEFICIT CONTRIBUTIONS SCHEDULE

Year ending 31 December 2023
(£s)		 31 December 2022
(£s)		 31 December 2021
(£s)
Year 1 4,413 10,390 11,361
Year 2 - 4,413 10,390
Year 3 - - 4,413
Year 4 – Year 20 - - -

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. It is these contributions that have been used to derive the company's balance sheet liability.

b) RLSB PENSION SCHEMES

The Employer operates a defined benefit pension scheme in the UK. The disclosures set out below are based on calculations carried out as at 31 December 2023 by a qualified actuary. RSBC does not recognise the asset position on the balance sheet.

The Scheme's assets are held in a separate Trustee administered fund to meet long-term pension liabilities to past and present employees. The Trustees of the Scheme are required to act in the best interest of the Scheme's beneficiaries. The appointment of the member Trustee board is determined by the trust documentation.

The liabilities of the defined benefit scheme are measured by discounting the best estimate of future cash flows to be paid out of the Scheme using the projected unit method. This amount is reflected in the surplus/deficit in the balance sheet.

The projected unit method is an accrued benefits valuation method in which the Scheme's liabilities make allowance for future revaluation of deferred benefits and projected future pension increases.

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THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. PENSION SCHEMES (continued)

Individual Member calculations as at 31 December 2023 have been used in the completion of these disclosures. The Society currently pays contributions of £nil as noted in the Schedule of Contributions agreed as part of the actuarial valuation as at 31 July 2022.

The major assumptions used by the actuary to update the results are shown below.

The total Society contribution assumed to be made in the year commencing 1 January 2024 is nil.

All figures in the disclosure are quoted to the nearest £1,000.

All figures in the disclosure are quoted to the nearest £1,000.
Principal Assumptions 2023 2022
Per Per
annum annum
Discount rate 4.27% 4.60%
Retail Prices index (RPI) inflation 3.25% 3.26%
Retail Price index (CPI) inflation 2.60% 2.61%
Future increases in deferred pensions 2.60% 2.61%
Rate of increase to pensions in payment: RPI, max 5% pa 3.15% 3.17%
Life Expectatancies 2023 2022
Future life expectancy of male aged 65 at balance sheet date 21.8 22.0
Future life expectancy of male achieving age 65 20 years after balance sheet date 23.0 23.4
Future life expectancy of female aged 65 at balance sheet date 24.2 24.3
Future life expectancy of female achieving age 65 20 years after balance sheet date 25.6 25.7

Asset Breakdown

The major category of scheme assets as a percentage of total scheme assets at 31 December are as Follows:

Equities and Alternatives
UK Government Bonds
UK Corporate Bonds
LDI Funds
Cash
Total
Amounts Recognised in Statement of Financial Position
Fair value of Scheme Assets
Present Value of Benefit Obligations
Surplus/(deficit) in the Scheme
Not Recognised due to Surplus Limitations
Net Pension Assets/(Liability)
Amounts Recognised in Statement of Financial Activities (SOFA)
Current Service Costs
Administration Expenses
Total Pension Costs Recognised in SOFA
Other Comprehensive Income
Actual Return on Scheme Assets Less Interest Income on Scheme assets
Change in Assets Not Recognised Due to Changes in Surplus Limitation
Actuarial Gains and (Losses)
Remeasurement Gains and (Losses) Recognised in Other Comprehensive Income		 2023
2022
28.5%
29.1%
40.7%
39.9%
29.8%
30.4%
0.0%
0.0%
1.0%
0.6%
100.0%
100.0%
2023
2022
£000
£000
12,093
19,381
(9,764)
(15,924)
2,329
3,457
(2,329)
(3,457)
-
-
2023
2022
£000
£000
-
-
-
-
-
-
2023
2022
£000
£000
147
(6,734)
14
740
(161)
5,994
-
-

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THE ROYAL SOCIETY FOR BLIND CHILDREN ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. PENSION SCHEMES (continued)

Changes in Defined Benefit Obligation
Opening Defined Benefit Obligation
Current Service Cost
Interest Expense
Employee Contributions
Actuarial (Gains)/Losses
Benefits Paid
Losses/(Gain) on Settlements/Curtailments
Liabilities Extinguished on Settlements
Closing Defined Benefit Obligation
Changes in Fair Value of Scheme Assets
Opening fair Value of Scheme Assets
Actual return of Scheme Assets Less Interest Income
Interest Income
Society Contributions
Employee Contributions
Benefit paid
Expenses
Closing Fair value of Scheme Assets		 2023
2022
£000
£000
9,683
15,924
-
-
429
280
-
-
161
(5,994)
(509)
(527)
-
-
-
-
9,764
9,683
2023
2022
£000
£000
12,233
19,381
147
(6,734)
429
280
-
-
-
-
(509)
(527)
(207)
(167)
12,093
12,233

18. RELATED PARTY TRANSACTIONS

The charity had six subsidiary/associated undertakings during the year, five of which were dormant. (see Note 1). Other than disclosures included within note 6, there were no other related party transactions in the current or prior year.

19. CORPORATION TAX

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

85