Unrestricted funds
|
Group
2013
£’000
|
Group
2012
£’000
|
Charity
2013
£’000
|
Charity
2012
£’000
|
Quoted/Unquoted
|
|
|
|
|
Market value at beginning of year
|
14,561
|
20,265
|
14,566
|
20,270
|
Acquisitions at cost
|
5,003
|
4
|
5,003
|
4
|
Disposals at opening market value
|
(3,686)
|
(5,738)
|
(3,686)
|
(5,738)
|
Net gain on revaluation
|
881
|
30
|
881
|
30
|
Market value at the end of the year
|
16,759
|
14,561
|
16,764
|
14,566
|
Historical cost at the end of the year
|
12,823
|
15,028
|
15,643
|
14,375
|
Property
|
|
|
|
|
Market value at beginning of year
|
1,683
|
1,678
|
1,683
|
1,678
|
Net gain on revaluation
|
20
|
5
|
20
|
5
|
Market value at the end of the year
|
1,703
|
1,683
|
1,703
|
1,683
|
Historical cost at the end of the year
|
600
|
600
|
600
|
600
|
Total market value at the end of the year
|
18,462
|
16,244
|
18,467
|
16,249
|
Total historical cost at the end of the year
|
13,423
|
15,628
|
16,243
|
14,974
|
Restricted funds
|
Group
2013
£’000
|
Group
2012
£’000
|
Charity
2013
£’000
|
Charity
2012
£’000
|
Quoted/Unquoted
|
|
|
|
|
Market value at beginning of year
|
12,507
|
7,803
|
4,927
|
4,799
|
Acquisitions at cost
|
271
|
4,642
|
-
|
-
|
Disposals at opening market value
|
(109)
|
(66)
|
-
|
-
|
Net gain on revaluation
|
1,333
|
128
|
507
|
128
|
Market value at the end of the year
|
14,002
|
12,507
|
5,434
|
4,927
|
Historical cost at the end of the year
|
7,572
|
12,302
|
4,780
|
4,540
|
Endowment funds
|
Group
2013
£’000
|
Group
2012
£’000
|
Charity
2013
£’000
|
Charity
2012
£’000
|
Quoted
|
|
|
|
|
Market value at beginning of year
|
5,636
|
5,526
|
5,635
|
5,494
|
Acquisitions at cost
|
105
|
-
|
105
|
-
|
Disposals at opening market value
|
(799)
|
(31)
|
(799)
|
-
|
Net gain on revaluation
|
451
|
141
|
451
|
141
|
Market value at the end of the year
|
5,393
|
5,636
|
5,392
|
5,635
|
Historical cost at the end of the year
|
4,695
|
5,480
|
4,694
|
5,479
|
During the year the split of investments between restricted and unrestricted has been recalculated.
|
Group
2013
£’000
|
Group
2012
£’000
|
Charity
2013
£’000
|
Charity
2012
£’000
|
Unrestricted funds - Quoted
|
18,462
|
16,244
|
18,462
|
16,244
|
Unrestricted funds - Unquoted
|
-
|
-
|
5
|
5
|
Restricted funds
|
14,002
|
12,507
|
5,434
|
4,927
|
Endowment funds
|
5,393
|
5,636
|
5,392
|
5,635
|
Total market value of investments at end of year
|
37,857
|
34,387
|
29,293
|
26,811
|
The market value of investments is further broken down as follows:
|
Group
2013
£’000
|
Group
2012
£’000
|
Charity
2013
£’000
|
Charity
2012
£’000
|
Unrestricted funds - UK Quoted
|
17,145
|
14,951
|
17,145
|
14,951
|
Unrestricted funds – UK Unquoted
|
-
|
-
|
5
|
5
|
Unrestricted funds - UK Property
|
1,317
|
1,293
|
1,317
|
1,293
|
Restricted funds - UK Quoted
|
13,998
|
12,503
|
5,434
|
4,927
|
Restricted funds – Overseas Quoted
|
4
|
4
|
-
|
-
|
Endowment funds - UK Quoted
|
5,393
|
5,636
|
5,392
|
5,635
|
Total market value of investments at end of year
|
37,857
|
34,387
|
29,293
|
26,811
|
The trustees believe that the carrying value of the investments is supported by their underlying assets.
Significant holdings
Within the portfolio of quoted investments, the following holdings for the RNIB Group exceed five per cent of the total market value of the fund:
|
2013
£’000
|
2013
%
|
2012
£’000
|
2012
%
|
Unrestricted funds - L&G Ethical Trust (Distribution Units)
|
6,043
|
16.7
|
4,717
|
14.4
|
Unrestricted funds - L&G Cash Trust (Accumulation Units)
|
8,712
|
24.1
|
4,197
|
12.8
|
Unrestricted funds - F&C Ethical Bond Share Class 2
|
7,413
|
20.5
|
10,551
|
32.3
|
Restricted funds - CAF UK Equities fund
|
2,989
|
8.8
|
2,766
|
8.5
|
Restricted funds - L&G Fixed Interest Trust
|
4,247
|
11.7
|
3,759
|
11.5
|
Endowment funds – F&C Ethical Bond Share Class 2 (Emma Nye Fund)
|
2,989
|
8.3
|
2,768
|
8.5
|
In addition the Charity investments also include the following nominal holdings in subsidiary undertakings. The subsidiaries are all based within the United Kingdom and their accounting year ends are 31 March.
Subsidiary undertakings with a share capital
|
Registered in
|
Capital held
%
|
Number of £1 ordinary shares held
|
RNIB Enterprises Limited
|
England and Wales
|
100
|
5,000
|
RNIB Services Limited
|
England and Wales
|
100
|
1
|
Inosight Limited
|
England and wales
|
33
|
1
|
Total - direct
|
|
|
5,002
|
Action for Blind People Activities Limited
|
England and Wales
|
100
|
2
|
Talking Newspapers Enterprises Limited
|
England and Wales
|
100
|
100
|
Total - indirect
|
|
|
102
|
In September 2011 RNIB formed a new trading subsidiary, registered in England and Wales, Inosight Limited. (Company number: 07780850) At 31 March 2012 no activities had taken place. On 2 May 2012 it was resolved that RNIB be allotted the sole class A share and therefore on the grounds of control the results for the extended period should be consolidated within the financial statements of RNIB at 31 March 2013. However, the results of Inosight are not material to the Group and on this basis have been excluded from the consolidation.
The loss in the period to 31 March 2013 in Inosight amounted to £83,367. The value of total reserves in the company at 31 March 2013 is (£83,364).
RNIB is the sole corporate member of the following organisations which, all bar the Glynn Vivian Home of Rest for the Blind, are limited by guarantee with no shares in issue:
Subsidiary undertakings limited by guarantee
|
Registered in
|
Company number
|
Charity number
|
Charity number - Scotland
|
Action
|
England and Wales
|
26688
|
205913
|
SCO40050
|
CVV
|
England and Wales
|
149982
|
214131
|
-
|
NTNM
|
England and Wales
|
01973092
|
293656
|
-
|
BCNI
|
Northern Ireland
|
NI 20701
|
XN48801
|
-
|
NLB
|
England and Wales
|
00058823
|
213212
|
-
|
Glynn Vivian
|
England and Wales
|
-
|
214330
|
-
|
RNIB has an indirect holding in the following organisations, through Action, which are both limited by guarantee with no shares in issue:
Subsidiary undertakings limited by guarantee
|
Registered in
|
Company number
|
Charity number
|
The Blind Society for North Tyneside Limited
|
England and Wales
|
03736040
|
1075973
|
Staffordshire Blind
|
England and Wales
|
4154438
|
1091458
|
In addition to the fixed asset investments there are also some donated investments held by the Charity, which because of their nature are included within current assets.
Current Asset Investments (including property held for sale)
Unrestricted funds
|
Group
2013
£’000
|
Group
2012
£’000
|
Charity
2013
£’000
|
Charity
2012
£’000
|
Quoted
|
|
|
|
|
Market value at beginning of year
|
-
|
-
|
-
|
-
|
Acquisitions at cost
|
-
|
2
|
-
|
2
|
Disposals at opening market value
|
-
|
(2)
|
-
|
(2)
|
Market value at the end of the year
|
-
|
-
|
-
|
-
|
Historical cost at the end of the year
|
-
|
-
|
-
|
-
|
|
|
|
|
|
Property held for sale
|
|
|
|
|
Market value at beginning of year
|
1,704
|
-
|
1,704
|
-
|
Transfers from fixed assets to property held for sale
|
-
|
1,704
|
|
1,704
|
Transfers to fixed assets from property held for sale
|
(480)
|
|
(480)
|
-
|
Disposals of property held for sale
|
(1,224)
|
-
|
(1,224)
|
-
|
Market value at the end of the year
|
-
|
1,704
|
-
|
1,704
|
Historical cost at the end of the year
|
-
|
708
|
-
|
708
|
The transfer from fixed assets to property held for sale in 2012 refers to the anticipated fair value proceeds of land at Bakewell Road, Orton Southgate, Peterborough and land and buildings held in Stockport. The transfer in respect of land in Peterborough has been reversed in 2013 as there was no interest shown.
Restricted funds
|
Group
2013
£’000
|
Group
2012
£’000
|
Charity
2013
£’000
|
Charity
2012
£’000
|
Property held for sale
|
|
|
|
|
Market value at beginning of year
|
350
|
2,752
|
350
|
350
|
Disposals of property held for sale
|
(350)
|
(2,402)
|
(350)
|
-
|
Market value at the end of the year
|
-
|
350
|
-
|
350
|
Historical cost at the end of the year
|
-
|
350
|
-
|
350
|
|
Group
2013
£’000
|
Group
2012
£’000
|
Charity
2013
£’000
|
Charity
2012
£’000
|
Unrestricted funds
|
-
|
1,704
|
-
|
1,704
|
Restricted funds
|
-
|
350
|
-
|
350
|
Total market value of current asset investments at end of year
|
-
|
2,054
|
-
|
2,054
|
Total Historical cost at the end of the year
|
-
|
1,058
|
-
|
1,058
|
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