Helping people find their lives again - RNIB

Helping people find
their lives again
RNIB annual report and
accounts 2008/2009

RNIB’s top five achievements of 2008/09
Last year we set the following targets...
1. Offer personalised support and advice to 70,000 people losing their sight.
Since the launch of our new helpline in November 2008, over 2,000 people have
contacted us every day for personalised advice and support, Talking Books,
products and much more. This includes 1,500 individuals who opted for an
in-depth “Quality of life” check.
2. Make everyday life easier through our information, specialist products and
audio, braille and large print books.
Everyday life was made easier last year for the 150,000 people who purchased a
specially designed RNIB product. Two hundred years on from Louis Braille’s birth,
braille is very much alive. We spent £1 million on new equipment meaning more
magazines, books and documents. In addition, our much–loved Talking Book and
other library services have grown from strength to strength with 43,000 people
enjoying the world of reading thanks to RNIB.
3. Ensure that children get access to the school curriculum and launch Work
Focus to support blind and partially sighted adults to find and keep their
jobs.
After years of campaigning by RNIB, Government is now funding a pilot project
in England to improve the availability of textbooks in braille, audio and large
print. Progress is slow, and we know that children are still missing out, so we are
pursuing this vigorously throughout the UK. Work Focus has had an impressive
start, with more than 170 job seekers benefiting from tailored support and
training and over 42 new jobs secured.
4. Ensure that everyone losing their sight due to wet AMD receives new sight
saving treatments on the NHS and launch a new programme to detect
glaucoma.
We were delighted that final guidance was issued to the NHS in August 2008,
giving free access to the new sight-saving drugs to people with wet AMD, which
affects 26,000 people in the UK every year. Innovative programmes for local
communities and the siblings of people with glaucoma are underway, so that the
people most at risk have essential information to protect their sight.
5. Work with organisations and professionals to deliver the ambitions of the
UK Vision Strategy.
We have taken a big step forward in the first year of the UK Vision Strategy in
making the UK a better place for anyone losing their sight. The ambitions of the
strategy are beginning to become reality through a brand new action pack for
local eye health service providers and sturdy implementation plans for all parts of
the UK. This implementation will be furthered by the Association between RNIB
and Action for Blind People.
Cover image: Taken from our DLA lobby of Westminster. More info on page 13.

Contents
This Trustees’ report and the financial
statements have been prepared in accordance
with the “Statement of Recommended
Practice (SORP) – Accounting and Reporting
by Charities” as revised in March 2005. The
contents of the report are as set out here.
Introduction 2
Structure and objectives 3
Our legal structure 3
How we were managed 3
RNIB Membership 3
Our registered office 4
Statement of Trustees’ responsibilities 4
Our vision and mission 4
Achieving our mission 5
Relationships with other charities 5
Changes to the way we are
managed from April 2009 6
Who’s who in RNIB 7
Patron, President and Vice-Presidents 7
Honorary Officers 7
Chief Executive Officer and Group Directors 7
Professional advisors 7
Board of Trustees 8
Assembly members 9
Our work in 2008/09 10
Stopping people losing their sight
unnecessarily 10
Supporting people to get the education,
jobs and income they deserve 12
Increase access to TV, culture
and information 14
Enabling people to get support and
become independent 16
Strengthening our voice and impact 18
You’re amazing 20
Financial review 22
Introducing RNIB’s new strategy 2009/14:
to end the isolation of sight loss 26
Independent Auditors’ report
to the Trustees of RNIB 30
Financial statements for the
year ended 31 March 2009 32
Consolidated statement of financial
activities for the year ended
31 March 2009 32
Balance sheets at 31 March 2009 36
Consolidated cashflow statement for the
year ended 31 March 2009 37
Notes to the consolidated financial
statements for the year ended
31 March 2009 39
RNIB annual report and accounts 2008/09 1

Introduction
It really was a remarkable year. It’s not every year that we put right a
long-standing injustice that will result in an extra £45million a year for people
with severe sight impairment. That’s just what we did when we persuaded the
Government to allow people with severe sight impairment to claim more from the
Disability Living Allowance to help with getting out and about and
independence.
It’s not every year that we can celebrate the end of two-and-a-half- year
campaign for fair access to sight-saving treatments. That’s just what happened
when NICE issued its final set of guidance for wet AMD in August 2008. It has
given hope to the 26,000 people diagnosed every year with the UK’s most
common eye condition.
It’s not every year that we join forces with a major charity for blind and partially
sighted people. That’s just what we did with our partnership with Action for
Blind People, which became an Associate Charity of RNIB in April 2009. By
combining our regional support across England we will share our skills,
knowledge and expertise to reach more blind and partially sighted people than
ever before.
This review marks the end of our 2005/09 strategy period. It’s been a truly
amazing time during which we’ve transformed RNIB into an organisation led by
our members and customers with some incredible successes along the way. This
review includes a small selection of what we’ve achieved in 2008/09 with the
unwavering support of our partners, donors, volunteers and members. It is also
the last time that we will be introducing this report together, as Colin Low
stepped down as Chairman in July 2009. The successes of this year and the last
nine years are testament to Colin’s contribution to RNIB and to improving the
lives of blind and partially sighted people.
Whilst we celebrate these successes we know we still have so much more to do
and so despite a global recession and challenging financial times ahead we feel
that now is the time for really ambitious goals. As we enter our new five-year
strategy 2009/14 we’ll focus our energies on three priorities: to stop people
losing their sight unnecessarily, to support people to lead independent lives and
to make society a more inclusive place for blind and partially sighted people.
To build on our success we need everyone to play their part – staff, donors,
volunteers and blind and partially sighted members. With your support, we can
help people who have lost their sight, find their lives again.
Lord Low of Dalston CBE
Chairman
Lesley-Anne Alexander
Chief Executive
2 RNIB annual report and accounts 2008/09

Structure and objectives
Our legal structure
The Royal National Institute of Blind People
(RNIB) is a registered charity, number 226227
in England and Wales; and number SCO39316
in Scotland. Established in 1868, RNIB was
incorporated under Royal Charter in 1949,
with a Supplemental Charter in 1993 (revised
in 2002).
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Governance Committee
Human Resources Sub-Committee
Investments Sub-Committee
Policy and Advocacy Committee
Remuneration Committee
RNIB Cymru Committee
RNIB Northern Ireland Committee
RNIB Scotland Committee
Schools and Colleges Sub-Committee.
RNIB is governed by a Trustee Board of 24
that meets a minimum of six times a year and
takes all important strategic, policy and
financial decisions. The Board is supported by
an Assembly consisting of representatives of
stakeholder organisations, representatives
from RNIB’s country governance structures
and the wider RNIB membership. The purpose
of the Assembly is to provide an opportunity
to debate issues of importance to the
organisation and to contribute to thinking in
advance of decisions being made by the
Board, allow the views of other organizations
to be represented, elect members of
committees, and elect 40 per cent of Board
members.
The revisions to the supplemental charter and
bylaws required that a majority of the Trustee
Board, Assembly and wider membership, are
themselves blind or partially sighted.
How we were managed
During 2008/09 the Board was supported by
a number of committees, the key ones of
which were:
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Access and Innovation Committee
Audit Committee
Direct Services Committee
Executive Committee
Fundraising Sub-Committee
RNIB’s schools and colleges have their own
governing bodies.
The day-to-day management of RNIB is
delegated to the Strategic Management Team,
comprising the Chief Executive, and Group
Directors of Access and Innovation; Devolved
Services; Direct Services; Fundraising; Policy
and Advocacy; and Resources.
The Chief Executive, with the support of the
Group Directors, reports to the Board of
Trustees which approves major decisions and
has overall responsibility for RNIB’s activities.
Details of the Strategic Management Team can
be found in the section “Who’s who in RNIB”.
There are no restrictions on the way in which
the charity can operate.
RNIB Membership
The aim of RNIB’s membership scheme is to
bring an increasing number of blind and
partially sighted people into a wider RNIB
community, so that they can receive
information and support, and influence the
priorities of RNIB.
At March 2009 we had 10,400 members
receiving the membership magazine “Vision”
every two months and benefiting from
services such as opportunities to meet other
Structure and objectives 3

members at special events or in telephone
groups and the automatic state benefits check
for all new members aged over 60.
Our registered office
We are registered at 105 Judd Street, London
WC1H 9NE, telephone 020 7388 1266.
Statement of Trustees’
responsibilities
The trustees are responsible for preparing the
Trustees’ Annual Report and the financial
statements in accordance with applicable law
and United Kingdom Accounting Standards
(United Kingdom Generally Accepted
Accounting Practice).
The law applicable to charities in England and
Wales requires the trustees to prepare
financial statements for each financial year
which give a true and fair view of the state of
affairs of the charity and of the incoming
resources and application of resources of the
charity for that period. In preparing these
financial statements, the trustees are required
to:
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Select suitable accounting policies and then
apply them consistently.
Observe the methods and principles in the
Charities SORP.
Make judgments and estimates that are
reasonable and prudent.
State whether applicable UK Accounting
Standards have been followed, subject to
any material departures disclosed and
explained in the financial statements.
Prepare the financial statements on the
going concern basis unless it is
inappropriate to presume that the charity
will continue in business.
The trustees confirm that they have complied
with the above requirements in preparing the
financial statements.
The trustees are responsible for keeping
proper accounting records that disclose with
reasonable accuracy at any time the financial
position of the charity and enable them to
ensure that the financial statements comply
with the Charities Act 1993, the Charity
(Accounts and Reports) Regulations 2008 and
the provisions of the trust deed. They are also
responsible for safeguarding the assets of the
charity and hence for taking reasonable steps
for the prevention and detection of fraud and
other irregularities.
The trustees are responsible for the
maintenance and integrity of the charity and
financial information included on the charity’s
website. Legislation in the United Kingdom
governing the preparation and dissemination
of financial statements may differ from
legislation in other jurisdictions.
Our vision and mission
Our work starts from our vision:
“A world where people who are blind or
partially sighted enjoy the same rights,
responsibilities, opportunities and quality
of life as people who are sighted.”
Our mission is:
“To challenge blindness by empowering
people who are blind or partially sighted,
removing the barriers they face and
helping to prevent blindness.”
There are around two million people in the UK
living with a sight problem.
4 RNIB annual report and accounts 2008/09

Achieving our mission
Operating across the UK we take an holistic,
comprehensive view of the full range of needs
of blind and partially sighted children and
adults and the barriers they face. When
reviewing our aims and objectives we have
referred to the Charity Commission’s general
guidance on public benefit.
RNIB believes it needs to:
Campaign. Speaking out loudly with the voice
of blind and partially sighted people to
government, professionals, policy makers, and
a host of other organisations to bring about
positive change.
Provide excellent services. Our services
provide vital support to the individuals that
they reach, but this is not enough. We also
look to these services to provide excellent
examples of how services can best be
delivered to meet the needs of blind and
partially sighted people.
Develop knowledge and new solutions.
Taking advantage of the positive opportunities
of a changing world to find new ways of
doing things whilst making sure that people
with sight problems are not left further isolated.
Continue to develop our understanding of
the needs of people with sight loss and
spread this knowledge, expertise and good
practice.
We have updated the way we direct and
describe our campaigning and service delivery
to better reflect our priorities and explain
more clearly how we are focusing our efforts.
The following list explains the key areas of our
work.
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Stopping people losing their sight
unnecessarily through raising awareness of
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the causes of preventable eye conditions,
increasing the number of people taking a
regular sight test and campaigning for
change.
Supporting people to get the education,
jobs and income they deserve through
our schools and colleges; specialist
information, advice and training for
individuals, education providers and
employers; vacation schemes for children;
early years provision and family support;
dedicated interactive areas on our website;
welfare and benefits advice services; and
influencing government to make their
services more inclusive.
Increase access to TV, culture and
information through transcription services
for individuals and organisations; accessible
publishing, sales and library services
including the RNIB Talking Book Service;
policy development; influencing change in
the media industry; and information and
advice on enabling technologies.
Enabling people to get support and
become independent through information
and equipment including a wide range of
products; low vision and rehabilitation
services; residential care homes; and
training and policy development to improve
health and social care provision.
Strengthening our voice and impact by
focusing on delivering our strategy with
increased involvement from members,
improving our knowledge; and challenging
how we do things.
Relationships with other charities
We maintain close links and support the aims
of other organisations, such as local, national
and international charities working with or for
Structure and objectives 5

people with sight problems. We also work
closely with other disability charities on issues
of mutual concern. We deliver services in
partnership with some societies for blind and
partially sighted people, and some of our
funding comes from charities and trusts which
support our aims.
On 1 April 2009, RNIB and Action for Blind
People officially joined forces in an
Association to share resources, skills and
expertise to engage and reach more blind and
partially sighted people with even better
services. The two organisations will combine
regional service delivery across England whilst
maintaining their individual brand identities,
boards of trustees and strategic management
teams. The Association will radically improve
what is currently available to blind and
partially sighted people.
On 2 June 2009, RNIB Cymru and Cardiff
Institute for the Blind joined forces to develop
and expand services for people with sight
problems. Cardiff Institute for the Blind will be
an Associate charity of RNIB, and whilst the
two organisations will retain their separate
identities they will be united in developing
services and expanding the support provided
to people with sight problems. This exciting
move will enable us to extend the range and
reach of services and support for people with
sight problems for people who live in Cardiff,
the Vale of Glamorgan, and the South Wales
Valleys.
Changes to the way we are managed
from April 2009
Over the last year, we have developed RNIB’s
governance structures to fully support the
new 2009/14 strategy.
The Board of Trustees will continue to be the
supreme decision making body of the RNIB
Group, meeting 4 times a year from 2010. A
number of the functional committees such as
Executive, Audit and Governance will
continue, but the three main service
committees – Access and Innovation; Policy
and Advocacy and Direct Services – will be
replaced. The implementation of the 2009/14
strategy will be supported by six programme
boards:
l Prevention.
l Early reach.
l Living with sight loss.
l Complex needs.
l Travel, shopping and control of money.
l Reading, TV and technology.
There will also be a programme board to
support the funding of our new strategy,
replacing the Fundraising Sub-Committee.
The broad purpose of the programme boards,
chaired by Trustees, is to drive programmes of
work forward and to ensure the delivery of the
goals of the 2009/14 strategy.
There will also be changes to the Assembly,
which will meet for the last time on 23 July
2009. Two new bodies are being created:
l RNIB UK Members Forum, which will be
supported by nine regional and three
country (Wales, Scotland and Northern
Ireland) forums. The development of these
forums support the desire to develop
RNIB’s Membership Scheme and to keep
our members at the heart of what we do.
l Third Sector Forum, RNIB are supporting
the creation of this forum for national
organisations “of” and “for” blind and
partially sighted people, which will, in
particular, contribute to the development
and implementation of the UK Vision
Strategy.
6 RNIB annual report and accounts 2008/09

Who’s who in RNIB
Patron
HM The Queen
President
The Duke of Westminster
KG, CB, OBE, TD, CD, DL
Vice-Presidents
• Sir John Beckwith CBE
• The Rt Hon David
Blunkett MP
• Richard Brewster
• Professor Ian Bruce CBE
• Jack A Dunn
• Haruhisa Handa
• Euclid Herie
• Lady Joan Jarvis
• Penny Lancaster-Stewart
• Sir Mike Rake
• Dr Dermot Smurfit
• Rod Stewart
• Lord Stockton
• Sir John Wall (deceased
December 2008)
• Sir Duncan Watson
Honorary Officers
Chairman
Lord Low of Dalston CBE MA
(Oxon)
Vice-Chair and Chair Elect
Kevin Carey MA (Cantab) MA
(Kings College, London)
Honorary Treasurer
Terry Moody MA, BA
Chief Executive
Officer
Lesley-Anne Alexander MSc
Group Directors
Resources
(until March 2009)
Chief Operating Officer
(from April 2009)
Kevin Geeson FCCA, MBA
Policy and Advocacy
(until March 2009)
Inclusive Society
(from April 2009)
Fazilet Hadi BA
Access and Innovation
(until March 2009)
Prevention and
International Affairs
(from April 2009)
Stephen P King MBA, FCMI
Fundraising
Paul Amadi BA, MSc, MInstF
Direct Services
Eamonn Fetton MA
(until April 2008)
Sheila Lewis (Acting)
(until April 2009)
Independent Living
(from April 2009)
Sally Harvey
Devolved Services
William Watson MBA, DMS,
DipHSM
(until October 2008)
Professional advisors
Auditors
PricewaterhouseCoopers LLP
80 Strand
London
WC2R 0AF
Actuaries and investment
advisors
Hewitt Associates Ltd
6 More London Place
London
SE1 2DA
Bankers
Royal Bank of Scotland plc
Marylebone Road and Harley
Street Branch
10 Marylebone High Street
London
W1A 1FH
Property advisors
Knight Frank
20 Hanover Square
London
W1S 1HZ
Solicitors
Bates Wells & Braithwaite
138 Cheapside
London
EC2V 6BB
Who’s who in RNIB 7

Board of Trustees
Members of the Board of Trustees are listed below. Full details of membership of committees are
available from the Governance Unit at RNIB’s Judd Street address. A proportion of Trustees are
elected by the Board, on the recommendation of the Nominations Committee. A proportion is also
elected by the Assembly. Over three-quarters of the Board are blind or partially sighted.
Lord Low of Dalston CBE (Chairman)
Kevin Carey (Vice-Chair and Chair Elect)
Terry Moody (Honorary Treasurer)
Carol Borowski
Dr Gillian Burrington OBE
Lisa Charlton
Derek Child
James Cook JP
Michael Crowther
Gareth Davies
Cindy Godfrey-McKay
Richard Godfrey-McKay
Vidar Hjardeng
Arif Khan CBE JP
Anna Lawson
John McNamee
Brendan Magill
Dr Amir Ali Majid
Bill Poole
John Ramm
Terry Robinson
Robert Silbermann
John Spence (from 1 April 2009)
Alan Suttie
Mike Townsend
Louise Wright (from 1 April 2009)
A regular skills audit of Trustees is carried out with a view to helping to plan training. This year, we
have concentrated on voice and personal presence training to enable our Trustees to participate in
Board meetings as effectively as possible. Other ad hoc training activities take place depending on
the needs of individuals.
New Trustees receive an induction pack containing everything they need to know about the
charity and its work for effective and informed decision-making, and trustee induction days are
also held annually for new trustees.
8 RNIB annual report and accounts 2008/09

Assembly members
The Board is supported by an assembly, formed of representatives from stakeholder organisations
and the wider RNIB Membership. As well as discussing major issues that will come before the
Board, the Assembly provides members of RNIB committees and elects 40 per cent of Board
members. This list comprises members of the assembly from April 2008 to March 2009.
Jill Allen-King MBE
Jean Appleton MBE
Dean Apps
Timothy Bamber
Dr Anthony Best
(to July 2008)
Richard Bignell
Nancy Blaik MBE
Rena Boniface
(to July 2008)
Peggy Bradley
Felix Brenner
David Brodtman
Peter Brown
Sam Brown
Ian S Cash
Mike Cassidy
Mona Charnley
Derek Child
David Clark
Hans Cohn MBE
(to July 2008)
James Cook JP
George Corbett
Michael Crowther
Gareth Davies
Patricia Donaghy
John Donaldson
David Evans
Richard Evans
Alistair Fielder
Gordon Forster (to
July 2008 and then
from March 2009)
Liz Frankland (from
July – October 2008)
Christopher Friend
Joseph Gay
David Gibbs
Monica Gibbs
Sandra Gollan
Andrea Gordon
The Rt Hon Viscount
Gough
Kevin Greenan
Bob Greenhalgh
Ruth Hampton
Maggie Harris
(from July 2008)
Ray Hazan
Carys Henry
Carole Holmes
(to July 2008)
Don Jackson
Geoffrey Jackson
Fred Jakeman
Pamela Jarmain
Wally Kinder
Darren Lindsay
Christopher Lowell
(from July 2008)
Shubnum Majeed
Amir Majid
Richard Mazur
(to July 2008)
David McKerral
John McNamee
Andrew Millar MBE
Steve Mundy
Rhondalee Nash
Jim O’Rourke
Margaret O’Rourke
Alan Owens
Brian Payne
Brian Perham
Bill Poole
Gillian Price
John Ramm
Siam Ramnarain
(from July 2008)
Fred Reid
George Reid
Terry Robinson
Kevin Russell
Alex Scott MBE
Julie Smethurst
(from July 2008)
Alan Suttie
Malcolm Swinburn
Alan Tait
(to October 2008)
Norma Town
(from July 2008)
Mike Townsend
Peter Westwood
(to July 2008)
Peter Wilkins
Sid Wilson
Who’s who in RNIB 9

Our work in 2008/09
Stopping people losing their sight unnecessarily
Nearly three in ten people who are registered blind have an eye condition that could have been
prevented if detected early enough. We are committed to making this shocking reality a thing of
the past. During the year RNIB spent £1,674,000 stopping people losing their sight
unnecessarily, of which £1,668,000 was made possible by income from donors.
Targets
1. Ensure that at least 75 per
cent of Primary Care Trusts
(PCTs) offer the new
treatments for wet AMD by
March 2009 by lobbying
NICE to issue and implement
final guidance.
2. As part of the Glaucoma
Alliance, we will continue to
make blindness from
ignorance a thing of the past
through a pilot scheme
targeting at-risk family
members of people with
glaucoma.
3. Encourage older people to
take up their free eye test
and so stop people over 60
risking blindness because of
the fear of costly glasses.
Age-related macular degeneration (AMD) is the most common
cause of sight loss in the UK, with 26,000 new cases each year.
In August 2008, NICE issued final guidance ending the
postcode lottery and giving free access to the sight-saving
treatments to anyone meeting criteria. The guidance and the
occasional combined pressure of RNIB, the Royal College of
Ophthalmologists and the Macular Disease Society have meant
that the vast majority of PCTs fund treatments automatically.
Our work continues to ensure no one is denied sight-saving
treatments.
Information is power! We launched innovative large scale pilots
at eye hospital clinics within Glasgow, Peterborough, Bristol and
Exeter NHS Trusts to warn siblings of their increased risk of
developing glaucoma. In addition more Black African and
Caribbean families, who are four to five times more likely to
develop glaucoma, know how to look after their sight thanks to
an RNIB outreach project in London.
We secured exceptional media coverage to promote eye health
messages through our “Happy Eyes” campaign, which focused
on the message that an eye test wasn’t just about getting new
glasses, but rather an eye health check. Affordability remains a
big issue for older people and we will continue to press home
this message.
10 RNIB annual report and accounts 2008/09

A fantastic victory
There are 26,000 new cases of wet AMD in the UK each year.
The condition can lead to blindness in as little as three months
if left untreated. In August 2008 NICE published final guidance
making a new sight-saving anti-VEGF treatment for wet AMD
available on the NHS. This marked a fantastic victory for people
losing their sight and for RNIB, which together with many
partners and supporters, led a two-and-a-half year battle to
make these sight-saving treatments available on the NHS. We
made sure to shout about it 200 times in the press, television
and radio to raise public support for this issue.
Work now continues to ensure that PCTs fully implement the
guidance. It has been inspiring to witness so many supporters
come together to fight this injustice. For example, our campaign
inspired over 13,000 members and supporters to voice their
outrage at the draft guidance from NICE – the biggest response
NICE had ever seen – and resulted in new, better guidance
offering the treatment to more people. Together, we and the
Macular Disease Society (MDS) have supported almost 1,000
patients in their battles against PCTs, and we backed three
pensioners in landmark High Court action, who were being
denied treatment. NICE's final guidance at last brought an end
to the postcode lottery. RNIB, MDS and the UK Vision Strategy
will provide further support to fully implement sight-saving
treatments across the UK beyond 2009.
At the same time, £10million of extra funding was announced in
Wales to provide sight saving drugs for patients with wet AMD.
This fantastic development provides funding in 2009/10 to
ensure the timely provision of drugs for patients with wet AMD.
There will be nine treatment centres across Wales – a great step
forward for people at risk of losing their sight.
In Northern Ireland we are delighted that anyone diagnosed
with a serious sight problem is now immediately put in contact
with RNIB and can speak one-to-one with an Eye Clinic Liaison
Officer.
We also continued to get the message across to people over 60
that a sight test is an eye health check and not just about new
glasses. With partners, Birmingham Focus and Open Sight in
Hampshire we launched the Eyes Right pilot in 2009 aiming to
encourage more eye tests and to ensure that people were
receiving all the benefits they are entitled to. Instead of simply
asking people to see an optician, we are offering on-the-spot
screening within the community at bingo halls, day care centres
and church socials.
Our work in 2008/09 11

Supporting people to get the education, jobs and
income they deserve
At long last the Government promised to give more money to blind people for getting out and
about. Read on for more about this landmark victory. While one wrong has been righted, fair
opportunities for schooling, jobs and money are still not a reality for many blind and partially
sighted children and adults. During the year RNIB spent £27,353,000 supporting people to
get the education, jobs and income they deserve, of which £13,018,000 was made possible
by income from donors.
Targets
1. Maintain pressure on the
Government so that blind
people become eligible to
claim the higher rate
mobility component of the
Disability Living Allowance
(DLA).
We did it! In March 2009 the Government announced that it will
change the rules for DLA, so that people with severe visual
impairment will receive an extra £45million a year to assist with
mobility costs. The lives of thousands of blind people will be
transformed by this decision.
2. Launch “Work Focus” –
RNIB’s new employment
project to help unemployed
blind and partially sighted
people to find work in
London, South Yorkshire,
Norfolk and Aberdeenshire.
Work Focus has had an impressive start, with more than 170 job
seekers benefiting from the training and 42 jobs secured so far.
We have committed £1million over the next two years to
develop the service that concentrates on supporting people,
through confidence-building and training, into a real and
fulfilling job.
3. Start phase one of the
construction of Vision
School and Children’s Home
in April 2008.
Following in-depth planning, construction began in March
2009, later than we had hoped. Now that building is under way,
we look forward to the next stage of creating the best school
for children with extremely complex needs to live and learn.
12 RNIB annual report and accounts 2008/09

Money money money – the Disability Living
Allowance is fair at long last.
On 17 March 2009 the Government announced changes to the
rules for DLA, so that people with severe visual impairment
receive an extra £45million a year to assist with mobility costs.
This marks the culmination of over two-and-a-half years’
campaigning and will reduce the isolation experienced by
thousands of blind people. On 15 October 2008, more than
1,500 blind and partially sighted people from across the UK
marched on Westminster to demonstrate their strength of
feeling in what was undoubtedly the largest lobby by blind and
partially sighted people ever. This followed our Early Day
Motion which was signed by nearly 200 MPs. All in all a
fantastic success for blind people in the UK, and RNIB.
Focus on employment
In 2008/09 – not the best year for employment in the UK – we
gave over 500 people the right support to ensure that losing
their sight didn’t also mean losing their job. In addition, nearly
300 more people started a new job thanks to information,
advice and training from RNIB. Our Trainee Grade Scheme
provides paid work experience to unemployed blind and
partially sighted people, along with targeted support to help
them get a permanent job. We are delighted that 77 per cent of
trainees found a permanent job as part of the programme.
RNIB Concept Conferencing and Catering is a social firm in
Birmingham providing first-class training, supported
employment and an excellent service to the local area. In 2008
we refurbished the kitchen, which resulted in an increase in
customers at the conference centre and more trainees. Concept
also achieved a standard of excellence in food hygiene from the
Food Standards Agency. We are delighted that one “convert”
employer, the Environment Agency has recently taken on three
trainees, because they were so impressed with Concept staff
when they used the service for a conference.
Blind justice
In 2008, thanks to the generosity of money left to RNIB in
people’s wills, we launched the Graham Rushton Grant Award
for blind and partially sighted law students. In discussion with
colleagues in the Society of Visually Impaired Lawyers we
decided to make seven financial awards to help make the dream
of becoming a lawyer a little more achievable.
Our work in 2008/09 13

Increasing access to TV, culture and information
Mobile broadband, SAT-Navs, bluetooth, online banking, shopping and travel information, social
networking, YouTube, podcasts, music downloads and digital TV are all part of everyday life in the
UK. Or are they? Blind and partially sighted people tell us they want them to be. During the year
RNIB spent £30,519,000 increasing access to TV, culture and information, of which
£21,979,000 was made possible by income from donors.
Targets
1. Support the design and
production of accessible TVs
and TV equipment, such as
set top boxes, which set the
standard for commercial TV
producers.
TVs really can talk! SKY has developed an accessible set top box
for digital television, while all TVs from Panasonic and Sony now
come with audio description built in and ready to use at a click
of a button. RNIB technology experts supported the
development of these ground-breaking new products.
2. Expand the innovative
X-PIL project so that more
people can access the crucial
small print medical
information on packaging
and leaflets.
Taking the wrong medicine or wrong dosage can be potentially
fatal. In 2008/09, new braille on medicine packaging has
reduced this risk for blind people. In addition 44 pharmaceutical
companies and pharmacies have joined RNIB’s X-PIL project
enabling blind and partially sighted people to get the
information on medical packaging and leaflets that they want
from RNIB’s Medicines Information Line.
3. Upgrade high street
library services for blind and
partially sighted people by
increasing the selection of
braille, audio and large print
books, and improving
customer support.
RNIB continued to exert pressure on public libraries to improve
services for blind and partially sighted people. In particular, all
12 library services in the north east of England now have a
better understanding of people’s needs following tailored
workshops with RNIB. In addition all librarians will soon be able
to tap into the wealth of information on the “Reading sight”
website, specially designed to help them identify services for
people with sight loss in their area.
14 RNIB annual report and accounts 2008/09

Focus on books
Only five per cent of all books published make it into accessible
formats and we continue to campaign for change and find
solutions for technical challenges. We made some excellent
progress this year. In December JK Rowling’s latest book The
Tales of Beedle the Bard was published in braille and DAISY on
the same day as the standard print edition. All six books
shortlisted for the Man Booker Prize were available in braille
and giant print in time for the winner to be announced. Overall,
the number of books published simultaneously in more than
one format has dramatically increased from just eight in
2006/07 to 300 by the end of 2008/09.
We are working with leading publishers on an innovative new
project called FOCUS to increase the number of large print
books available on the high street. Currently over 50 bestsellers
are available in bookshops as well as in braille from RNIB.
Over 41,000 people are now listening to RNIB Talking Books –
the highest number since the DAISY service began in 2002.
Children with sight problems in Wales now have a wider
selection of books to read. RNIB Cymru invited 7-15 year old
children to record their favourite books in their own voice – now
all are available in audio, braille and large print.
TV
RNIB played a crucial role in the design of the Government’s
Targeted Help Scheme to help people get used to digital TV. The
scheme is for registered blind or partially sighted people over
75, and anyone in receipt of Attendance Allowance or Disability
Living Allowance, to obtain and install the equipment needed to
receive digital TV.
Following discussions with RNIB, we were delighted that the
broadcaster Sky agreed to audio describe 20 per cent of its TV
programmes, double the amount currently required by law. In
fact 15 per cent of all TV is now audio described and we are
pushing to increase targets for all broadcasters to 20 per cent.
The beautiful game
Last year more football games were audio described for fans
with sight loss than ever before. For the first time, fans in
Northern Ireland were able to enjoy Soccer Sight’s quality live
commentary, designed for people who cannot see what’s
happening on the pitch, at all the international games.
Our work in 2008/09 15

Enabling people to get support and become
independent
Our blind and partially sighted members continually tell us how vital it is to be able to get both
practical and emotional support, information and advice at the right time. During the year RNIB
spent £26,861,000 enabling people to get support and become independent, of which
£11,918,000 was made possible by income from donors.
Targets
1. Reduce the trauma of
losing your sight by
providing support at the
point of diagnosis through
the launch of a radically new
pilot advice service.
2. Implement the Eye Care
Review in Wales (which is
led by the Welsh Assembly)
and Scotland (led by the
Scottish Executive) and work
with civil servants in
Northern Ireland to bring
about integrated
rehabilitation services.
3. Enable more blind and
partially sighted people in
the UK to call upon RNIB’s
technically minded
volunteers to help with
everyday equipment from
washing machines to
computers.
This year we combined our Helpline and Customer Service
teams making it easier for customers to get the support, advice
and products they need from just one phone call. Customers
can now find out more about their eye condition, buy a
product, join our library, check out their legal rights or their
potential benefit entitlements, be put in touch with a trained
counsellor and much more. It is popular too – over 2,000 people
are contacting us for help every day.
RNIB Scotland is involved in the monitoring of 24 projects
under the Eye Care Review with significant influence over six
models of integrated service delivery.
In Wales people continue to benefit from a new range of eye
care services, however, the formal launch of the Eye Care
Review in Wales was disappointingly delayed.
In Northern Ireland we are delighted that the Vision Strategy
Implementation Group, of 20 senior civil servants has agreed a
3-year plan of objectives, targets and actions.
This year RNIB has coordinated an army of volunteers who have
visited blind and partially sighted people at home to set up or
sort out computers, DVD players, set top boxes, mobile phones,
digital radios and talking book players and so on.
16 RNIB annual report and accounts 2008/09

Timely support
This year we have invested in a large expansion of our
information and advice teams, particularly in the areas of
emotional support and eye health information. Our expanded
team of specialist advice workers offer a “quality of life” check
including a full benefits check, ways to manage everyday tasks
and putting people in touch with local services and support. We
find out what individuals need and support them on their
journey to rebuild their lives. We also offer to call customers
back six to eight weeks later to see how they are getting on and
to find out what else we can do to help.
Following its launch, the new service dealt with a record 2,700
calls in just one day. A fantastic achievement. Ultimately it will
enable us to reach even more blind and partially sighted people
with personalised information, support and advice.
On a more local level RNIB’s Information Prescription Project in
Leeds, funded by the Department of Health, enables us to get
personalised, reliable and accredited information to people at
the time of their sight loss. We are now planning to extend this
project to other areas of the UK.
Meanwhile in Wales, RNIB Cymru has trained 80 organisations
to support the technology needs of blind and partially sighted
people in their own home or community and offer tailored
advice and guidance to individuals and organisations through
their Accessible Technology Information Line. All this work won
an e-Government National Award for “building a fairer society
with e-Government services”.
React
RNIB React, the innovative sign system that helps blind and
partially sighted people find their way around safely and
independently, is now used in many of First Scot Rail’s stations
and there are plans to extend it. React has been adapted to
make it even easier to integrate with real time information so
that bus stop information will be announced in audio which is
already happening very successfully in Brighton.
RNIB in bloom
RNIB continue to give independence to older blind and partially
sighted people through our three residential care homes. One of
these, Kathleen Chambers House in Somerset, won a “Britain in
Bloom” award this year for its gardens.
Our work in 2008/09 17

Strengthening our voice and impact
In order to achieve the best possible results we need to be seen to be the voice of blind and
partially sighted people in the UK and we need to increase our impact further by working with
other organisations to make ourselves heard. During the year RNIB spent £4,971,000
strengthening our voice and impact, of which £4,261,000 was made possible by income
from donors.
Targets
1. Grow our community of
members by increasing
membership to 13,000 and
by building closer links with
and between members
through special events
across the nation.
RNIB Membership numbers have continued to increase steadily
but had only reached 10,400 by March 2009. However, our
outstanding 90 per cent renewal rate shows our members are
loyal and value their membership. The number of members
involved in social interaction activities such as book clubs,
phone groups and networking events has significantly exceeded
expectations.
2. Support the launch and
implementation of the UK
Vision Strategy, which aims
to develop a unified plan for
action on all issues relating
to sight loss and eye health
across the four countries of
the UK.
3. Develop RNIB’s emerging
strategy in readiness for
2009.
RNIB played a pivotal role in the launch of the UK Vision
Strategy in April 2008. This year an action pack has been
produced to help stimulate activity at a local level, a UK Vision
Strategy website has been created
(www.vision2020uk.org.uk/ukvisionstrategy) and
implementation plans are being produced for all four UK
countries.
We are delighted that our widespread consultation and
preparation meant that we were able to hit the ground running
at the start of the new strategy. We have changed
responsibilities and styles of working to enable us to make the
three priorities of our new strategy a reality. We will focus on
supporting people to live independently, creating a society that
includes people with sight loss and stopping people losing their
sight unnecessarily. More information on our new strategy can
be found in the section “Introducing our new strategy”.
18 RNIB annual report and accounts 2008/09

At the heart of RNIB
Blind and partially sighted people are, more than ever before,
being put at the heart of RNIB. This year members were
consulted on the development of our new strategy, helping us
focus resources on the areas that are most important to them.
In January 2009 Vision, our magazine for members, won the
Best Charity or Membership Magazine in the prestigious 2009
MemCom Awards. Judges praised the content, design and cover
lines, the radio-style audio version, plus the use of research to
identify and meet the diverse needs of our members.
Teamwork
Although we have led the development and implementation of
the UK Vision Strategy, it has been a true team effort. There is
now full cross-sector representation on the implementation
plans for all four UK countries, and the membership of the
Strategic Advisory Group has widened to reflect this.
Implementation will be helped by our associations with Action
for Blind People and the Cardiff Institute for the Blind. Coming
together will also enable us to make the best use of our
resources for blind and partially sighted people.
Shouting louder
This year we grew our campaigning voice by establishing a new
network of regional campaign supporters to give people a
stronger voice on local issues, making it easier for blind and
partially sighted people to bring about change to the services
that matter to them.
MPs and Peers voted RNIB the winners of their “Most Improved
Parliamentary Relations” award at the annual ComRes Awards.
We also shouted loudest at Liberal Democrat conference where
our stand – based on a fairground coconut shy – won the award
for the stand that “best gets its message across”.
Braille bicentenary
Braille has been an enormously important part of the lives of
those people who would not be able to read without it. It is also
a fundamental part of what RNIB is all about – from teaching
people to read braille, to producing braille books. This year we
celebrated the 200th anniversary of the birth of Louis Braille by
sending fun activity packs to all primary schools, holding special
events and developing a brand new self-teach grade one braille
course. Thank you Louis!
Our work in 2008/09 19

You’re amazing
There are so many amazing stories of generosity in 2008/09 that we only have space to celebrate
a few here. Of course it doesn’t stop with the stories – your volunteering and donations mean that
we can continue to offer much-needed services. Read on to find out how your contribution has
made a difference.
► Over one hundred pairs of
tired feet pounded the streets
of London for 26.2 miles
► shared your skills and
expertise for free
► intrepid souls cycled Cuba
and trekked Vietnam
► marched on Westminster
and changed Government
policy
► sold raffle tickets in the
sun, rain and snow
► climbed a mountain
► audio-described a football
match
► auctioned the contents of
your attic
► gave someone a lift
► baked dotty braille
cupcakes
► recorded a book for a blind
child to listen to
► set up a computer
Learning
A fantastic £200,000 donation has ensured the future of
children’s services in RNIB Northern Ireland. Blind and partially
sighted children will be able to get the most from school and
play through our new expert Family Officers who help parents
with their child’s education and offer activity programmes,
family weekends and fun days. RNIB Scotland is to open a new
employment and ICT training centre in Glasgow with Scotland’s
first ever fully accessible internet café. This is thanks to the Big
Lottery Fund which will support this invaluable training centre
with a total of £425,000 of funding from lottery/statutory
money. The redevelopment of Rushton School and Children’s
Home was given an extra boost of £250,000 from the Garfield
Weston Foundation.
A world of books
Rangers Football Club Foundation was so impressed with our
work that they chose RNIB Scotland as their charity of the year.
It means an extra £50,000 for blind and partially sighted people
in Scotland. We have been able to transcribe all of this year’s
winners from Royal Mail Awards for Scottish Children’s Books
20 RNIB annual report and accounts 2008/09

► produced braille and more
braille
► signed a pledge of support
► wrote to your MP
► collected money from
Sooty boxes around the UK
► volunteered as
receptionist, shop assistant
and office worker
► sang from the heart
► guided a blind person
► made a will
► shook a collecting tin
► started a direct debit
► bought a raffle ticket
► time, money, sweat and
tears
► this is the heart of your
contribution to helping
people losing their sight to
find their lives again.
into braille, audio and large print meaning that blind and
partially sighted children don’t miss out. Rotary and Inner
Wheel Clubs also continue to be inspired by reading. Inner
Wheel chose RNIB as its charity of the year and together their
support has meant £51,000 for people with sight problems and
the sponsorship of 33 more talking books.
In the workplace
In these hard times, we are even more delighted that small and
large businesses have backed RNIB. British Gas donated over
£100,000 to continue the “Here to HELP” project, ensuring that
the nation’s most vulnerable blind and partially sighted get
advice about benefits and RNIB products to make everyday life
easier. Manning Construction made RNIB Cymru’s elegant Black
and White Ball a night to remember by donating £20,000 to
support blind and partially sighted people in Wales. In Northern
Ireland, the Electricity Board ensured that people with sight
problems were better off by an amazing £1million in unclaimed
benefits by paying for specialist advisers. Google helped more
people to find us through £60,000 worth of advertising
throughout the year. In addition Asda, Boots, Dollond &
Aitchison, Lloyds Pharmacy, Optical Express, Tesco, Clear
Channel, JCDeaux and the Outside Clinic all helped to get our
vital message across that healthy eyes are happy eyes. We could
not have got the message about the importance of regular eye
tests out by ourselves and we thank all our Happy Eyes partners
for paying for this campaign which would have cost just under
£1million.
A living memory and a living gift
Your support means that we can help people who are losing
their sight to find their lives again. Over a third of our vital
services are only possible because individuals have chosen to
remember blind and partially sighted people in their wills. Last
year over 14,000 people left the world a better place for people
losing their sight by leaving a legacy to RNIB. You too can make
your mark. To find out more about how you can support our
work in this way, call 0845 600 0313 or visit rnib.org.uk/legacy
Our work in 2008/09 21

Financial review
RNIB has had another strong year financially despite the economic conditions
that have emerged during this year for the UK and across the world. Overall
income reached £96million, down on the £98.7million for 2007/08. The main
differences between these two years are:
l A reduction in legacy income to £31.7million from £33.6million in 2007/08.
This follows two exceptional years, and reflects the fall in the value of the assets
(property, stocks, etc.) which make up much of the value of legacies.
l The main factor affecting income from charitable activities is the refocusing of
our operation at Redhill toward care and away from education resulting in a
fall in funding from the Learning and Skills Council.
Overall spending on RNIB’s charitable objectives rose to a new all time high of
£91.4million, up from £87million in 2007/08. Net outgoing resources were
£9.1million, representing the Trustees’ plans to spend some of RNIB’s reserves.
During the year strategic developments using designated funds amounted to
£8million. These were in planned one-off projects and the purchase of assets
including the reprovisioning of the school and children’s home in Coventry.
Further £1.2million of reserves were used to support ongoing services.
Significant changes or events affecting the comparison with the prior year
reported in the Statement of Financial Activities (SOFA) are:
l The change in focus of our activities at Redhill. This reduced income, and
spending on supporting people to get the education, jobs and income they
deserve, while increasing our activity and spending on enabling people to live
independently through greater support for the community living at that site.
l The increase in spending to increase access to TV, culture and information
reflects our investment in new talking book players to support readers with
machines which are old and becoming expensive to maintain and difficult to
use; our investment in promoting audio description to ensure people know
what is available and how to use it; and working to ensure that there is a good
digital TV solution for blind and partially sighted people - particularly given
how digital TV works and the digital roll out across the UK.
l The increased spending on enabling people to get support and become
independent includes an investment of £1million in developing RNIB’s
helpline and support.
Free reserves at the end of the year were just over the minimum level required by
the reserves policy at 13 weeks (£21.8million), as compared to 13.5 weeks
(£22.6million) at 31 March 2008. This reduction reflects the planned use of
reserves to support services referred to above, and a reduction in the value of
RNIB’s investments affecting free reserves by £4.2million.
The changing economy has affected RNIB financially in 2008/09. The greatest
impact in the year has been the reduction in investment values which overall fell
22 RNIB annual report and accounts 2008/09

y £6.8million as opposed to a fall of £2.9million in 2007/08. RNIB has not yet
had to liquidate any of these investments for cash flow purposes which means
that while these losses reduce the level of reported reserves this could be
recovered if stock markets improve.
The reduced investment values and discount rate have also adversely affected
the pension scheme. This has caused a significant swing in the valuation for FRS
17 purposes from a surplus of £17.9million at 31 March 2008, to a deficit of
£8.1million at 31 March 2009. The formal triennial valuation is ongoing, see note
19 for further information.
For the year subsidiary companies contributed £0.5m to RNIB. This includes the
National Library for the Blind, and the Blind Centre for Northern Ireland, which
operate as shell charities. Overall, the subsidiaries have provided the contribution
expected and required.
During 2008/09 Trustees have followed through on the planned level of
spending while the world around RNIB has changed considerably. Those changes
have impacted on RNIB investment values, and reduced voluntary income. The
state of the economy is expected to continue to have an adverse impact on RNIB
during 2009/10 and beyond.
Despite the external environment RNIB is committed to delivering its new
strategy for 2009/14. To do this Trustees have decided that should it be
necessary they would be prepared for reserves to fall below the 12-17 weeks
policy, to maintain and develop the services provided. This is not a decision
taken lightly, and steps have been put in place to work harder to maintain
income in these challenging times.
All that RNIB does remains possible because of the continued support of donors
through legacies, gifts and donations. The challenge of raising over £50million
for 2009/10 is even greater than before, but it is so vital to make our work
possible.
Investment policy
RNIB operates a passive management of funds (index-linked), a mix of assets,
and the use of ethical funds to actively avoid tobacco and tobacco-related
holdings.
RNIB’s investments continue to be managed by Legal and General using
index-tracking pooled funds. The mix of assets, their tolerances, and their
performance against the index for the year are as follows:
Our work in 2008/09 23

The funds in which these investments are made are measured against agreed
benchmark indices for each relevant holding. In relation to the performance of
the UK equities, the majority are invested within the Ethical Fund but with few
such funds existing it is difficult to establish a suitable benchmark.
Investment Committee has reviewed the market performance and is satisfied with
the Investment Manager’s performance and reaffirm that passive management of
RNIB’s investments and the current asset allocation strategy are appropriate.
In addition to managed investments, Endowment Funds continue to be invested
with CAF in their Balanced Growth and Income Funds, and short term cash
holdings are invested in short term deposit accounts with the Royal Bank of
Scotland.
Reserves policy
RNIB’s Reserves policy focuses on the level of “free reserves”. RNIB’s free
reserves exclude restricted funds and designated funds, which include the net
book value of land and buildings occupied by RNIB services and activities. The
assessment of free reserves excludes any surplus or deficit reported on the
pension scheme.
RNIB seeks to maintain free reserves to manage the risks to which the charity is
exposed in the course of its business, including but not limited to safeguarding
against volatile voluntary income.
The Trustees consider that in order to meet these needs, and to operate
effectively, RNIB needs reserves equivalent to between 12 and 17 weeks of its
operating costs. This equates to between £20million and £28.5million. RNIB’s
free reserves were £21.8million at 31 March 2009 (2008: £22.6million),
representing the balance on general funds of £17.8million (2008: £21million)
and after allowing for fixed assets funded by finance leases of £0.75million
(2008: £1.6million) and a revolving loan of £3.2million regarding the Vision
School and Children’s Home redevelopment project.
The actuarial valuation of RNIB’s pension scheme at 31 March 2009 for the
purposes of FRS17 showed a deficit of £8.1million (2007/08 a surplus of
£17.9million), which is set against the level of free reserves. The corresponding
24 RNIB annual report and accounts 2008/09
Performance against
Benchmark
Asset Allocation Tolerance (+/-) Fund’s Benchmark
Index 2008/09
UK equities 25% 2.50% -7.53%
Overseas equities 15% 1.50% 0.67%
UK Gilt Stocks 60% 3.00% 0.07%
100%

liability does not result in an immediate cash flow impact on the Charity. A full
triennial valuation of the pension fund took place as at 31 March 2006. Contributions
to the scheme are met through planned income. The level of free reserves has been
calculated excluding the FRS17 assessed liability.
At 31 March 2009 RNIB held designated funds totalling £65.9million (2008:
£75.6million). Of this £48.6million (2008: £47.9million) relates to properties and
£2million (2008: £2.4million) relates to other assets (mainly talking book players)
both used directly in undertaking RNIB’s objectives. The remaining funds amounting
to £15.4million (2008: £25.3million) for this year represent the Investment and
Mergers Funds together with amounts expected to be spent within three years on the
maintenance and replacement of properties and other assets.
Risk management
The Trustee Board is responsible for overseeing the charity’s risk management
activities. Detailed consideration of risk is delegated to the Audit Committee, which is
assisted by senior charity management in continually reviewing this matter and
reporting thereon to the main Board.
Major risks identified currently include those in relation to the protection of people in
our care; and the investment and construction of the Vision School; increased
competition for voluntary income and public awareness of RNIB and blindness; and
financial pressures on stakeholders.
Mitigating strategies, controls and actions are in place for these and other risks
identified. A risk evaluation and management evaluation is underway in relation to
RNIB’s 2009/14 strategy as implementation plans emerge.
Through the risk management process established for the charity, the Trustees are
satisfied that the major risks have been identified and processes for addressing them
have been implemented. It is recognised that any control systems can only provide
reasonable but not absolute assurance that major risks have been adequately
managed.
Fundraising review
Total voluntary income for 2008/09 amounts to £54million, a reduction of £1.1million
against 2007/2008. Legacy income fell by £1.8 million. This however follows on from
two years of high legacy income and reflects the current economic climate.
Income from donations and gifts was up by £0.7million compared with that achieved
last year. Donations and gifts included a gift in kind relating to the Happy Eyes
campaign.
Fundraising costs for 2008/09 amounts to £11.3million, generally in line with last year
being an increase of £0.3million.
Our work in 2008/09 25

Introducing RNIB’s strategy 2009/14:
to end the isolation of sight loss
RNIB, its Associated charities – Action for Blind People and the Cardiff Institute
for the Blind – and subsidiaries, form the RNIB Group. All of our activities are
undertaken to further our charitable purposes for the public benefit.
Our 2009/14 strategy outlines what we plan to achieve together by 2014. We
have three priorities:
l Stopping people losing their sight unnecessarily
l Supporting independent living
l Creating an inclusive society
Change is so urgently needed. And we need your help to make it happen.
How do we know that this is the right
direction?
We asked blind and partially sighted individuals and organisations what to focus
on, and their hopes and needs are at the heart of our 2009/14 plans. Our new
direction fits in with the ground-breaking UK Vision Strategy, the joint action
plan for eye health and sight loss supported by government, eye health, social
care and charities across the UK. This unified approach strengthens our influence
and speeds up progress. Our plans build on our pioneering work, made possible
by generous support from donors.
How will we end the isolation of sight loss?
Within the three priority areas, we have set 11 goals to end the isolation faced by
people losing their sight by 2014.
1. Stopping people losing their sight unnecessarily
Yes, every day in the UK people are still needlessly losing their sight. Most
people still don’t realise that smoking, obesity, diabetes and high blood pressure
put their eyesight at risk. And a third of people aged over 70 do not take up
their free eye test and people still face problems getting sight saving treatment
26 RNIB annual report and accounts 2008/09

fast enough. RNIB will work to save the sight of thousands of people at high risk
of losing their sight.
Reduce the rates of avoidable sight loss for people most at risk.
By 2014 we want more people from African, African-Caribbean, South Asian and
low income communities in the UK to go for regular eye tests and be referred to
eye clinics in order to reduce avoidable sight loss.
Ensure more people diagnosed with sight-threatening conditions have the
opportunity to receive proven and timely treatments.
We will make eye health a political priority and ensure that treatments are
consistently available on the NHS in a timely manner and empower patients to
make well-informed choices.
Priority one: Targets for 2009/10
1. Together with local and national partners, we will run a successful “Eye Health
Week” for the UK, aiming to get our essential eye health messages to people
who are most at risk and to the health professionals working with them.
2. We will launch the “Future of Sight Loss in the UK” research report, presenting
clear evidence of the financial burden of unnecessary sight loss on the state.
We will also complete and share the learning from pilot projects around the UK
focusing on older people, black minority ethnic groups and the brothers and
sisters of people with glaucoma.
3. We will identify strategic partnerships across the UK to reduce eye health
inequalities in specific geographical areas, with people who are the most at
risk of losing their sight.
2. Supporting independent living
Emotional and practical support for everyone losing their sight.
We will ensure that the 77,000 people diagnosed every year as losing their sight
are offered emotional and practical support at diagnosis. By 2014 a network of
130 Eye Clinic Liaison Officers will offer support when people need it most. We
will expand our telephone support services and link this with regional and
country services.
Blind and partially sighted people are offered support tailored to their
individual needs.
By 2014 we want more blind and partially sighted people to be aware of RNIB
and other services. We will define and deliver RNIB’s core services wherever you
live in the UK.
Blind and partially sighted people have the same level and range of
educational opportunities, and achieve the same outcomes as their peers.
We will increase the quality and availability of specialist support and materials to
ensure that blind and partially sighted school leavers gain qualifications
equivalent to their peers.
Our work in 2008/09 27

Blind and partially sighted people to retain and gain employment.
By 2014 we want to be helping 750 people to keep their jobs and another 500
people to move into employment every year by developing our employment
support services.
Blind and partially sighted children and adults with additional complex
needs maximise their potential.
By setting the highest standards at our schools, colleges and care homes we will
drive up the standards of others. We will dramatically increase the number of
people with learning difficulties who have their sight assessed and improved.
Priority two: Targets for 2009/10
1. We will provide immediate information, advice and support to 11,000 people
across the UK at the point when they are told they are losing their sight.
2. We will be the first port of call for thousands of blind and partially sighted
people, supporting them to live independent lives through the personalised
support of our new Helpline, up-to-the-minute information on RNIB’s website
and our fantastic range of everyday products. This year we will be able to
support more people than ever through our innovative association with Action
for Blind People and the Cardiff Institute for the Blind.
3. We want all the children and adults with sight problems, including those with
very complex needs, to receive the very best care and education services from
us. We will achieve this by continuing our ambitious project to build the Vision
School, UK’s best school and care home for children with sight problems and
very complex needs and reviewing all our care and education services for
adults and children with complex needs, working closely with external
regulators to ensure excellence.
4. In a challenging economic and financial climate we will provide support to
approximately 1,250 people to stay in work or to move into employment.
5. A third of people with learning difficulties also have a sight problem, which
often goes undetected. We will ensure that at least 400 people who have a
learning disability receive a combined sight test and vision assessment.
3. Creating an inclusive society
Despite major advances in legislation, attitudes, services and technology, we still
have a long way to go before true equality is achieved.
Enabling more people to make journeys safely and independently
We want a dramatic increase in travel by people with sight loss by 2014. We want
transport operators to become beacons of best practice providing excellent
service and inspiring the rest of the industry. We will campaign for government to
implement the improved Disability Living Allowance rules.
28 RNIB annual report and accounts 2008/09

More people to shop independently and have personal control of their
money.
We plan to work with six retailers and banks to become beacons of good
practice. We want to increase the financial awareness of blind and partially
sighted people, and improve the accessibility of financial services, to increase
financial independence.
More people achieving independence through ICT and mobile technologies.
We will work with partners to make simpler, accessible and affordable mobile
phones, satellite navigation (GPS) services and media players, so that many more
people can confidently use them.
More people can independently access books, magazines, newspapers,
television and radio.
We want the 1,000 most popular books each year and the top 100 magazines
and newspapers to be available in large print, audio, braille and as e-books. By
2014 we want 20 per cent of TV programmes to offer audio description, and
blind and partially sighted people to be able to enjoy what they want, on digital
radio and TV.
Priority three: Targets for 2009/10
1. We will make major progress in the accessibility of television through our aim
of doubling audio description targets from 10 to 20 per cent, by launching the
first easy-to-use talking set top boxes and ensuring that blind and partially
sighted people benefit from the digital switch over.
2. We will help blind and partially sighted people to get around and shop by
working with major companies to improve their services, by improving
information and advice to blind and partially sighted people and by supporting
people to campaign for better services.
3. We will make at least two of the most popular online services easy to use by
blind and partially sighted people, ensure that people fully benefit from e-
books and provide information, support and products to help people get the
most from technology.
You can make a difference
Losing your sight does not need to mean a life of isolation. Together we can
change this. Join us in our five-year mission to stop people losing their sight
unnecessarily, support independent living and to create an inclusive society. Visit
the “support us” section of our website at www.rnib.org.uk to find out what you
can do to make a difference.
Signed on behalf of the Trustees of RNIB
Lord Low, Chairman
Our work in 2008/09 29

Independent Auditors’ report
to the Trustees of RNIB
We have audited the group and parent charity financial statements of Royal
National Institute of Blind People for the year ended 31 March 2009 which
comprise the Consolidated Statement of Financial Activities, the Group and
Charity Balance Sheets, the Consolidated Cash Flow Statement and the related
notes. The financial statements have been prepared under the accounting
policies set out therein.
Respective responsibilities of trustees and
auditors
The responsibilities of the trustees for preparing the Trustees’ Annual Report and
the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
are set out in the Statement of Trustees’ Responsibilities.
We have been appointed as auditors under section 43 of the Charities Act 1993
and under section 44 (1) (c) of the Charities and Trustee Investment (Scotland)
Act 2005 and report in accordance with regulations made under those Acts. Our
responsibility is to audit the financial statements in accordance with relevant
legal and regulatory requirements and International Standards on Auditing (UK
and Ireland). This report, including the opinion, has been prepared for and only
for the charity’s trustees as a body in accordance with paragraph 30 of The
Charities (Accounts and Reports) Regulations 2008 made under Part VI, the
Charities Act 1993, section 44 (1) (c) of the Charities and Trustee Investment
(Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland)
Regulations 2006 and for no other purpose. We do not, in giving this opinion,
accept or assume responsibility for any other purpose or to any other person to
whom this report is shown or into whose hands it may come save where expressly
agreed by our prior consent in writing.
We report to you our opinion as to whether the financial statements give a true
and fair view and are properly prepared in accordance with the Charities Act
1993, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8
of the Charities Accounts (Scotland) Regulations 2006. We also report to you if,
in our opinion, the information given in the Trustees’ Annual Report is not
30 RNIB annual report and accounts 2008/09

consistent with those financial statements, if the charity has not kept proper
accounting records, if the charity’s financial statements are not in agreement
with these accounting records or if we have not received all the information and
explanations we require for our audit.
We read the Trustees’ Annual Report, and consider the implications for our report
if we become aware of any apparent misstatements within.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing
(UK and Ireland) issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and disclosures
in the financial statements. It also includes an assessment of the significant
estimates and judgements made by the trustees in the preparation of the
financial statements, and of whether the accounting policies are appropriate to
the group and parent charity’s circumstances, consistently applied and
adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with sufficient
evidence to give reasonable assurance that the financial statements are free from
material misstatement, whether caused by fraud or other irregularity or error. In
forming our opinion we also evaluated the overall adequacy of the presentation
of information in the financial statements.
Opinion
In our opinion
l the financial statements give a true and fair view, in accordance with United
Kingdom Generally Accepted Accounting Practice, of the state of the group
and parent charity’s affairs as at 31 March 2009, and of the groups incoming
resources and application of resources including the group’s cash flows, for
the year then ended; and
l the financial statements have been properly prepared in accordance with the
Charities Act 1993, the Charities and Trustee Investment (Scotland) Act 2005
and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
Eligible to act as an auditor in terms of section 25 of the Companies Act 1989
London
4 August 2009
Independent Auditors’ report to the Trustees of RNIB 31

Consolidated statement
of financial activities for the
year ended 31 March 2009
Incoming resources
Incoming resources from generated funds
Voluntary income:
32 RNIB annual report and accounts 2008/09
Notes
Total
31 March
2009
£’000
Endowment
funds
£’000
Donations and gifts 22,281 –
Legacies 31,728 –
Total voluntary income 54,009 –
Activities for generating funds:
Merchandising and sponsorship
569 –
Investment income 5 2,225
Total incoming resources from generated
funds
56,803 –
Incoming resources from charitable
activities
Stopping people losing their sight unnecessarily 6 –
Supporting people to get the education, jobs and
income they deserve
14,335 –
Increase access to TV, culture and information 8,540 –
Enabling people to get support and become
independent
14,943 –
Strengthening our voice and impact 710 –
Total incoming resources from charitable
activities
38,534 –
Other incoming resources:
Other Income – defined benefit pension scheme 705 –
Net gain on disposal of fixed assets – –
Total incoming resources 1.4 96,042 –
Resources expended
Costs to generate funds:
Costs of generating voluntary income 1.5 11,318 –
Merchandising and sponsorship costs 730 –
Investment management fees 58 –
Total costs to generate funds 1.5 12,106 –
Net income available for charitable activities 83,936 –

Restricted
funds
£’000
Development
£’000
Unrestricted funds
Designated funds
Service
properties
£’000
Other fixed
assets
£’000
General
£’000
Total
31 March
2008
£’000
2,733 3 – – 19,545 21,542
1,830 15 – – 29,883 33,569
4,563 18 – – 49,428 55,111
(3) – – – 572 620
192 4 – – 2,029 2,862
4,752 22 – – 52,029 58,593
4 – – – 2 1
689 – – – 13,646 14,935
184 468 – – 7,888 7,687
452 472 – – 14,019 14,404
48 – – – 662 795
1,377 940 – – 36,217 37,822
– – – – 705 2,216
– – – – – 22
6,129 962 – – 88,951 98,653
5 70 62 11 11,170 10,981
– 1 – – 729 504
– – – – 58 79
5 71 62 11 11,957 11,564
6,124 891 (62) (11) 76,994 87,089
Financial statements for the year ended 31 March 2009 33

Consolidated statement of financial
activities for the year ended
31 March 2009 (continued)
Total
31 March
2009
Endowment
funds
Charitable activities:
34 RNIB annual report and accounts 2008/09
Notes
£’000
£’000
Stopping people losing their sight unnecessarily 1,674 –
Supporting people to get the education, jobs
and income they deserve
27,353 –
Increase access to TV, culture and information 30,519 –
Enabling people to get support and become
independent
26,861 –
Strengthening our voice and impact 4,971 –
Total charitable activity costs 91,378 –
Governance Costs 1,629 –
Total resources expended 1.5/3 105,113 –
Net outgoing resources before transfers (9,071) –
Transfers between funds 4/7/8 – –
Net (outgoing) incoming resources before
other recognised gains and losses
(9,071) –
Net losses on investment assets (6,817) (2,609)
Actuarial (loss) gain on defined benefit
pension scheme
19 (27,847) –
Net Movement In Funds (43,735) (2,609)
Fund balances brought forward 1 April 131,425 10,202
Fund balances carried forward 31 March 87,690 7,593
Notes 6
A Statement of Total Recognised Gains and Losses is not required as all gains and losses
are included in the Statement of Financial Activities.
Incoming resources of the Charity during the year were £95,494,000 (2008: £98,175,000)
less resources expended by the Charity at £104,567,000 (2008: £99,417,000) led to a
deficit of £9,073,000 (2008: £1,242,000).
All incoming resources, resources expended and resulting net movements in funds are
derived from continuing activities.
The notes on pages 39 to 71 form part of the financial statements.

Restricted
funds
Development
Unrestricted funds
Designated funds
Service
properties
Other fixed
assets
General
Total
31 March
2008
£’000
£’000
£’000
£’000
£’000
£’000
152 36 6 1 1,479 1,144
1,698 1,728 398 73 23,456 29,409
3,536 2,959 249 1,124 22,651 27,200
1,454 1,119 339 86 23,863 25,350
245 430 29 3 4,264 3,850
7,085 6,272 1,021 1,287 75,713 86,953
– 20 11 1 1,597 1,498
7,090 6,363 1,094 1,299 89,267 100,015
(961) (5,401) (1,094) (1,299) (316) (1,362)
(1,289) (4,566) 1,774 901 3,180 –
(2,250) (9,967) 680 (398) 2,864 (1,362)
(6) – – – (4,202) (2,854)
– – – – (27,847) 8,290
(2,256) (9,967) 680 (398) (29,185) 4,074
6,721 25,332 47,888 2,400 38,882 127,351
4,465 15,365 48,568 2,002 9,697 131,425
7 8 4 4
Financial statements for the year ended 31 March 2009 35

Balance sheets at
31 March 2009
Fixed assets
Approved by the Board of Trustees and authorised for issue on 16 July 2009 and signed on behalf
of RNIB by:
Lord Low,
Chairman
Terry Moody,
Honorary Treasurer
36 RNIB annual report and accounts 2008/09
Notes
2009
£’000
Group
2008
£’000
2009
£’000
Charity
2008
£’000
Tangible 4 50,570 50,288 50,570 50,288
Investments 5 41,649 48,550 41,854 48,755
Total fixed assets 92,219 98,838 92,424 99,043
Current assets
Stocks and work in progress 15 2,701 2,450 2,627 2,415
Debtors 16 8,975 8,405 9,074 9,042
Current investments 60 65 60 65
Short term deposits 5,763 16,282 5,763 16,282
Cash at bank and in hand 322 1,209 64 349
Total current assets 17,821 28,411 17,588 28,153
Creditors amounts falling due within one
year
17 10,258 12,112 10,230 12,057
Net current assets 7,563 16,299 7,358 16,096
Total assets less current liabilities 99,782 115,137 99,782 115,139
Creditors amounts falling due after more than
one year
18 3,981 1,635 3,981 1,635
Net assets excluding pension scheme (liability)
asset
95,801 113,502 95,801 113,504
Defined benefit pension scheme (liability) asset 19 (8,111) 17,923 (8,111) 17,923
Net assets including pension scheme (liability)
asset
9 87,690 131,425 87,690 131,427
Represented by the following funds
Endowment 6 7,593 10,202 7,593 10,202
Restricted 7 4,465 6,721 4,465 6,721
Unrestricted
Designated 4/8 65,935 75,620 65,935 75,620
General 17,808 20,961 17,808 20,961
Pension (deficit) reserve 19 (8,111) 17,923 (8,111) 17,923
Non–charitable trading deficit – (2) – –
Total 87,690 131,425 87,690 131,427

Consolidated cashflow statement for the year
ended 31 March 2009
2009
£’000
2008
(Restated)
£’000
Net cash (outflow) inflow from operating activities (11,743) 3,593
Returns on investments and servicing of finance
Investment income 2,225 2,862
Interest element of finance lease rental payments (98) (181)
Net cashflow from investments and servicing of finance 2,127 2,681
Capital expenditure and financial investment
Purchase of tangible fixed assets (3,727) (8,388)
Proceeds from sale of tangible fixed assets 4 810
Purchase of investments (6,685) (4,148)
Proceeds from sale of investments 6,719 5,356
Net cash outflow from capital expenditure and financial
investment
(3,689) (6,370)
Cash outflow before use of liquid resources and financing (13,305) (96)
Management of liquid resources
Cash (deposited) to short term deposits 10,519 (954)
Net cashflow from the management of liquid resources 10,519 (954)
Financing
Finance loan advance received 3,200 –
Capital element of finance lease rental payments (1,138) (1,112)
Net cash inflow (outflow) from financing activities 2,062 (1,112)
Decrease in cash (724) (2,162)
Cash at 1 April 182 2,344
Cash at 31 March (542) 182
(continued overleaf)
Financial statements for the year ended 31 March 2009 37

Consolidated cashflow statement for the year
ended 31 March 2009 (continued)
2009
£’000
2008
(Restated)
£’000
Notes to the cashflow statement
Reconciliation of changes in resources to net cash inflow
from operating activities
Net incoming resources before transfers (9,071) (1,362)
Investment income (2,225) (2,862)
Depreciation 2,393 2,864
Fee Rebate non cash transaction 84 88
Costs on disposal of investment property added to loss on disposal (28) (3)
Loss on disposal of tangible fixed assets 1,046 2,132
(Decrease) increase in current creditors (1,396) 2,848
(Decrease) in long term creditors (10) (10)
Decrease in pension provision (1,813) (1,581)
Interest charged on finance lease payments 98 181
(Increase) decrease in debtors (570) 1,599
(Increase) decrease in stock (251) (301)
Net cash (outflow) inflow from operating activities (11,743) 3,593
Analysis of change in net
funds
31 March
2007
£’000
Cashflow
2008
£’000
31 March
2008
£’000
Cashflow
2009
£’000
31 March
2009
£’000
Cash at bank 2,564 (1,355) 1,209 (887) 322
Bank overdraft (220) (807) (1,027) 163 (864)
Total Cash 2,344 (2,162) 182 (724) (542)
Debt due within 1 year (1,112) (12) (1,124) 295 (829)
Debt due after 1 year (2,719) 1,124 (1,595) (2,356) (3,951)
Total change in net funds (1,487) (1,050) (2,537) (2,785) (5,322)
38 RNIB annual report and accounts 2008/09

Notes to the consolidated financial statements
for the year ended 31 March 2009
1. Statement of accounting policies
The principal accounting policies adopted in
the preparation of these financial statements
are as follows:
1.1 Basis of accounting
The financial statements have been prepared
under the historical cost convention, modified
to include the revaluation of investments, in
accordance with applicable accounting
standards in the United Kingdom and the
Statement of Recommended Practice –
“Accounting and Reporting by Charities”
(SORP 2005) as revised in March 2005, and
the Charities Act 1993.
The results of each of RNIB’s wholly owned
subsidiary undertakings, as listed in note 2,
have been incorporated in these consolidated
financial statements under the heading
“Group” on a line-by-line basis.
No separate Statement of Financial Activities
(SOFA) has been presented for the Charity
alone as permitted by paragraph 397 of the
SORP.
1.2 Foreign currency transactions
Foreign currency transactions completed
within the year are included at their
transacted sterling equivalents. Assets and
liabilities are valued using those rates
published by HM Revenue & Customs as at
the balance sheet date.
1.3 Fund accounting
Unrestricted funds comprise accumulated
surpluses and deficits on general funds that
are available for use at the discretion of the
trustees in furtherance of the general
objectives of the Charity.
Designated funds are unrestricted funds that
the trustees of the Charity have set aside, out
of general funds and comprise sums of money
for specific projects of a developmental
nature.
Also within the designated funds are ‘service
properties’ and ‘other fixed assets’. ‘Service
properties’ represents the value of RNIB’s
interests in land and buildings, in use, for the
provision of services to people with sight
problems. This value is shown in a separate
designated fund, as the properties
represented are essential for the provision of
RNIB’s services. Transfers in respect of
additions to property in the year are made
from the general fund and the development
fund. Transfers are made from this fund to the
general fund in respect of property disposals
during the year. Property depreciation is
charged to this fund. ‘Other fixed assets’
represents other assets in use by RNIB.
Restricted funds comprise income received
with special conditions attached. Income for a
specific purpose not spent in any year is
carried forward in the relevant fund.
Endowments received are credited directly to
the relevant endowment fund. Income arising
from the related investments is allocated to
the general fund or to the relevant restricted
fund, depending on the terms of endowment.
1.4 Incoming resources
Donated goods and services are included at
the value to the charity where these can be
quantified. No amounts are included in these
financial statements for the services donated
Financial statements for the year ended 31 March 2009 39

y volunteers. Income from trading in
subsidiary undertakings is transferred to the
charity by covenanting the profits of those
undertakings. Donations are accounted for as
soon as their amount and receipt is certain.
Donations include Gift Aid based on amounts
recoverable at the accounting date.
Pecuniary legacies are recognised as they are
received. Residuary legacies are recognised at
the earlier of receipt or agreement of estate
accounts. Reversionary interests involving a
life tenant are not recognised due to the
uncertainties of valuing them.
Investment income, interest on deposits and
income in connection with services to people
with sight problems is recognised on an
accruals basis. Where an incoming resource is
received in advance of the activity to be
performed then the incoming resource is
deferred and included in creditors. Investment
income arising on endowment funds is
credited to the appropriate fund in accordance
with the prescribed conditions.
1.5 Resources expended
(a) Expenditure, including irrecoverable VAT, is
accounted for on an accruals basis.
(b) Included within charitable activity costs is
an apportionment of public awareness
expenditure representing the costs incurred by
RNIB in educating the public to be aware of
the needs of people with sight loss.
(c) Support costs include both group and
corporate costs and are incurred in support of
direct service expenditures. Allocation of
support service costs is on a mixture of bases
including a staff time-based system of
apportionment.
(d) Fundraising expenses include those costs
incurred in raising donations and legacies.
(e) Governance costs are incurred in relation
to the running of the charity. This includes
strategic planning and attending to the
statutory affairs of the charity. An analysis of
these costs can be found in note 3 – Total
resources expended.
(f) Grants payable are charged to the SOFA
when a constructive obligation exists, that is
when the recipient has been informed.
1.6 Fixed assets
(a) Service properties
RNIB has implemented Financial Reporting
Standard 15 (FRS15) in preparing its financial
statements and under the transitional
provisions of the standard has adopted the
valuations at which these properties were
included at 31 March 1999, which will not be
updated.
Depreciation, and any impairment, is provided
so as to write off the cost of property,
excluding land, over its expected useful life,
which for freehold properties is not considered
to be in excess of 50 years. Short leaseholds
are written off over the period of the lease
and long-term leases over 50 years.
(b) Service properties under construction
RNIB has separately categorised those service
properties that are under construction and
have not yet been brought into use. The cost
of such assets excludes finance costs incurred
relating to temporary financing throughout
the construction phase.
40 RNIB annual report and accounts 2008/09

Depreciation is not provided on service
properties under construction until they are
brought into use at which point the
appropriate depreciation treatment will apply
as set out in 1.2(a) above.
(c) Other fixed assets
Depreciation, and any impairment, is provided
on all other fixed assets in use at rates
calculated to write off the cost, less estimated
residual value of each asset, over its expected
useful life which varies between three and 10
years. Where the assets have been acquired
under a finance lease then depreciation, and
any impairment, is provided at rates calculated
to write off the cost, less estimated residual
value of each asset, over the life of the
primary lease. Assets costing less than £2,500
are treated as fully expended in the year of
acquisition.
Fixed assets are subject to review for
impairment when there is an indication of a
reduction in their carrying value. Any
impairment is recognised in the SOFA in the
year in which it occurs.
1.7 Investments
Listed investments are stated at mid-market
value at the balance sheet date.
Investment properties are stated at market
value as advised by RNIB’s property advisors
at the balance sheet date and this is done on
an annual basis.
The SOFA includes the net gains and losses
arising on disposals and revaluations
throughout the year.
1.8 Stocks
Stock of finished goods held for resale is
valued at the lower of cost and net realisable
value. Finished goods for resale comprises
products suitable for use by blind and partially
sighted people, Christmas cards and gifts.
1.9 Pension scheme
For the RNIB defined benefit pension scheme,
the current service costs, gains and losses on
settlements and curtailments, is charged to
resources expended. Similarly, pension finance
costs arising from changes in the net of the
interest costs and expected return on assets is
charged to resources expended. Where income
arises as a result of such changes this is shown
in the statement of financial activities as an
“other” incoming resource. Actuarial gains and
losses are recognised immediately in the
statement of financial activities as “Actuarial
gain, or loss, on Defined benefit pension
scheme”. From 1 April 2005, for new
members, pension contributions for defined
benefits were capped, with contributions
above that cap being defined contributions.
For the RNIB defined contribution scheme the
amount charged to the SOFA in respect of
pension costs and other post-retirement
benefits is the contributions payable in the
year.
1.10 Leased assets
RNIB has entered into finance leases for
talking book players with a view to improving,
and increasing the RNIB Talking Book Service
for people with sight problems. In addition,
RNIB entered into a finance lease for the
Financial statements for the year ended 31 March 2009 41

acquisition of computer software. Leases are
regarded as finance leases where their terms
transfer to the lessee substantially all of the
benefits and burdens of ownership other than
the right to legal title.
The obligations to the lessor are shown as part
of the borrowings and the rights in the
corresponding assets are treated in the same
way as owned fixed assets.
All operating leases and rental expenses are
charged to the SOFA on a straight-line basis.
1.11 Taxation
RNIB is a registered charity, and as such is
entitled to certain tax exemptions on income
and profit from investments and surpluses on
any trading activities carried out in
furtherance of the charity’s primary
objectives, if these profits are applied solely
for charitable purposes.
42 RNIB annual report and accounts 2008/09

2. Net income from trading activities of subsidiary undertakings
Profit and loss
account
RNIB
Enterprises
Limited
£’000
RNIB
Services
Limited
£’000
National
Library
for The
Blind
£’000
Blind
Centre for
Northern
Ireland
£’000
Total
2009
£’000
Total
2008
£’000
Turnover 572 5,677 420 29 6,698 7,612
Cost of sales (460) (5,649) – – (6,109) (6,848)
Gross profit 112 28 420 29 589 764
Interest receivable 2 8 – – 10 22
Interest payable (11) – – – (11) (15)
Administration (62) (24) (8) 3 (91) (167)
Net profit 41 12 412 32 497 604
Amount
covenanted to
RNIB
Retained in
subsidiary
undertaking
(39) (12) (412) (32) (495) (724)
2 – – – 2 (120)
Balance sheet
Net Assets 5 – – – 5 3
RNIB Enterprises Limited sells Christmas cards and other items by mail order and through retail
outlets. It engages in other trading activities, such as commercial sponsorship and a scheme for
the recycling of toner cartridges, with the consent of RNIB. A loan of £200,000 has been made by
RNIB to cover the working capital requirements. Interest is charged at 2 per cent above base rate
on a quarterly basis.
RNIB Services Limited administers RNIB’s school fees.
National Library for the Blind (NLB) exists as a shell charity to receive donations and legacies,
which are transferred to RNIB to be ringfenced for the RNIB National Library Service.
Blind Centre for Northern Ireland (BCNI) exists as a shell charity to receive donations and
legacies, which are transferred to RNIB to be ring–fenced for RNIB Northern Ireland.
Financial statements for the year ended 31 March 2009 43

3. Total resources expended
Total resources expended including support costs allocation
Direct
costs
Support
costs
Total
2009
Total
2008
£’000
£’000
£’000
£’000
Costs to generate funds
Generating voluntary income 6,654 4,664 11,318 10,981
Merchandising and sponsorship costs 646 84 730 504
Investment management fees 53 5 58 79
Total expended on generating funds 7,353 4,753 12,106 11,564
Charitable objectives costs
Stopping people losing their sight
unnecessarily
Supporting people to get the education,
jobs and income they deserve
Increase access to TV, culture
and information
Enabling people to get support and
become independent
1,586 88 1,674 1,144
23,684 3,669 27,353 29,409
26,780 3,739 30,519 27,200
23,509 3,352 26,861 25,350
Strengthening our voice and impact 4,614 357 4,971 3,850
Total expended on charitable objectives 80,173 11,205 91,378 86,953
Governance costs 711 918 1,629 1,498
Total resources expended 88,237 16,876 105,113 100,015
The total expended on charitable objectives includes a gift in kind amounting to £963,000 for the
Happy Eyes campaign.
44 RNIB annual report and accounts 2008/09

3. Total resources expended (continued)
Support department costs
Total
2009
Total
2008
£’000
£’000
Financial accounts and operations 1,059 1,022
Chairman’s/Chief Executive’s office and Resources directorate 1,032 930
Corporate services 843 822
Financial management 252 212
Human resources 1,941 1,532
Information and knowledge services 2,610 2,169
Internal audit 88 85
Committee support and transcription services 207 322
Business planning 304 392
Group support services 8,540 7,171
Total support department costs 16,876 14,657
The cost of information and knowledge services are in part allocated based on the number of
networked computers per service. The costs of payroll are allocated using the number of payslips
handled per service as a basis whilst that for Sales and Purchase Ledger departments are based on
the number of invoices handled. The balance of support costs is apportioned using an annual
assessment of staff time based on the advice of support service managers.
Financial statements for the year ended 31 March 2009 45

3. Total resources expended (continued)
Governance costs
Total
2009
Total
2008
£’000
£’000
General costs incurred in servicing RNIB’s corporate committees and
the statutory affairs of the charity
Costs incurred in running the Chairman’s Office (including
international activity – for example World Blind Union)
1,349 1,320
280 178
Total governance costs 1,629 1,498
Included within General costs above are the costs of Committee support and transcription
services, which include Trustee expenses paid as detailed in note 12; an apportionment of Internal
Audit costs; External Audit costs as detailed in note 13.
46 RNIB annual report and accounts 2008/09

4. Tangible fixed assets – group and charity
Cost
Service
properties
£’000
Service
property
under
construction
£’000
Machinery,
vehicles
and
equipment
£’000
Talking
book
machines
£’000
Total
£’000
Balance 1 April 2008 55,331 2,388 9,790 19,193 86,702
Additions 875 1,935 917 – 3,727
Disposals (1,631) – (1,595) – (3,226)
Balance 31 March 2009 54,575 4,323 9,112 19,193 87,203
Accumulated depreciation
Balance 1 April 2008 9,831 – 8,718 17,865 36,414
Charge for year 1,094 – 499 800 2,393
Disposals (595) – (1,579) – (2,174)
Balance 31 March 2009 10,330 – 7,638 18,665 36,633
Net book value
31 March 2009
Net book value
31 March 2008
44,245 4,323 1,474 528 50,570
45,500 2,388 1,072 1,328 50,288
Service properties are used to provide services to blind and partially sighted people. Of the net
book value of property used by RNIB, £1,035,000 (2008: £2,254,000) represents leaseholds of
less than 50 years. Service property under construction relates to works carried out to date in
respect of the RNIB Vision School and Children’s Home.
A transfer has been made to the designated service properties fund in the sum of £1,774,000
comprising additions of £2,810,000 less £1,036,000 disposals in the year.
A transfer has been made to the designated other fixed assets fund in the sum of £901,000
comprising additions of £917,000 less £16,000 disposals in the year.
The net book value of talking book machines held under finance lease agreements at 31 March
2009 was £135,000 (2008: £692,000). Included in Talking Book Service expenditure is interest
payable of £125,000 (2008: £183,000) and a depreciation charge of £558,000 (2008: £899,000)
which relates to leased talking book machines.
Financial statements for the year ended 31 March 2009 47

5. Group fixed asset investments
Quoted
£’000
Property
£’000
Total
2009
£’000
Total
2008
£’000
Unrestricted funds
Market value 1 April 2008 36,539 1,787 38,326 40,485
Acquisitions at cost 6,685 – 6,685 3,954
Disposals at opening
market value
Net (loss) gain on revaluation
31 March 2009
(6,619) – (6,619) (5,084)
(4,142) (210) (4,352) (1,029)
Market value 31 March 2009 32,463 1,577 34,040 38,326
Historical cost
31 March 2009
37,514 600 38,114 38,431
Endowment funds
Market value 1 April 2008 10,202 – 10,202 12,229
Acquisitions at cost – – – 150
Disposals at opening
market value
Net (loss) gain on revaluation
31 March 2009
– – – (13)
(2,609) – (2,609) (2,164)
Market value 31 March 2009 7,593 – 7,593 10,202
Historical cost
31 March 2009
8,721 – 8,721 8,721
48 RNIB annual report and accounts 2008/09

5. Group fixed asset investments (continued)
Quoted
£’000
Property
£’000
Total
2009
£’000
Total
2008
£’000
Restricted funds
Market value 1 April 2008 22 – 22 27
Net (loss) gain on revaluation 31 March
2009
(6) – (6) (5)
Market value 31 March 2009 16 – 16 22
Historical cost
31 March 2009
19 – 19 19
Financial statements for the year ended 31 March 2009 49

5. Group fixed asset investments (continued)
Quoted
£’000
Property
£’000
Total
2009
£’000
Total
2008
£’000
Unrestricted funds 32,463 1,577 34,040 38,326
Restricted funds 16 – 16 22
Endowment funds 7,593 – 7,593 10,202
Total market value of
investments 31 March 2009
40,072 1,577 41,649 48,550
In addition to the above there is £205,001 included within the Charity comprising of £5,001
relating to investments in the Subsidiaries and £200,000 relating to a long-term loan with RNIB
Enterprises.
The market value of quoted investments is further broken down as follows:
UK
£’000
Overseas
£’000
Total
2009
£’000
Unrestricted funds 28,848 5,192 34,040
Restricted funds 16 – 16
Endowment funds 7,593 – 7,593
Total 36,457 5,192 41,649
50 RNIB annual report and accounts 2008/09

5. Group fixed asset investments (continued)
At 31 March 2009 deposits of £1,000 and property investments of £1,577,000 were within the
UK.
In addition to the above, 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.
2009
£
2008
£
RNIB Enterprises Limited – Ordinary 5,000 5,000
RNIB Services Limited – Ordinary 1 1
Total 5,001 5,001
The following table gives a breakdown of investment income:
2009
£’000
2008
£’000
General funds
Quoted investments 1,694 1,746
Cash deposits 284 875
Rents 55 53
Restricted funds
Quoted investments 192 188
Total 2,225 2,862
Financial statements for the year ended 31 March 2009 51

5. Group fixed asset investments (continued)
Significant holdings
Within the portfolio of quoted investments, the following holdings exceed five per cent of the
total market value of the fund:
2009 2008
Unrestricted funds
£’000 % £’000 %
L&G All Stocks Gilt Index Trust – Distribution Units 18,690 57.6 21,523 59.0
L&G Ethical Trust – Distribution Units 8,580 26.4 9,347 25.6
L&G European Index Trust – Distribution Units 1,747 5.4 1,863 5.1
L&G US Index Trust – Distribution Units 1,712 5.3 1,868 5.1
6. Endowment funds
31 March
2008
£’000
Losses
£’000
31March
2009
£’000
Sunshine 987 (255) 732
Emma Nye 2,577 (668) 1,909
General 5,002 (1,291) 3,711
Eagle-Bott Memorial 516 (135) 381
Dr Duncan Leeds Bequest 968 (254) 714
GDC Rushton 152 (6) 146
Total 10,202 (2,609) 7,593
General endowments are comprised of individual funds built up over many years and are not
material on an individual basis, and for the purposes of disclosure have been amalgamated.
52 RNIB annual report and accounts 2008/09

7. Restricted funds
The funds of the charity include restricted funds comprising the following unexpended balances
of donations and grants held to be applied for specific purposes.
Fund and/or purpose
31March
2008
£’000
Incoming
resources
£’000
Expenditure
and transfers
£’000
31March
2009
£’000
Emma Nye fund welfare pensions 683 115 115 683
Dr Duncan Leeds Bequest 14 43 30 27
Opportunities for Volunteering 1 128 120 9
Donations for specified equipment 5,405 5,393 7,238 3,560
Donations for specific services 97 14 32 79
Donations for specified capital
projects – non-Community/New
Opportunities Fund
373 – 362 11
National Lottery
Big Lottery Fund
Ivybridge Transcription Centre 32 – 32 –
Manor House 5 – 5 –
Community Development in
Northern Ireland
(6) – (6) –
Family Centre at Judd Street 41 – 41 –
Social Inclusion – MINOPS 7 – 7 –
Childcare in Wales 1 – – 1
Transcription and Information Services
in Stoke-on-Trent
Eye Matter Youth Forum Northern
Ireland
4 – 4 –
3 94 81 16
c/f 6,660 5,787 8,061 4,386
Financial statements for the year ended 31 March 2009 53

7. Restricted funds (continued)
31March
2008
£’000
Incoming
resources
£’000
Expenditure
and transfers
£’000
31March
2009
£’000
Fund and/or purpose b/f 6,660 5,787 8,061 4,386
Big Lottery Fund (continued)
RNIB Cymru Emotional Health
Development Officer
25 – 25 –
Ethnic Minorities Research (17) – (17) –
Solihull Resource Area Development
Project
(19) – (19) –
Talk and Support – Telebefriending 17 – 17 –
Life Skills Development for Young
People
8 35 34 9
RNIB Cymru Developing Emotional
Wellbeing Through the Arts
12 64 63 13
Young People’s Forum – Scotland 17 118 86 49
Vision for Life (16) 40 35 (11)
Medivision 14 54 49 19
Keep IT skilled – Scotland 5 – 5 –
Safe and Well – 31 31 –
Awards for All
Concept Cooking 5 – 5 –
Connect Days – Northern Ireland 10 – 10 –
Total 6,721 6,129 8,385 4,465
Restricted fund balances may be in a deficit situation pending future receipts where such funding
is given on a reclaim basis and at 31 March 2009 such deficit balances amounted to £212,000.
Included in expenditure and transfers above are transfers amounting to £1,289,000 comprising
£50,000 designated other fixed asset additions, £535,000 relating to projects where the initial
expenditure is made under the designated development fund and £704,000 transferred to the
general fund as a result of a review of outstanding restricted fund balances.
54 RNIB annual report and accounts 2008/09

8. Development funds
31March
2008
£’000
Transfers
£’000
Incoming
resources
£’000
Expended
£’000
31March
2009
£’000
Investment fund 15,481 (3,874) 551 3,897 8,261
RNIB Vision School and
Children’s Home revenue 5,812 (1,470) – 475 3,867
shortfall reserve
Mergers fund 2,725 – 411 820 2,316
Service property and
associated facilities
932 (180) – 136 616
development
Information technology
infrastructure fund
44 383 – 128 299
Repairs and maintenance
fund
338 575 – 907 6
Total development funds
31 March 2009
25,332 (4,566) 962 6,363 15,365
Investment fund: To fund major projects furthering the strategic business plan. The transfer
represents the planned release back to general funds of £3million, a transfer of £22,000 from the
information technology infrastructure fund, a transfer from restricted funds of £2,000 and is
offset by additions to designated fixed assets of £898,000.
RNIB Vision School and Children’s Home revenue shortfall reserve: To support RNIB
Rushton School and Children’s Home during the reconstruction project. The transfer represents
temporary funding made to cover the construction phase of the project pending future finance
loan receipts.
Mergers fund: To meet the costs of transition and future development of services relating to
organisations that have merged with RNIB.
Service property and associated facilities development fund: To fund capital building
projects, including the RNIB Rushton School and Children’s Home reconstruction, and funds to
acquire capital equipment. The transfer comprises the transfer from the revenue shortfall reserve
mentioned above, a £500,000 designation from the general fund for planned capital acquisitions
and a transfer from restricted funds of £533,000. This is offset by additions to designated fixed
assets of £2,683,000.
Information technology infrastructure fund: To ensure that the information technology
infrastructure is robust. The transfer represents a planned designation of £500,000 towards the
fund offset by £22,000 transfer to the investment fund as mentioned above and additions to
designated fixed assets of £95,000.
Repairs and maintenance fund: To fund a rolling programme of regular property maintenance.
The £575,000 transfer represents new designations to cover planned expenditure within this
programme.
Financial statements for the year ended 31 March 2009 55

9. Analysis of group and charity net assets between funds
Total
31 March
2009
Endowment
funds
Restricted
funds
Group
£’000
£’000
£’000
Fund balances 31 March 2009
Tangible fixed assets 50,570 – –
Investments 41,649 7,593 16
Net current assets (liabilities) 7,563 – 4,449
Long-term liabilities (3,981) – –
Defined benefit pension scheme
liability
(8,111) – –
Total net assets 87,690 7,593 4,465
Charity
Fund balances 31 March 2009
Tangible fixed assets 50,570 – –
Investments 41,854 7,593 16
Net current assets (liabilities) 7,358 – 4,449
Long–term liabilities (3,981) – –
Defined benefit pension scheme
liability
(8,111) – –
Total net assets 87,690 7,593 4,465
56 RNIB annual report and accounts 2008/09

Unrestricted funds
Development
£’000
Designated funds
Service
properties
£’000
Other fixed
assets
£’000
General
£’000
– 48,568 2,002 –
15,365 – – 18,675
– – – 3,114
– – – (3,981)
– – – (8,111)
15,365 48,568 2,002 9,697
– 48,568 2,002 –
15,365 – – 18,880
– – – 2,909
– – – (3,981)
– – – (8,111)
15,365 48,568 2,002 9,697
Financial statements for the year ended 31 March 2009 57

10. Grants payable
In line with SORP 2005 paragraph 200(b), the total amount paid by the charity by way of grants
to individuals and organisations amounted to less than five per cent of total expenditure for the
year, consequently such grants are not considered to be material and therefore no disclosure has
been made in the accounts.
11. Employee remuneration
The average number of employees during the year was 2,373 (2008: 2,310), of which, 786 (2008:
726) were part–time employees.
Total emoluments for all staff for the year amounted to £55,326,000 (2008: £50,711,000).
RNIB follows national pay scales for its employees.
The total emoluments are analysed as shown below.
2009
£’000
2008
£’000
Salary costs 46,774 43,078
Employer’s NI contributions 4,431 4,049
Employer’s Pension contributions 4,121 3,584
Total 55,326 50,711
58 RNIB annual report and accounts 2008/09

11. Employee remuneration (continued)
The following numbers of employees received total emoluments within the bands shown.
2009
Number
2008
Number
Between £60,001 and £70,000 20 13
Between £70,001 and £80,000 4 –
Between £80,001 and £90,000 – 3
Between £90,001 and £100,000 3 2
Between £100,001 and £110,000 1 1
Between £110,001 and £120,000 1 1
Between £120,001 and £130,000 1 –
Between £150,001 and £160,000 1 –
Included in the table above is the Chief Executive Officer’s salary of £124,836 plus additional
benefits of £4,901.
The bands £100,001 to £110,000 and £150,001 to £160,000 include payments made to members
of staff on termination of employment.
Also of the number of staff disclosed in the table above RNIB made payments on behalf of 31
(2008:19) employees in respect of the RNIB Retirement Benefit Scheme and the Teacher’s
Pension Scheme, and there were payments made to eight staff (2008: six) in respect of the
defined contribution element of the RNIB Retirement Benefit Scheme. The total amount of
employer contributions paid in respect of these employees was £424,598.
12. Payments to Trustees
Many Trustees and/or their organisations bear the cost of attending meetings themselves. They
received no benefits from the charity except as users of our services.
Trustees of the charity represent agencies and organisations throughout the United Kingdom, and
they attend many committee, sub–committee and Boards of Governors’ meetings, most of which
are held at the charity’s London service centre.
A total of £60,663 was paid to, and on behalf of, the 24 Trustees and £11,040 was paid to 41
Assembly Members of the charity as reimbursement of travel and subsistence expenses incurred in
attending these meetings (2008: £65,405 to 67 Trustees and Assembly Members). In addition
£17,427 was paid to 4 of the Trustees of the charity as reimbursement of overseas travel and
subsistence incurred in attending international meetings and conferences (2008: £18,648 to 10
Trustees).
Financial statements for the year ended 31 March 2009 59

12. Payments to Trustees (continued)
The cost of lunches and overnight stays in RNIB establishments during the meetings cost a
further £5,359 (2008: £3,122).
During the year, RNIB paid £54,550 (2008: £73,161) to HumanITy, a charity, in respect of
consultancy fees. Of this £12,500 (2008: £55,359) related to work undertaken and funded by
RNIB as support for and contribution to work commissioned by the World Blind Union. Kevin
Carey, a Trustee of RNIB, was employed as executive director of the HumanITy organisation,
during this period.
RNIB paid £42,003 (2008: £34,791) to Fife Society for the Blind in respect of rent and service
charge for the year. Fife Society for the Blind also provides funding for Talking Book Memberships
and sells RNIB goods. Alan Suttie, a Trustee of RNIB, is the Chief Executive of Fife Society for the
Blind.
In the year RNIB paid £552 (2008: Nil) to Brendan Magill in respect of work on a training day.
During the year RNIB paid Brendan Magill £2,660 (2008: £2,090) and Terry Robinson £2,548
(2008: £2,353) as remuneration in respect of carrying out their duties as Trustees of RNIB. These
payments have been made with the consent of the Charity Commission.
13. Auditors’ remuneration and other financial services
2009
£’000
2008
£’000
Audit fees of the charity 50 50
Audit fees of subsidiary companies 12 9
Audit of grant claims 4 –
Audit of Teachers Pension Scheme 4 –
Financial advice and other services – 84
Taxation services – 14
Total included within governance costs 70 157
The amounts in 2008 were to Horwath Clark Whitehill LLP as former Auditors.
14. Indemnity insurance
The charity enters into a comprehensive range of insurance policies to protect against losses and
legal liabilities arising from neglect or default in the course of business covering Trustees and
Officers.
Total premiums for the above policies amounted to £30,975 (2007: £30,975).
60 RNIB annual report and accounts 2008/09

15. Stocks
Group
Charity
2009
2008
2009
2008
£’000
£’000
£’000
£’000
Finished goods for resale 1,770 1,626 1,696 1,591
Raw materials and consumables 931 824 931 824
Total 2,701 2,450 2,627 2,415
16. Debtors
Group
Charity
2009
2008
2009
2008
£’000
£’000
£’000
£’000
Trade 4,211 5,295 3,452 4,694
Inter–company – – 905 1,307
Other – due within one year 399 177 399 136
Other – due after one year 325 150 325 150
Prepayments and accrued income 4,040 2,783 3,993 2,755
Total 8,975 8,405 9,074 9,042
The charity has included £2,133,000 (2008: £1,594,000) within accrued income representing the
value of legacies deemed receivable in line with accounting policy 1.4. The charity has been
notified of further legacies amounting to £17,891,000, which have not been recognised as income
at 31 March 2009 and these will be included in future periods.
Accrued legacy income has been reclassified from other debtors, together with a reclassification of
staff floats as other debtors, and accordingly the comparative figures have been restated.
Financial statements for the year ended 31 March 2009 61

17. Creditors due within one year
Group
Charity
2009
2008
2009
2008
£’000
£’000
£’000
£’000
Trade 1,741 1,760 1,741 1,760
Bank overdraft 864 1,027 864 1,027
Net obligations under finance
leases
829 1,123 829 1,123
Taxes and social security costs 1,378 1,447 1,378 1,447
Other 308 125 308 125
Accruals 4,277 5,364 4,253 5,338
Deferred income 861 1,266 857 1,237
Total 10,258 12,112 10,230 12,057
All of the deferred income is utilised in the year.
62 RNIB annual report and accounts 2008/09

18. Creditors due after more than one year
Group
Charity
2009
2008
2009
2008
£’000
£’000
£’000
£’000
Deferred income 30 40 30 40
Net obligations under finance
leases are payable as follows
Between one and two years 519 836 519 836
Between two and five years 232 759 232 759
Net obligations under finance
loan is payable as follows
Between two and five years 3,200 – 3,200 –
Total 3,981 1,635 3,981 1,635
RNIB has entered into a loan agreement with the AIB Group (UK) plc whereby a three–year
revolving loan facility has been made available in the sum of £25million to finance the
redevelopment known as the RNIB Vision School and Children’s Home in Coventry. Interest is
charged at 0.85 per cent above the three-month LIBOR rate and at the expiry of this term RNIB
has the option to convert this loan into a 25-year mortgage. At 31 March 2009 the amount owing
on the revolving loan is £3.2million. The loan is secured over the freehold property at Coventry. In
June 2009 RNIB entered into financial instruments with AIB in order to limit its exposure to
interest rate fluctuations for the period to December 2026.
Financial statements for the year ended 31 March 2009 63

19. Pension costs
The RNIB Pension Scheme is partly defined benefit and partly defined contribution, members
joining before 1 April 2005 being wholly defined benefit, with members joining after having a
hybrid of defined benefit and defined contribution. The assets of the Scheme are held in a
separate fund, under control of its trustees, to which RNIB has no access.
An actuarial valuation was carried out at 1 April 2006 by consulting Actuaries, “Hewitt Associates
Limited”, using the projected unit method. That valuation disclosed that the market value of the
Scheme’s assets (excluding Voluntary Contributions) at that date was £105million, and that there
was a surplus (calculated as the excess of the market value of the Scheme’s assets to the value of
its past service ongoing liabilities, with allowance for future pay increases) of £8.4million.
Following the valuation it has been agreed by the Pension Scheme Trustees and RNIB that
contributions from RNIB will be 16 per cent and 17 per cent of pensionable salaries for the years
ending 31 March 2009 and 2010 respectively.
In accordance with the requirements of FRS17 the full actuarial valuation at 1 April 2006 was
updated by Hewitt Associates Limited at 31 March 2009. The principal assumptions they used for
this purpose are explained in the following tables and notes.
2009
%
2008
%
2007
%
Discount rate 6.5 6.9 5.4
Inflation assumption 3.4 3.5 3.0
Rate of increase in salaries 3.9 4.0 4.0
Rate of increase in pensions payments 3.2 3.5 3.0
The mortality assumptions are based on standard mortality tables which allow for future mortality
improvements. The assumptions are that a member currently aged 60 will live on average for a
further 27 years if they are male and for a further 29 years if they are female. For a member who
retires in 2029 at age 60 the assumptions are that they will live on average for a further 29 years
after retirement if they are male and for a further 30 years after retirement if they are female. This
compares to last year where a member who retires in 2028 at age of 60 was assumed to live on
average for a further 28.1 years after retirement if they are male and for a further 29.4 years after
retirement if they are female.
64 RNIB annual report and accounts 2008/09

19. Pension costs (continued)
The assets of the Scheme are held with Legal and General (for equities and bonds), and RREEF
Limited (for property). The defined benefit assets are invested according to the Statement of
Investment Principles agreed by the Scheme Trustees. This sets a benchmark allocation of assets.
The defined contribution assets are invested in line with member instructions.
Defined Benefit Assets
The percentages in this table refer
to the long-term rates of return.
2009
2008 2007
% £’000 % £’000 % £’000
Equities 7.9 61,840 7.75 71,306 8.0 73,925
Corporate Bonds 5.75 14,482 n/a – n/a –
Fixed Interest gilts 4.0 7,604 4.6 26,211 4.7 24,836
Index-linked gilts 3.8 4,893 4.4 6,645 4.45 5,734
Property (including unit trusts) 6.9 3,657 6.75 5,205 7.0 6,048
Cash (including net current
assets)
Total market value of Scheme
assets
4.3 970 5.9 733 5.5 439
93,446 110,100 110,982
Present value of Scheme liabilities (101,557) (92,177) (102,930)
Net Pension Scheme (liabilities)
assets
(8,111) 17,923 8,052
RNIB employs a building block approach in determining the long-term rate of return on pension
plan assets. Historical markets are studied and assets with higher volatility are assumed to
generate higher returns consistent with widely accepted capital market principles. The assumed
long-term rate of return on each asset class is set out within this note. The overall expected rate
of return on assets is then derived by aggregating the expected return for each asset class over
the actual asset allocation for the Scheme at the 31 March 2009.
At 31 March 2009 £22,086,000 of assets were held in fixed interest gilts. However, a previously
agreed change to investment strategy was enacted on 1 April 2009 and £14,482,000 was moved
into corporate bonds.
Financial statements for the year ended 31 March 2009 65

19. Pension costs (continued)
Analysis of charge to the SOFA
2009
£’000
2008
£’000
Current service cost 2,663 3,848
Past service costs – 90
Interest cost 6,377 5,592
Expected return on Scheme assets (7,082) (7,808)
Expense recognised in SOFA 1,958 1,722
The above service cost excludes any RNIB contributions paid to the defined contributions section
of the Scheme.
Changes to the present value of the defined benefit obligation during the year
2009
£’000
2008
£’000
Opening defined benefit obligation 92,177 102,930
Current service cost 2,663 3,848
Interest cost 6,377 5,592
Contributions by scheme participants 1,389 1,314
Actuarial losses (gains) on scheme liabilities 2,531 (17,696)
Net benefits paid out (3,580) (3,901)
Past service cost – 90
Closing fair value of scheme
liabilities/obligations
101,557 92,177
66 RNIB annual report and accounts 2008/09

19. Pension costs (continued)
Changes to the fair value of scheme assets during the year
2009
£’000
2008
£’000
Opening fair value of scheme assets 110,100 110,982
Actual return on scheme assets (18,234) (1,598)
Contributions by the employer 3,771 3,303
Contributions by scheme participants 1,389 1,314
Net benefits paid out (3,580) (3,901)
Closing defined benefit assets 93,446 110,100
Actual return on scheme assets
2009
£’000
2008
£’000
Expected return on scheme assets 7,082 7,808
Actuarial loss on scheme assets (25,316) (9,406)
Actual return on scheme assets (18,234) (1,598)
Financial statements for the year ended 31 March 2009 67

19. Pension costs (continued)
History of asset values, defined benefit obligation and surplus (deficit) in the
scheme
2009
2008
2007
2006
2005
£’000
£’000
£’000
£’000
£’000
Fair value of scheme
assets
Defined benefit
obligation
(Deficit) surplus in
scheme
93,446 110,100 110,982 104,762 82,358
(101,557) (92,177) (102,930) (109,164) (85,538)
(8,111) 17,923 8,052 (4,402) (3,180)
Analysis of the (losses) gains recognised in the SOFA
2009
£’000
2008
£’000
Total actuarial (losses) gains in year (27,847) 8,290
Cumulative amount of (losses) gains recognised
in SOFA
(15,892) 11,955
68 RNIB annual report and accounts 2008/09

19. Pension costs (continued)
History of experience of gains and losses in the Pension Scheme (continued).
2009
2008
2007
2006
2005
£’000
£’000
£’000
£’000
£’000
(Losses) gains on
scheme assets
Gains (losses) on
scheme liabilities
(25,316) (9,406) (1,435) 14,903 3,376
347 (695) 5,913 890 808
The charity contributed to the Scheme at the rate of 16 per cent of pensionable salaries for the
period from 1 April 2008 to 31 March 2009. These rates include the cost of death in service
insurance cover. During the year the charity contributed £3,771,000 (2008: £3,303,000) to the
scheme, and in the next year expects to contribute £4,203,000. RNIB also makes contrib utions to
a number of other small pension schemes including the Teachers Pension Scheme.
Following the merger with NLB, RNIB is also operating the Pensions Trust’s Growth Plan. The
Growth Plan is a multi employer pension plan under which contributions are invested in personal
funds which have a capital guarantee and convert to a pension on retirement.
No contributions are currently required into the Plan, but the Pensions Trust has advised that in
the event of a withdrawal from the Plan, or in the event of the Pensions Trust being wound up,
RNIB would have liability to pay a share of the accumulated deficit in the Plan, which is estimated
at £736,082, based on the last updated actuarial valuation of the Plan as at 30 September 2008.
The next full actuarial valuation will be carried out during 2011.
Financial statements for the year ended 31 March 2009 69

20. Commitments
a. Capital
At the year-end, RNIB had outstanding commitments amounting to £20,420,000 relating to the
RNIB Vision School and Children’s Home.
b. Operating leases
At the year-end, RNIB had the following annual commitments amounting to £1,235,000 under
non-cancellable operating leases:
2009
£’000
Land and buildings
Expiring with one year 38
Expiring between two and five years 219
Expiring after five years 694
Vehicles
Expiring with one year 18
Expiring between two and five years 266
Total 1,235
70 RNIB annual report and accounts 2008/09

21. Grants receivable
During the year, RNIB received a number of grants and other funding resources, which are required
by the donors to be shown in our annual financial statements.
Source Purpose £’000
Big Lottery Fund
RNIB Cymru Developing Emotional
Wellbeing Through the Arts
64
RNIB Northern Ireland Eye Matter 94
Life Skills Development for Young People
North West
35
RNIB Scotland Young People’s Forum 118
Medivision 54
Vision For Life 40
RNIB Northern Ireland Safe and Well 31
European Union – Centre for
Research & Technology
AEGIS Research and Technology Project 31
Department for Education and Skills Embossed Literature 200
Department of Work and Pensions Pension Education Fund 22
Department of Trade and Industry Financial Inclusion 11
Department of Health Volunteer Counselling 16
National Health Service Eyecare Facilitator 167
Halifax Bank of Scotland RNIB Soccer Sight Project 20
Centrica Home Essentials for Life 50
Football Foundation RNIB Soccer Sight Project 46
AMD Alliance To support the work of AMD Alliance UK 33
Women’s World Day of Prayer Magazine Production 3
The FA Premier League Magazine Production 1
We are V RNIB Soccer Sight Project 66
Financial statements for the year ended 31 March 2009 71

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72 RNIB annual report and accounts 2008/09

Supported by
RNIB acknowledges support from the National
Lottery Big Lottery fund for the following
projects: the Eye Matter youth forum in
Northern Ireland; Life Skills development for
young people; RNIB Cymru Developing
wellbeing through the arts; the Young
People’s Forum in Scotland; Vision for Life;
Medivision; and the safe and well project.
RNIB annual report and accounts 2008/09 73

RNIB
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