Helping people find their lives again - RNIB

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