Helping people find their lives again - RNIB

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