Helping people find their lives again - RNIB

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