SCHEDULE 1STATEMENTS OF ACCOUNTS: INVESTMENT FUNDS
PART 4METHODS AND PRINCIPLES
13
1
The statement of total return must give a true and fair view of the incoming resources and application of the resources of the investment fund in the relevant financial year.
2
The balance sheet must give a true and fair view of the state of affairs of the investment fund at the end of the relevant financial year.
3
The statement of changes in net assets must give a true and fair view of the movements in the net assets of the investment fund between their position at the beginning of the relevant financial year and their position at the end of that year.
4
Where compliance with Part 1, 2, 3 or 5 of this Schedule would not be sufficient to give a true and fair view, the necessary additional information shall be given in the accounts or a note to them.
5
If in special circumstances compliance with any of the provisions of Parts 1, 2, 3 or 5 of this Schedule is inconsistent with the requirement to give a true and fair view—
a
the charity trustees must depart from that provision to the extent necessary to give a true and fair view; and
b
particulars of any such departure, the reasons for it and its effect must be given in a note to the accounts.
14
1
Subject to paragraphs (2) and (3), in respect of every amount required—
a
by paragraph 2 to be shown in the statement of total return,
b
by paragraph 6 to be shown in the statement of changes in net assets;
c
by paragraph 9, 10 or 11 to be shown in the balance sheet,
the corresponding amount for the financial year immediately preceding the relevant financial year must also be shown.
2
Where that corresponding amount is not comparable with the amount to be shown for the item in question in respect of the relevant financial year—
a
the former amount must be adjusted; and
b
particulars of any material adjustment under this sub-paragraph must be disclosed in a note to the accounts.
3
Where the effect of paragraph 13 is—
a
that in the relevant financial year there nothing required to be shown by one or more of the provisions specified in sub-paragraph (1) above in respect of a particular item; but
b
an amount was required to be shown by that provision for that item in the statement of accounts prepared for the financial year immediately preceding the relevant financial year,
sub-paragraph (1) has effect as if such an amount were required to be shown in the relevant financial year and that amount were nil.
15
The values at which assets and liabilities of an investment fund are recorded in the balance sheet, and the recognition bases for gains and losses, must be determined in accordance with the methods and principles set out in the IMA SORP.