By law, every charitable company must prepare a set of accounts and a trustees’ annual report. Accounts and reports aim to provide a clear image of your charities activities and financial position. The trustees’ annual report is also where you can show off the work you do to the public and to funding bodies.
These requirements may seem overwhelming to a smaller charity, it doesn't have to be, and outlining your aims and activities clearly can assist you in managing your finances well, and ensure your organisation is more effective.
There are a few factors which determine which type of accounts a charity has to prepare.
What do you need to prepare?
There are a few factors which determine which type of accounts a charity has to prepare.
- Its legal structure
- Its income
- The value of its assets
