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Southampton Voluntary Services
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Accountancy Advice
SVS provides information, support and training on financial matters. Areas where information and training can be provided include book keeping, annual accounts, budgets, cash flow forecasts and legal requirements. Training can be provided to individual groups, or through open courses.
Accountancy Information Sheets
Accounting Requirements – Charitable Companies
Accounting Requirements – Charities
Accruals Accounts
Accruals and
Prepayments
Annual Reports
Bank Reconciliations
Budgets
Cash Flow Forecasts
Fixed
Assets and Depreciation
Gift Aid
Glossary of Accounting Terms
Independent
Examinations
Internal Controls
Internal Reports
Petty Cash
Receipts
and Payments Accounts
Reserves
Role of the
Treasurer
Starter Pack for New Groups
Useful Contacts
SORP 2005
(Statement of Recommended Practice)
This was published last year. It applies to all charity accounts covering periods commencing on or after 1st April 2005.
For charities with annual income under £100,000 the most relevant section is Appendix 5, this deals with exemptions for smaller charities. Where the Statement of Financial Affairs(SoFA) consists of a Receipts & Payments account, SORP 2005 makes no changes, and treasurers can continue to prepare their accounts in just the same way as before. However the Charities Commission are much more concerned to improve the overall standard of the Trustees Annual Report.
Whether a charity is large or small the Trustees Annual Report should address the following issues:
|
Who are we? |
Reference & Administration |
|
How do we work? |
Structure, Governance & Management |
|
What are we doing? |
Objectives & Activities |
|
What did we do and how well did we do it? |
Achievements & Performance |
|
How did we afford it? |
Financial Review |
|
What are we planning? |
Plans for future periods |
|
What else do we look after? |
Custodianship |
Both the Charities Commission and the Government are keen to improve the quality and training of trustees, this is embodied in the government’s “Change up” initiative.
For larger charities, those with income over £100,000 per annum who prepare their accounts on an accruals basis (that is to say they have a Profit & Loss Account and a Balance Sheet rather than a Receipts & Payments Account) they are now required to produce their accounts on an activity based basis rather than functional costs. This means that all their income must be analysed by activity and then all their expenditure cross- referenced on the same basis.
For further
details visit
www.charity-commisson.gov.uk