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What type of report and accounts should a company prepare?
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For a charitable company, there are three influences on
report and accounts: 1. The trustees must prepare a
Trustees' Annual Report which must be attached to the
accounts required by the Companies Act when submitted to
the Charity Commission. The Trustee's Annual Report can be
an expansion of the Directors' Report or in addition to it.
2. The accounting requirements are prescribed by the
Companies Act. 3. In addition, company charities must
follow the provisions of the Charities SORP (as this
represents what is a true and fair view in charity
accounting). This means in particular they should prepare a
Statement of Financial Activities (SOFA) as a primary
statement additional to the I & E account, where
applicable.
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