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trustees annual report

Legal Obligation. To prepare and file Trustees' Annual Report is mandatory.Responsibility of Trustees who must ensure it complies with the applicable requirements.Should accompany full copy of the accounts distributed

Sophia
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trustees annual report

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    1. Trustees’ Annual Report Minimum requirements for contents are set out in Charity SORP 2005. In some instances trustees should go beyond minimum requirements – additional information which will give greater insight into charity & its affairs, its activities & achievements

    3. Relationship to Directors’ Report Charitable companies subject to Companies Act also have obligation to prepare annual Directors’ Report It is not necessary to prepare two different reports for the company law and charity law requirements.

    4. Contents of Trustees’ Annual Report – General Principles Be aware of the general principles SORP applies to charity accounts and reports: They should provide timely & regular information on the charity & its funds They should enable the reader to understand the charity’s objectives, structure, activities and achievements They should enable the reader to gain a full and proper appreciation of the charity’s financial transactions during the year and the position of its funds at the end of the year.

    5. Using the Trustees’ Report Positively Imposes significantly higher obligation on many charities. Important that trustees and professional advisers view these as opportunity not threat Offers reassurance to supporters, donors, funders, beneficiaries and the general public

    6. Using the Trustees’ Report Positively Charity sector’s reputation will not only be protected but enhanced Ideal opportunity for charities to “sell their message”

    7. Using the Trustees’ Report Positively Material set out in the report can: Explain clearly what the organisation does and why that matters to the community Demonstrate the charity’s effectiveness and its achievements Reassure regulators, donors and funders that charitable funds are being applied properly and are delivering real benefits.

    8. Using the Trustees’ Report Positively Reinforce relationships with partner organisations and existing donors, funders, members and other supporters and open up new opportunities for future relationships. Be made part of the charity’s overall good governance practices and procedures

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