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Annual Accounting

From year end accounts preparation to VAT returns, our qualified and experienced accountants will ensure that your organisation meets its statutory requirements. The aim here is to minimise any additional cost burden to you by avoiding any irregularities which could then be picked up by auditors. This will save you money twice over – by reducing the initial auditing fees and avoiding the cost of rectifying anomalies.

We believe that the typical model for charities, where a firm of auditors (or independent examiners) provides strategic advice to Trustees and prepares the annual accounts, year after year, does not serve the best interests of the trustees for three reasons.

  • First, in making decisions about the way funds are managed, accounted for and presented in the accounts, there is no clearly independent external oversight.
  • Second, the auditors knowledge that Trustees rarely change auditor means that fees may not be paid at the current market rate.
  • Third, we also see fairly rudimentary tasks being completed by overqualified and expensive accountants.

The solutions to these problems seem simple to us;

– Separate the financial management and annual accounting function away from the audit.

– Only pay an auditor for the independent external review of the accounts that Trustees need, and tender this work regularly.

– Use bookkeepers and management accountants focussed on and experienced in the charity sector to save time and money.

Email: info@TheTrustPartnership.com    Tel: 01285 841 900