Financial reporting
Financial reporting for charities is a complex area and the regulations change relatively frequently. The last set of changes was introduced in February 2005 in a document known as SORP 2005 (Statement of Recommended Practice).
In addition to the SORP, the Charities Act 2006 has also introduced the requirement to include further information in annual reports and accounts, such as the requirement to demonstrate clearly the charity's public benefit.
The format of accounts and reports for charities is very different from reporting for other entities. The distinct regulations and requirements placed on charities are strict and various.
LMG keeps itself fully aware of all reporting regulations affecting charities, and produces its accounts in full accordance with the Charities Act and SORP 2005 - Accounting for Charities.
We also assist charity clients with the completion of their Annual Returns to the Charity Commission.