They won the award for presenting the best-kept set of accounts this year. One might think that this is the sole responsibility of the Finance Officer, but they are only able to do their job well if the rest of the team work with them. Women’s Work Derby are a shining example of how to work as a team, and their award is well deserved.
Again, it’s nothing to do with acrobatics – but we liked the picture!!
The balance sheet is the second-most-important financial statement that an accounting system produces, after an income statement. A balance sheet reports on a business’s assets, liabilities, and reserves at a particular point in time
- The assets shown on a balance sheet are those items that are owned by the business, which have value and for which money was paid
- The liabilities shown on a balance sheet are those amounts that a business owes to other people, businesses, and government agencies
- Reserves are the amounts that the charity has generated over the lifetime of its existence
As long as you understand what assets and liabilities are, a balance sheet is easy to understand and interpret
Do small charity annual reports and accounts meet the reader’s needs?
We are reviewing small charities’ annual reports and accounts because they are the prime means by which the trustees are publicly accountable to donors, beneficiaries and the wider public for the charity’s activities and how they have used the charity’s money. Good reporting is important to public trust and confidence in both the reporting charity and the wider charity sector.
We were led us to focus on the following criteria:
- have the trustees provided us with both an annual report and accounts?
- does the annual report explain what activities the charity had carried out during the year to achieve its purposes?
- do the accounts contain both an analysis of receipts and payments and a statement of assets and liabilities and are these consistent with each other?
Excel is a great piece of software for a treasurer to use to keep track of their accounts.
BUT – can you print out a hard copy for your accountant without having to stick many pages together?
If you need help to achieve a workable spreadsheet system, then look out for our training courses.
Some comments from previous participants:
It was very useful and informative
Everything was explained very well
The tutor was very informative and knowledgeable
I learned some useful keyboard shortcuts
Contact us here if you would like to be put on the waiting list for the next course in September