Statutory Reporting Accounting
Here at Hartley Fowler, our specialist charity accountants have the skills and experience required to provide outstanding statutory reporting accounting. Not only is our work prompt and compliant, but it also gives you back the time to focus on your core objectives.
Our Statutory Reporting Accounting Services
We offer a range of statutory accounting services to the charity and NFP sector, including:
- Undertaking a statutory audit
- Preparing and submitting accounts
- Creating annual reports for the Trustees
- Independent Examination reports
Beyond Statutory Reporting…
As well as offering statutory reporting accounting, our knowledgeable charity accountants also provide support and guidance on your preparing statutory accounts and taxation compliance issues.
Next Steps: engage our statutory reporting accounting experts
If you need further advice on statutory reporting management or have any questions about our services, please contact us today. Alternatively, please book an initial free consultation with one of our charity reporting and accounting experts.
FAQs
Statutory accounts are a set of financial reports that companies prepare at the end of every financial year to report numerous financial measures and related disclosures for filing with Companies House.
All private limited companies in the UK must prepare statutory accounts.
Statutory accounts provide shareholders with information regarding the financial performance of your company. The process includes completing the following:
Company Information Section – This includes your company’s name, office address, registration number, directors’ name and account details.
A Balance Sheet – Provides an overview of your company’s assets, liabilities and shareholder equity at the end of the year.
A Profit and Loss Statement – This shows your company’s income and expenditure during the accounting year.
Notes About the Accounts – Additional details for balance sheets or profit and loss accounts.
Cash Flow Statement – Not mandatory for smaller businesses, this reveals the inflow and outflow of money within a specific period.
The process also involves creating a director’s report and an auditor’s report, unless the company is exempt from audit.
Statutory accounts provide an overview of financial activity and are used externally. They can be viewed through Companies House records and provide investors, partner businesses and clients with a comprehensive view of your company’s financial position.
Yes. A charity’s annual report must outline its charitable purposes and the activities it has undertaken during the year to carry out those purposes. Larger charities must also explain their strategy in more detail, providing an assessment of what they have achieved.
If your charity is a charitable incorporated organisation (CIO) or unincorporated (not a business) you can alter the financial year period to run for more or less than 12 months. It must be a minimum of six months no longer than 18 months.
Many charities will choose to align their accounting period with the UK tax year to help streamline reporting and tax obligations.
Yes. Statutory accounts are often referred to as financial accounts. They both mean the same thing.
The financial data required to prepare statutory accounts include a company’s income, expenses, assets, liabilities and equity.
You do not legally need an accountant to prepare your statutory accounts, however, the process can be complex, particularly if you’re not aware of the latest legislation. Completing the task incorrectly could result in penalties, so we strongly recommend seeking the assistance of our experienced statutory reporting accountants.
To find out more about our expert statutory reporting accounting services, please get in touch.