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    - Accounting
     
 

Key points

  • There are two main types of financial accounts, receipts and payment accounts or full accrual accounts.
  • Fund accounting is a key element - charity funds are divided into permanent endowment, restricted, unrestricted and designated categories.
  • The voluntary sector has its own internally produced guide on accounting - the Statement of Recommended Practice or SORP.
  • There are four essential elements of charity accounts: the trustees' annual narrative report; the SOFA; a statement of assets and liabilities or balance sheet; and supporting notes.
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