The accounts of the charitable trusts are prepared in accordance with a different set of regulations that apply to charities only - the Statement of Recommended Practice: Accounting and Reporting for Charities (SORP). The financial statements of the charities include:
- A statement of financial activities (SOFA) which shows the results of operations and activities for the year.
- A balance sheet, which shows assets, liabilities and funds at the year end.
- Notes to the financial statements, which are an integral part of financial statements, providing additional explanations and details on financial statement items.
The financial statements are prefaced by a Trustees’ Annual Report. All 20 elected members of the Council are the trustees of the charitable trusts. The report by the Trustees provides a picture of the charity’s aims and activities and explains the financial position.