- Generate the key SORP compliant financial statements on demand
- SORP compliant formats for accruals or receipts and payments methods
- Supporting reports provide the detail for completion of the notes of the return
- Auditors and examiners can have a free Paxton licence to audit your data
Most registered charities in England and Wales need to submit an annual return to the Charity Commission. The return will need to be signed off by an independent examiner or a qualified auditor. The format of the return is indicated in the Statement of Recommended Practice (SORP) as published from time to time by the Charity Commission. Those who have previously submitted the return will probably know that the financial statements required can prove to be difficult and time consuming to produce, therefore the preparation of the annual return can be quite stressful. This is where the Paxton Charities Accounting scores yet again.
The principal financial reports required are the Charity Commission Balance Sheet and the Statement of Financial Activities (SOFA) for those running accruals accounting or the Charity Commission Receipts and Payments Report and the Assets and Liabilities Report for those running the receipts and payments (cash book) method. In either case, Paxton Charities Accounting will be accumulating the required figures behind the scenes with each transaction that you book. This means that the key reports can be produced at the press of a button. So, instead of ploughing through lists of transactions to extract the appropriate figures, just let Paxton Charities Accounting do the work for you on demand.
Also, supporting reports detail how any cell total in the key reports are derived. These reports provide much of the information required to complete the notes section of the annual return.
The year end reports including the annual return to the Charity Commission need to be signed off by an accredited examiner or auditor. Here, Paxton Charities Accounting can help again. Those running the PC version of the package can obtain a free of charge Auditors Pack from Paxton that will allow your examiner or auditor to run a copy of your Paxton database. They will then be able to extract the reports they need without having to ask you to produce them. Those running the online version of Paxton Charities Accounting can share their login details with the examiner or auditor.
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