Making the statutory accounts fit for purpose
Annual accounts are prepared to meet with legal and regulatory reporting requirements and therefore compliance with the law and accounting standards is paramount. However, accounts can have other uses and whilst being compliant they can be developed for other users. I worked with a school who was looking to embark on a major fundraising campaign and due to the magnitude of numbers in the statutory accounts potential donors ie the alumni could not see that while there were millions of pounds of fixed assets and funds, the charity did not have the liquid funds to build the sports hall. I worked with the bursar and the governors on presenting in a more transparent and understandable way the funds, reserves and cost of future plans of the school. We also developed the financial information presented in the fundraising literature.