1st year accounts

1st year accounts

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Hi

An easy question I'm sure - which I should know but...... 

I'm doing a set of accounts for a charity that was incorporated on th 27th Jan 2010.  it's year end is the 31st December 2010.

when refering to the P+L, notes and various other sections should I be saying ..."for the year ended 31st December" or should I be saying "....for the 11 months ended 31st December"

also as its the first year there are no comparison figures - should I still have a comparison column full of zeros or should I just leave it out completely.

I've never done one before for a first year incorporated so it's always been 12 months and always had comparisons.

thanks

Replies (4)

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By Jim Broome
28th Jul 2011 15:27

What about...

... period ended 31 December 2010?

I would leave any reference to comparisons out completely.

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By hairyfingers
28th Jul 2011 15:46

Perfect!

Yes of course, the period ending!

thanks

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By Roland195
28th Jul 2011 15:49

Charities dont usually have P & Ls

Should you not be following the Charity SORP?

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By hairyfingers
28th Jul 2011 16:07

creature of habit.....

Yes you are correct.

I am in fact producing a Statement of Financial Activities incorporating and Income and Expenditure ccount. P+L was easier to type :)

cheers

Martin

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