Discretionary trust financial statement

Any template out there?

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I'm having to create financial statements for a discretionary trust (six minors as beneficiaries) and wondered if anyone has a link to a template or such for the formatting of the accounts - i.e. does it have to follow a set format like company accounts?

Many thanks.

Replies (4)

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paddle steamer
26th Aug 2016 15:53

I have always done accounts of charge and discharge re trusts, detailing each individual transaction, but I have not prepared any for years and suspect am somewhat out of date.

I only deal with two trusts these days, both involve a life interest, one as a fixed annuity the other with a full life interest, in both of these we still prepare both income and capital charge/discharge accounts, but the solicitors prepare and I merely review and sign as a trustee. Really not sure if appropriate re discretionary trusts

Trust accounts initially threw me but a combination of Scott's Trust Accountancy (still have) and my father (a solicitor who specialised in trusts) gave a little understanding as to what they were trying to achieve.

I suspect there is a more up to date textbook which will assist, maybe try Amazon or Google for a proforma layout.

Thanks (1)
paddle steamer
26th Aug 2016 16:09

Trust Accountancy Hardcover – 1950

by Charles A. Scott (Author)

There is one on Amazon for £12, some dark ages accountancy with pounds, shillings and pence.

If you do decide accounts of charge/discharge will be useful bear in mind it is written from a Scottish perspective, for all I know English Trusts follow a very different format.

I believe CCH do software which integrates accounts production with tax return production so that might well be a better option.

Thanks (1)
By pacta
26th Aug 2016 16:16

You can get a template from STEP I believe.

Thanks (1)
By alfamale
30th Aug 2016 10:05

Thanks for all your replies. I have decided to bite the bullet and buy the Jonathan Cooke STEP guide on amazon.

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