The accounting periods for which these templates can be used are described in the descriptive section above.
Template for a CIO charity WITH endowment funds operating in Northern Ireland
Use of this template
FRS 102 SORP Single CIO charity WITH endowment funds, with income less than £500,000 (defined as small in the modified SORP).
This template CANNOT be used for large charities (these are charities with income in excess of £500,000). For such charities, an unlimited bundle licence should be purchased - To view bundles - Click here
Application :-This single template prepares accounts for a single CIO charity WITH endowment funds, defined as small in the SORP, operating in Northern Ireland The accounts produced will be in accordance with the FRS102 SORP 15 (as modified by SORP edition 2 - October 2019), and in compliance with the legislation in Northern Ireland, and related regulations.
The accounts consist of a Trustees Annual Report, a Statement of Financial Activities, an Income and Expenditure Account, a Balance Sheet, a Cash Flow Statement (if required) and related notes and schedules. Throughout the templates there are HELP! links to the relevant disclosure requirements of the SORP, and links to a library of publications and reference material on the internet. There is comprehensive guidance on law and practice.
The user prepares the accounts by following a STEPS process which is described on the STEPS tab on these product details.
The templates are NOT for bookkeeping purposes - they are for final accounts preparation in SORP compliant format. A user comes to the templates with a finalised Trial Balance prepared from a bookkeeping system, and the template turns this TB into a set of statutory accounts.
IXBRL – We are often asked how to prepare IXBRL accounts to submit to HMRC. The answer is that you do not need to. All charities with gross income of less than £6.5 million are exempt from IXBRL requirements and can file pdf accounts with HMRC, provided the attached computations are in IXBRL, and must file SORP compliant accounts on paper with Companies House.
Knowledge required and technical support.
Because it is assumed that many users of these templates not only have a good working knowledge of Excel and VT, but also are qualified accountants, then the help and support on the charity accounting technical aspects of these templates is limited. We are very willing to offer detailed telephone support on initial installation, and advice on technical difficulties with the operation of the software itself. In practice, as the templates are Excel based, we have found that very rarely has there been the necessity for any detailed support of this nature, although on occasion we have referred users to VT for help with aspects specific to VT Software.
However, in the past, we have found that, because of the specialised nature of charity accounting, many users of the templates feel they need the benefit of technical charity accountancy assistance.
Peter Brown & Co are able to offer an annual retainer for telephone support on technical charity accounting matters for £130 per annum. This will entitle a user to up to four hours technical discussion per annum. On more complex matters specific instructions would be taken - See the advice section of the Sorpaid Shop. If any user who did not take advantage of the annual retainer to provide assistance on technical accounting matters, Sorpaid reserve the right to charge a professional fee for the time engaged. Any purchaser of the templates would be advised when it was felt that a fee basis would be appropriate and the fee basis would be discussed and agreed before proceeding.
The accounting periods for which these templates can be used are described in the descriptive section above.
Template for a Single CIO charity WITH endowment funds operating in Northern Ireland
Preparing charity accounts is complicated. Recent surveys have shown that many accountants get it wrong. Indeed, the Charity Commission in England & Wales are reported to have commenced a programme of referring accountants who get it wrong to their professional regulators. OSCR, in Scotland, have been doing this for several years. No doubt, CCNI will take a similar course.
We have developed these templates to cover the vast majority of disclosure requirements, and rely on three features to ensure that the accounts are as simple as they can be, yet meet all the requirements.
The three features in our templates are:-
a) The VT autohide facility - see VT Accounts Production Software for details
b) The inbuilt STEPS process.
c) The HELP and support files.
STEPS
The STEPS process is a carefully developed logical process , whereby the user follows a series of chronological steps. These STEPS gather data relative to the accounts, and tailor the template accordingly.
For each STEP, there is a link to a full description in the HELP file which describes exactly what is required in each STEP.
Charity accounts are complicated - our templates can also, as a result, sometimes seem complicated. However, if you follow the STEPS process, and carry out the specified tasks in numerical sequence, then much of the complication is either removed, or, at least, diminished.
HELP
Throughout the templates, there are links to a context sensitive part of the HELP file. This will give details and clarification of legal or SORP requirements, how you enter data, and what you must NOT do, or what you MUST do.
By navigating within the HELP file, you have both a complete user manual for the software, but also a detailed guide to charity accounting and charity law, including extensive links to external websites.
There are also a large number of Video help files that can be viewed on line, using links in the templates
The accounting periods for which these templates can be used are described in the descriptive section above.
Template for a Single CIO charity WITH endowment funds operating in Northern Ireland
Our templates use the VT Manual input of Trial balance method to input a previously prepared and fully analysed Trial Balance into a modified VT worksheet. The number of possible permutations of nominal codes with unrestricted, endowment and restricted funds render the automatic input of a TB from VT as impracticable.
The user follows a STEP process as detailed on the adjacent tab.The STEPS take the user from setting up the VT Properties through to the production of final SORP compliant accounts.
One of the STEPs is the input of the Trial Balance. The Trial Balance is split between Restricted and Unrestricted funds (and sometimes Endowment funds).
This automatically transfers the data into a Statement of Financial Activities, an Income and Expenditure Account, a Balance Sheet and related notes and schedules.
Because the Charity SORP requires a great deal of analysis, it is necessary in the STEPs process to input the breakdown of several figures into the accounts. The template will automatically inform the user if the schedules do not balance back to the prime figures in the accounts and the Trial Balance.
The accounts are automatically formatted with note numbers and page numbers, enabling a full set of accounts to be printed off. A pdf file can be produced so that the end product can be sent by email.
Throughout the templates there are links to the HELP file, described on the adjacent tab.
Reducing the risks of error and the risk of harm to the name of your firm.
Charity accounts are complex and a recent report suggests that over 40% of accounts submitted to the Charity Commission, even by qualified accountants, are defective in some way or other.
This is because many firms of accountants do not have the volume of such work to develop the necessary expertise. Can you afford to be identified by the monitors as failing in this area? We see many reports on accounts by qualified accountants that are technically incorrect and can lead to the work having to be repeated by others.
Can you afford the bad publicity and damage to your practice that may lead to? We see many Trustees Annual Reports that fail to disclose the statutory information, or do not follow good practice guidelines. Although the TAR is the responsibility of the trustees, such failures reflect badly on firms of accountants associated with the accounts.
We see many accounts that show a lack of understanding of charity accounting, even by qualified firms.
How our templates will make production of charity accounts easier for you.
You will follow a carefully structured approach that ensures that all disclosure requirements are met. The comprehensive built in guidelines and advice will ensure you have a full understanding of what is required by the law and by good practice. Producing a set of charity accounts is never easy or simple - our templates may well seem a little complex at first glance - but that is the nature of charity accounting.
Our templates simplify what is a complex task, and reduce the risk of error as much as it is possible to do. By using our templates, you will produce charity accounts more quickly than by any other methods, and this will improve the profitability of this kind of work. Accountants often regard charity work as not being profitable. There is no reason why this kind of work cannot be a useful income stream.
Our templates will help with this. We have over 300 users - some of whom have been using our templates for over 14 years. If you are already a VT user, then this is a very cheap way of extending the functionality of VT in your practice.
Have you considered using our advice services for technical expertise on charity accounts, either on a one off or a regular basis? See the advice section of the Sorpaid shop.
The accounting periods for which these templates can be used are described in the descriptive section above.
Template for a Single CIO charity WITH endowment funds operating in Northern Ireland
To use the templates in this bundle, users must have the VT Accounts Production Software add on to Excel installed on their computer. Excel must be Excel 2003 or higher, (preferably Excel 2010 or higher) but not in the 64 bit edition. Any Windows operating system from Windows XP or above will be suitable.
About VT Accounts Production Software
VT Accounts Production software (VT Final Accounts) is quite separate from VT Transaction, which is a bookkeeping programme. These templates DO NOT link directly to bookkeeeping software.
VT Final Accounts consists of an add-in program and statutory/final accounts templates for Microsoft Excel 95 or later. The add-in program extends the functionality of Excel and provides features such as automatic note numbering and the automatic hiding of blank rows and notes. It also provides an easy way of printing out multiple sheets of an Excel workbook with all the pages correctly numbered.
VT Final Accounts does not have its own program icon. It is accessed entirely from within Excel. VT Final Accounts produces accounts from trial balance stage upwards. It also contains an optional extended trial balance.
VT Software prices start at £150 plus VAT and is a low cost solution to general accounts production, and linked to our templates is a very cost effective way of producing charity accounts.
The program is produced by VT Software, Swan Centre, Fishers Lane, London W4 1RXTel 020 8995 1142 Fax 020 8995 1763 Email: info@vtsoftware.co.uk Web: www.vtsoftware.co.uk
Want to see sample accounts prepared from Sorpaid templates?
We do not supply demonstration versions of the software. because it is Excel based, once you have a sample, you have the software. However, you can inspect accounts before you buy.
Look at accounts of the following charity numbers on the E&W Charity Commission website - we do not have similar information for Scotland or Northern Ireland but if users wish to send us details of accounts filed in Scotland and Northern Ireland, we will be happy to refer to them on future updates to the website :-
Look at accounts of the following charity numbers on the E&W Charity Commission website:-
1061705 523828 1111212 501801 1000382 1097838
An independent comment on the accounting web said :-
I Like them and have used them for years.
Yes, they are complex but then so are charity accounts and my fear would be that if the Sorpaid stuff was greatly simplified, one would be tempted to just do what the templates gave you and not dig any deeper. As it is now, you do have to have a reasonable knowledge of the charities SORP to use them and I am still finding out things I did not know each time I use these templates. So yes, they are good but need some investment in time and effort to use them. No bad thing given the complexity of charity accounts
Prices for our templates to work with VT
Licence Fees for one SINGLE SMALL CIO charity for use on ONE computer, for one year, £60. Our products are free of VAT.
Users of the templates, who do NOT renew their licence at the end of their licence year, will not be licensed after the anniversary date and any use of the templates after that date will be unlawful.
If you have paid for an annual maintenance fee, you will be entitled to free upgrades to the equivalent current version until the next anniversary date of your maintenance fee or purchase, when you may again renew the fee on the same basis.
If a purchaser has an existing licence for a template , the modified FRS102 SORP 2015 (as modified by Bulletin 1 in 2016), then when purchasing this new template, the old licence for the former template will automatically be extended, free of charge, until the anniversary of the purchase of the new template.
For new purchasers who do not have an existing licence for the modified FRS102 SORP 2015 (as modified by Bulletin 1 in 2016) and who may wish to use the former templates in the transition period, we will supply a discount code enabling you to purchase the former templates for a nominal £10.
If you want to use the templates on more than one computer, then significant discounts are available for additional licences, and you should contact Sorpaid for details.
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