What is the regulatory requirement?
Currently, registered co-operative and community benefit societies and those registered societies (formally known as Friendly Societies or Industrial and Provident Societies) need to prepare annual accounts. They need to be filed together with Annual return AR30 with the Financial Conduct Authority within 7 months of their period end, or potentially face penalties.
- The accounts should comply with UK GAAP and applicable accounting standards
- Societies that have exempt charity status have to prepare Charity SORP accounts.
Where a society has a subsidiary it may have to prepare group consolidated accounts but does not need to prepare its own separate accounts. The subsidiary society (or company) needs to prepare separate accounts.
Why use Slade & Cooper for co-operative accounts preparation?
- We always strive to ensure that our accounts are accurate – for example reconciling the payroll to the accounts and checking for accruals and prepayments.
- We will prepare the financial section of the Annual return form AR30 as part of the accounts preparation process, and submit the accounts and return for you.
- Having an accountant’s report attached to your accounts gives readers of the accounts more confidence.
- As registered auditors we are able to provide an audit exemption report where necessary.
- If we are also doing your audit there is a significant cost saving as some of the audit work is covered as part of the accounts preparation.
- We can also prepare your corporation tax return including iXBRL tagging of the account.
- We will advise you regarding any VAT or PAYE compliance issues or any issues regarding your governance or financial procedures that become apparent during the preparation of the accounts.
- We aim to provide a good value service – see our pricing policy.