According to the Charities Act (Chapter 37, Section 12(1) and Regulation 3(1) of Charities (Accounts and Annual Report) Regulations 2011, the financial statements to be prepared by the Governing board members of a charity shall contain:
a) an income and expenditure account showing the income and the expenditure of the charity during the financial year;
b) a balance-sheet showing the assets, liabilities and funds of the charity at the end of the financial year;
c) an explanation of the accounting policies used to prepare the accounts;
d) the details of transactions relating to, and the state of the various funds of the charity;
e) notes on - (i) how the funds reflected in the balance-sheet must or may be utilized because of restrictions imposed by donors; and (ii) the relationships between, and analyses of, the information contained in the income and expenditure account and balance-sheet; and
f) notes which explain, expand on or provide the circumstances relating to, or other useful information on , the information contained in the income and expenditure account and balance-sheet.
For each sum disclosed in the financial statement or in the notes to the financial statement, the corresponding sum for the previous financial year is to be stated. The dates covered by the current and previous financial statements to be stated.