Dulwich Picture Gallery - Sample Essay
Dulwich Picture Gallery is a charitable registered organization based in gallery Road London SE21 7AD with registration 1040942. Its core activities include provision of education services and collection of gallery amounts. The report will focus on the financial health of the fund, its impact in to the society. 2. 0 DULWICH FINANCIAL REPORT
The English law requires the trustees of charities to prepare financial statements each year and the financial statements prepared should give a true and fair view of the state of affairs of the charity at the end of each year and the financial statement should show clearly the incoming resources and the resources expended during that period in question. From the auditors report provided by this company, the trustees statements has stated that, it is their duty to prepare financial statements which gives a true and fair view of the trustees or the charities statement of affair.
In the preparation of the statement, they have also indicated that they have selected suitable accounting policies and they are applying them consistently. They have also indicated that judgments and estimates in the financial statements are reasonable and prudent. At the end of the financial statements, they have attached notes to the accounts which explain each item in the statement of income and expenditure and statement of affairs or balance sheet.
The trustees are required to state whether accounting standards have been followed and any material departures have to be explained which the financial statements in this case have none. Lastly, the trustee have stated that the financial statement have been prepared on the basis of going concern which is the case. From the description above, the trustee of the gallery have a major responsibility of ensuring that the financial statement prepared are reasonable, accurate and consistent from time to time.
This is possible when they ensure proper accounting records which dislose with reasonable accuracies the financial position of the company are kept. The trustees are responsible for proper storage of all accountable documents and assets of the company. They are required to ensure that reasonable steps are taken and detect fraud, irregularities or misplacement of company’s asset or accountable documents. The auditor in his report in paragraph 6, he has stated, “we read the trustees report and considered the implications for our reports if we become ware of any apparent misstatements within it.
” The statements show that the auditors rely on the report from the trustees. This makes the trustees the most important group in the running of affairs of the charity. The responsibility of the auditor is just to express an opinion about the financial statements as relates to legal and regulatory requirements and conformity with international financial reporting and auditing standards as recognized in the United Kingdom and Ireland. Like a trading company they act as the directors of the charity.