An important function of trust administration is the preparation of annual accounts. These accounts assist the trustees with their review of the assets under their control, as well as keeping an accurate record of all payments, receipts and liabilities of the trust.
A requirement of the Trustee Act 2000 is that trustees should be ready to provide copies of accounts to beneficiaries upon request. If the Accounts are kept up to date regularly, the trustees can avoid criticism from a beneficiary regarding any failure to produce copies of accurate accounts in a timely fashion.
We offer a full trust accounts service for trustees, which will include acting as the main point of contact for all investment, banking and tax agents. This gives you the reassurance that all critical information relevant to the administration of the trust is held securely in one place.
Our accounting systems allows us to provide up to date information to the trustees upon request which ensures that the trustees have all details to hand when making decisions about the use of the Trust assets.
Our Trust team specialises in all aspects of trust administration, with a particular focus on the production of annual trust accounts.
We are experienced in dealing with the preparation of accounts for all types of trusts and as part of the accounts service, we can also provide tailored advice regarding your duties and responsibilities for managing the assets under the control of the trustees.