Independent Exam.

The Trust Board is elected to manage the affairs of the Trust on behalf of the members. The Annual Accounts are a report on the financial activities of your Trust provided for the members to assess how the Board have carried out their function in the last financial year.

A full audit can prove expensive therefore SD has created an alternative – the Independent Examination.

An Independent Examination is required when your Trust wishes to qualify for full SD Membership and the income of the Trust falls below the SD threshold for a full audit (currently £1,000,000).

Therefore, if a Trust income falls below £1,000,000, and it has passed a resolution at the previous AGM to opt-out of full Audit and wishes to retain full SD Membership, it should commission an Independent Examination of the Accounts.

Independent Examination Guide

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