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Annual Report and Accounts 2019/20Page 22Corporate Governance Report Directors Report Introduction We have prepared these accounts for the financial year 2019/20 in accordance with the Accounts Direction
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Financial statements are formal records that outline the financial activities and position of a business, organization, or individual. They typically include balance sheets, income statements, and cash flow statements.
Businesses and organizations, including corporations, partnerships, and non-profits, are typically required to file financial statements. This requirement may vary based on jurisdiction and type of entity.
To fill out financial statements, collect financial data, categorize transactions, and use accounting principles to prepare the statements in accordance with relevant accounting standards.
The purpose of financial statements is to provide a clear and accurate overview of an entity's financial condition, performance, and changes in financial position, which assists stakeholders in making informed decisions.
Financial statements must typically report information such as assets, liabilities, equity, revenue, expenses, and cash flows.
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