Annual Reports
Trusts and Societies are not required by law to produce Annual Reports. Section 8 Companies are required to publish Annual Reports. However, organizations that desire to practise norms of transparency and accountability should make their Annual Report for the corresponding financial year within eight months of the end of the financial year. The Annual report should be widely disseminated to stake holders and be available in the public domain.
The Annual Report should clearly describe what the organization is trying to accomplish (vision), what are its strategies for making it happen (mission), what are the organization's capabilities for achieving its mission, state its objectives and how it measures its progress, what the organization accomplished during the year and so far, and most importantly what it did not accomplish and why. It is essential that the organization also provide summarized financial statements for the year (Balance Sheet, Income & Expenditure Statement and Receipts & Payments Account). It is advised to present a summary even if the organization is attaching the entire audited accounts. The organization should also provide its key registration details, contact details, as well as information about is bankers and auditors.
• Submission of annual report is mandatory for any NGO at the time of filling their returns.
• Annual report is given to donors, stakeholders, partners, and people with public figure to inform them about activities and impact of NGO.
• Annual Report as an important instrument to establish credibility of organization Essentials of good Annual Report:
• The Annual Report contains a description of the main activities, a review of the progress and results achieved in the year; and information on the Board members’ names, position in the Board, remuneration or reimbursement and should contain brief financial details.
• Maintain a right balance between an informative and creative part of annual report.
• The design of your annual report is as important as its content. Both works together to project a professional image of your organization.
• Innovative graphic designs should be given in Annual Report to meet your projects goals.
• Annual Report requires to be properly conceptualized with suitable size, format and paper.
• People should feel “wow” while picking up your annual report.
