Format for trust accounts

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

Overview

This guidance note details the key components of a set of trust accounts and the principles to apply when preparing these. There is a sample set of accounts attached that can be used as a template.

A set of trust accounts

There is no set format for trust accounts, unlike company or charity accounts. The layout and presentation of the accounts can be adapted to suit the individual trust, the needs of the beneficiaries and any special circumstances. Why trust accounts need to be prepared is covered in the Trust accounts ― considerations guidance note.

The structure and contents of a set of trust accounts is discussed below.

A simple set of accounts is illustrated in Format for trust accounts ― sample template.

Synopsis

It is useful to begin the accounts with a synopsis. A synopsis summarises the objectives and terms of the trust and notes the location of the trust documents. It will name the settlor, trustees and beneficiaries, together with advisers such as solicitors, investment managers, bankers and

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