If you're involved with a charity - whether you're on the board, manage the accounts, or provide support behind the scenes - you may have heard that there are some changes coming to the way charities report their finances.
The biggest step in that process has been completed with the consultation into the new Charities Statement of Recommended Practice (SORP) now closed. Over 140 stakeholders submitted their views, and these are now being analysed to help shape the final version of the guidance.
So, what should charities be doing in the meantime?
The SORP (Statement of Recommended Practice) is the framework that sets out how charities should prepare their accounts to comply with UK accounting standards.
The SORP-making body includes the Charity Commission for England and Wales, the Office of the Scottish Charity Regulator (OSCR), and the Charity Commission for Northern Ireland.
So, if your charity’s financial year runs from January to December, you’ll be using the new SORP from January 2026. If your year starts in another month, the changes will kick in at the beginning of whichever month starts your 2026/27 financial year.
Stay Informed and Financially Prepared
If you have questions or aren’t sure how this might affect your personal or business situation, please do not hesitate to call us. We will be happy to help you!
