
Following our recent article on the revisions to the Statement of Recommended Practice (SORP) 2015 we thought it would be useful to provide a reminder of the main additional accounts disclosures required from larger charities.
Charities with an income over £500,000 are defined as ‘larger’ charities and have more extensive disclosure requirements than smaller charities, particularly in relation to the Trustees’ report. The original SORP 2015 defined ‘larger’ charities as those with income over £1m. This reduction to £500,000 will mean many charities will now no longer be able to take advantage of the reduced disclosures.
There are a number of key exemptions available to smaller charities which are lost when preparing the Trustees’ Report for a larger charity. The following areas must be covered in the Trustees’ report:
The SORP encourages smaller charities to include some or all of the additional disclosures if they are relevant to stakeholders.
This list covers the main additional disclosures required from larger charities however the SORP contains detailed information and so should be referred to when charities are preparing their accounts to ensure full compliance with all disclosure requirements. It can be found by clicking here.
For advice on disclosures for larger charities, please contact Elizabeth Irvine.