Introduction to the Charities SORP (FRS 102)

If you are working for or with a charity in the preparation of their financial statements, how can you make sure that you’re getting the disclosure details right?

UK charities with income above £250k (and all charitable companies) must prepare their financial statements in accordance with FRS 102. The Charities SORP (FRS 102) provides mandatory guidance on the application of FRS 102 to the circumstances of charities. It also includes requirements relating to the trustees’ annual report, fund accounting, the format of the financial statements and additional disclosures aimed at providing a high level of accountability and transparency to donors, funders, financial supporters and other stakeholders.

This course provides an introductory understanding of the key concepts and requirements included within the Charities SORP. Practical examples and illustrations are provided to demonstrate how the standard might be applied in practice.

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Learning outcomes:

• • An overview of the UK charity financial reporting regime and how the SORP fits into it
  • A brief overview of what constitutes a complete set of charity financial statements
  • The contents of the trustees’ report, focusing on reserves policy and fundraising disclosures
  • Fund accounting and its applications to both statement of financial activities and balance sheet
  • Key statement of financial activities issues, including income recognition and disclosures
  • Key balance sheet issues, including accounting for heritage assets, impairments, investments and loans