SORP 2015: The key aspects

Every decade, a new charity Statement of Recommended Practice (SORP) is produced. These are underpinned by law and set out the accounting rules that govern the way that charities which

report on an accruals basis produce their annual financial statements.

This paper looks at the key aspects of The SORP as we see them applying primarily to churches, focusing specifically on those areas of change or of significant impact to the church community. Whilst the church community is the primary focus, this paper can be applied, with appropriate modification, to other small Christian charities.

Topics included:

• What does it mean for financial reporting?
• What are the key areas of change or significance?
• Changes to the trustees report
• Significant changes to the trustees' annual report for larger charities
• SORP Modules for charities