Statutory Accounts and SORP Compliance
Charities in England and Wales have 10 months from the balance sheet date to submit their accounts to the Charity Commission. This is usually done as part of the Charity Commission Annual Return process.
Charities that are also limited companies must still adhere to the company law requirement to file the accounts at Companies House 9 months after the end of the accounting period.
Charities must prepare their accounts in accordance with the SORP, the Statement of Recommended Practice. The SORP provides guidance on how charities should apply UK accounting standards, as well as detailing the disclosures that charities are required to include.
The SORP also sets out how charities should present their activities and funds with the accounts. Charity accounting is unique in that it involves fund accounting – transactions must also be allocated to specific funds, depending on whether the funds are unrestricted funds (where the Trustees determine how the funds are spent), ore restricted funds (where the donor has specified the use of the funds).
Our in-depth knowledge of the SORP provides you with peace of mind that your charity’s accounts will be fully compliant.
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