CharitEpulse: New SORP, new thresholds, new leadership

In this episode of CharitEpulse, the hosts discuss some of the most pressing issues shaping the charity sector today:  

• Companies House transition from registrar to regulator: New verification requirements for company directors.
• New charities SORP (Statement of Recommended Practice): three-tier approach based on income levels, changes to income recognition and lease accounting.
• Charity audit and accounting thresholds:
  • Audit threshold increased from £1 million to £1.5 million income
  • Independent examination threshold raised from £25,000 to £40,000
  • Accrual accounts threshold increased from £250,000 to £500,000
• Updated Charity Governance Code: Now includes 8 principles (up from 7), with new emphasis on ethics, culture, and equity, diversity and inclusion (EDI).
• New Charity Commission Chair appointment: Dame Julia Unwin has been named as the government’s preferred candidate, subject to Select Committee approval.

Listen time: 27 minutes