CharitEpulse: New SORP, new thresholds, new leadership
In this episode of CharitEpulse, our chatters James Saunders, Charles Mesquita and Catherine Rustomji discuss some very significant updates in the sector; in particular the new SORP and updated charity governance code:
- 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 eight principles (up from seven), with new emphasis on ethics, culture, and equity, diversity, and inclusion.
- New Charity Commission Chair appointment: Dame Julia Unwin has been named as the government’s preferred candidate, subject to Select Committee approval.
The podcast is available on Spotify, Apple Podcasts, Amazon Music and YouTube.
If you have any questions or feedback for the panel, please contact James directly.
