Charity SORP committee looking to hire members
24 Oct 2019
Specialists in charity accounting are being sought to join the Charity SORP committee following an overhaul of the current membership and plans to modernise charity financial reporting
24 Oct 2019
Following criticism, the Charity Commission and nationwide charity regulators are working to improve the transparency and relevance of charity accounts.
The SORP committee is responsible for writing the accounting framework for framework for charities under the Statement of Recommended Practice (SORP).
The SORP is the set of rules which governs charity accounting for charitable companies and larger charities with an income over £250,000. The main purpose of the SORP Committee is to identify potential changes to the SORP and advise the SORP-making body.
In a letter from the four charity regulators in the UK, the joint chairs said: ‘You would be joining the new SORP Committee at an exciting time as we consider how to reform charity financial reporting so that it better meets the needs of both stakeholders and the sector.’
The Charity SORP needs to be updated to take into account the latest changes to UK GAAP under the triennial review of the FRS 102 accounting rules, but it is understood that any rewrite is not likely to take place until late 2020.
The role of a SORP Committee member includes:
- contributing to the development of the SORP;
- ensuring SORP reflects good sector practice; and
- ensuring the SORP is effective and distinguishes, as far as is reasonable and appropriate, between different parts of the charity sector.
The current committee has been in place for nearly five years, however the plan is to change the composition of the committee to include greater representation from smaller charities, which make up the large share of users of the SORP, and to include more funders who have an interest in the impact the sector has in transforming lives through charitable endeavour.
The Charity Commission said it was looking for ‘people who have a passion for high quality financial reporting and accounting, and would also like to be involved in writing the next SORP’.
Recruitment for the new committee will be led by the Charities SORP-making body, comprised of the UK and Irish charity regulators.
The closing date for applications is 22 November 2019. Existing committee members can reapply.
Office of the Scottish Charity Regulator’s (OSCR) Laura Anderson, joint chair of the SORP Committee, said: ‘The SORP influences the financial reporting for over 90% of the funds held by the charity sector in the UK and Ireland, so the committee has a vital role.
‘It is an exciting time to join. A key task for members is to consider how to reform charity financial reporting so that it better meets the needs of both stakeholders and the sector.
‘This is your chance to make a difference in a sector that has such a positive impact. We look forward to applications from a diverse range of individuals.’