We recently asked accountants, advisers and independent examiners of smaller charities to participate in research commissioned by Power to Change, the Charities Aid Foundation and the Lloyds Bank Foundation.
The research found that most small charities consult external accountants or independent examiners when preparing their annual report and accounts.
“The distribution of the work of accounts preparation is shared between small charities and their external advisors, however some small charity treasurers appear unfamiliar with the work involved, SORP requirements, and judgments made when preparing and examining a set of accounts.”
Clearly, there is more work to do in raising understanding of financial reporting requirements among trustees and independent examiners alongside the SORP revision. The survey responses indicated a demand for better training and guidance materials, supporting the preparers and examiners of charity accounts with webinars, templates and case studies that cover a broad array of small charities and their activities or transactions.
Please share your suggestions of what guidance would be most useful to you – you can send your ideas and requests to me (kristina.kopic@icaew.com).