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COVID-19 and charity accounts disclosures

3rd April 2020

The Charities SORP Committee has recently issued advice on the impact of COVID-19 control measures on charity accounts reporting. This is an advisory note only and does not amend the requirements of the Charities SORP.

The key messages are:

  • It is important for charities to understand how the impact that the measures being taken to contain COVID-19 will affect their activities and governance;
  • Trustees should consider whether additional information needs to be included in annual accounts yet to be approved;
  • Trustees need to consider whether changes to financial statements are needed; and
  • Charities should keep up to date with latest guidance.

The potential impact on the trustee’s annual report could include additional information to explain the impact of COVID-19 on issues such as the delivery of charitable activities, fundraising, staffing and volunteers, financial performance and reserves policies.

Accounting considerations include the need to prepare accounts that give a true and fair view which would include possible changes to asset values and consideration of the ability to continue as a going concern.  Trustees must also ensure adequate disclosure and adjustments for post balance sheet events.

The full text of the guidance can be found here.

If you require any further assistance on how your charity accounts may be affected please contact your usual Bishop Fleming contact.

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