Abi Robinson

Businesspeople from around Bury St Edmunds put their general knowledge to the test while raising nearly £2,000 for St Nicholas Hospice Care when they took part in a charity quiz night.

The new SORP marks a major shift in how charities must report their finances, with how much information your charity must disclose determined by a new three tier framework.

Significantly increased audit and independent examiner thresholds for charities are good news, will lead to reduced costs and make it easier for charities to grow.

With more charities outsourcing fundraising, proactive management of the agency is vital to avoid falling foul of the Fundraising Regulator.

In a world in which the fundraising environment has changed drastically, charities need to think seriously about diversifying their income.

Back in March 2024, the Financial Reporting Council (FRC) issued periodic review amendments to UKGAAP. Among the key changes is the introduction of a five-step model for revenue recognition, which has sparked considerable discussion.

A new report has highlighted a multi-million pound funding gap caused by inconsistent take-up of Gift Aid – which is shocking when many charities are struggling to make ends meet.

In March 2024 the Financial Reporting Council issued details of improvements to FRS102, designed to enhance the quality of UK financial reporting.

The Conservative Government announced their intention to change company size thresholds in March 2024, in a bid to ease the UK regulatory burden, particularly in relation to non-financial reporting.