The key updates for this year are:
Trusts no longer have to report on trade union facility time in their financial statements
Additional guidance on streamlined energy and carbon reporting
Updated definitions for regularity and propriety
Clarification that payments in lieu of notice must be included as part of restructuring costs
Additional guidance on disclosure of benefits for higher paid staff covering part-time staff or those who worked for part of the year
Updated guidance on key management personnel and the disclosure of their employee benefits and related party transactions
There is also an annex highlighting the forthcoming changes in the Charities SORP 2026 – although these will not take effect until the Academies accounts direction 2026 to 2027, trusts should prepare for the changes now by identifying whether they are affected by the changes to lease accounting and revenue recognition.