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Trustees report – requirements

June 1, 2015


Type: Uncategorized

Welcome to our series on where the at Chiks will bring you bite size guidance on the changes that SORP 2015 will bring to your organisation.


We’ve already looked at the new of SORP 2015 and the differences between FRS102 SORP and FRSSE SORP and in this bite sized article we focus on the requirements of the Trustees’ Report.


The primary purpose for the Trustees’ Annual Report is to ensure that the charity is publicly accountable to its stakeholders for the stewardship and management of the funds it holds. Trustees should consider this when preparing their Trustees’ Reports. SORP 2015 notes that the documents should provide a fair and balanced review. A good report will explain what the charity is set up to do, how it goes about it doing this and what is achieved as a result of this work.


Good Trustees’ Reports provide the context for the user to then interpret the financial position of the organisation. The financial part of the accounts in isolation will not give the user a rounded view on what has been achieved or what the charity’s impacts have been.
In order to comply with FRSSE SORP 2015 the following areas must be addressed:


• Objectives and activities
• Achievements and performance
• Financial review
• Structure, governance and management
• Reference and administrative details exemptions from disclosure and
• Funds held as custodian trustee on behalf of others


Further disclosures required by FRS102 SORP:


FRS 102 SORP requires further disclosures under the headings above and also requires an additional section on plans for future periods.


One of the more contentious issues to be included in the FRS102 SORP Trustees’ Report is the requirement to disclose within the structure, governance and management section the arrangements for setting pay and remuneration of the charity’s key management personnel and any benchmarks, parameters or criteria used in setting that pay.


If you require any assistance in drafting your Trustees’ Report under the new rules please contact a member of our specialist .
Find out about income recognition in SORP 2015 in our next instalment of bite size guidance.

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