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Some of the latest news from the world of accounting...
Charity Annual Return
For those completing the Annual Return, you can download a copy of the 2025 Annual Return questions from gov.uk:
https://www.gov.uk/government/publications/charity-annual-return-2025-question-guide
National Minimum & Living Wage
The National Living Wage, for those aged 21 and over, increases to £12.21 per hour from 1 April 2025. The National Minimum wages rates (for those under 25) also increases - rates depend on age and vary from £7.55 to £10 per hour. More details can be found at
Charities SORP 2026 - 3rd Edition
Following the FRS 102 triennial review, the latest version becomes mandatory for accounting periods starting on or after 1 January 2026. The 3rd edition of the SORP effective at the same time , is due to be published autumn 2025. This incorporates all changes in the FRS and also includes some charity specific updates.
The (expected) "headliner" changes are:
- a tiered approach to the structure of the Sorp, with small charitiesin tier 1 and large in tier 3
- revised lease acccounting - aligning with the changes in the FRS102 and bringing most leases onto the balance sheet
- Revenue recognition changes - aligning with the new approach in FRS 102 which for some charities will impact their revenue recognition policy
- Trustee Report amendments - additional requirements for the trustee report to enhance narrative reporting.
Contact us for details on how this might affect your annual accounts.
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