The Sorp still requires charities to produce comprehensive annual reports. There is greater emphasis on the language of impact reporting; charities should identify the difference they have made for beneficiaries and, if practicable, explain any benefits to society as a whole.
Larger charities now need to report objectives and achievements in terms of short-term and long-term aims, discuss the basis for measuring success in the reporting period and explain the use of social investments, grants and volunteers.
Charities will need to be more specific on reserves, setting out total and restricted funds, designations, commitments, funds represented by tangible fixed assets or performance-related investments and year-end reserves.
Where a charity has no reserves policy, trustees will need to explain why they consider it unnecessary.
The risk statement now refers to principal risks and uncertainties facing the group, with a summary of plans and strategies to address them.
