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The Charity Commission has recently updated its guidance to help trustees protect their charities from fraud and cybercrime. At the release of the guidance, Mazeda Alam, Head of Guidance & Practice at the Charity Commission said that “It is every trustee’s responsibility to ensure they’ve done all they reasonably can to protect their charity from harm – reading our guidance is the best place to start.” | | | |
Whilst cybercrime might be seen as just one type of fraud, over the last few years this area has become far more important in its own right, particularly for organisations that handle money and personal data. Through its casework, the Charity Commission identified that most common type of cyber fraud experienced by charities was phishing attempts and as a firm we have seen this happen at a number of charities over the last few years with, in some cases, significant sums of money being lost. However, criminals are becoming more and more sophisticated in their attempts to gain access to systems and extract money from organisations. Trustees need to think about the robustness of both their IT systems and internal processes to prevent unauthorised access to their systems. Unless they have suitable internal expertise, charities may well need to engage a specialist company to assist them.
To read our charity update in full, please click below. | |
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The Charities Statement of Recommended Practice (SORP) sets out requirements and recommendations on financial accounting and reporting for charitable entities. The current version of the SORP is 10 years old and needs updating in a number of areas to bring it in line with Generally Accepted Accounting Practice.
In 2025 the SORP will be updated and following public consultation we expect it to come into effect from 1 January 2026.
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The published timeline for this update is as follows: - March 2025: Public consultation will open and run for 12 weeks
- June - July 2025: Consultation responses will be reviewed and the SORP will be updated as necessary.
- August - September 2025: Financial Reporting Council to approve the final version
- January 2026: The new SORP comes into effect
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At the time of writing in early March 2025 the draft SORP has not been published. However, please keep a lookout over the coming months for more information on the proposed changes. | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential.
If you would like to discuss this topic further, then please contact a member of our Charities team at James Cowper Kreston.
Kind regards Alex Peal | Joint Managing Partner T: +44(0)7771826264 E: apeal@jamescowper.co.uk | | | |
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