CFDG welcomes publication of SORP 2005
Howard Lake | 4 March 2005 | News
The Charity Finance Directors’ Group has welcomed the publication of the Statement of Recommended Practice 2005.
They were particularly pleased that the SORP has taken on board so many of the recommendations made in its publication “Inputs Matter”. New provisions such as the restructuring of the Statement of Financial Activities so there is a correlation between income streams and related activity costs, were put first put forward in the CFDG report.
Shirley Scott , Chief Executive said: “The aim of the SORP and of the Inputs Matter Report is to improve the quality of reporting in the charity sector so that all those engaging with the charity, whether as Trustee, employee, funder or beneficiary, can fully understand what the charity does and how it acquires and uses the resources available to it. We believe that adhering to the new SORP will help charities to achieve that aim.”
“Although we are disappointed that the requirements on heritage assets will not be changed, we welcome the fact that the consultation period gave the museums and gallery sector a chance to air their concerns about this issue and we hope that their comments will inform subsequent SORP reviews.”
www.cfdg.org.uk
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.