Target Audience
Board Members, CEOs and Finance Managers of Charities.
Outline
SORP requirements for Charities and the responsibilities of the Board of Directors under the Charities Act.
The main areas covered will be:
- What are the responsibilities of the Board of Directors under the Charities Act
- What are SORP’s (Statements of Recommend Practice)
- What is the purpose of SORP
- Why are they necessary in charity financial reporting
- What are the requirements of SORP for Charities
- What is the connection between the Charities Act 2009 and SORP
- What are the key requirements of SORP FRS102 (latest SORP)
- How to lay out Financial Annual Accounts in SORP Format
- What is a Statement of Financial Activities (SOFA) and how to construct it
- The rules on Income recognition under SORP
- The rules of allocation Overheads by Charity Activity
- What is happening in the Regulators office for implementing a SORP in Ireland
- Latest information on the consultation process
- What is an Activity Report which is required from all charities regardless of size.
Methodology
Delivered virtually via Zoom.
Instructor
Andrea Shupinski FCA
Andrea is a Chartered Accountant by qualification. A sole practitioner, she has been providing consultancy, accountancy and taxation services to the Charity and Not-for Profit sector for over 30 years.
Andrea has extensive financial and senior management experience with charities and not for profits as an advisor and accountant and as Chief Financial Officer. She has helped organisations to prepare for a more regulated and transparent environment and has practical experience of charity accounting principles and putting them into practice. Andrea is a member of the Charity and Not-for Profit Committee at Chartered Accountants Ireland. She and has been a Board member for a number of charities over the years.
Outcomes
By the end of the course you will be able to:
- Understand the role and responsibilities of the Board of a Charity
- Identify the purpose and key requirements of SORP
- Understand how to lay out Annual Financial Accounts in the latest SORP format
- Know how to prepare an Annual Activity Report
- Construct a Statement of Financial Activities (SOFA)
- Know how to allocate Charity Overheads by Activity
- Know what disclosure of staff costs and employee benefits are required
- Know how to prepare Financial Accounts analysed by the Activities of the Charity
- Understand Audit and Annual reporting requirement to the Charity Regulator
- Know how to keep up to date with developments in the Charities Regulatory Office
Carmichael’s Spring/Summer 2025 Scheduled Training Programme is kindly sponsored by BoardEffect.
BoardEffect is part of Diligent, the leader in modern governance. BoardEffect delivers an agile board management solution optimised for governance leaders of nonprofits, higher education institutions, community healthcare organisations, and credit unions with the right tools, analytics, and insights to drive more efficient, transparent, and secure governance.
Fees
| €80 | Nonprofit Organisation |
| €70 | Carmichael Resident Organisation |
| €90 | Statutory Organisation |
| €90 | Corporate Organisation |
Testimonials
Clear explanation of the SORP requirements and modules.
A lot of information involved in the subject - presented very well and presenter open to questions throughout - it was very helpful to receive a copy of the slides and handouts in advance so could refer to them throughout the presentation and have for future reference.
Concise and to the point.
Discussing the requirements of SORP first followed by a look at an Annual Report that was SORP compliant.
Lots of relevant information.