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UKFinancial reporting for charities is complex and everchanging. As we look forward into 2025, here are some of the key changes you should be aware of to ensure your organisation continues to meet its reporting goals.
As the Charity sector awaits the new SORP interpretation of IFRS102, announced in early 2024 and looking to be enforced from January 2026. As it stands, the sector is currently on standby for the revised exposure draft due to be released in early 2025. This new legislation allows us to reflect on how important it is to keep on top of these changes and new requirements. Staying informed is more crucial than ever to ensure compliance and maintain financial transparency.
In light of these changes, Xledger UK, in partnership with Civil Society, will be hosting two webinars discussing the newly released updates, with expert panelists from the Charity sector to talk about what the changes mean and how your organisation can prepare.
Environmental, Social and Governance reporting isn’t only a priority for the larger corporations anymore. Following European legislation, and donor expectations, an increasing number of UK charities will come under increasing pressure to demonstrate transparency and accountability in this area. Whilst embracing ESG does come with an investment and time in technology and reporting processes, those which embrace the principals of ESG will enhance credibility, and donor support.
The key to effective budget control is timely reporting. If budget holders receive information after the fact, it’s already too late to do anything about it. Real-time reporting ensures budget holders gain direct access to their own data, supporting timely and agile decision making. The ability to drill down into their own numbers and review underlying documentation, ensures trust and ultimately ownership, driving effective cost control.
Sector is facing significant changes in financial reporting especially with these upcoming updates to SORP and ESG legislation. To stay on top of these changes, it’s important not only to understand the impact of those changes, but to invest in the right processes and technology to ensure an effective transition. On the technology side, modern finance software that is not only adaptable, but is also future-proof is something to seriously consider.
Legacy systems have limitations and can be slow and expensive to react to big changes, they also can lack advanced reporting abilities. It’s no secret that modern cloud-based systems are quicker to update and can fix bugs regularly, all at low or no extra cost. By adopting a flexible finance system, your finance team will be able to empower budget holders with real-time access to data and ensure they remain compliant and efficient.
As the financial landscape continues to evolve, equipping your charity with the right financial tools will help drive better decision-making, cost control, and long-term success. Preparing now for these changes will help your organisation stay ahead and be ready for whatever comes next. Get in touch today to learn how Xledger can help your organisation fulfil its mission.
To align their financial processes with their broader organisational needs, Roundhouse sought a modern and flexible finance system.
We break down the benefits and drawbacks of three major changes within the new SORP for charities, with insight from industry experts on how the changes may affect organisations in Scotland, the Republic of Ireland, England, and Wales.
In the webinar we will explore:
Speak to one of our dedicated team members for more information on how Xledger can support your business.
