SORP meaning

In this issue: The Pensions Regulator Pension Protection Fund Pension Schemes Bill The pensions tax regime Pensions accounting Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator TPR publishes 2025 DC landscape report highlighting consolidation trends The Pensions Regulator (TPR) has released its 2025 overview of the UK occupational defined contribution (DC) market, confirming a continued move towards fewer, larger schemes and urging trustees, particularly those of smaller arrangements, to test value for savers and consolidate where it is lacking. The analysis shows DC scheme numbers fell by 15% to 790 in 2025, chiefly as schemes with fewer than 5,000 members left the market. Over the period, total assets rose 22% from £205bn to £249bn and memberships increased by 7%, reflecting consolidation. Master trusts now dominate, holding 30.1 million memberships (92%) and £208bn of assets (83%). TPR stressed that larger schemes are typically better positioned to deliver stronger investment performance and...

In this issue: Wills Probate Trusts Court of Protection UK taxes for Private Client HMRC Manuals tracker Tax avoidance, evasion and non-compliance Regulatory compliance for Private Client Charity and philanthropy Pensions, insurance and tax efficient investments Scotland, Wales and Northern Ireland International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Useful information Wills Court treats gifts to specified charitable bodies as directed to their charitable purposes, rather than contingent on those bodies still existing when the testatrix died (British Camelids Ltd (personal representative of Candia Midworth) v Brooke Hospital for Animals). The Chancery Division considered a will executed on 29 September 1994 that distributed the residuary estate among a range of beneficiaries, including charities. It held that the charitable legacies named in the...

In this issue: Probate UK taxation for private clients Budget and Finance Bill developments HMRC Manual updates Tax avoidance, evasion and non-compliance Private client regulatory compliance Charity and philanthropy Disputed trusts and estates Pensions, insurance and tax-efficient investments Scotland, Wales and Northern Ireland Question of the week Daily and weekly alerts LexTalk® Private Client: a Lexis+® community Fresh and revised content Dates for your diary Trackers Latest Q&As Useful information Probate Court and Public Guardian Fees (Miscellaneous Amendments) Order 2025 SI 2025/1126: This Order raises the fees for applications to register Lasting Powers of Attorney (LPA) and Enduring Powers of Attorney (EPA), together with the reduced charge for repeat LPA registration at the Office of the Public Guardian (OPG), and also the fees for obtaining copies of probate grants. The increases are intended to align the charges more closely with their estimated cost. It comes into...

Charity regulators in the UK The Charities Act 2011 (CA 2011) became law on 14 March 2012 and determines the registration and oversight of all charities in England and Wales. It supersedes most provisions of the Recreational Charities Act 1958, and the earlier Charities Acts of 1992, 1993, and 2006. By consolidating four Acts into a single statute, CA 2011 aims to simplify the legal landscape. Together with subordinate regulations and the accounting Statement of Recommended Practice (SORP), CA 2011 establishes the regulatory framework for charities in England and Wales. Guidance and policies produced, for example, by the Charity Commission for England and Wales (the Commission), HM Revenue & Customs (HMRC), and Companies House are also influential across practice. In Scotland, the Charities and Trustee Investment (Scotland) Act 2005 sets the parameters within which Scottish charities operate, including regulation, the charity test, and a range of administrative and supervisory requirements. The Office of the Scottish Charity Regulator (OSCR) serves as the independent regulator and registrar for Scottish charities. In...

The requirements for reporting and accounting by charities The obligations are detailed in sections 130–176 of the Charities Act 2011 (CA 2011) (Part 8: Charity Accounts, Reports and Returns), alongside the Charities (Accounts and Reports) Regulations 2008, SI 2008/629, and are supplemented by the relevant Statement of Recommended Practice—Accounting and Reporting by Charities (SORP). For reporting periods (financial years) starting on or after 1 January 2019, the updated second edition of the SORP (FRS 102), issued in October 2019, is in force. See also the Charity Commission’s guidance: the essentials November 2016 (CC15d). The obligations vary depending on the size and nature of the charity. To identify which requirements apply, check: whether the charity is also a company its income for the current financial year the value of its assets whether it must be registered with the Charity Commission for England and Wales (the Commission) as a charity Then determine: the type of accounts that must...

Prepared by Peter Westaway of Deloitte LLP and reviewed by Martin Hooper of Barnett Waddingham. THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT SCHEMES. Accounting for pensions is often intricate, particularly within groups where multiple entities take part in a single arrangement or scheme. The aim of this Practice Note is to outline, at a high level, how pensions are accounted for by UK employers and by schemes. Company reporting frameworks In the UK, corporate reports follow one of the following frameworks: International Financial Reporting Standards (IFRS), under which International Accounting Standard 19 (IAS 19) governs employers’ accounting for defined benefit pensions FRS 101—the Reduced Disclosure Framework (reflecting IFRS recognition and measurement while imposing reduced disclosure requirements) FRS 102—the Financial Reporting Standard applicable in the UK and Republic of Ireland, where Section 28 governs the accounting for defined benefit pensions FRS 105—the Financial Reporting Standard applicable to the Micro-entities Regime, where Section 23 governs the accounting for defined benefit pensions ...