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Structure of the SOFA

June 16, 2015


Type: Uncategorized

Welcome to our series on where the at Chiks will bring you bite size guidance on the changes that SORP 2015 will bring to your organisation.

This article focuses on the new structure of the SOFA within each of the Charities SORPs:

• The main heading ‘incoming resources’ is renamed ‘income and endowments from’.
• ‘Voluntary income’ is renamed income from ‘donations and legacies’
• ‘Incoming resources from charitable activities’ is renamed income from ‘other trading activities’
• ‘Activities for generating funds’ is renamed income from ‘other trading activities’.
• ‘Investment’ income and ‘other’ income line remain unchanged from SORP 2005.

• The main heading ‘resources expended’ is renamed ‘expenditure on’.
• ‘Costs of generating voluntary income’ ‘fundraising trading: cost of goods sold and other costs’ and ‘investment management costs’ are all combined in a new heading expenditure on ‘raising funds’.
• ‘Charitable activities’ is retained as expenditure on ‘charitable activities’.
• The heading of ‘governance costs’ is dropped altogether with these costs being included in expenditure on ‘charitable activities’. For those charities reporting on an activity basis, governance costs are a separate component of support costs.
• ‘Other resources expended’ is renamed ‘other expenditure’.

Key differences between the FRS 102 SORP and the FRSSE SORP:
• Gains and losses on investment assets count towards net income/expenditure in the FRS 102 SORP but are excluded from net income/expenditure in the FRSSE SORP.
• An additional category of ‘other gains and losses’ is present in the FRS 102 SORP only.

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