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The new terminology…

June 1, 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.


There are many changes the new SORP brings, one of which is the revision of various headings and terms contained in the Financial Statements.


So what’s changed?


The number of headings within the SOFA has been reduced and a ‘plain English’ style adopted to describe the nature of the income and expenditure included within each heading of the SOFA. There are now only 5 incoming resources headings and 3 expenditure headings:


Old Headings:
2005 SORP
Voluntary Income
Activities for Generating Funds
Investment Income
Incoming Resources from Charitable Activities
Other Incoming Resources
Total Incoming Resources
Costs of Generating Voluntary Income
Fundraising, Trading: Cost of Goods Sold and Other Costs
Investment Management Costs
Resources Expended on Charitable Activities
Governance Costs
Other Resources Expended
New Headings:
Donations and Legacies
Other Trading Activities
Charitable Activities
Total Income and Endowments
Raising Funds
Raising Funds
Raising Funds
Charitable Activities
Charitable Activities


Cash Flow Statement


The cash flow headings have reduced from nine to just three:
FRSSE headings:
• Operating activities
• Cash flows from other sources
• Application of cash
FRS 102 headings:
• Operating activities
• Financing activities
• Investing activities


If you require any assistance please contact our dedicated .
The next in our series of bite size articles, to be published early next week, will focus on the new structure of the SOFA and the key differences between the FRS 102 SORP and the FRSSE SORP.