The form of accounts recommended by the SORP. Only used by charities that are registered companies and those with incomes over £250,000.
Annual Accounts
A document prepared annually by every registered charity and submitted to the Charity Commission by charities with an income greater than £25,000.
Balance Sheet
A table setting out the financial assets, liabilities and funds of a charity.
Financial Year End
The final date of the period covered by the accounts.
Income
see Incoming Resources
Incoming resources
The money a charity recieves for its work, either as donations/grants, earned income/contracts or from investments. Also known as Income or Turnover.
NCVO
National Council for Voluntary Organisations
Notes to the accounts
Notes placed after the balance sheet which provide supporting details for the SOFA and balance sheet. The most important parts of the notes for these purposes are additional details of incoming resources.
Period
The number of months covered by the account
Receipts and Payments
A form of accounts used by charities with incomes under £250,000. Receipts and payments accounts are simpler than SORP-based accounts, with some differences in the information provided.
Registered Charity
An organisation that is registered with the Charity Commission for England and Wales, and has a charity registration number.
SORP
See Statement of Recommended Practice
Statement of Financial Activities (SOFA)
A table that shows the income and expenditure in SORP accounts
Statement of Recommended Practice (SORP)
An accounting framework for charities' annual accounts, last revised in 2015.
TSRC
Third Sector Research Centre
Turnover
see Incoming Resources. Turnover is not generally used in charity accounting, and references to it will often relate to Trading Subsidiaries.