Expenditure (E) refers to the total expenses relating to fund-raising for the financial year, including –

• direct and material indirect expenses of any kind; and

• payments made to commercial fund-raisers engaged by the charity,

but excluding, in a case of the sale of goods by or on behalf of the charity for fund-raising (and not trading), the cost of the goods sold;

Revenue (R) refers to –

• in a case of the sale of goods by or on behalf of the charity for fund-raising (and not trading), the total receipts from such sale (after deducting only the cost of the goods sold); and

• the total gross receipts from any other fund-raising for that financial year;

Sponsorship (S) refers to the total amount of sponsorships in cash received by the charity relating to fund-raising for that financial year that is conditioned upon the provision of direct or indirect commercial benefit to the sponsors.