March 31st! a letter from Kubernesis

Tuesday, March 31, 2020 12:47 PM | Farah Mendlesohn (Administrator)

DESPITE CORONAVIRUS, TODAY IS 31 MARCH -
SO IT'S YEAR END FOR A WIDE RANGE OF CHARITIES
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Forgive us sending a Kubernesis Bulletin which you might consider is a
statement of the obvious! But we just wanted to draw attention to the
fact the TODAY is 31 March 2020, so it's the financial year end for many
charities.

It's also worth nothing that this coming Sunday is 5 April, the end of
the tax year.  So for anyone trying to get gift aid donations within the
current year, there are only 3 working days left (Wed-Fri).

With many charities rising to new challengs in the light of the
Coronavirus crisis, it would be easy to overlook obvious things like year
end, especially if everyone is working away from the charity's normal
premises.

However, our advice would be: don't overlook your year-end processes,
notwithstanding the crisis.

You might think "We have more important things to deal with at this time -
can't we just postpone our year end?"

Well, it is POSSIBLE for a charity to change its financial year (let us
know if you want more details).  But we believe that for most charities,
the last thing you want at this time is the confusion of working to
non-standard financial year.  If you were to change to (say) 30 April
this year and then wanted to go back to a 31 March year end in 2021 you
would be dealing with a 13 month year and then an 11 month year which
would make comparatives difficult (and to change the year end twice in a
row can require special consent from charity regulators).

So, we suggest sticking with today as the year end if 31 March is the
normal date.  Try to make sure you have some means of putting a figure on
everything as at the end of today.  If you can't accurately count your
petty cash or your stock at least work on the best possible estimate.

But, as usual, wait for year end bills to come in before trying to close
off figures on your accounting system.  Given that many suppliers are
themselves disrupted you might want to allow a bit more time than normal
for those final bills, and if the charity's offices are closed do make
sure someone pops in occasionally to check for post - you don't want to
overlook bills that still come by post.

As usual, please get in touch - advice@kubernesis.uk - if you have
queries where you think we may be able to help.


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Kubernesis Bulletin (c) 2020 The Kubernesis Partnership

These Bulletins are prepared primarily for clients who belong to the
Kubernesis Charity Advice Service.  However, it may be forwarded to
others (whether in your organisation or elsewhere) so so long as the
source is acknowledged.

These notes are intended to provide general guidance only.  Legal issues
are reported only in summary form and are not a full statement of the
law.

If you have any queries on the points mentioned, including issues for
your own organisation, please contact Dr Gareth Morgan (Senior Partner)
at advice@kubernesis.uk.  There is no charge for responding to reasonable
queries as you belong to the Kubernesis Charity Advice Service.

The Kubernesis Partnership LLP - Charity Consultants
10 Kings Court, Dunbar EH42 1ZG
Tel: 01368 864582
Web: www.kubernesis.co.uk
A limited liability partnership - registered in Scotland no SO306613
E-mail: update@kubernesis.uk (For changes of contact details only)
E-mail: advice@kubernesis.uk (Advice queries - This address is ONLY for
clients who subscribe to the Kubernesis Charity Advice Service)
E-mail: info@kubernesis.uk (General queries)




The Association of Charity Independent Examiners

About Us:

Registered Company Limited by Guarantee 7461134
Registered in England at1st Floor, Block C, The Wharf, Manchester Road Burnley BB11 1JG

Registered Charity in England & Wales No: 1139609
Registered Charity in Scotland No: SC039066

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Telephone: 0131 659 9751 or 07899 891616 Email: admin@acie.org.uk       
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