DESPITE CORONAVIRUS, TODAY IS 31 MARCH - SO IT'S YEAR END FOR A WIDE RANGE OF CHARITIES ********************************************** 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. =========================================================== 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)
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