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Help with submitting our financial report

Finance

Nigist Amare Finance Assistant at St Urael Posted 2 months ago

Hi 
Our Charity was registered as CIO October 2023. The financial period end we put as is March 31.
When should we submit the first financial report?
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Philip Wilson

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The minimum length of your financial year is 6 months and the maximum is 18 months. If you were registered after 1 October 2023 then 31 March 2024 would be less than 6 months so your first financial year would end on 31 March 2025, and you would have 10 months from that date (until 31 January 2026) to submit your report and accounts. If you have grant funders or other donors who might like to see your accounts then it's usually best not to leave them till the deadline, although most charities do!

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Nigist Amare

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Finance Assistant at St Urael 2 months ago

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Philip Wilson   
Great! I was thinking the report should have been submitted by Jan 2025. Panic over.
Thank you very much.

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Aishat Idris

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CEO/Consultant/Freelancer at BAnC Services 2 months ago

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Without knowing the details of your CIO i.e. if an extension has been agreed with the commission, or your year end has been extended or shorted, etc.; if your charity was incorporated in October 2023 then your financial year will end on 30 September 2024 (that's assuming a 1 October registration) - a 12 month period.  As a CIO, your financial report is due for submission to the charity commission, 10 months from the end of your financial year, which in this scenario will be 31 July 2025.  Hope this helps, but happy to help you look at the specifics to determine your deadline. 

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Aishat Idris

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CEO/Consultant/Freelancer at BAnC Services 2 months ago

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Nigist Amare   Based on the information you've provided; your first financial year end is deemed 31/3/25. Your annual returns are due 31/1/26 - being 10 months after your year end.  This means you still have a few months to complete your accounts and no return was due on 1/1/25.  As @Philip suggested, the earlier you get them done the better.   

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Nigist Amare   

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