Compliance calendar to help with annual reporting

As 31 December marks the end of the financial year for many charities, this is a timely opportunity to remind you of our simple checklist with suggested timings to help charities prepare and file their report on time. All charities must complete and file an online annual report with the Charities Regulator within 10 months of their financial year-end.

In the interest of fairness to the many charities that file their annual reports on time, the Charities Regulator has been increasing its efforts to improve compliance levels. The Charities Regulator will be continuing its targeted compliance programme in 2025 aimed at those charities that do not to file their annual report despite engagement from the Regulator. This programme has led to a number of charities being removed from the Register or prosecuted in the district courts.

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Compliance calendar

To assist charity trustees, the calendar below highlights the typical steps involved with suggested timings for smaller charities whose annual report is due on or before 31 October each year. The timings can be adapted for charities with different filing deadlines or board meeting frequencies. And remember, a charity can always file its annual report early at any time before the deadline, but it is an offence to file late.

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January

Start to prepare your charity’s financial accounts for 2024. If you are using the services of a third party, such as an accountant, for example, to prepare these accounts, check what information they need and when if you are not sure.

Agree the board meeting when the accounts will be approved by the charity trustees.? The accounts will need to be ready ahead of the meeting so they can be circulated to board members to give them the opportunity to review them.

Make sure to notify whoever is preparing your accounts (especially if you are using the services of a third party) of the date the accounts need to be ready for circulation and inform them, as they may not be aware, that it’s an offence for a charity to file its annual report late to the Charities Regulator after the deadline.

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April

Draft financial accounts for 2024 are ready and circulated to all trustees of the charity.

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May

Draft financial accounts are reviewed at the board meeting and approved by the charity trustees. If charity trustees have questions on the accounts that need to be clarified or are seeking further details, approval of the accounts can be deferred to the next meeting so the? necessary information can be obtained and shared with charity trustees.

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June

Financial accounts for 2024 are approved by the board. Begin to draft the annual report on finances and activities for the Charities Regulator.

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August /September

Ahead of Sethe ptember board meeting, circulate the draft annual report to the charity trustees for their review.

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September

Charity trustees review and approve the annual report to be submitted to the Charities Regulator. The report is now ready to be submitted. However, if further discussion is required, the decision to approve can be deferred to the October board meeting.

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October

The report is submitted to the Charities Regulator.

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The Charities Regulator’s website has a dedicated?section on annual reporting,?including step-by-step guides to help charities submit their online report.?

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