Financial year of a charity which is not a company
3.—(1) The financial year of a charity which is not a company (“relevant charity”) is, for the purposes of the Act and regulations made under the Act, to be determined in accordance with this regulation.
(2) The first financial year of a relevant charity is the period beginning with the day on which the charity is established and ending with—
(a)its accounting reference date; or
(b)such other date, not more than seven days before or after the accounting reference date, as the charity trustees may determine.
(3) Subsequent financial years of a relevant charity—
(a)begin with the day immediately following the last day of the charity’s previous financial year; and
(b)end with—
(i)its accounting reference date; or
(ii)such other date, not more than seven days before or after the accounting reference date, as the charity trustees may determine.
(4) For the purposes of this regulation, the “accounting reference date” of a relevant charity is—
(a)in relation to the first financial year of the charity, such date not more than 18 months after the date on which the charity was established as the charity trustees may determine;
(b)in relation to a subsequent financial year of the charity—
(i)the date 12 months after the previous accounting reference date of the charity; or
(ii)such other date, not more than 18 months after the previous accounting reference date of the charity as the charity trustees may determine.
(5) Subject to paragraph (7), the charity trustees may specify a new accounting reference date of the charity, having effect in relation to—
(a)the charity’s current financial year and subsequent financial years; and
(b)the charity’s previous financial year and subsequent financial years.
(6) The “previous financial year” of a charity means that immediately preceding the current financial year.
(7) A charity must not specify a new accounting reference date more than once in any three year period without the consent of the Commission.