Top tips for your Shed’s Year End

Top tips for your Shed’s Year End

Has your Shed reached the end of your financial year? Not all of you will have financial year’s ending on 31st March, but whenever your financial year ends, there will be similar tasks that all management groups need to undertake. 

To help you out, here’s some handy tips about your Shed End of Year and AGM: 

1. Don’t forget to count / record the cash-in-hand at the Year end
   (Need a way of recording it? If you haven’t used it yet, UKMSA has a Shed Accounting Cash Book which Member Sheds can use).
2. Update your equipment inventory with new equipment bought over the year and delete items you have sold off, so you can enter Assets & Investment values into the Annual report. 
3. Start finalising the Accounts as soon as the Bank statements for the Year end are available, to allow time to prepare the annual report & account before the AGM.
4. Send out the Agenda, Minutes of last year’s AGM and the finalised Annual Report in advance of the AGM to give members a chance to read them – don’t forget to take a look at your constitution to see how much notice you need to give members.  The AGM should be short and to the point to allow time a social event afterwards.  
5. If the Shed is registered as a Charity submit the Annual Return and Annual Report to your charity regulator within 10 months of the year end.  

If you want to make sure you’re using the most up to date forms, or aren’t sure what you need to user for your end of year reporting if you’re registered as a charity, here are some helpful links if you need to submit to your charity regulator if you’re in England or Wales –  

• What charitable incorporated organisations (CIOs) need to submit 

• Prepare a charity trustees’ annual report 

• Trustees’ annual report guidance for smaller, non-company charities 

• Guidance – Charity Annual Return 2025: question guide 

If you’re in Scotland, here’s some helpful links to the Scottish Charity Regulator (OSCR) –  

• Charity Accounting 

• Annual Reporting 

If you’re in Northern Ireland, the Charity Commission for Northern Ireland –  

• Annual Reporting – what’s needed and how to upload it