Show us a better way - Accounting Reference Date
Under the 2012 Companies Act, all companies must tell the Registrar of Companies when its accounting reference date is.
This is the date when the Balance sheet will be struck, for the accounting reference period which has ended then. The accounts must be submitted to the registrar as well as the shareholders.
This is the phrase used to describe the past profits amassed by a Non profit making organisation. As it has payments and receipts, like any business, inevitably there is a profit or a loss after a period.
The difference is that the accumulated fund is really a by-product of such bodies, and it will be up to the members to decide how to spend it.