Textual Amendments
F1Sch. 5A inserted (27.2.2007 for the insertion of Sch. 5A paras. 3(3)(b)(4)(5), 4(2)(3), 6(2), 8, 10(2)(3), 15 for specified purposes, 1.4.2008 in so far as not already in force) by Charities Act 2006 (c. 50), s. 79(2), Sch. 6 (with Sch. 10 para. 17); S.I. 2007/309, art. 2, Sch.; S.I. 2008/945, art. 2, Sch. 1
3(1)This paragraph applies in relation to a financial year of a charity if it is a parent charity at the end of that year.E+W
(2)The charity trustees of the parent charity must prepare group accounts in respect of that year.
(3)“Group accounts” means consolidated accounts—
(a)relating to the group, and
(b)complying with such requirements as to their form and contents as may be prescribed by regulations made by the Minister.
(4)Without prejudice to the generality of sub-paragraph (3), regulations under that sub-paragraph may make provision—
(a)for any such accounts to be prepared in accordance with such methods and principles as are specified or referred to in the regulations;
(b)for dealing with cases where the financial years of the members of the group do not all coincide;
(c)as to any information to be provided by way of notes to the accounts.
(5)Regulations under that sub-paragraph may also make provision—
(a)for determining the financial years of subsidiary undertakings for the purposes of this Schedule;
(b)for imposing on the charity trustees of a parent charity requirements with respect to securing that such financial years coincide with that of the charity.
(6)If the requirement in sub-paragraph (2) applies to the charity trustees of a parent charity in relation to a financial year—
(a)that requirement so applies in addition to the requirement in section 42(1) of this Act, and
(b)the option of preparing the documents mentioned in section 42(3) of this Act is not available in relation to that year (whatever the amount of the charity's gross income for that year).
(7)Sub-paragraph (2) has effect subject to paragraph 4.]