F1Part 1Charities
Chapter 6Charity accounts
Duty to keep accounts etc.
I1I244Accounts
1
A charity must—
a
keep proper accounting records,
b
prepare for each financial year of the charity a statement of account, including a report on its activities in the financial year,
c
have the statement of account independently examined or audited, and
d
after such examination or audit, send a copy of the statement of account to OSCR,
in accordance with regulations under subsection (4).
2
Accounting records kept in pursuance of subsection (1)(a) must be preserved by the charity for 6 years from the end of the financial year F3to which they relate.
F22A
Where the charity ceases to be a charity before the end of the period mentioned in subsection (2), the records must be preserved for the remainder of that period by—
a
the body which was the charity, or
b
where that body ceases to exist, a person notified to OSCR who, immediately before it ceased to exist, was—
i
a charity trustee of the charity, or
ii
where the body was not a charity at that time, concerned in the management or control of the body.
3
F4Subsections (2) and (2A) are without prejudice to any other enactment or rule of law.
4
The Scottish Ministers may by regulations make provision about the matters referred to in subsection (1) including—
a
the meaning of “financial year”,
b
the information to be contained in the accounting records and statement of account,
c
the manner in which that information is to be presented,
d
the keeping and preservation of the accounting records,
e
the methods and principles according to which, and the time by which, the statement of account is to be prepared,
f
the time by which the copy statement of account is to be sent to OSCR,
g
examination or audit of the statement of account,
h
such other matters in relation to the accounts of a charity as the Scottish Ministers think necessary or expedient.
5
Regulations under subsection (4) may make different provision in relation to different types of charity, including provision exempting charities of a particular type from some or all of the requirements of this section.
Pt. 1 Ch. 5A inserted (1.10.2010 for specified purposes, 1.11.2012 in so far as not already in force) by Public Services Reform (Scotland) Act 2010 (asp 8), ss. 125(1), 134(7); S.S.I. 2010/321, art. 3, Sch.; S.S.I. 2012/218, art. 2