The Charities Act 2011 (Group Accounts) Regulations 2015

Made: 19th February 2015

Laid before Parliament: 23rd February 2015

Coming into force: 31st March 2015

In accordance with section 348(4) of that Act he has consulted such persons and bodies of persons as he considered appropriate.

Citation and commencement

1

These Regulations may be cited as the Charities Act 2011 (Group Accounts) Regulations 2015 and come into force on 31st March 2015.

Exceptions to requirement to prepare group accounts

2

The sum specified for the purposes of section 139(2) (exceptions to requirement to prepare group accounts) of the Charities Act 2011 is £1 million.

3

Regulation 18 (exceptions relating to requirement to prepare group accounts) of the Charities (Accounts and Reports) Regulations 2008[^f00002] is omitted.

Audit of accounts of larger groups

4

The sum prescribed as the relevant income threshold for the purpose of section 151(1)(a) (audit of accounts of larger groups) of the Charities Act 2011 is £1 million.

5

Regulation 29 (audit of accounts of larger groups) of the Charities (Accounts and Reports) Regulations 2008 is omitted.

Transitional provision

6

These Regulations apply to any financial year of a charity ending on or after 31st March 2015.

Signed

Rob Wilson — Parliamentary Secretary — Cabinet Office — 19th February 2015

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations amend provisions in the Charities Act 2011 relating to charities’ accounts by substituting the sum specified in the Regulations.

The effect of regulations 2 and 3 is to increase the gross income threshold which applies for the purpose of determining whether group accounts must be prepared.

The effect of regulations 4 and 5 is to increase the gross income threshold which applies for the purpose of determining whether group accounts must be audited.

Regulation 6 makes transitional provision.

A full impact assessment of the effect that these Regulations will have on the costs of business and the voluntary sector is available from the Office for Civil Society, 1 Horse Guards Road, London. SW1A 2HQ (020 7271 6282) and is annexed to the Explanatory Memorandum which is available alongside the Regulations on www.legislation.gov.uk.

Footnotes

[^f00001]: 2011 c.25. Section 353 defines “the Minister” as the Minister for the Cabinet Office. Section 176(3) defines “prescribed” for the purposes of section 176(1).

[^f00002]: S.I. 2008/629, to which there are amendments not relevant to these Regulations.