25(1)A public benefit corporation must prepare in respect of each financial year annual accounts in such form as the regulator may with the approval of [F1the Secretary of State] direct.E+W
[F2(1A)The regulator may with the approval of the Secretary of State direct a public benefit corporation—
(a)to prepare accounts in respect of such period or periods as may be specified in the direction;
(b)that any accounts prepared by it by virtue of paragraph (a) are to be audited in accordance with such requirements as may be specified in the direction.]
(2)In preparing its annual accounts [F3or in preparing any accounts by virtue of sub-paragraph (1A)(a)], the corporation must comply with any directions given by the regulator with the approval of [F4the Secretary of State] as to—
(a)the methods and principles according to which the accounts must be prepared,
(b)the [F5content and form of] the accounts.
(3)In determining the form and content of the annual accounts[F6, or of any accounts to be prepared by it by virtue of sub-paragraph (1A)(a),] the regulator must aim to ensure that the accounts present a true and fair view.
(4)The corporation must—
(a)lay a copy of the annual accounts, and any report of the auditor on them, before Parliament, and
(b)F7... send copies of those documents to the regulator [F8within such period as the regulator may direct].
[F9(4A)The corporation must send to the regulator within such period as the regulator may direct—
(a)a copy of any accounts prepared by the corporation by virtue of sub-paragraph (1A)(a), and
(b)a copy of any report of an auditor on them prepared by virtue of sub-paragraph (1A)(b).]
(5)The constitution must provide for the functions of the corporation under this paragraph to be delegated to the accounting officer.
(6)In this paragraph and paragraph 27 “financial year” means—
(a)the period beginning with the date on which the corporation is authorised under section 35 and ending with the next 31st March, and
(b)each successive period of twelve months beginning with 1st April.
Textual Amendments
F1Words in Sch. 7 para. 25(1) substituted (27.3.2012 for specified purposes, 1.10.2012 in so far as not already in force) by Health and Social Care Act 2012 (c. 7), ss. 154(3), 306(1)(d)(4); S.I. 2012/1831, art. 2(2)
F2Sch. 7 para. 25(1A) inserted (27.3.2012 for specified purposes, 1.10.2012 in so far as not already in force) by Health and Social Care Act 2012 (c. 7), ss. 154(4), 306(1)(d)(4); S.I. 2012/1831, art. 2(2)
F3Words in Sch. 7 para. 25(2) inserted (27.3.2012 for specified purposes, 1.10.2012 in so far as not already in force) by Health and Social Care Act 2012 (c. 7), ss. 154(5)(a), 306(1)(d)(4); S.I. 2012/1831, art. 2(2)
F4Words in Sch. 7 para. 25(2) substituted (27.3.2012 for specified purposes, 1.10.2012 in so far as not already in force) by Health and Social Care Act 2012 (c. 7), ss. 154(5)(b), 306(1)(d)(4); S.I. 2012/1831, art. 2(2)
F5Words in Sch. 7 para. 25(2) substituted (27.3.2012 for specified purposes, 1.10.2012 in so far as not already in force) by Health and Social Care Act 2012 (c. 7), ss. 154(5)(c), 306(1)(d)(4); S.I. 2012/1831, art. 2(2)
F6Words in Sch. 7 para. 25(3) inserted (27.3.2012 for specified purposes, 1.10.2012 in so far as not already in force) by Health and Social Care Act 2012 (c. 7), ss. 154(6), 306(1)(d)(4); S.I. 2012/1831, art. 2(2)
F7Words in Sch. 7 para. 25(4)(b) omitted (27.3.2012 for specified purposes, 1.10.2012 in so far as not already in force) by virtue of Health and Social Care Act 2012 (c. 7), ss. 154(7)(a), 306(1)(d)(4); S.I. 2012/1831, art. 2(2)
F8Words in Sch. 7 para. 25(4)(b) inserted (27.3.2012 for specified purposes, 1.10.2012 in so far as not already in force) by Health and Social Care Act 2012 (c. 7), ss. 154(7)(b), 306(1)(d)(4); S.I. 2012/1831, art. 2(2)
F9Sch. 7 para. 25(4A) inserted (27.3.2012 for specified purposes, 1.10.2012 in so far as not already in force) by Health and Social Care Act 2012 (c. 7), ss. 154(8), 306(1)(d)(4); S.I. 2012/1831, art. 2(2)