C1Part 8Charity accounts, reports and returns
CHAPTER 2Group accounts
139Exceptions to requirement to prepare group accounts
1
The requirement in section 138(2) does not apply to the charity trustees of a parent charity in relation to a financial year if at the end of that year it is itself a subsidiary undertaking in relation to another charity.
2
The requirement in section 138(2) does not apply to the charity trustees of a parent charity in relation to a financial year if the aggregate gross income of the group for that year does not exceed such sum as is specified in regulations made by the F1Secretary of State.
3
Regulations made by the F1Secretary of State may prescribe circumstances in which a subsidiary undertaking may or (as the case may be) must be excluded from group accounts required to be prepared under section 138(2) for a financial year.
4
Where, by virtue of such regulations, each of the subsidiary undertakings which are members of a group is—
a
permitted to be excluded from any such group accounts for a financial year, or
b
required to be so excluded,
the requirement in section 138(2) does not apply to the charity trustees of the parent charity in relation to that year.
Pt. 8 applied (with modifications) (2.1.2013) by The Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012 (S.I. 2012/3013), regs. 1, 41