PART 4ACCOUNTS ETC ON CONVERSION
Pre-conversion accounting records13
Section 131 of the 2011 Act (preservation of accounting records) applies to the charity trustees of a conversion CIO as if the accounting records in respect of the company for the period up to the date of the conversion were made for the purposes of section 130 (accounting records) of that Act.
Preparation of accounts, reports and returns14
1
For the purposes of the provisions of the 2011 Act specified in paragraph (2), the following are to be treated as financial years of a conversion CIO—
a
a financial year beginning and ending before the conversion (“a pre-conversion financial year”); and
b
a financial year beginning before and ending after the conversion (“a conversion financial year”).
2
The provisions specified for the purposes of paragraph (1) are—
a
section 132(1) (obligation to prepare statement of accounts)8;
b
section 138 (preparation of group accounts);
c
section 144 (audit of accounts of larger charities)9;
d
section 162(1) (obligation to prepare annual report)10;
e
section 169 (annual returns by registered charities).
3
For the purposes of complying with the provisions specified in paragraph (2)(a) or (b), the charity trustees of a conversion CIO must prepare—
a
in relation to a pre-conversion financial year, a statement of accounts complying with the requirements imposed on companies by or under the 2006 Act;
b
in relation to a conversion financial year, a statement of accounts complying with the requirements imposed on CIOs by or under the 2011 Act.