Article 15 Formerly specified educational institutions: transitional and transitory provisions and savings

(1)

Despite articles 13 and 14, the charity trustees of a formerly specified educational institution must—

(a)

keep proper books of account with respect to the affairs of the institution during any transitory financial year; and

(b)

if not required by or under the authority of any Act of Parliament to prepare a statement of accounts for a transitory financial year, prepare—

(i)

an income and expenditure account relating to that financial year; and

(ii)

a balance sheet relating to the end of that financial year.

(2)

Any books of accounts and statements of account kept or prepared under paragraph (1) must be kept for a period of at least six years unless—

(a)

the institution ceases to exist; and

(b)

the Commission consents in writing to their being destroyed or otherwise disposed of.