Section 136 Charity: auditI1

England and Wales

(1)

This section applies in relation to the accounts of a charity under section 135(3).

(2)

If Condition 1 or 2 is met, the charity shall cause a qualified person to audit the accounts and report on them in accordance with section 137.

(3)

If neither Condition is met, the charity shall cause a qualified person (“the reporting accountant”) to report on the accounts in accordance with section 138.

(4)

Condition 1 is met if the accounts relate to a period during which the charity's gross income arising in connection with its housing activities was greater than the sum specified in F1section 144(1)(a) of the Charities Act 2011.

(5)

Condition 2 is met if—

(a)

the accounts relate to a period during which the charity's gross income arising in connection with its housing activities was greater than the accounts threshold as defined by F2section 144(1) of the Charities Act 2011, and

(b)

at the end of the period the aggregate value of its assets (before deduction of liabilities) in respect of its housing activities was greater than the sum specified in F3section 144(1)(b).

(6)

“Gross income” has the same meaning as in F4section 144 of the Charities Act 2011.

(7)

“Qualified person” means a person professionally qualified as an accountant.

Annotations

Textual amendments

F1: Words in s. 136(4) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 132(a) (with s. 20(2), Sch. 8)
F2: Words in s. 136(5)(a) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 132(b) (with s. 20(2), Sch. 8)
F3: Words in s. 136(5)(b) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 132(c) (with s. 20(2), Sch. 8)
F4: Words in s. 136(6) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 132(d) (with s. 20(2), Sch. 8)

Commencement

I1: S. 136 in force at 1.4.2010 by S.I. 2010/862, art. 2 (with Sch.)

Notes on Part 2

Modifications

C1: Pt. 2 modified (1.4.2012) by Localism Act 2011 (c. 20), s. 240(2), Sch. 16 para. 69(2); S.I. 2012/628, art. 6(i) (with arts. 9 11 14 15 17)