Regulation 4 Form and contents: special cases

(1)

In the case of a common investment fund or a common deposit fund which is deemed to be a charity by virtue of section 24(8), including that subsection as applied by section 25(2), of the 1993 Act, the requirements as to form and contents of a statement of accounts prepared in accordance with section 42(1) of the 1993 Act are those set out in paragraphs (2) to (6) below.

(2)

Subject to paragraph (8) below, the statement shall consist of the following, that is to say—

(a)

a statement of total return which satisfies the requirements set out in Part I of Schedule 2 to these Regulations;

(b)

a statement of movement in funds which satisfies the requirements set out in Part II of Schedule 2 to these Regulations; and

(c)

a balance sheet which satisfies the requirements set out in Part III of Schedule 2 to these Regulations.

(3)

The statement shall be prepared in accordance with the methods and principles specified and referred to in Part IV of Schedule 2 to these Regulations.

(4)

There shall be provided by way of notes to the accounts the information specified in Part V of Schedule 2 to these Regulations.

(5)

Part VI of Schedule 2 to these Regulations shall have effect for the purposes of defining expressions used in that Schedule.

(6)

The balance sheet shall be signed by one or more of the trustees appointed to manage the fund, each of whom has been authorised to do so, and shall specify the date on which the accounts to which the statement relates were approved by the trustees appointed to manage the fund in accordance with the scheme by which the fund was established.

(7)

In the case of a charity which—

(a)

is a registered housing association within the meaning of the Housing Associations Act 1985^f1 and whose registration has been recorded under section 5(3) of that Act; or

(b)

has during the financial year in question—

(i)

conducted an institution in relation to which a designation made, or having effect as if made, under section 129 of the Education Reform Act 1988^f2 or section 28 of the Further and Higher Education Act 1992^f3 has effect;

(ii)

received financial support from funds administered by a higher education funding council or further education funding council within the meaning of that Act of 1992 in respect of expenditure incurred or to be incurred by the charity in connection with that institution; and

(iii)

incurred no expenditure for charitable purposes other than the purposes of that institution or any other such institution,

the requirements as to form and contents of a statement of accounts prepared in pursuance of section 42(1) of the 1993 Act are that the statement shall consist of a balance sheet as at the end of the financial year in respect of which the statement of accounts is prepared and an income and expenditure account.

(8)

In the case of any financial year of a common deposit fund in which there are no gains or losses on disposal or revaluation of assets, paragraph (2) above shall have effect as if sub-paragraph (b) were omitted.

Annotations

Footnotes

f1: 1985 c. 69; the expressions “housing association” and “registered” are defined in accordance with section 102.
f2: 1988 c. 40; section 129 was amended by section 72(1) of the Further and Higher Education Act 1992.
f3: 1992 c. 13.