Regulation 4 Application, revocation, savings and transitional provisions

(1)

The 2005 Regulations are revoked.

(2)

Despite paragraph (1) and subject to paragraphs (3) and (4), the 2005 Regulations continue to apply in respect of a financial year of a charity which began before 1st April 2008.

(3)

The duty in regulation 7(5) of the 2005 Regulations continues to apply only in respect of matters of which an auditor became aware of—

(a)

before 1st April 2008; and

(b)

during a financial year ending on or before 31st March 2008.

(4)

These Regulations apply in respect of a financial year of a charity which—

(a)

begins on or after 1st April 2008; or

(b)

is a transferred year.

(5)

Despite paragraph (4)—

(a)

nothing in these Regulations applies to a charity which is an exempt charity;

(b)

the group accounts provisions do not apply in respect of a transferred year.

(6)

In this regulation—

(a)

“accounts determination” means—

(i)

in relation to an investment fund, a determination that regulation 6 of these Regulations rather than regulation 4 of the 2005 Regulations is to apply to the statement of accounts prepared in respect of the financial year in question;

(ii)

in relation to any other charity, a determination that regulation 8 of these Regulations rather than regulation 3 of the 2005 Regulations is to apply to the statement of accounts prepared in respect of the financial year in question;

(b)

“group accounts provisions” means—

(i)

Part 3;

(ii)

Chapter 3 of Part 4;

(iii)

in so far as it applies to audits carried out under paragraph 6 of Schedule 5A to the 1993 Act, Chapter 3 of Part 4,

of these Regulations

(c)

“report determination” means—

(i)

in relation to an investment fund, a determination that regulation 38 of these Regulations rather than regulation 12 of the 2005 Regulations is to apply to the annual report prepared in respect of the financial year in question;

(ii)

in relation to any other charity, a determination that regulation 40 of these Regulations rather than regulation 11 of the 2005 Regulations is to apply to the annual report prepared in respect of the financial year in question;

(d)

“transferred year” means a financial year of a charity—

(i)

which began before 1st April 2008; and

(ii)

in respect of which the charity trustees may make and make an accounts determination and a report determination.

(7)

The charity trustees of a charity may not make an accounts determination or a report determination in respect of financial year beginning before 1st April 2008 if—

(a)

the charity is a special case charity; or

(b)

before that date they have—

(i)

approved the accounts of the charity prepared in respect of that financial year; or

(ii)

authorised the signature of an annual report prepared in respect of that financial year in accordance with the 2005 Regulations.