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The Charities Accounts (Scotland) Amendment Regulations 2016

S.S.I. 2016/76 · Made 2 February 2016

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Charities

Made 2nd February 2016

Laid before the Scottish Parliament 4th February 2016

Coming into force 1st April 2016

The Scottish Ministers make the following Regulations in exercise of the powers conferred by section 44(4) and (5) of the Charities and Trustee Investment (Scotland) Act 2005f1 and all other powers enabling them to do so.

Annotations to the whole text

Footnotes

f1

2005 asp 10.

Contents

  1. 1Citation, commencement and application
  2. 2Amendments to the Charities Accounts (Scotland) Regulations 2006
  3. Signature
  4. Explanatory note

1Citation, commencement and application

(1)

These Regulations may be cited as the Charities Accounts (Scotland) Amendment Regulations 2016 and come into force on 1st April 2016.

(2)

These regulations do not apply to any accounts covering a financial year which begins before 1st January 2016.

2Amendments to the Charities Accounts (Scotland) Regulations 2006

(1)

Regulation 1(2) (interpretation) of the Charities Accounts (Scotland) Regulations 2006f1 is amended as follows.

(2)

In the definition of “registered social landlord”, for the words from “means” to the end substitute—

  • “means—

    1. (a)

      a body included in the register kept under section 20(1) of the Housing (Scotland) Act 2010f2;

    2. (b)

      a private registered provider of social housing or a subsidiary or associate of such a provider, as defined in Part 2 of the Housing and Regeneration Act 2008f3;

    3. (c)

      a social landlord registered in the register maintained under section 1(1) of the Housing Act 1996f4 or a subsidiary or associate of such a person as defined in that Actf5;

    4. (d)

      a housing association registered in the register maintained under Article 14 of the Housing (Northern Ireland) Order 1992f6.”.

(3)

In the definition of “the SORP”, for the words from “either” to the end substitute—

  • “the Statement of Recommended Practice entitled “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”, published by the Chartered Institute of Public Finance and Accountancy, London, in 2014f7 as read with the Update Bulletin entitled “Charities SORP FRS 102 Update Bulletin”, published by the Chartered Institute of Public Finance and Accountancy, London, in 2016;”.

Signature

ALEX NEIL

A member of the Scottish Government

St Andrew’s House,

Edinburgh

2nd February 2016

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Charities Accounts (Scotland) Regulations 2006 (“the principal Regulations”).

Regulation 2(2) amends the definition of “registered social landlord” to extend its application to charities who are registered as social landlords in England, Wales and Northern Ireland. The effect of extending the definition is to ensure that bodies which are registered as charities in Scotland but are also registered social landlords in England, Wales or Northern Ireland prepare their statements of account in accordance with their own specialist industry statements of recommended practice.

As a result of changes by the Financial Reporting Council to accounting standards in the UK and the Republic of Ireland, from 1st January 2016, all charities in the UK and the Republic of Ireland must apply the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) when preparing their accounts on an accruals basis. The Financial Reporting Standard for Smaller Entities (FRSSE) previously applicable to qualifying charities has been withdrawn by the Financial Reporting Council.

The Statement of Recommended Practice providing guidance to charities on how to apply the FRSSE (ISBN 978-1-84508-422-6) is therefore no longer applicable and has been withdrawn by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator. The Statement of Recommended Practice to provide guidance to charities on how to apply the FRS 102 (ISBN 978-1-84508-421-9) has been updated by the Charities SORP FRS 102 Update Bulletin.

Regulation 2(3) updates the definition of “the SORP” in the principal Regulations to take into account the above changes.

Both the Statement of Recommended Practice on how to apply the FRS 102 (ISBN 978-1-84508-421-9) and the Update Bulletin are available from the Chartered Institute of Public Finance and Accountancy or can be downloaded free of charge from www.charitysorp.org.