# The Driver and Vehicle Licensing Agency Trading Fund (Variation) Order 2005, Note: Explanatory note


(This note is not part of the Order)
This Order varies the Driver Vehicle and Licensing Agency Trading Fund Order 2004, which established the Driver and Vehicle Licensing Agency Trading Fund with effect from 1st April 2004.
When the Trading Fund was established the valuation of the assets and liabilities was based upon an estimate. Consequently the amounts attributed to the revaluation and government grant reserves and to public dividend capital were estimated amounts. A final valuation has now been carried out. This Order varies the 2004 Order to reflect that variation in the following manner.
The amount treated as revaluation reserve is reduced from £4,775,000 to £2,523,425.
The amount treated as government grant reserve is increased from £20,748,000 to £37,080,279.
The amount treated as public dividend capital is increased from £18,002,000 to £19,047,643.
In addition, £7,573,428 is to be treated as general reserve. This represents fees and receipts which have been paid to the Driver Vehicle and Vehicle Licensing Agency in respect of the delivery of registration services.
A full regulatory impact assessment has not been produced for this Order as it has no impact on the costs of business.

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Source: https://www.legislation.gov.uk/uksi/2005/1672/note (the official version)
Page: https://openlegislation.uk/driver-and-vehicle-licensing-agency-trading-fund-variation-order-2005/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.