Explanatory note
(This note is not part of the Order)
This Order varies the FCO Services Trading Fund Order 2008, which established the FCO Services Trading Fund with effect from 1st April 2008.
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. The Order varies the 2008 Order to reflect that valuation in the following manner.
The amount treated as a revaluation reserve is increased from £39,000 to £51,000.
The amount treated as public dividend capital is increased from £3,204,000 to £4,981,000.
A full regulatory impact assessment has not been produced for this Order as no impact on the private or voluntary sectors is foreseen.