# The School Companies (Amendment) Regulations 2014, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the provisions of the School Companies Regulations 2002 (“the 2002 Regulations”) relating to the audit requirements on school companies, which are companies formed or joined by governing bodies of maintained schools using their powers under section 11 of the Education Act 2002 (but excluding companies formed with the purpose of facilitating or entering into agreements under the private finance initiative).
Regulation 2 amends the 2002 Regulations to provide that school companies may benefit from the exemption from audit for small companies under section 477 of the Companies Act 2006, but that school companies to which that exemption applies must have their annual accounts reviewed by an independent examiner. The examiner must be a member of one of the bodies listed in section 145 of the Charities Act 2011 as being qualified to examine the accounts of small charities for which auditing is optional under that Act.
An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.

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Source: https://www.legislation.gov.uk/uksi/2014/2923/note (the official version)
Page: https://openlegislation.uk/school-companies-amendment-regulations-2014/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.