Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Accounts and Audit Regulations 2003 (“the earlier Regulations”). They apply in England only.
Regulation 2 amends regulation 7 of the earlier Regulations by substituting a new paragraph (5). This paragraph provides for what needs to be shown as debited or credited to an account in respect of the major repairs reserve of a local housing authority.
The local housing authority must show in the account relating to the major repairs reserve a credit of an amount in respect of any charge for depreciation included in the Housing Revenue Account under item 8 of Part II of Schedule 4 to the Local Government and Housing Act 1989. The authority must also show as a debit in that account any use of the major repairs reserve for specified capital expenditure or for the repayment of debt.
Regulation 3 provides a saving in respect of the requirements relating to the major repairs reserve imposed by the earlier Regulations for the financial years ending on 31st March 2003 and 31st March 2004. These remain unchanged.
A full regulatory impact assessment has not been produced for this instrument, as it has no impact on the costs of businesses, charities or voluntary bodies.