The Charities (Accounts and Reports) Regulations 2005

Form and contents of statements of accounts: investment funds

4.—(1) This regulation applies to a statement of accounts prepared in the case of an investment fund in accordance with section 42(1) of the 1993 Act in respect of a financial year—

(a) which begins on or after 1st April 2005; or

(b) which begins before that date if—

(i) the charity trustees determine that this regulation, rather than regulation 4 of the 1995 Regulations, shall apply to the statement of accounts; and

(ii) the charity trustees have not, before the date when these Regulations come into force, either approved the accounts of the investment fund in respect of that financial year, or authorised the signature of an annual report in respect of that financial year in accordance with regulation 10(1)(c) of the 1995 Regulations.

(2) If the charity trustees make a determination under sub-paragraph (b) above, they shall also make a determination under regulation 12(1)(b) below, if they are required to prepare an annual report in respect of the financial year in question.

(3) Subject to paragraph (8) below, the statement shall consist of the following, that is to say—

(a) a statement of total return which satisfies the requirements set out in Part I of Schedule 2 to these Regulations;

(b) a statement of movement in funds which satisfies the requirements set out in Part II of Schedule 2 to these Regulations; and

(c) a balance sheet which satisfies the requirements set out in Part III of Schedule 2 to these Regulations.

(4) The statement shall be prepared in accordance with the methods and principles specified and referred to in Part IV of Schedule 2 to these Regulations.

(5) There shall be provided by way of notes to the accounts the information specified in Part V of Schedule 2 to these Regulations.

(6) Part VI of Schedule 2 to these Regulations shall have effect for the purposes of defining expressions used in that Schedule.

(7) The balance sheet shall be signed—

(a) if the scheme or schemes regulating the investment fund allocates responsibility for preparing the accounts to a particular person, by that person; and otherwise,

(b) by one or more of the charity trustees of the investment fund, each of whom has been authorised to do so, in which case the balance sheet shall specify the date on which the statement of accounts of which the balance sheet forms part was approved by the charity trustees.

(8) In the case of any financial year of a common deposit fund in which there are no gains or losses on disposal or revaluation of assets, paragraph (3) above shall have effect as if sub-paragraph (b) were omitted.