The Charities (Accounts and Reports) Regulations 1995

PART IV METHODS AND PRINCIPLES

1.  The methods and principles specified and referred to in Part III of Schedule 1 to these Regulations shall apply for the purposes of the preparation of the statement of accounts of a common investment fund or common deposit fund as they do for the purposes of the preparation of the statement of accounts of a charity to which that Schedule applies, subject to the following modifications.

2.—(1) For any reference to “the charity” or “charity trustees” there is substituted a reference to the fund or, as the case may be, the trustees appointed to manage the fund.

(2) In paragraph 1(1), for “statement of financial activities” there is substituted “statement of total return”.

(3) After paragraph 1(1), there is inserted the following sub-paragraph:

“(1A) The statement of movement in funds shall give a true and fair view of the movements in the net assets of the fund between their position at the beginning of that year and their position at the end of that year.”.

(4) In paragraph 1(2), for “Part I or, as the case may be, Part II and Part IV of this Schedule” there is substituted “Part I, II or, as the case may be, III and Part V of Schedule 2 to these Regulations”.

(5) For paragraph 2(1), there is substituted the following sub-paragraph:

“(1) In respect of every amount required by paragraph 2 of Part 1 of Schedule 2 to these Regulations to be shown in the statement of total return, or by paragraph 2 of Part II of that Schedule to be shown in the statement of movement in funds, or by paragraph 2 or, as the case may be, 3 of Part III of that Schedule to be shown in the balance sheet, the corresponding amount for the financial year immediately preceding that to which the statement or balance sheet relates shall also be shown.”.

(6) In paragraph 2(2), for “statement of financial activities” there is substituted “statement of total return, statement of movement in funds”.

(7) In paragraph 3, for “Statement of Recommended Practice for Accounting by Charities issued in October 1995” there is substituted “Statement of Recommended Practice for Authorised Unit Trust Schemes issued in April 1991”.