The Registered Housing Associations (Accounting Requirements) (Amendment) Order 1989

• Citation: S.I. 1989/327
• Sections: 4

Section 1 Citation and commencement

This Order may be cited as the Registered Housing Associations (Accounting Requirements) (Amendment) Order 1989 and shall come into force on 1st April 1989.

Section 2 Interpretation

In this Order“the principal Order ” means the Registered Housing Associations (Accounting Requirements) Order 1988 and expressions used in this Order have the same meaning as in the principal Order.

Section 3 Application

This Order applies to the accounts of associations in relation to any period of account ending on or after the date when this Order comes in force.

Section 4 Amendments to the principal Order

(1) For article 10 of the principal Order there shall be substituted the following:

Constitution of the Rent Surplus Fund

(10)

(1) The Rent Surplus Fund of an association required to maintain such a Fund shall be constituted and shown in the accounts according to the method set out in this article, and in this article“Fund” means Rent Surplus Fund.

(2) The surpluses calculated in the manner determined under section 55(3) of the Housing Act 1988 shall be shown as such in the property revenue account.

(3) The Fund shall be shown in the balance sheet, and the sums shown under paragraph (2) of this article shall be transferred to that Fund.

(4) Where sums stand in the Fund in respect of previous periods, they shall be accumulated with any sums transferred to the Fund in respect of the period of account.

(2) For the words“Grant Redemption Fund” there shall be substituted the words“Rent Surplus Fund” in the following provisions of the principal Order:

paragraph 5(d) of Schedule 1 (balance sheet);

Schedule 2 (income and expenditure account of an association which is not a co-ownership society) on each occasion where they occur;

Schedule 4 (property revenue account of an association which is not a co-ownership society) on both occasions where they occur; and

paragraph 2 of Schedule 7 (modified requirements for application to small associations).

(3) In Schedule 3 (income and expenditure account of a co-ownership society), the words“less transfer to Grant Redemption Fund” shall be omitted.

(4) In paragraph 5 of Schedule 7, for the words“section 53(3) of the 1985 Act” there shall be substituted the words“section 55(3) of the Housing Act 1988”.