The Defence Aviation Repair Agency Trading Fund (Amendment) Order 2008

• Citation: S.I. 2008/628
• Sections: 2

Section 1 Citation and commencement

This Order, which amends The Defence Aviation Repair Agency Trading Fund Order 2001 (“the Principal Order”), may be cited as the Defence Aviation Repair Agency Trading Fund (Amendment) Order 2008 and shall come into force on 1 st April 2008.

Section 2 Amendment of the Principal Order

(1) For article 4 (assets, liabilities and public dividend capital) of the Principal Order substitute the following:—

Assets, liabilities, reserves and public dividend capital”

(4)

(1) The Crown assets and liabilities set out in Schedule 2 to this Order shall be appropriated as assets and liabilities of the fund.

(2) 22 per cent of the balance of the amount by which the values of the assets exceed the amounts of the liabilities shall be treated as revaluation reserves in the accounts of the fund and shall be maintained as reserves.

(3) 50 per cent of the balance of—

(a) the amount by which the value of the assets exceed the amounts of the liabilities, less

(b) the amount to be treated as revaluation reserves in accordance with paragraph (2) above, shall be treated as public dividend capital of the fund.

(2) For Schedule 2 (assets and liabilities appropriated to the fund) to the Principal Order substitute the following:—

ASSETS AND LIABILITIES APPROPRIATED TO THE FUND

ASSETS

Land and buildings, as at 1st April 2008, which relate to Rotary Wing and Components business units and which are used or allocated for use in the funded operations.

Plant, facilities, machinery, fixtures, fittings, vehicles, equipment and computer hardware and software, as at 1st April 2008, and which relate to Rotary Wing and Components business units and which are used or allocated for use in the funded operations.

Intangible assets, as at 1st April 2008, which relate to Rotary Wing and Components business units and which are used or allocated for use in the funded operations.

Current assets, as at 1st April 2008, which relate to Rotary Wing and Components business units and which are used or allocated for use in, or arising from the funded operations.

LIABILITIES

Creditors and accruals, as at 1 st April 2008, which relate to Rotary Wing and Components business units and in relation to the funded operations.