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Statutory Instrument 1994 No. 668

The Registered Housing Associations (Accounting Requirements) (Wales) Order 1994

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1994 No. 668

HOUSING, ENGLAND AND WALES

The Registered Housing Associations (Accounting Requirements) (Wales) Order 1994

Made9th March 1994
Laid before Parliament11th March 1994
Coming into force1st April 1994

    The Secretary of State for Wales, in exercise of the powers conferred upon him by section 24(1), (2), (5) and (6) of the Housing Associations Act 1985[1], section 55(2) of the Housing Act 1988[2] and of all other powers enabling him in that behalf, hereby makes the following Order:


PART I

GENERAL
    Citation, commencement and revocation
        1.—(1)  This Order may be cited as the Registered Housing Associations (Accounting Requirements) (Wales) Order 1994 and shall come into force on 1st April 1994.

        (2)  Subject to article 3, the Registered Housing Associations (Accounting Requirements) Order 1988[3] and the Registered Housing Associations (Accounting Requirements) (Amendment) Order 1989[4] are hereby revoked, in so far as they apply to Wales.
    Interpretation
        2.    In this Order—
      "1965 Act society" means an association which is registered under the Industrial and Provident Societies Act 1965[5];

      "accounts" mean the balance sheet, income and expenditure account and notes to the accounts and, if applicable, the cash-flow statement and statement of recognised gains and losses;

      "association" means a housing association which is registered in the register maintained by Housing for Wales under the Housing Associations Act 1985;

      "balance sheet" means the balance sheet required for the purposes of section 39(1) of the Industrial and Provident Societies Act 1965[6];

      "balance sheet date" means the date as at which the balance sheet was made up;

      "chief executive" means the person who has overall responsibility for the running of the day to day affairs of the association;

      "company" means a company registered under Part I of the Companies Act 1985[7] and includes a company to which that Part applies by virtue of section 675 of that Act;

      "director" includes the chief executive and any member of the managing body of the association;

      "group" has the same meaning as in section 262(1) of the Companies Act 1985[8];

      "housing accommodation" means dwellings, houses in multiple occupation and hostels;

      "income and expenditure account" means the revenue account required for the purposes of section 3(2) of the Friendly and Industrial and Provident Societies Act 1968[9];

      "long lease" means a lease the unexpired term of which at the balance sheet date is not less than 50 years;

      "managing body" means—
         (a) in relation to a 1965 Act society, the committee of management or other directing body of the society;
         (b) in relation to a company the board of directors of the company;
         (c) in relation to a charity which is not a company, the trustees of the charity;

      "notes to the accounts" means notes to the balance sheet or the income and expenditure account;

      "period of account" means the period to which the income and expenditure account relates;

      "special needs accommodation" means accommodation which is provided for persons who are vulnerable by virtue of social disadvantage, disability or other special reason, or a hostel;

      "unit of accommodation" means in the case of special needs accommodation; accommodation of one individual and in the case of any other, one dwelling;

      "undertaking" has the same meaning as in section 259 of the Companies Act 1985[10].

    Application
        3.    This Order applies to the accounts of every association in respect of a period of account commencing on or after 1st April 1994; and in respect of any period of account commencing before that date, the Orders revoked by this Order shall apply as if those Orders had not been revoked.
    Information in specified form
        4.    Any requirement in this Order to prepare information in a specified form shall be satisfied if it is prepared in a form substantially to the same effect.


Notes:

[1] 1985 c. 69; section 24 was amended by the Housing Act 1988 (c. 50), Schedule 6, paragraph 17.

[2] 1988 c. 50.

[3] S.I. 1988/395.

[4] S.I. 1989/327.

[5] 1965 c. 12.

[6] Section 39(1) was amended by section 11(1) of the Friendly and Industrial Provident Societies Act 1968 (c. 55).

[7] 1985 c. 6.

[8] Section 262 was inserted by the Companies Act 1989 (c. 40), section 22.

[9] 1968 c. 55.

[10] Section 259 was inserted by the Companies Act 1989, section 22.

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