The European Grouping of Territorial Cooperation Regulations 2015

Budget (Article 11 of the EU Regulation)

7.—(1) The following provisions in the 2006 Act will apply to a UK EGTC as if it were a company entitled to prepare accounts in accordance with the small companies regime—

(a) Chapter 2 of Part 15 (accounting records);

(b) section 390 (financial year);

(c) section 391 (accounting reference periods and accounting reference date), except that references to the date of being incorporated and of incorporation are treated as references to the date of publication in the Gazette of the EGTC’s statutes and convention pursuant to these Regulations;

(d) Chapters 4, 5 and 7 of Part 15 (annual accounts, directors’ report and publication);

(e) Chapter 11 of Part 15 (revision of defective accounts and reports), except section 456(2) and (7);

(f) section 464(2) (accounting standards);

(g) section 469 (preparation and filing of accounts in euros);

(h) section 471 (meaning of “annual accounts” and related expressions);

(i) section 472 (notes to accounts);

(j) section 475 (requirement for audited accounts), except—

(i) the words “section 477(small companies), or” in subsection (1)(a);

(ii) subsection (1)(b);

(k) section 476 (right of members to require audit);

(l) sections 480 and 481 (exemption from audit: dormant companies);

(m) sections 495 and 496 (auditor’s report);

(n) section 498 to 501 (duties and rights of auditors);

(o) section 503 (signature of auditors report), except that the reference in subsection (3) to the senior statutory auditor will be read as a reference to the person who signed the report on behalf of the firm;

(p) section 505 (names to be stated in published copies of the auditor’s report), except—

(i) that the reference in subsection (1)(a) to the senior statutory auditor shall be read as a reference to the person who signed the report on behalf of the firm, and

(ii) subsection (1)(b).

(2) A UK EGTC must—

(a) ensure that its latest accounts are available for inspection at its registered office by any person, without charge and during business hours;

(b) supply a copy of those accounts to any person on request at a price not exceeding the administrative cost of making and supplying the copy.

(3) The members of a UK EGTC must appoint an auditor in accordance with the decision-making procedures contained in the statutes of that UK EGTC.

(4) The auditor of a UK EGTC must be a person who—

(a) is eligible for appointment as a statutory auditor under Part 42 of the 2006 Act, and

(b) if the appointment is an appointment as a statutory auditor, would not be prohibited from acting by section 1214 of the 2006 Act (independence requirement).