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The Charities Accounts (Scotland) Amendment Regulations 2010

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Amendments to the Charities Accounts (Scotland) Regulations 2006

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3.  Regulation 1(2) (interpretation) is amended as follows—

(a)for “consolidated adjustments” substitute “consolidation adjustments”;

(b)after that definition insert ““contingent liability” means a liability that may arise from past events but whether it will, and how much it may be, is not yet certain;”;

(c)for the definition of “expendable endowment funds” substitute ““expendable endowment funds” means funds consisting of property (which may be heritable or moveable) that has been gifted to the charity with specific conditions attached and which cannot be spent except in those circumstances specified in the terms of the endowment document;”; and

(d)for the definition of “gross income” substitute ““gross income” means the total incoming resources of the charity in all restricted and unrestricted funds but excluding the receipt of any donated asset in a permanent or expendable endowment fund;”;

(e)after the definition of “independent examiner” insert ““liability” means an obligation to transfer to another body, at some future time, some economic benefit, which is usually, but not always, a sum of money;”;

(f)for the definition of “permanent endowment funds” substitute ““permanent endowment funds” means funds consisting of property (which may be heritable or moveable) that has been gifted to the charity with specific conditions attached, and which cannot be spent in any circumstances;”.

(g)in the definition of “the SORP”, after “means” insert “the second edition (published 2008) of”;

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