Statutory Instruments
2008 No. 628
Government Trading Funds
The Defence Aviation Repair Agency Trading Fund (Amendment) Order 2008
Made
5th March 2008
Laid before the House of Commons
10th March 2008
Coming into force
1st April 2008
The Secretary of State, in exercise of the powers conferred by sections 1, 2(7), 2AA(1), 2A(1), and 6(1) of the Government Trading Funds Act 1973( 1 ), with the concurrence of the Treasury, makes the following Order:—
Citation and commencement
1. This Order, which amends The Defence Aviation Repair Agency Trading Fund Order 2001( 2 ) (“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.
Amendment of the Principal Order
2. —(1) For article 4 (assets, liabilities and public dividend capital) of the Principal Order substitute the following:—
“ 4 Assets, liabilities, reserves and public dividend capital”
“(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:—
Article 4
“ SCHEDULE 2 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. ”
Des Browne
Secretary of State for Defence
4th March 2008
We concur
Alan Campbell
Dave Watts
Two of the Lords Commissioners of Her Majesty’s Treasury
5th March 2008
1973 c.63 as amended by the Government Trading Act 1990 (c.30) . The 1973 Act, as amended, is set out in Schedule 1 to the 1990 Act.