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FORM OF RENTAL
Rental of Properties belonging to
for the Year ending 31st
Note.-(1.) The Columns should be summed, and Numbers 3 and 4 added together, and also 5 and 6, which should agree in amount.
(2.) Lands and Tenements unoccupied, or in possession of a Bond-holder, or natural possession of the Proprietor, to be included, and the Rents stated though not carried into the Money Column.
Note.-Factors should be careful not to retain in their hands a sum exceeding £50 where the appointment has been made in the Court of Session, and not exceeding £25 in appointments made in the Sheriff Court, at any time for a period longer than 10 days, as they render themselves liable in penal interest at the rate of 20 per cent. per annum, and which it is obligatory on the Accountant to debit to the Factor.
See Act 12 & 13 Vict. c. 51, section 5, and section 11 of Act of Sederunt, 4th January, 1881.
Extract from Notes for the Guidance of Judicial Factors,
Under the Pupils Protection, Guardianship of Infants, and Judicial Factors (Scotland) Acts, 12 & 13 Vict. cap. 51; 43 & 44 Vict. cap. 4; 49 & 50 Vict. cap. 27; and 52 & 53 Vict. cap. 39.
ISSUED BY THE ACCOUNTANT OF COURT (JUNE, 1899)
Printed Forms are supplied on application.
The inventory falls to be lodged within six months from the date of the factor's bond of caution being received by the accountant. In most cases, however, the factor is in a position to lodge it much earlier, and the accountant
recommends that it be lodged for adjustment at the earliest possible date. It must be signed before lodgment. The age or date of birth of wards should be stated, and extract from register of births produced. It is of the utmost importance that the inventory be prepared with great care and distinctness, and that all the funds, subjects for rental, &c., be stated fully. It must show the estate as at the date of the factor's appointment, before he has had any intromissions therewith, or hast realised any of the securities. When it is lodged with the accountant for adjustment, all the documents of debt, extract trust-disposition and settlement (if any), leases, inventory, and valuation of furniture, &c., must be produced. All sums in bank must be instructed by (1) the deposit receipt, (2) bank pass-book certified, or (3) certificate by the bank accountant.
1. Body of the Account and its Appendices.
(1.) Charge side of an Account.-The factor should commence by charging himself with the whole estate; that is-(1.) Whole funds, arrears, balances, and whatever belonged to estate according to inventory, or at the closing date of the preceding account. By this means no part of the funds can be lost sight of or omitted without affecting the balance. (2.) Revenue will then follow, of whatever description, that has become payable within the period embraced by the account, including the whole rental, interest, dividends, &c., properly branched, and narrating distinctly, in each entry, the data requisite to check its accuracy, such as dates, periods, rates of interest, or dividends, stock, amounts, &c. The main distinction is between capital and revenue. The elements that come under these two must never in any measure be mixed, though each branch may be more or less subdivided.
(2.) Discharge side of an Account, branched as follows:-Public burdens, repairs, interest of debt, payments on account of the ward or beneficiaries, investments made, debts paid, improvements, expenses of management, and lastly, funds, balances, and arrears outstanding, being the actual amount and particulars of the estate as at the date on which the account closes.
2. Account-current or Daily Balances.-Every factor of course keeps a cashbook. He should annex to his account of charge and discharge an accountcurrent, or state of the daily balances arising on said account, which must balance with his account of charge and discharge.
3. New Claims arising, or property discovered to belong to the estate after the inventory has been lodged, should be specially reported and explained in the annual account next following the discovery, and included in the charge, and if not realised, in the last branch of discharge of the account.
4. Dates.-(1.) The annual closing date must be rigidly adhered to, unless in the event of the death of the factor or ward, or of a pupil choosing curators or reaching majority, or other event terminating the Factory, when the account must be closed and balanced, and the exact amount of the estate ascertained, as
at that date. (2.) In all accounts, whenever the nature of entries admits of it, the dates must be given. (3.) False dates, or intromissions of a date subsequent to the closing date of the accounts, cannot be admitted.
5. Signatures.--Accounts must be signed by the factor, and also the states or accounts of sub-factors; also all separate explanations, though the latter will very rarely be requisite if accounts have been accurately kept and are properly stated.
6. Vouchers. (1.) The vouchers must be properly arranged, backed and numbered, and referred to by number in the account of charge and discharge, and not according to account-current. (2.) Must refer to the factorial estate as distinct from factor's private affairs, and be accompanied by the detailed accounts (if any) of which they form the discharge. (3.) The entry or narrative in the account must express the transaction in simple accordance with fact and with the vouchers, and fully. (4.) Particular attention is called to the necessity, in the payment of board, of stating the name and address of the Party with whom the pupil or lunatic is boarded. (5.) States unsigned, or a bank account uncertified, cannot be taken as evidence. (6.) A separate inventory of vouchers is not requisite. (7.) Payments unvouched, or without the proper stamp, must be disallowed. (8.) Vouchers are returned after the audit is completed and the fee paid.
7. Law Accounts.—All law business accounts must be taxed by the auditor of the Court of Session, except in Sheriff Court procedure, when they may be taxed by the auditors of the Sheriff Court.
8. Backing Accounts.-THE BACK OF THE ACCOUNT lodged should bear-(1.) The name of the factor and ward or factory. (2.) The exact period embraced in the account. (3.) At the bottom, the reference number of the appointment. The factor or agent (if the account be attended to by an agent) is requested, in all cases, to give his precise address, in order to secure the safe transmission of documents.
9. Lodging the Account.-The annual account, with its appendices—that is, all that has to be retained and preserved when lodged at the accountant's officeshould be stitched together as ONE PAPER, and thus be so complete as to be adequate clearly to inform any one having occasion to examine it, without the vouchers, when neither the factor nor the accountant can be present to explain.
10. Rentals.--A rental should never be omitted from the appendix to the account. In ordinary cases, the columns requisite are-(1.) Names of possessions. (2.) Names of tenants. (3.) Arrears taken (without alteration) from last rental. (4.) Rents since become due. (5.) Amounts paid. (6.) Arrears, exact, as on the date on which the account closes. (7.) Fire insurance.
Each subject in the rental must be accounted for annually. If any subject, therefore, has been unoccupied or taken possession of by a creditor, the circumstance must be so explained. The amounts of columns No. 3 and No. 4 of the rental are carried to the factor's account, CHARGE SIDE, branches 1 and 2 respectively. No. 6, Arrears (if any) are included in last branch of discharge. Where the rental differs from that of the preceding year, the cause of difference should be explained.
The factor should particularly see as to the insurance against loss by fire of each subject, and the column therefor in the rental should be carefully filled in.
THE statements and accounts required of judicial trustees are governed by the Judicial Trustees Act, 1896, and the rules made thereunder in 1897.
Every judicial trustee must, as soon as may be after his appointment (unless the Court considers it unnecessary), prepare a complete statement of the trust property, accompanied with an estimate of the income and capital value of each item.
The statement must be lodged with the Court, and the trustee will be required to give such information to the Court as may from time to time be necessary for the purpose of keeping the statement of the trust property correct for the time being.
Once in every year the accounts of every trust to which a judicial trustee has been appointed shall be audited at such date in each year as the Court may fix.
The accounts of the trust when audited must be filed, and the Court may, if it thinks fit, having regard to the nature of the relation of the applicant to the trust, allow any person on application to inspect the filed accounts on giving reasonable notice to the officer of the Court. The judicial trustee must send a copy of the accounts, or if the Court thinks fit, of a summary of the accounts of the trust to such beneficiaries or other persons as the Court thinks proper.
The form of statement of trust property will vary according to circumstances, but the following may be taken as pro forma :
(3.) Household Furniture and effects, valued for probate at
(4.) Horses, Carriages, &c., valued for probate at
(5.) Plate, Jewels, &c. valued for probate at
(6.) £2000 3 per cent. India Stock at £
at date of death
(7.) Mortgage of £1500, from A. B., with Interest at 4 per cent.
(9.) Freehold Dwelling-houses, Nos. 25 and 27 X. Street,
(10.) Arrears of Rent on No. 25 X. Street, Liverpool, due at
date of death
In general cases the annual accounts will be accepted by the Chancery masters if prepared on the Chancery forms in use for receivers' accounts. Care must be taken to distinguish between capital and income and between personalty and realty. The items must be numbered consecutively, and the vouchers must be properly arranged and numbered, corresponding with the items to which they refer.
The accounts must be signed by the trustee.
If a more elaborate form of account is required, the reader is referred to Romer's "Judicial Trustees' Guide."
SIDNEY S. DAWSON.
LORIMER AND CHALMERS, PRINTERS, edinburgh.