The Co-operative and Community Benefit Societies Act 2014 replaces the 1965, 1967, 1975, 1978 and 2002 Industrial and Provident Societies Acts; the Friendly and Industrial and Provident Societies Act 1968; the Co-operatives and Community Benefit Societies Act 2003; and the Co operative and Community Benefit Societies and Credit Unions Act 2010.
It does not replace the Credit Unions Act 1979. It has re-highlighted the audit and reporting differences between these entities and registered charities.
We know that implementing certain aspects of the Charities Act 2006 (consolidated into the provisions of the Charities Act 2011) allowing for a closer alignment between these groups has been delayed and so the reporting and audit obligations under the new, consolidating Co-operative and Community Benefit Societies Act 2014 remain largely unchanged.