Paragraph 19 Guarantees and other financial commitments

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.4, para 3 revoked by Building Societies (Accounts and Related Provisions) 1991
Sch.4, para 4(19) added by Building Societies (Accounts and Related Provisions) 1991
Sch.4, paras 5(2), 6(1) amended by Building Societies (Accounts and Related Provisions) 1991
Sch.4, para 17(4) added by Building Societies (Accounts and Related Provisions) 1991

(1)

Particulars shall be given of any charge on the assets of the society to secure the liabilities of any other person, including, where practicable, the amount secured.

(2)

The following information shall be given with respect to any other contingent liability not provided for in the balance sheet (including contingent liabilities of any associated body which is not a relevant subsidiary where those liabilities are guaranteed by the society or otherwise are relevant to the assessment of the state of its affairs at the end of the financial year):

(a)

where practicable, the amount or estimated amount of that liability;

(b)

its legal nature; and

(c)

whether any valuable security has been provided by the society in connection with that liability and if so, what.

(3)

There shall be stated, where practicable—

(a)

the aggregate amount or estimated amount of contracts for capital expenditure, so far as not provided for in the balance sheet, and

(b)

the aggregate amount or estimated amount of capital expenditure authorised by the directors which has not been contracted for.

(4)

Particulars shall be given of—

(a)

any pension commitments included under any provision shown in the balance sheet, and

(b)

any such commitment for which no such provision has been made,

and, where any such commitment relates wholly or partly to pensions payable to past directors of the society separate particulars shall be given of that commitment so far as it relates to such pensions.

(5)

Particulars shall also be given of any other financial commitments which have not been provided for in the balance sheet and are relevant to assessing the society’s state of affairs at the end of the financial year.

(6)

Commitments within any of the preceding subparagraphs undertaken on behalf of or for the benefit of any associated body of the society shall be stated separately from the other commitments within that subparagraph.