Regulation 5 Notes to annual accounts

(1)

The annual accounts of any single accounts society shall, subject to paragraph (5), include notes to them containing the material specified in Schedule 5, in addition to the notes required to be included by other provisions of these Regulations.

(2)

The annual accounts of any group accounts society shall, subject to paragraph (5) and to any provision in Schedule 5 which indicates otherwise, include notes to them containing—

(a)

in respect of the society, and

(b)

in respect of the society and those of its subsidiary undertakings not excluded from the requirements of Regulation 4 (2), in combination,

the material specified in Schedule 5 in addition to the notes required to be included by other provisions of these Regulations.

(3)

For the purposes of paragraph (2)(b)—

(a)

any reference in a relevant provision of Schedule 5 to a society shall be taken as a reference to the society and its subsidiary undertakings in combination, and

(b)

each associated body of the society which is not a subsidiary undertaking shall be treated as an associated body of the group.

(4)

In paragraph (3) “relevant provision” means, in relation to Schedule 5, a provision thereof other than paragraphs 4 to 14 and 42.

(5)

Paragraphs (1) and (2) are not to be read as prohibiting the disclosing of any material in the notes to the annual accounts in greater detail than is required by these Regulations.