Paragraph 24 Fixed assets

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

Sch.5, para 5(3)(e) rev. in Pt. by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(i)
Sch.5, para 12A added by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(ii)
Sch.5, para 13 amended by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(iii)
Sch.5, para 15(4) replaced (by paras (4)(4A)) by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(iv)
Sch.5, para 15 A added by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(v)

(1)

In respect of any fixed assets included in any Asset item in the balance sheet the following information shall be given—

(a)

the appropriate amounts in respect of those assets as at the date of the beginning of the financial year and as at the balance sheet date respectively; and

(b)

the effect on any amount included in the item, in respect of those assets, of—

(i)

any determination during that year of the value to be ascribed to any of those assets on any basis mentioned in paragraph 28 of Schedule 7,

(ii)

acquisitions during that year of any fixed assets,

(iii)

disposals during that year of any fixed assets, and

(iv)

any transfers of fixed assets to and from the item during that year.

(2)

The reference in subparagraph (1)(a) to the appropriate amounts in respect of any fixed assets (included in an Asset item) as at any date there mentioned is a reference to amounts representing the aggregate amounts determined, as at that date, in respect of fixed assets falling to be included under that item on either of the following bases, that is to say—

(a)

on the basis of cost (determined in accordance with paragraphs 22 and 23 of Schedule 7)

(b)

on any basis mentioned in paragraph 28 of Schedule 7,

(leaving out of account in either case any provisions for depreciation or diminution in value).

(3)

In respect of any fixed assets included in any Asset item in the balance sheet—

(a)

the cumulative amount of provisions for depreciation or diminution in value of those assets included under that item as at each date mentioned in subparagraph (1)(a),

(b)

the amount of any such provisions made in respect of the financial year,

(c)

the amount of any adjustments made in respect of any such provisions during that year in consequence of the disposal of any of those assets, and

(d)

the amount of any other adjustments made in respect of any such provisions during that year, shall be stated.

(4)

Where any fixed assets of the society (other than listed investments) are included under any item shown in the society’s balance sheet at an amount determined on any basis mentioned in paragraph 28 of Schedule 7 the following information shall be given—

(a)

the years (so far as they are known to the directors) in which the assets were severally valued and the several values; and

(b)

in the case of assets valued during the financial year, the names of the persons who valued them, or particulars of their qualifications for doing so, and, whichever is given, the basis of valuation used;

(c)

either separately in the balance sheet or in a note to the accounts, in the case of each balance sheet item affected, either

(i)

the comparable amounts determined according to paragraphs 8 to 10 of Schedule 7, or

(ii)

the differences between those amounts and the corresponding amounts actually shown in the balance sheet in respect of that item.

(5)

In subparagraph (4)(c), references in relation to any item to the comparable amounts determined as there mentioned are references to—

(a)

the aggregate amount which would be required to be shown in respect of that item if the amounts to be included in respect of all the assets covered by that item were determined according to paragraphs 8 to 10 of Schedule 7; and

(b)

the aggregate amount of the cumulative provisions for depreciation or diminution in value which would be permitted or required in determining those amounts according to paragraphs 8 to 10 of Schedule 7.

(6)

In relation to any amount which is or would but for Regulation 3 (4) be shown in respect of the item “land and buildings” in the balance sheet there shall be stated—

(a)

how much of that amount is ascribable to land of freehold tenure and how much to land of leasehold tenure;

(b)

how much of the amount ascribable to land of leasehold tenure is ascribable to land held on long lease and how much to land held on short lease; and

(c)

how much of that amount is ascribable to land and buildings occupied by the society for its own activities.

(7)

In any case where any goodwill which has been acquired is shown or included as an asset in the balance sheet the period chosen for writing off the consideration for that goodwill and the reasons for choosing that period shall be disclosed.