Regulation 10 Summary financial statementI1

United Kingdom

(1)

Subject to paragraph (2), each summary financial statement of a society prepared under section 76 of the Act shall be prepared in the order and under the headings and subheadings shown in the formats (and as directed by the notes) set out F1in F2the relevant Part, and in accordance with the provisions of Part II, of Schedule 10, so as to contain—

(a)

a statement in the prescribed form for the purposes of section 76(4) of the Act;

(b)

a summary directors' report;

(c)

a summary statement; and

(d)

a summary of key financial ratios,

followed by the statement of the auditors' opinion required to be included by section 76(5) of the Act, and so as to give a summary account of the relevant matters.

F3(1A)

For the purposes of paragraph (1) “the relevant Part”, for a society whose annual accounts are Building Societies Act accounts, is Part I, and for a society whose annual accounts are IAS accounts, is Part IA.

(2)

F4Paragraphs (1) and (1A) are not to be read as—

(a)

requiring the heading or subheading for any item to be distinguished by any letter or number assigned to that item in the format in which it appears;

(b)

prohibiting the inclusion, in place of the words “THIS YEAR” and “LAST YEAR” in Sections C and D of F5Parts I and IA of Schedule 10, of other column headings consistent with paragraph 2 of Part II of that Schedule; or

(c)

prohibiting the inclusion, for the purpose of assisting the giving in the summary financial statement of a summary account of the relevant matters, of material additional to that required to be included by this regulation.

(3)

In this regulation “the relevant matters” are, in relation to a financial year of a society with which a summary financial statement deals, the financial development (during the year) and the financial position (at the end of the year) of—

(a)

where section 76(2) of the Act does not apply, the society; and

(b)

where section 76(2) of the Act applies, the society and its connected undertakings.

Annotations

Textual amendments

F1: Word in reg. 10(1) inserted (29.6.2008 with application in accordance with reg. 1(2) of the amending S.I.) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2008 (S.I. 2008/1143), regs. 1(2), 3
F2: Words in reg. 10(1) substituted (6.4.2007) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2007 (S.I. 2007/859), regs. 1, 3(a)
F3: Reg. 10(1A) inserted (6.4.2007) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2007 (S.I. 2007/859), regs. 1, 3(b)
F4: Words in reg. 10(2) substituted (6.4.2007) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2007 (S.I. 2007/859), regs. 1, 3(c)
F5: Words in reg. 10(2)(b) substituted (6.4.2007) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2007 (S.I. 2007/859), regs. 1, 3(d)

Commencement

I1: Reg. 10 in force at 27.3.1998, see reg. 1