{
  "url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1998/regulation-4",
  "json_url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1998/regulation-4.json",
  "legislation": "uksi/1998/504",
  "legislation_title": "The Building Societies (Accounts and Related Provisions) Regulations 1998",
  "legislation_url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1998",
  "path": "regulation/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Group accounts: supplementary provisions",
  "text": "(1) The annual accounts of a group accounts society shall comply with the further provisions of Schedule 4 as to the form and content of the consolidated income and expenditure account, the balance sheet... and the additional information to be provided by way of notes to the accounts.\n(2) Subject to the exceptions authorised or required by this regulation, all the subsidiary undertakings of the society shall be included in the consolidated income and expenditure account and the balance sheet, as required by regulation 3(2), and in the notes to the accounts in respect of the society and its subsidiary undertakings in combination, as required by regulation 5(2)(b).\n(3) A subsidiary undertaking may be excluded from the requirements of paragraph (2) if compliance with those requirements is not material for the purpose of giving a true and fair view for the society and its subsidiary undertakings as a whole, of the matters set out in subsection (2) of section 72F of the Act.\n(4) If a society has two or more subsidiary undertakings, they do not qualify under paragraph (3) for exclusion from the requirements of paragraph (2) if taken as a whole they are material for the purpose described in paragraph (3).\n(5) A subsidiary undertaking may also be excluded from the requirements of paragraph (2) where—\n(a) severe long-term restrictions substantially hinder the exercise by the society of its rights over the assets or management of the subsidiary undertaking;\n(b) the information necessary for the preparation of group accounts cannot be obtained without disproportionate expense or undue delay; or\n(c) the interest of the society is held exclusively with a view to subsequent resale and the subsidiary undertaking has not been previously included in the group accounts prepared by the society.\n(6) The references in sub-paragraphs (a) and (c) of paragraph (5) to the rights of the society and to the interest of the society are, respectively to rights and interests held by or attributed to the society for the purposes of section 1162 of the Companies Act 2006 (parent and subsidiary undertakings) in the absence of which it would not be the parent body.\n(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(7A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(8) Each particular account which is a group account shall combine the information contained in the particular account of the society and the accounts of its subsidiary undertakings from which it is derived, adjusted so far as is necessary to consolidate those accounts.\n(9) In the group accounts, the interest of the society or of any subsidiary undertaking in an associated undertaking, and the amount of income or expenditure attributable to such an interest, shall be shown by the equity method of accounting (which shall include dealing with any goodwill arising in accordance with paragraphs 8 to 10 and 12 of Schedule 7).\n(10) Where an associated undertaking is itself a parent undertaking, the net assets and income or expenditure required to be taken into account by paragraph (9) are those of the parent undertaking and its subsidiary undertakings, after making any consolidation adjustments.\n(11) For the purposes of paragraph (10), “parent undertaking” and “subsidiary undertaking”have the meanings attributed to those phrases by section 1162 of the Companies Act 2006.\n(12) The equity method of accounting referred to in paragraph (9) need not be applied if the amounts in question are not material for the purpose of giving a true and fair view, for the society and its subsidiary undertakings as a whole, of the matters set out in subsection (2) of section 72F of the Act.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 4(1) omitted (23.3.1999) by virtue of The Building Societies (Contents of Accounts) Regulations 1999 (S.I. 1999/248), reg. 1, Sch. para. 9(1) (with reg. 4)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 4(2) substituted (23.3.1999) by The Building Societies (Contents of Accounts) Regulations 1999 (S.I. 1999/248), reg. 1, Sch. para. 9(2) (with reg. 4)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 4 substituted (31.12.2004 with application in accordance with reg. 1(2) of the amending S.I.) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2004 (S.I. 2004/3199), reg. 1(1), Sch. para. 3"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in reg. 4(6) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 9(3)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Reg. 4(7)(7A) omitted (31.12.2004 with application in accordance with reg. 1(2) of the amending S.I.) by virtue of The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2004 (S.I. 2004/3199), regs. 1(1), 2"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in reg. 4(11) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 9(4)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 4 in force at 27.3.1998, see reg. 1"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1998/504/regulation/4",
    "retrieved_at": "2026-10-29T11:36:28.086103+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}