{
  "url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1998/schedule-8/paragraph-9",
  "json_url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1998/schedule-8/paragraph-9.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": "schedule/8/paragraph/9",
  "kind": "paragraph",
  "number": "9",
  "heading": "Supplier payment policy",
  "text": "(1) The directors' report shall state, with respect to the next following financial year—\n(a) whether in respect of some or all of its suppliers it is the society’s policy to follow any code or standard on payment practice and, if so, the name of the code or standard and the place where information about, and copies of, the code or standard can be obtained,\n(b) whether in respect of some or all of its suppliers it is the society’s policy—\n(i) to settle the terms of payment with those suppliers when agreeing the terms of each transaction,\n(ii) to ensure that those suppliers are made aware of the terms of payment, and\n(iii) to abide by the terms of payment,\n(c) where the society’s policy is not as mentioned in sub-paragraph (a) or (b) in respect of some or all of its suppliers, what its policy is with respect to the payment of those suppliers,\nand if the society’s policy is different for different suppliers or classes of suppliers, the report shall identify the suppliers to which the different policies apply.\nIn this sub-paragraph references to the society’s suppliers are references to persons who are or may become its suppliers.\n(2) The report shall also state the number of days which bears to the number of days in the financial year the same proportion as\nX bears to Ywhere—\nXthe aggregate of the amounts which were owed to trade creditors at the end of the year; and\nYthe aggregate of the amounts in which the society was invoiced by suppliers during the year.\n(3) For the purposes of sub-paragraphs (1) and (2) a person is a supplier of the society at any time if—\n(a) at that time, he is owed an amount in respect of goods or services supplied, and\n(b) that amount would be included under the heading corresponding to liability item E.4 (trade creditors) in Format 1 of the balance sheet formats set out in Part 1 of Schedule 1 to the Large and Medium–sized Companies and Groups (Accounts and Reports) Regulations 2008 if—\n(i) the society’s accounts fell to be prepared as at that time,\n(ii) those accounts were prepared in accordance with Schedule 1 to those Regulations, and\n(iii) that Format were adopted.\n(4) For the purposes of sub-paragraph (2), the aggregate of the amounts which at the end of the financial year were owed to trade creditors shall be taken to be the amounts which would be shown under the heading corresponding to liability item E.4 (trade creditors) in Format 1 of the balance sheet formats set out in Part 1 of Schedule 1 to the Large and Medium–sized Companies and Groups (Accounts and Reports) Regulations 2008 if the society’s accounts were prepared in accordance with that Schedule and that Format were adopted.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 8 para. 9(3)(b) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 9(9)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 8 para. 9(3)(b)(ii) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 9(10)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 8 para. 9(4) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 9(11)(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 8 para. 9(4) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 9(11)(b)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 8 para. 9 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/schedule/8/paragraph/9",
    "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."
}