Paragraph 14 Accounts

(1)

The scheme administrator must—

(a)

keep proper accounts and proper accounting records in relation to the exercise of its functions under these Regulations (“the relevant functions”);

(b)

prepare in respect of each financial year a statement of accounts giving a true and fair view of the state of affairs and the income and expenditure of the scheme administrator in relation to the relevant functions, including details of—

(i)

the fees paid to the scheme administrator by producers under regulation 60(2);

(ii)

the amounts distributed under regulation 76 to—

(aa)

each relevant authority; and

(bb)

relevant authorities in each nation of the United Kingdom; and

(iii)

any amounts owed to, and by, the scheme administrator.

(2)

Each statement of accounts must—

(a)

be consistent with IFRS Accounting Standards; and

(b)

comply with any directions given jointly by all of the appropriate authorities, so far as those directions are consistent with IFRS Accounting Standards, as to—

(i)

its content and form;

(ii)

the methods and principles to be applied in preparing it.

(3)

The scheme administrator must publish the statement of accounts prepared under sub-paragraphs (1) and (2) before 30th September after the end of the financial year to which it relates.

(4)

In this paragraph “accounting records” include all books, papers and other records of the scheme administrator relating to, or to matters dealt with in, the accounts required to be kept by virtue of this paragraph.