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The Building Societies (Accounts and Related Provisions) Regulations 1998

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  1. Introductory Text

  2. 1.Citation and commencement

  3. 2.Interpretation

  4. 3.Annual accounts

  5. 4.Group accounts: supplementary provisions

  6. 5.Notes to annual accounts

  7. 6.Holdings in undertakings

  8. 7.Accounting principles and rules

  9. 8.Directors' report

  10. 9.Annual business statement

  11. 10.Summary financial statement

  12. 11.Interpretation of Schedules

  13. 12.Transitional provisions

  14. 13.Revocation

  15. Signature

    1. SCHEDULE 1

      1. PART I FORMAT OF SOCIETY INCOME AND EXPENDITURE ACCOUNT

        1. 1.Interest receivable and similar income (a) (i) On loans fully...

        2. 2.Interest payable and similar charges (a) (i) On shares held...

        3. 3.Net interest receivable

        4. 4.Income from investments (a) Income from equity shares [and other...

        5. 5.Fees and commissions receivable

        6. 6.Fees and commissions payable

        7. 7.Net profit or loss on financial operations

        8. 8.Other operating income

        9. 9.Administrative expenses (a) Staff costs (i) Wages and salaries

        10. 10.Depreciation and amortisation

        11. 11.Other operating charges

        12. 12.Provisions (a) Provisions for bad and doubtful debts

        13. 13.Adjustments to provisions (a) Adjustments to provisions for bad and...

        14. 14.Amounts written off fixed asset investments

        15. 15.Adjustments to amounts written off fixed asset investments

        16. 16.Profit or loss on ordinary activities before tax

        17. 17.Tax on profit or loss on ordinary activities

        18. 18.Profit or loss on ordinary activities after tax

        19. 19.Extraordinary income

        20. 20.Extraordinary charges

        21. 21.Extraordinary profit or loss

        22. 22.Tax on extraordinary profit or loss

        23. 23.Extraordinary profit or loss after tax

        24. 24.Other taxes not shown under the preceding items

        25. 25.Profit or loss for the financial year

      2. PART II FORMAT OF CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT

        1. 1.Interest receivable and similar income (a) (i) On loans fully...

        2. 2.Interest payable and similar charges (a) (i) On shares held...

        3. 3.Net interest receivable

        4. 4.Income from investments (a) Income from equity shares [and other...

        5. 5.Fees and commissions receivable

        6. 6.Fees and commissions payable

        7. 7.Net profit or loss on financial operations

        8. 8.Other operating income

        9. 9.Administrative expenses (a) Staff costs (i) Wages and salaries

        10. 10.Depreciation and amortisation

        11. 11.Other operating charges

        12. 12.Provisions (a) Provisions for bad and doubtful debts

        13. 13.Adjustments to provisions (a) Adjustments to provisions for bad and...

        14. 14.Amounts written off fixed asset investments

        15. 15.Adjustments to amounts written off fixed asset investments

        16. 16.Profit or loss on ordinary activities before tax

        17. 17.Tax on profit or loss on ordinary activities

        18. 18.Profit or loss on ordinary activities after tax

        19. 19.Minority interests

        20. 20.Profit or loss before extraordinary items

        21. 21.Extraordinary income

        22. 22.Extraordinary charges

        23. 23.Extraordinary profit or loss

        24. 24.Tax on extraordinary profit or loss

        25. 25.Extraordinary profit or loss after tax

        26. 26.Minority interests in extraordinary profit or loss after tax

        27. 27.Other taxes not shown under the preceding items

        28. 28.Profit or loss for the financial year

      3. PART III PROVISIONS APPLICABLE TO PARTS I AND II

        1. 1.(1) Item 1(a) in each of Parts I and II...

        2. 2.(1) Items 2(a)(i) and 2(a)(ii) in each of Parts I...

        3. 3.(1) Item 5 in each of Parts I and II...

        4. 4.Item 7 in each of Parts I and II shall...

        5. 5.Item 10 in each of Parts I and II shall...

        6. 6.Item 12(a) in each of Parts I and II shall...

        7. 7.Item 12(b) in each of Parts I and II shall...

        8. 8.Item 13(a) in each of Parts I and II shall...

        9. 9.Item 13(b) in each of Parts I and II shall...

        10. 10.Item 14 in each of Parts I and II shall...

        11. 11.Item 15 in each of Parts I and II shall...

        12. 12.In this Schedule “financial instrument” means— (a) in relation to...

        13. 13.Where a heading in either Part I or Part II...

    2. SCHEDULE 2

      1. PART I FORMAT OF SOCIETY BALANCE SHEET

        1. A.Assets

        2. 1.Cash in hand and balances with the Bank of England...

        3. 2.Treasury bills and other eligible bills (a) Treasury bills and...

        4. 3.Loans and advances to credit institutions (a) Repayable on demand...

        5. 4.Debt securities [and other fixed income securities]

        6. 5.Other liquid assets

        7. B.LOANS AND ADVANCES TO CUSTOMERS

        8. 1.Loans fully secured on residential property

        9. 2.Other loans (a) Loans fully secured on land

        10. C.INVESTMENTS

        11. 1.Equity shares [and other variable yield securities]

        12. 2.Participating interests (a) Credit institutions (b) Other participating interests

        13. 3.Investments in subsidiary undertakings (a) Credit institutions

        14. 4.Other investments

        15. D.INTANGIBLE FIXED ASSETS

        16. E.TANGIBLE FIXED ASSETS (a) Land and buildings

        17. F.OTHER ASSETS

        18. G.PREPAYMENTS AND ACCRUED INCOME

        19. H.TOTAL ASSETS

        20. A.Liabilities

        21. B.AMOUNTS OWED TO CREDIT INSTITUTIONS (a) Repayable on demand

        22. C.AMOUNTS OWED TO OTHER CUSTOMERS (a) Repayable on demand

        23. (b).With agreed maturity dates or periods of notice

        24. D.DEBT SECURITIES IN ISSUE (a) Certificates of deposit

        25. E.OTHER LIABILITIES (a) Income tax (b) Corporation tax

        26. F.ACCRUALS AND DEFERRED INCOME

        27. G.PROVISIONS FOR LIABILITIES AND CHARGES (a) Provisions for pensions and...

        28. H.SUBORDINATED LIABILITIES

        29. I.SUBSCRIBED CAPITAL

        30. J.REVALUATION RESERVE

        31. K.RESERVES (a) General reserves (b) Other reserves

        32. L.TOTAL LIABILITIES

        33. A.Memorandum items

        34. B.COMMITMENTS (a) Commitments arising out of sale and repurchase transactions...

      2. PART II FORMAT OF CONSOLIDATED BALANCE SHEET

        1. A.Assets

        2. 1.Cash in hand and balances with the Bank of England...

        3. 2.Treasury bills and other eligible bills (a) Treasury bills and...

        4. 3.Loans and advances to credit institutions (a) Repayable on demand...

        5. 4.Debt securities [and other fixed income securities]

        6. 5.Other liquid assets

        7. B.LOANS AND ADVANCES TO CUSTOMERS

        8. 1.Loans fully secured on residential property

        9. 2.Other loans (a) Loans fully secured on land

        10. C.INVESTMENTS

        11. 1.Equity shares [and other variable yield securities]

        12. 2.Interests in associated undertakings (a) Credit institutions

        13. 3.Other participating interests (a) Credit institutions (b) Other participating interests...

        14. 4.Investments in unconsolidated subsidiary undertakings (a) Credit institutions

        15. 5.Other investments

        16. D.INTANGIBLE FIXED ASSETS

        17. E.TANGIBLE FIXED ASSETS (a) Land and buildings

        18. F.OTHER ASSETS

        19. G.PREPAYMENTS AND ACCRUED INCOME

        20. H.TOTAL ASSETS

        21. A.Liabilities

        22. B.AMOUNTS OWED TO CREDIT INSTITUTIONS (a) Repayable on demand

        23. C.AMOUNTS OWED TO OTHER CUSTOMERS (a) Repayable on demand

        24. D.DEBT SECURITIES IN ISSUE (a) Certificates of deposit

        25. E.OTHER LIABILITIES (a) Income tax (b) Corporation tax

        26. F.ACCRUALS AND DEFERRED INCOME

        27. G.PROVISIONS FOR LIABILITIES AND CHARGES (a) Provisions for pensions and...

        28. H.SUBORDINATED LIABILITIES

        29. I.SUBSCRIBED CAPITAL

        30. J.REVALUATION RESERVE

        31. K.RESERVES (a) General reserves (b) Other reserves

        32. L.MINORITY INTERESTS

        33. M.TOTAL LIABILITIES

        34. A.Memorandum items

        35. B.COMMITMENTS (a) Commitments arising out of sale and repurchase transactions...

      3. PART III PROVISIONS APPLICABLE TO PARTS I AND II

        1. 1.In respect of Asset items A.2 to A.4 and B...

        2. 2.(1) The amount of any assets that are subordinated must...

        3. 3.(1) This paragraph applies to Asset item A in each...

        4. 4.Asset item B.1 in each of Parts I and II...

        5. 5.Asset item B.2(a) in each of Parts I and II...

        6. 6.(a) Asset item D in each of Parts I and...

        7. 7.Asset item G in each of Parts I and II...

        8. 8.Liability item A(a) in each of Parts I and II...

        9. 9.For the purpose of Liability item D in each of...

        10. 10.Liability item F in each of Parts I and II...

        11. 11.(1) Liability item H in each of Parts I and...

        12. 12.Liability item I in each of Parts I and II...

        13. 13.Memorandum item A in each of Parts I and II...

        14. 14.Memorandum item A(b) in each of Parts I and II...

        15. 15.Memorandum item B in each of Parts I and II...

        16. 16.(1) The following rules apply where a society (or the...

        17. 17.(1) For the purpose of this paragraph “managed funds” are...

        18. 18.(1) Where a society (or the society and its subsidiary...

    3. SCHEDULE 3

      1. PART I FORMAT OF SOCIETY STATEMENT OF THE SOURCE AND APPLICATION OF FUNDS

      2. PART II FORMAT OF CONSOLIDATED STATEMENT OF THE SOURCE AND APPLI CATION OF FUNDS

      3. PART III PROVISIONS APPLICABLE TO PARTS I AND II

        1. 1.In Parts I and II— (a) items 2 and 8...

        2. 2.Where subsidiary undertakings have been acquired or disposed of during...

        3. 3.(1) There shall be inserted in the notes to the...

        4. 4.(1) Where in any item in a statement in Part...

    4. SCHEDULE 4

      FORM AND CONTENT OF THE ANNUAL ACCOUNTS OF A GROUP ACCOUNTS SOCIETY

      1. 1.General rules

      2. 2.(1) Where assets and liabilities to be included in the...

      3. 3.Any differences of accounting rules as between a society’s individual...

      4. 4.Amounts which in the particular context of any provision of...

      5. 5.Elimination of group transactions

      6. 6.Acquisition accounting

      7. 7.An acquisition shall be accounted for by the acquisition method...

      8. 8.(1) The acquisition method of accounting is set out in...

      9. 9.(1) Where a group is acquired paragraph 8 applies with...

      10. 10.(1) The following information with respect to acquisitions taking place...

      11. 11.(1) There shall be stated in a note to the...

      12. 12.Where during the financial year there has been a disposal...

      13. 13.The information required by paragraph 10, 11 or 12 need...

      14. 14.For the purposes only of paragraphs 9, 10, 12 and...

      15. 15.Minority interests

      16. 16.Interests in subsidiary undertakings excluded from consolidation

      17. 17.Foreign currency translation

    5. SCHEDULE 5

      NOTES TO ANNUAL ACCOUNTS

      1. 1.Accounting policies

      2. 2.Sums denominated in foreign currencies

      3. 3.Employees

      4. 4.Aggregate amount of directors' remuneration etc.

      5. 5.Details of individual directors' remuneration etc.

      6. 6.Excess retirement benefits of directors and past directors

      7. 7.Compensation to directors for loss of office

      8. 8.Sums paid to third parties in respect of directors' services

      9. 9.Supplementary provisions regarding directors' remuneration

      10. 10.(1) The amounts to be shown for any financial year...

      11. 11.Where the chief executive of the society is not also...

      12. 12.Regulation 5(2)(b) shall not apply to paragraphs 4 to 11....

      13. 13.Interpretation of provisions regarding directors' remuneration

      14. 14.Other income and expenditure items

      15. 15.Persons who are to be regarded as associates of a society’s auditors

      16. 16.Taxation

      17. 17.Miscellaneous matters

      18. 18.Maturity analysis

      19. 19.Provisions for bad and doubtful debts

      20. 20.Transferable securities

      21. 21.Fixed assets

      22. 22.Reserves and provisions

      23. 23.Subordinated liabilities

      24. 24.Subscribed capital

      25. 25.Fixed cumulative interest

      26. 26.Details of assets charged

      27. 27.Particulars shall be given of any charge on the assets...

      28. 28.Guarantees and other financial commitments

      29. 29.Memorandum items: subsidiary undertakings

      30. 30.Leasing transactions

      31. 31.Assets and liabilities denominated in a currency other than sterling

      32. 32.Sundry assets and liabilities, prepayments and accrued income and accruals and deferred income

      33. 33.Unmatured forward transactions

      34. 34.Other miscellaneous matters

      35. 35.Directors' loans and transactions

    6. SCHEDULE 6

      NOTES TO ANNUAL ACCOUNTS: INFORMATION IN RESPECT OF HOLDINGS IN UNDERTAKINGS

      1. PART I SOCIETIES NOT REQUIRED TO PREPARE CONSOLIDATED ACCOUNTS

        1. 1.Subsidiary undertakings

        2. 2.Holdings in subsidiary undertakings

        3. 3.Financial information about subsidiary undertakings

        4. 4.Financial years of subsidiary undertakings

        5. 5.Significant holdings in undertakings other than subsidiary undertakings

        6. 6.(1) The name of the undertaking shall be stated.

        7. 7.(1) There shall also be stated— (a) the aggregate amount...

        8. 8.Construction of references to shares held by society

      2. PART II SOCIETIES REQUIRED TO PREPARE CONSOLIDATED ACCOUNTS

        1. 9.Subsidiary undertakings

        2. 10.Holdings in subsidiary undertakings

        3. 11.Financial information about subsidiary undertakings not included in the consolidation

        4. 12.Associated undertakings

        5. 13.Other significant holdings of society or group

        6. 14.(1) The name of the undertaking shall be stated.

        7. 15.(1) There shall also be stated— (a) the aggregate amount...

        8. 16.(1) The information required by paragraphs 17 and 18 shall...

        9. 17.(1) The name of the undertaking shall be stated.

        10. 18.(1) There shall also be stated— (a) the aggregate amount...

        11. 19.Construction of references to shares held by society or group

      3. PART III SUPPLEMENTARY PROVISIONS

        1. 20.The information required by paragraphs 6, 14 and 17 of...

    7. SCHEDULE 7

      ACCOUNTING PRINCIPLES AND RULES

      1. PART I ACCOUNTING PRINCIPLES

        1. 1.Subject to paragraph 7, the amounts to be included in...

        2. 2.The society shall be presumed to be carrying on business...

        3. 3.Accounting policies shall be applied consistently within the same accounts...

        4. 4.(1) The amount of any item shall be determined on...

        5. 5.Except so far as these Regulations otherwise specify, income and...

        6. 6.In determining the aggregate amount of any item the amount...

      2. PART II DEPARTURE FROM ACCOUNTING PRINCIPLES

        1. 7.If it appears to the directors of a society that...

      3. PART III FIXED ASSETS

        1. 8.General rules

        2. 9.In the case of any fixed asset which has a...

        3. 10.(1) Where a fixed asset investment of a description falling...

        4. 11.Development costs

        5. 12.Goodwill

        6. 13.Financial fixed assets

      4. PART IV CURRENT ASSETS

        1. 14.The amount to be included in respect of Asset items...

        2. 15.(1) If the net realisable value of any current asset...

      5. PART V OTHER ACCOUNTING RULES

        1. 17.General rules

        2. 18.(1) Assets shall be shown under the relevant balance sheet...

        3. 19.Preliminary expenses, expenses of and commission on any issue of...

        4. 20.Assets acquired in the name of and on behalf of...

        5. 21.Excess of money owed over value received as an asset item

        6. 22.Determination of cost

        7. 23.(1) Subject to the qualification mentioned below, the cost of...

        8. 24.To the extent that debt securities included in a society’s...

        9. 25.Substitution of original amount where cost unknown

      6. PART VI ALTERNATIVE ACCOUNTING RULES

        1. 26.The rules set out in paragraphs 8 to 25 of...

        2. 27.Subject to paragraphs 29, 30 and 31, the amounts to...

        3. 28.(1) Intangible fixed assets, other than goodwill, may be included...

        4. 29.(1) Where the value of any asset of a society...

        5. 30.(1) This paragraph applies where the amounts to be included...

        6. 31.(1) With respect to any determination of the value of...

      7. PART VII ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

        1. 32.(1) Subject to the following sub-paragraphs, amounts to be included...

        2. 33.(1) Subject to sub-paragraph (2), any difference between the amount...

    8. SCHEDULE 8

      DIRECTORS' REPORT

      1. 1.Miscellaneous

      2. 2.The directors' report shall contain— (a) a statement of the...

      3. 3.Land and buildings

      4. 4.Political and charitable gifts

      5. 5.Directors' interests

      6. 6.Employee information

      7. 7.Percentages

      8. 8.Mortgage arrears

      9. 9.Supplier payment policy

      10. 10.New activities

    9. SCHEDULE 9

      ANNUAL BUSINESS STATEMENT

      1. 1.Statutory percentages

      2. 2.Other percentages

      3. 3.Information relating to directors and other officers

      4. 4.(1) The annual business statement of a society shall state,...

    10. SCHEDULE 10

      SUMMARY FINANCIAL STATEMENT

      1. PART I FORMAT OF SUMMARY FINANCIAL STATEMENT

        1. SECTION A PRESCRIBED FORM OF STATEMENT FOR THE PURPOSES OF SECTION 76(4) OF THE ACT

        2. SECTION B SUMMARY DIRECTORS' REPORT

        3. SECTION C FORMAT OF SUMMARY STATEMENT

        4. SECTION D FORMAT OF SUMMARY OF KEY FINANCIAL RATIOS

      2. PART II PROVISIONS APPLICABLE TO PART I

        1. 1.The Summary Directors' Report (which is required by section B...

        2. 2.In sections C and D of Part I “year” means...

        3. 3.Any amount or percentage required to be included in section...

        4. 4.Sections C and D of Part I shall all be...

        5. 5.Subject to paragraph 3, in section C of Part I—...

        6. 6.A heading for an item contained in section C of...

        7. 7.Subject to paragraph 3, in section D of Part I—...

        8. 8.There shall be disclosed as a note to the Summary...

        9. 9.There shall be included as a note to the Summary...

        10. 10.Where there are extraordinary items in the income and expenditure...

        11. 11.In this Schedule “relevant year”, in relation to a summary...

    11. SCHEDULE 11

      INTERPRETATION OF SCHEDULES

      1. 1.The following paragraphs apply for the purposes of the interpretation...

      2. 2.Balance sheet date

      3. 3.Capital

      4. 4.Leases

      5. 5.Listed securities

      6. 6.Loans

      7. 7.Materiality

      8. 8.Participating interest

      9. 9.Provisions

      10. 10.Scots land tenure

      11. 11.Staff costs

      12. 12.Amounts repayable

      13. 13.Other defintions

  17. Explanatory Note

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