Search Legislation

Advanced Search

The Building Societies (Accounts and Related Provisions) Regulations 1992

Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)

More Resources

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

  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.Associated Bodies

  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.Further transitional provision

  15. 14.Revocation

  16. Signature

    1. SCHEDULE 1

      1. PART I FORMAT OF SOCIETY INCOME AND EXPENDITURE ACCOUNT

        1. 1.Interest receivable (a) (i) On secured advances

        2. 2.Interest payable (a) On retail funds and deposits

        3. 3.Net interest receivable

        4. 4.Income from associated bodies (a) Income from shares in subsidiary...

        5. 5.Other income and charges (a) Fees and Commissions receivable

        6. 6.Amortisation of intangible fixed assets

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

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

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

        10. 10.Amounts written off fixed asset investments

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

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

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

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

        15. 15.Extraordinary income

        16. 16.Extraordinary charges

        17. 17.Extraordinary profit or loss

        18. 18.Tax on extraordinary profit or loss

        19. 19.Extraordinary profit or loss after tax

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

        21. 21.Profit or loss for the financial year

      2. PART II FORMAT OF CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT

        1. 1.Interest receivable (a) (i) On secured advances

        2. 2.Interest payable (a) On retail funds and deposits

        3. 3.Net interest receivable

        4. 4.Income from associated bodies (a) Income from shares in unconsolidated...

        5. 5.Other income and charges (a) Fees and Commissions receivable

        6. 6.Amortisation of intangible fixed assets

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

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

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

        10. 10.Amounts written off fixed asset investments

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

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

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

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

        15. 15.Minority interests

        16. 16.Profit or loss before extraordinary items

        17. 17.Extraordinary income

        18. 18.Extraordinary charges

        19. 19.Extraordinary profit or loss

        20. 20.Tax on extraordinary profit or loss

        21. 21.Extraordinary profit or loss after tax

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

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

        24. 24.Profit or loss for the financial year.

      3. PART III PROVISIONS APPLICABLE TO PARTS I AND II

        1. 1.(1) Item 1(a) and (b) in each of Part I...

        2. 2.Item 1(a)(i) in Parts I and II shall include all...

        3. 3.(1) Items 2(a) and (b) in each of Parts I...

        4. 4.(1) Item 5(a) in Parts I and II shall include...

        5. 5.Item 5(c) in each of Parts I and II shall...

        6. 6.Items 5(d) and (e) in each of Parts I and...

        7. 7.Item 6 in each of Parts I and II shall...

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

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

        10. 10.Item 8(b) in each of Parts I and II shall...

        11. 11.Item 9(a) in each of Parts I and II shall...

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

        13. 13.Item 10 shall comprise amounts written off in respect of...

        14. 14.Item 11 shall include amounts written back following earlier write...

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

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

    2. SCHEDULE 2

      1. PART I FORMAT OF SOCIETY BALANCE SHEET

        1. ASSETS

          1. 1.LIQUID ASSETS (a) Cash in hand and balances with the...

          2. 2.Commercial Assets

          3. 3.OTHER ADVANCES SECURED ON LAND

          4. 4.OTHER COMMERCIAL ASSETS (a) Loans for mobile homes

          5. 5.INTANGIBLE FIXED ASSETS

          6. 6.TANGIBLE FIXED ASSETS (a) Land and buildings

          7. 7.OTHER ASSETS

          8. 8.PREPAYMENTS AND ACCRUED INCOME

          9. 9.TOTAL ASSETS

        2. LIABILITIES

          1. 10.Shares and Deposits

          2. 11.NON-RETAIL FUNDS AND DEPOSITS (a) Amounts owed to credit institutions...

          3. 12.OTHER LIABILITIES (a) Income tax (b) Corporation tax

          4. 13.ACCRUALS AND DEFERRED INCOME

          5. 14.PROVISIONS FOR LIABILITIES AND CHARGES (a) Provisions for pensions and...

          6. 15.SUBORDINATED LIABILITIES

          7. 16.SUBSCRIBED CAPITAL (a) Deferred shares issued on formation

          8. 17.REVALUATION RESERVE

          9. 18.RESERVES (a) General reserves (b) Other reserves

          10. 19.TOTAL LIABILITIES

        3. MEMORANDUM ITEMS

          1. 20.CONTINGENT LIABILITIES (a) Guarantees and assets pledged as collateral security...

          2. 21.COMMITMENTS

      2. PART II FORMAT OF CONSOLIDATED BALANCE SHEET

        1. ASSETS

          1. 1.LIQUID ASSETS (a) Cash in hand and balances with the...

          2. 2.Commercial Assets

          3. 3.OTHER ADVANCES SECURED ON LAND

          4. 4.OTHER COMMERCIAL ASSETS (a) Loans for mobile homes

          5. 5.OTHER OPERATING ASSETS (a) Loans (b) Other

          6. 6.INTANGIBLE FIXED ASSETS

          7. 7.TANGIBLE FIXED ASSETS (a) Land and buildings

          8. 8.OTHER ASSETS

          9. 9.PREPAYMENTS AND ACCRUED INCOME

          10. 10.TOTAL ASSETS

        2. LIABILITIES

          1. 11.Shares and Deposits

          2. 12.NON-RETAIL FUNDS AND DEPOSITS (a) Amounts owed to credit institutions...

          3. 13.OTHER LIABILITIES (a) Income tax (b) Corporation tax

          4. 14.ACCRUALS AND DEFERRED INCOME

          5. 15.PROVISIONS FOR LIABILITIES AND CHARGES (a) Provisions for pensions and...

          6. 16.SUBORDINATED LIABILITIES

          7. 17.SUBSCRIBED CAPITAL (a) Deferred shares issued on formation

          8. 18.REVALUATION RESERVE

          9. 19.RESERVES (a) General reserves (b) Other reserves

          10. 20.MINORITY INTERESTS

          11. 21.TOTAL LIABILITIES

        3. MEMORANDUM ITEMS

          1. 22.CONTINGENT LIABILITIES (a) Guarantees and assets pledged as collateral security...

          2. 23.COMMITMENTS

      3. PART III PROVISIONS APPLICABLE TO PARTS I AND II

        1. 1.The heading “Shares and Deposits” in the balance sheet in...

        2. 2.(1) In respect of any asset or liability item, the...

        3. 3.(1) This paragraph applies to Asset item 1 of Parts...

        4. 4.In Asset items 2 and 3 in Parts I and...

        5. 5.Within Asset item 4 of Parts I and II of...

        6. 6.Mortgage finance rights (as defined in Part II of Schedule...

        7. 7.Premises to which section 17(6) of the Act applies (and...

        8. 8.(a) Asset item 5 in Part I and Asset item...

        9. 9.Asset item 8 in Part I and Asset item 9...

        10. 10.(1) Subject to paragraph 13 all liabilities of a subsidiary...

        11. 11.(1) In Liability items 11 of Part I and 12...

        12. 12.Liability item 13 in Part I and Liability item 14...

        13. 13.(1) Liability item 15 in Part I and Liability item...

        14. 14.Liability item 16(a) in Part I and Liability item 17(a)...

        15. 15.Liability item 16(b) in Part I and Liability item 17(b)...

        16. 16.Memorandum item 20 in Part I and Memorandum item 22...

        17. 17.Memorandum item 20(a) in Part I and Memorandum item 22(a)...

        18. 18.Memorandum item 21 in Part I and Memorandum item 23...

        19. 19.(1) The following rules apply where a society (or the...

        20. 20.(1) For the purpose of this paragraph “managed funds” are...

        21. 21.(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

        1. Source of Funds

          1. 1.Increase in free capital

          2. 2.Advances and loans repaid by borrowers

          3. 3.Net receipts from retail funds and deposits

          4. 4.Net receipts from non-retail funds and deposits

          5. 5.Other items

          6. 6.Total source of funds

        2. Application of Funds

          1. 7.Increase in liquid assets

          2. 8.Advances and loans made to borrowers

          3. 9.Increase in other commercial assets

          4. 10.Other items

          5. 11.Total application of funds Increase in Free Capital Source of...

          6. 12.Profit on ordinary activities after tax

          7. 13.Extraordinary profit after tax

          8. 14.Adjustment for items not involving the movement of funds

          9. 15.Funds generated from operations

          10. 16.Funds from other sources (a) Disposal of tangible fixed assets...

          11. 17.Application of Funds (a) Purchase of tangible fixed assets

          12. 18.Increase in free capital.

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

        1. Source of Funds

          1. 1.Increase in free capital

          2. 2.Advances and loans repaid by borrowers

          3. 3.Net receipts from retail funds and deposits

          4. 4.Net receipts from non-retail funds and deposits

          5. 5.Other items

          6. 6.Total source of funds

        2. Application of Funds

          1. 7.Increase in liquid assets

          2. 8.Advances and loans made to borrowers

          3. 9.Increase in other commercial assets

          4. 10.Increase in other operating assets

          5. 11.Other items

          6. 12.Total application of funds

        3. Increase in Free Capital

          1. 13.Source of Funds

          2. 14.Extraordinary profit after tax

          3. 15.Adjustment for items not involving the movement of funds:

          4. 16.Funds generated from operations

          5. 17.Funds from other sources (a) Disposal of tangible fixed assets...

          6. 18.Application of Funds (a) Purchase of tangible fixed assets

          7. 19.Increase in free capital

      3. PART III PROVISIONS APPLICABLE TO PARTS I AND II

        1. 1.In Parts I and II assets to which section 17(6)...

        2. 2.In Part II— (a) any asset which arises from the...

        3. 3.(1) No subordinated loan capital shall, in Part I or...

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

        5. 5.(1) There shall be inserted in the notes to the...

        6. 6.(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. 8.(1) The acquisition method of accounting is set out in...

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

      9. 10.(1) The following information with respect to acquisitions taking place...

      10. 11.(1) There shall be stated in a note to the...

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

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

      13. 15.Minority interests

      14. 17.Foreign Currency Translation

    5. SCHEDULE 5

      NOTES TO ANNUAL ACCOUNTS

      1. 1.Accounting policies

      2. 3.Employees

      3. 4.Aggregate amount of directors' emoluments

      4. 5.Details of chairman’s and directors' emoluments

      5. 6.Emoluments waived

      6. 7.Pensions of directors and past directors

      7. 8.Compensation to directors for loss of office

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

      9. 10.Supplementary provisions regarding directors' emoluments

      10. 11.(1) The amounts to be shown for any financial year...

      11. 12.Where the Chief Executive of the society is not also...

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

      13. 14.Interpretation of provisions regarding directors' emoluments

      14. 15.Other income and expenditure items

      15. 16.Taxation

      16. 17.Miscellaneous matters

      17. 18.Liquid assets

      18. 19.Commercial Assets

      19. 20.Provisions for bad and doubtful debts

      20. 21.Transferable securities

      21. 22.Mortgage finance rights

      22. 23.Investments in credit institutions

      23. 24.Fixed assets

      24. 25.Other assets

      25. 26.Retail funds and deposits

      26. 27.Non-retail funds and deposits

      27. 28.Other liabilities

      28. 29.Reserves and provisions

      29. 30.Subordinated liabilities

      30. 31.Subscribed capital

      31. 32.Fixed Cumulative interest

      32. 33.Details of assets charged

      33. 34.Particulars shall be given of any charge on the assets...

      34. 35.Guarantees and other financial commitments

      35. 36.Memorandum items : Subsidiary undertakings

      36. 37.Leasing transactions

      37. 38.Assets and liabilities denominated in a currency other than sterling

      38. 39.Where any amount to be included under any of the...

      39. 40.Unmatured forward transactions

      40. 41.Other miscellaneous matters

      41. 42.Directors' loans and transactions

    6. SCHEDULE 6

      NOTES TO ANNUAL ACCOUNTS: INFORMATION IN RESPECT OF ASSOCIATED BODIES

      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.Further information about subsidiary undertakings

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

        7. 7.(1) The name of the undertaking shall be stated.

        8. 8.(1) Where the society has a significant holding in an...

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

      2. PART II SOCIETIES REQUIRED TO PREPARE CONSOLIDATED ACCOUNTS

        1. 10.Subsidiary undertakings

        2. 11.Holdings in subsidiary undertakings

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

        4. 13.Financial years of subsidiary undertakings

        5. 14.Further information about subsidiary undertakings excluded from consolidation

        6. 15.Associated undertakings

        7. 16.Other significant holdings of society or group

        8. 17.(1) The name of the undertaking shall be stated.

        9. 18.(1) Where the society has a significant holding in an...

        10. 19.(1) The information required by paragraphs 20 and 21 shall...

        11. 20.(1) The name of the undertaking shall be stated.

        12. 21.(1) Where the holding of the group amounts to 20...

        13. 22.Construction of references to shares held by society or group

      3. PART III SUPPLEMENTARY PROVISIONS

        1. 23.he information required by paragraphs 7, 17 and 20 of...

        2. 24.For the purposes of paragraphs 5 and 14 of this...

    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.he amount to be included in respect of loans and...

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

        3. 16.(1) Subject to paragraph 15, the amount to be included...

      5. PART V OTHER ACCOUNTING RULES

        1. 17.General rules

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

        3. 19.reliminary 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.he rules set out in paragraphs 8 to 25 of...

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

        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) With respect to any determination of the value of...

      7. PART VII ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

        1. 31.(1) Subject to the following subparagraphs, amounts to be included...

        2. 32.(1) Subject to subparagraph (2), any difference between the amount...

    8. SCHEDULE 8

      DIRECTORS' REPORT

      1. 1.There shall be stated the names of the persons who,...

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

      3. 3.(1) If significant changes in the fixed assets of the...

      4. 4.(1) The following applies if the society or any subsidiary...

      5. 5.(1) Subject to subparagraphs (2) and (3), the directors' report...

      6. 6.(1) This paragraph applies to the directors' report where the...

      7. 7.(1) The directors' report shall disclose, in accordance with subparagraph...

      8. 8.The directors' report shall also disclose the number of mortgage...

    9. SCHEDULE 9

      ANNUAL BUSINESS STATEMENT

      1. 1.Statutory ratios and percentages

      2. 2.Other percentages

      3. 3.Information relating to directors and other officers

      4. 4.Average rates

      5. 5.Information about new activities

    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

          1. 1.his summary financial statement is only a summary of information...

          2. 2.In so far as this summary financial statement summarises the...

          3. 3.The annual accounts, directors' report and annual business statement will...

        2. SECTION B FORMAT OF SUMMARY DIRECTORS' REPORT

          1. 1.Summary review of the business.

          2. 2.Summary review of events.

          3. 3.Summary indication of likely developments.

        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.n section B of Part I— (a) the summary review...

        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.Unless there are no extraordinary items in the income and...

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

        8. 8.The basis used for calculating “average reserves” as defined in...

        9. 9.The basis used for calculating “average total assets” as defined...

        10. 10.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. 3.Capital

      3. 8.Participating interest

      4. 9.Provisions

      5. 10.Scots land tenure

      6. 11.Staff costs

      7. 12.Amounts repayable

      8. 13.Other definitions

  18. Explanatory Note

Back to top

Options/Help

Print Options

You have chosen to open The Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Instrument as a PDF

The Whole Instrument you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources