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The North of Scotland Milk Marketing Board (Residual Functions) Regulations 1994

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Accounts

35.—(1) The Board shall cause to be kept, for every accounting period, proper accounting records with respect to–

(a)all sums of money received and expended by the Board, and the matters in respect of which the receipt and expenditure takes place;

(b)all sales and purchases by the Board; and

(c)the assets and liabilities of the Board;

and the accounting records with respect to the Board’s commercial activities in the final trading period shall be kept separate from the accounting records with respect to the Board’s other activities.

(1A) The Board shall charge to its commercial activities in respect of the final trading period such proportion of its general administrative expenses as is fairly attributable to such commercial activities.

(2) Preparation of Accounts.Following the end of each accounting period, the Board shall prepare, in respect of the accounting period, an Income and Expenditure Account and a Cash Flow Statement. The Board shall also prepare a Balance Sheet as at the date at which these Accounts are made up. The Accounts shall make separate provision for the Board’s commercial activities in the final trading period and for the Board’s other activities, and shall be in a form approved by the Minister.

(3) Audit of Accounts.The Board shall submit the accounts prepared under subsection (2) above for audit to the Auditor appointed under section 11 of this Scheme. The Auditor shall examine the Accounts and shall verify the same with the accounting records, deeds, documents and vouchers relating thereto, and shall either sign the Accounts as found by him to show a true and fair view of the state of the Board’s affairs and of its results and to be in accordance with law, or shall report to the Board in what respect the accounts do not show a true and fair view of the Board’s affairs and results and are not in accordance with law.

(3A) Submission of Audited Accounts to the Minister and to Registered Producers.Once in every year, the Board shall send to the Minister and to every registered producer, along with a notice calling the meeting at which the Accounts of the Board are to be submitted, the accounts prepared in accordance with subsection (2) and the report of the Auditor thereon, together with a statement of the manner in which any moneys of the Board are invested in accordance with the provisions of subsection (11) of section 24 of this Scheme, and such other information on the workings of the marketing scheme and after Vesting Day for the discharge of their functions in the period covered by the Accounts as the Board may consider necessary for the information of registered producers.

(4) Copy of Balance Sheet to be furnished to persons requiring them.The Board shall on demand of any person and on payment by him of such fee to be determined by the Board which reasonably compensates the Board for the cost of furnishing such Balance Sheet, furnish to him a copy of the Balance Sheet.

(5) The Board shall furnish the Minister with such information as he may from time to time require concerning any of the Board’s activities and shall permit any person duly authorised in writing by the Minister, on production of his authority, to inspect such of the Board’s accounts and records as he may reasonably require to satisfy himself that the Board are complying with the requirements of Council Regulation (EEC) No.1422/78((1)) and of Commission Regulation (EEC) No.1565/79((2)).

(1)

O.J. No. L171, 28.6.78, p.14.

(2)

O.J. No. L188, 26.7.79, p.29.

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