INDUSTRIAL AND PROVIDENT SOCIETIES 1 1 These Regulations may be cited as the Industrial and Provident Societies (Group Accounts) Regulations 1969 and shall come into operation on 11th August 1969. 2 The Interpretation Act 1889 shall apply to the interpretation of these Regulations as it applies to the interpretation of an Act of Parliament. 2 1 Subject to paragraph (2) of this regulation, the group accounts of a society shall comprise— a a consolidated balance sheet which deals with the state of affairs of the society and the subsidiaries to be dealt with in the group accounts; b a consolidated revenue account which deals with the income and expenditure of the society and those subsidiaries. 2 If in the opinion of the committee of the society it is better for the purpose a of presenting the same or equivalent information about the state of affairs and income and expenditure of the society and those subsidiaries; and b of so presenting it that it may be readily appreciated by the society's members; the group accounts may be prepared in a form other than that required by paragraph (1) of this regulation, and in particular may consist of more than one set of consolidated accounts dealing respectively with the society and one group of subsidiaries and with other groups of subsidiaries or of separate accounts dealing with each of the subsidiaries to be dealt with in the group accounts, or of statements expanding the information about those subsidiaries in the society's own accounts, or any combination of those forms. 3 The consolidated balance sheet and income and expenditure account shall combine the information contained in the separate balance sheets and income and expenditure accounts of the society and of the subsidiaries dealt with by the consolidated accounts, but with such adjustments, if any, as the committee of the society thinks necessary. 4 Group accounts, if prepared in accordance with paragraph (1) of regulation 2, shall comply with the requirements of the Schedule to these Regulations so far as applicable thereto or, if not so prepared, shall give the same or equivalent information. 5 Where, pursuant to paragraph (2) of regulation 2, a balance sheet is prepared dealing with the society and one or more of its subsidiaries, but not with all the subsidiaries required to be dealt with in the group accounts, there shall be set out in the balance sheet separately from all other assets and liabilities the aggregate amount of assets consisting of shares in or amounts owing from those subsidiaries required to be dealt with in the group accounts but not dealt with by the balance sheet, and the aggregate amount of indebtedness to those subsidiaries. 6 In these Regulations— “ committee ” has the meaning assigned to it by section 74 of the Industrial and Provident Societies Act 1965 ; “ society ” means a society registered or deemed to be registered under the said Act of 1965 ; “ subsidiaries ” means companies or societies which are subsidiaries within the meaning of section 15 of the Friendly and Industrial and Provident Societies Act 1968 ; “ income and expenditure ” includes, in relation to a subsidiary which is a company, profit and loss . S. D. Musson Chief Registrar of Friendly Societies Dated 28th July 1969