This section applies to a registered society ("the parent society") which has subsidiaries at the end of a year of account ("the relevant year").
The society must ensure that accounts ("group accounts") are prepared for that year dealing with the state of affairs and income and expenditure of the society and its subsidiaries.
The group accounts must give a true and fair view of the state of affairs and income and expenditure of the society and the subsidiaries dealt with as a whole, so far as concerns members of the society.
The parent society must submit the group accounts for the relevant year for audit to the auditors appointed to audit the society's accounts and balance sheet for that year.
The auditors must make a report to the society on the group accounts, stating—
The parent society must send the group accounts and a copy of the auditor's report on them to the FCA together with its annual return for the relevant year.