If at the end of a financial year of a society, the society is a holding society, the directors of the society must, before the day on which returns must be lodged by the society under section 148 (1), cause to be made out:(a) a consolidated statement of financial performance that gives a true and fair view of the profit or loss, for that financial year, of the economic entity constituted by the society and the entities it controlled from time to time during that financial year (even if the society did not control the same entities during all of that financial year), and(b) a consolidated statement of financial position, as at the year’s end, that gives a true and fair view of the state of affairs as at the year’s end, of the economic entity constituted by the society and the entities that it controls at the year’s end,so far as a true and fair view of the profit and loss and state of affairs concern members of the holding society.
Co-operative Housing and Starr-Bowkett Societies Act 1998 No 11