Article 3.

1. Accounts of the trust RAC shall -

(a) show a true and fair view of -

(i) the financial transactions of the trust RAC during the trust RAC year,

and

(ii) the assets and liabilities at the end of the trust RAC year,

(b) include disclosure of significant investment holdings.

2.

(a) The information referred to at paragraph 1(b) need not include-

(i) insurance policies which have been purchased and which fully match the pension obligations of the trust RAC in respect of specific individual members or other persons in respect of such members or to both, or

(ii) liabilities to pay benefits in the future.

(b) The notes thereto should, other than in the case of a trust RAC the resources of which are invested wholly in managed funds, include a statement of the distribution of the investments of the trust RAC detailing, where appropriate, particulars of any concentration of investment in excess of 5 per cent of the resources of the trust RAC at the trust RAC year end.