Regulation 10

1. The Summary Directors' Report (which is required by section B of Part I and Part IA) may be in any format but shall include -

(a) in the case of a single accounts society -

(i) a summary review of the business of the society during, and a commentary on its financial position at the end of, the relevant year;

(ii) a summary review of the events during the relevant year considered by the directors of the society to have an important effect on the society;

(iii) a summary review of any events which have occurred since the end of the relevant year and which are considered by the directors of the society to have an important effect on the society; and

(iv) a summary indication of the opinion of the directors of the society as to the developments considered by them to be likely to happen in the business of the society; and

(b) in the case of a group accounts society -