100. Financial statements and consolidated financial statements

comply with the requirements of the Accounting Standards and give a true and fair view of the financial position and performance of the VCC and its sub‑funds (if any); and

if the VCC is an umbrella VCC, contain separate accounts for each sub-fund that are prepared using the same Accounting Standards as those used to prepare the accounts of the VCC.

consolidated financial statements dealing with the financial position and performance of the group for the financial year in respect of which the annual general meeting is held; and

a balance sheet dealing with the state of affairs of the VCC and its sub-funds (if any) at the end of its financial year.

comply with the requirements of the Accounting Standards and give a true and fair view of the matters mentioned in subsection (3)(a) and (b) (respectively), so far as they concern members of the VCC; and

if the VCC is an umbrella VCC, contain separate accounts for each sub‑fund that are prepared using the same Accounting Standards as those used to prepare the accounts of the VCC.

to ascertain what action has been taken in relation to the writing off of bad debts and the making of provisions for doubtful debts, and to cause all known bad debts to be written off and adequate provision to be made for doubtful debts;

to ascertain whether any current assets (other than current assets to which paragraph (a) applies) are unlikely to realise in the ordinary course of business their value as shown in the accounting records of the VCC or its sub‑funds (if any) and, if so, to cause —

those assets to be written down to an amount which they might be expected so to realise; or

adequate provision to be made for the difference between the amount of the value as so shown and the amount that they might be expected so to realise; and

to ascertain whether any non-current asset is shown in the books of the VCC or its sub‑funds (if any) at an amount which, having regard to its value to the VCC or the sub‑fund (as the case may be) as a going concern, exceeds the amount which would be recoverable over its useful life or on its disposal and (unless adequate provision for writing down that asset is made) to cause to be included in the financial statements such information and explanations as will prevent the financial statements from being misleading by reason of the overstatement of the amount of that asset.

a reference in section 201(9) and (16) of the Companies Act 1967 to Part 6 of that Act is to this Part;

the reference in section 201(12) and (13) of the Companies Act 1967 to section 201(1) or (5) of that Act is to subsection (1) or (3);

a reference in section 201(12), (13) and (14) of the Companies Act 1967 to the Accounting Standards is to the Accounting Standards as defined in section 2(1);

the reference in section 201(13) of the Companies Act 1967 to a matter required by section 201 of that Act to be dealt with in the financial statements or consolidated financial statements of a company, is to a matter required to be dealt with under subsection (2)(a) or (4)(a) (as the case may be) in the financial statements or consolidated financial statements of a VCC; (e)the reference in section 201(16) of the Companies Act 1967 to the Twelfth Schedule to that Act is to the Second Schedule; and

the reference in section 201(17) of the Companies Act 1967 to that Act is to this Act.

accounting standards made or formulated by the Accounting Standards Committee under Part 3 of the Accounting Standards Act 2007 and applicable to companies, with each reference to a company substituted with a reference to a VCC, and with such other modifications as may be prescribed; or

such other accounting standards or practices as may be prescribed.