Companies (Auditing and Accounting) Act 2003

Excess revenue.

16.—(1) The Supervisory Authority shall apply any excess of its revenue over its expenditure in any year to meet its programme of expenditure approved for the subsequent year under section 13 , and the amounts payable under section 14 (1) and (2) for the subsequent year shall be appropriately reduced.

(2) Money in, or set aside for, the reserve fund is not considered to be revenue for the purposes of this section.