The Friendly Societies (Accounts and Related Provisions) Regulations 1994

• (7) Where securities to which this paragraph applies which are not valued in accordance with paragraph 10 above are sold before maturity, and the proceeds are used to purchase other securities to which this paragraph applies, the difference between the proceeds of sale and their book value may be spread uniformly over the period remaining until the maturity of the original investment.

Meaning of “current value”

13

• (1) Subject to sub-paragraph (5) below, in the case of investments other than land and buildings, current value must mean market value determined in accordance with this paragraph.

• (2) In the case of listed investments, market value must mean the value on the balance sheet date or, when the balance sheet date is not a stock exchange trading day, on the last stock exchange trading day before that date.

• (3) Where a market exists for unlisted investments, market value must mean the average price at which such investments were traded on the balance sheet date or, when the balance sheet date is not a trading day, on the last trading day before that date.

• (4) Where, on the date on which the accounts are drawn up, listed or unlisted investments have been sold or are to be sold within the short term, the value must be reduced by the actual or estimated realisation costs.

• (5) Except where the equity method of accounting is applied, all investments other than those referred to in sub-paragraphs (2) and (3) above must be valued on a basis which has prudent regard to the likely realisable value.

14

• (1) In the case of land and buildings, current value must mean the market value on the date of valuation, where relevant reduced as provided in sub-paragraphs (4) and (5) below.

• (2) Market value must mean the price at which land and buildings could be sold under private contract between a willing seller and an arm’s length buyer on the date of valuation, it being assumed that the property is publicly exposed to the market, that market conditions permit orderly disposal and that a normal period, having regard to the nature of the property, is available for the negotiation of the sale.

• (3) The market value must be determined through the separate valuation of each land and buildings item, carried out at least every five years in accordance with generally recognised methods of valuation.

• (4) Where the value of any land and buildings item has diminished since the preceding valuation under sub-paragraph (3), an appropriate value adjustment must be made.

• (5) The lower value arrived at under sub-paragraph (4) must not be increased in subsequent balance sheets unless such increase results from a new determination or market value arrived at in accordance with subparagraphs (2) and (3).

• (6) Where, on the date on which the accounts are drawn up, land and buildings have been sold or are to be sold within the short term, the value arrived at in accordance with sub-paragraphs (2) and (4) must be reduced by the actual or estimated realisation costs.

• (7) Where it is impossible to determine the market value of a land and buildings item, the value arrived at on the basis of the principle or purchase price or production cost must be deemed to be its current value.

Application of the depreciation rules

15

• (1) Where:

• (a) the value of any asset of a society is determined in accordance with paragraph 10 or 11 above; and

• (b) in the case of a determination under paragraph 10 above, the asset falls to be included under Assets item B.I.,

the value must be, or (as the case may require) be the starting point for determining, the amount to be included in respect of that asset in the society’s accounts, instead of its cost or any value previously so determined for that asset; and paragraphs 19, 23 and 25 below must apply accordingly in relation to any such asset with the substitution for any reference to its cost of a reference to the value most recently determined for that asset in accordance with paragraph 10 or 11 above (as the case may be).

• (2) The amount of any provision for depreciation required in the case of any asset by paragraph 20 or 21 below as it applies by virtue of sub-paragraph (1) is referred to below in this paragraph as the “adjusted amount”, and the amount of any provision which would be required by that paragraph in the case of that asset according to the historical cost accounting rules is referred to as the “historical cost amount”.

• (3) Where sub-paragraph (1) applies in the case of any asset the amount of any provision for depreciation in respect of that asset included in any item shown in the income and expenditure account in respect of amounts written off assets of the description in question may be the historical cost amount instead of the adjusted amount, provided that the amount of any difference between the two is shown separately in the income and expenditure account or in a note to the accounts.

16

• (1) This paragraph applies where the amounts to be included in respect of assets covered by any items shown in a society’s accounts have been determined in accordance with paragraph 10 or 11 above.

• (2) The items affected and the basis of valuation adopted in determining the amounts of the assets in question in the case of each such item must be disclosed in a note to the accounts.

• (3) The purchase price of investments valued in accordance with paragraph 10 above must be disclosed in the notes to the accounts.

• (4) In the case of each balance sheet item valued in accordance with paragraph 11 above either:

• (a) the comparable amounts determined according to the historical cost accounting rules (without any provision for depreciation or diminution in value); or

• (b) the differences between those amounts and the corresponding amounts actually shown in the balance sheet in respect of that item,

must be shown separately in the balance sheet or in a note to the accounts.

• (5) In sub-paragraph (4) above, references in relation to any item to the comparable amounts determined as there mentioned are references to:

• (a) the aggregate amount which would be required to be shown in respect of that item if the amounts to be included in respect of all the assets covered by that item were determined according to the historical cost accounting rules; and

• (b) the aggregate amount of the cumulative provisions for depreciation or diminution in value which would be permitted or required in determining those amounts according to those rules.

Revaluation reserve

17

• (1) Subject to sub-paragraph (6) below, with respect to any determination of the value of an asset of a society in accordance with paragraph 10 or 11 above, the amount of any gain or loss arising from that determination (after allowing, where appropriate, for any provisions for depreciation or diminution in value made otherwise than by reference to the value so determined and any adjustments of any such provisions made in the light of that determination) must be credited or (as the case may be) debited to a separate reserve (“the revaluation reserve”).

• (2) The amount of the revaluation reserve must be shown in the society’s balance sheet under Liabilities item A.I, but need not be shown under the name “revaluation reserve”.

• (3) An amount may be transferred from the revaluation reserve to the income and expenditure account, if the amount was previously charged to that account and the revaluation reserve must be reduced to the extent that the amounts transferred to it are no longer necessary for the purposes of the valuation method used.

• (4) The revaluation reserve must not be reduced except as mentioned in this paragraph.

• (5) The treatment for taxation purposes of amounts credited or debited to the revaluation reserve must be disclosed in a note to the accounts.

• (6) This paragraph does not apply to the difference between the valuation of investments and their purchase price or previous valuation shown in the long term business technical account or the non-technical account in accordance with note (9) on the income and expenditure account format.

PART IV — HISTORICAL COST ACCOUNTING RULES

Preliminary

18

Subject to paragraphs 8 to 17 above, the amounts to be included in respect of all items shown in a society’s accounts must be determined in accordance with the rules set out in paragraphs 19 to 31 below.

Valuation of assets

General rules

19

Subject to any provision for depreciation or diminution in value made in accordance with paragraph 20 or 21 below, the amount to be included in respect of any asset in the balance sheet format must be its cost.

20

In the case of any asset included under Assets item A (intangible assets), B.I (land and buildings), F.I. (tangible assets) or F.II (stocks) which has a limited useful economic life, the amount of:

• (a) its cost; or

• (b) where it is estimated that any such asset will have a residual value at the end of the period of its useful economic life, its cost less that estimated residual value,

must be reduced by provisions for depreciation calculated to write off that amount systematically over the period of the asset’s useful economic life.

21

• (1) This paragraph applies to any asset included under Assets item A (tangible assets), B (investments) or F.I (tangible assets).

• (2) Where an asset to which this paragraph applies has diminished in value, provisions for diminution in value may be made in respect of it and the amount to be included in respect of it may be reduced accordingly; and any such provisions which are not shown in the income and expenditure account must be disclosed (either separately or in aggregate) in a note to the accounts.

• (3) Provisions for diminution in value must be made in respect of any asset to which this paragraph applies if the reduction in its value is expected to be permanent (whether its useful economic life is limited or not), and the amount to be included in respect of it must be reduced accordingly; and any such provisions which are not shown in the income and expenditure account must be disclosed (either separately or in aggregate) in a note to the accounts.

• (4) Where the reasons for which any provision was made in accordance with subparagraph (1) or (2) have ceased to apply to any extent, that provision must be written back to the extent that it is no longer necessary; and any amounts written back in accordance with this subparagraph which are not shown in the income and expenditure account must be disclosed (either separately or in aggregate) in a note to the accounts.

22

• (1) This paragraph applies to assets included under Assets items E.I., II, and III (debtors) and F.III (cash at bank and in hand) in the balance sheet.

• (2) If the net realisable value of an asset to which this paragraph applies is lower than its cost the amount to be included in respect of that asset must be the net realisable value.

• (3) Where the reasons for which any provision for diminution in value was made in accordance with sub-paragraph (2) have ceased to apply to any extent, that provision must be written back to the extent that it is no longer necessary.

Development costs

23

• (1) Notwithstanding that amounts representing “development costs” may be included under Assets item A (intangible assets) in the balance sheet format, an amount may only be included in a society’s balance sheet in respect of development costs in special circumstances.

• (2) If any amount is included in a society’s balance sheet in respect of development costs the following information must be given in a note to the accounts:

• (a) the period over which the amount of those costs originally capitalised is being or is to be written off; and

• (b) the reasons for capitalising the development costs in question.

Goodwill

24

• (1) The application of paragraphs 19 to 21 above in relation to goodwill (in any case where goodwill is treated as an asset) is subject to the following provisions of this paragraph.

• (2) Subject to sub-paragraph (3) below, the amount of the consideration of any goodwill acquired by a society must be reduced by provisions for depreciation calculated to write off that amount systematically over a period chosen by the committee of management.

• (3) The period chosen must not exceed the useful economic life of the goodwill in question.

• (4) In any case where any goodwill acquired by a society is included as an asset in the society’s balance sheet the period chosen for writing off the consideration for that goodwill and the reasons for choosing that period must be disclosed in a note to the accounts.

PART V — MISCELLANEOUS AND SUPPLEMENTAL

Excess of money owed over value received as an asset item

25

• (1) Where the amount repayable on any debt owed by a society is greater than the value of the consideration received in the transaction giving rise to the debt, the amount of the difference may be treated as an asset.

• (2) Where any such amount is so treated:

• (a) it must be written off by reasonable amounts each year and must be completely written off before repayments of the debt; and

• (b) if the current amount is not shown as a separate item in the society’s balance sheet it must be disclosed in a note to the accounts.

Assets included at a fixed amount

26

• (1) Subject to the following sub-paragraph, assets which fall to be included under Assets item F.I. (tangible assets) in the balance sheet format may be included at a fixed quantity and value.

• (2) Sub-paragraph (1) applies to assets of a kind which are constantly being replaced, where:

• (a) their overall value is not material to assessing the society’s state of affairs; and

• (b) their quantity, value and composition are not subject to material variation.

Determination of cost

27

• (1) The cost of an asset that has been acquired by the society must be determined by adding to the actual price paid any expenses incidental to its acquisition.

• (2) The cost of an asset constructed by the society must be determined by adding to the purchase price of the raw materials and consumables used the amount of the costs incurred by the society which are directly attributable to the construction of that asset.

• (3) In addition, there may be included in the cost of an asset constructed by the society:

• (a) a reasonable proportion of the costs incurred by the society which are only indirectly attributable to the construction of that asset, but only to the extent that they relate to the period of the construction; and

• (b) interest on capital borrowed to finance the construction of that asset, to the extent that it accrues in respect of the period of construction,

provided, however, in a case within sub-paragraph (b) above, that the inclusion of the interest in determining the cost of that asset and the amount of the interest so included is disclosed in a note to the accounts.

28

• (1) Subject to the qualification mentioned below, the cost of any assets which are fungible assets may be determined by the application of any of the methods mentioned in sub-paragraph (2) below in relation to any such assets of the same class.

• The method chosen must be one which appears to the committee of management to be appropriate in the circumstances of the society.

• (2) Those methods are:

• (a) the method known as “first in, first out” (FIFO);

• (b) the method known as “last in, first out” (LIFO);

• (c) a weighted average price; and

• (d) any other method similar to any of the methods mentioned above.

• (3) Where in the case of any society:

• (a) the cost of assets falling to be included under any item shown in the society’s balance sheet has been determined by the application of any method permitted by this paragraph; and

• (b) the amount shown in respect of that item differs materially from the relevant alternative amount given below in this paragraph,

the amount of that difference must be disclosed in a note to the accounts.

• (4) Subject to sub-paragraph (5) below, for the purposes of sub-paragraph (3)(b) above, the relevant alternative amount, in relation to any item shown in a society’s balance sheet, is the amount which would have been shown in respect of that item if assets of any class included under that item at an amount determined by any method permitted by this paragraph had instead been included at their replacement cost as at the balance sheet date.

• (5) The relevant alternative amount may be determined by reference to the most recent actual purchase price before the balance sheet date of assets of any class included under the item in question instead of by reference to their replacement cost as at that date, but only if the former appears to the committee of management to constitute the more appropriate standard of comparison in the case of assets of that class.

Substitution of original amount where price or cost unknown

29

Where there is no record of the purchase price of any asset acquired by a society or of any price, expenses or costs relevant for determining its cost in accordance with paragraph 27 above, or any such record cannot be obtained without unreasonable expense or delay, its cost must be taken for the purposes of paragraphs 19 to 24 above to be the value ascribed to it in the earliest available record of its value made on or after its acquisition by the society.

Assets and liabilities denominated in foreign currencies

30

• (1) Subject to the following subparagraphs, amounts to be included in respect of assets and liabilities denominated in foreign currencies must be in sterling after translation at an appropriate spot rate of exchange prevailing at the balance sheet date.

• (2) An appropriate rate of exchange prevailing on the date of purchase may however be used for assets held as financial fixed assets and assets to be included under asset items A and F1 in Part I or Part II of Schedule 2, if they are not covered or not specifically covered in either the spot or forward currency markets.

• (3) An appropriate spot rate of exchange prevailing at the balance sheet date must be used for translating uncompleted spot exchange transactions.

• (4) An appropriate forward rate of exchange prevailing at the balance sheet date must be used for translating uncompleted forward exchange transactions.

• (5) This paragraph does not apply to assets or liabilities held, or any transaction entered into, for hedging purposes, or to any assets or liabilities which are themselves hedged.

31

• (1) Subject to subparagraph (2), any difference between the amount to be included in respect of an asset or liability under paragraph 30 and the book value, after translation into sterling at an appropriate rate, of that asset or liability, must be credited or, as the case may be, debited to the income and expenditure account.

• (2) In the case however of assets held as financial fixed assets, of assets to be included in asset items A and F1 in Part I or Part II of Schedule 2, and of transactions undertaken to cover such assets, any such difference must be deducted from or credited to the general reserve included in the balance sheet.

32

The provisions of this Schedule which relate to long term business apply, with necessary modifications, to business within Classes 1 and 2 of Head B of Schedule 2 to the Act which:

• (a) is transacted exclusively or principally according to the technical principles of long term business; and

• (b) is a significant amount of the business of the society.

PART VI — RULES FOR DETERMINING PROVISIONS

Preliminary

33

Provisions which are to be shown in a society’s accounts must be determined in accordance with paragraphs 34 to 40 below.

Technical provisions

34

The amount of technical provisions must at all times be sufficient to cover any liabilities arising out of insurance contracts as far as can reasonably be foreseen.

Provision for unearned premiums

35

• (1) The provision for unearned premiums must in principle be computed separately for each insurance contract, save that statistical methods (and in particular proportional and flat rate methods) may be used where they may be expected to give approximately the same results as individual calculations.

• (2) Where the pattern of risk varies over the life of a contract, this must be taken into account in the calculation methods.

Provision for unexpired risks

36

The provision for unexpired risks (as defined in paragraph 10 of Schedule 9 below) must be computed on the basis of claims and administrative expenses likely to arise after the end of the financial year from contracts concluded before that date, in so far as their estimated value exceeds the provision for unearned premiums and any premiums receivable under those contracts.

Long term business provision

37

• (1) The long term business provision must in principle be computed separately for each long term contract, save that statistical or mathematical methods may be used where they may be expected to give approximately the same results as individual calculations.

• (2) A summary of the principal assumptions in making the provision under subparagraph (1) must be given in the notes to the accounts.

• (3) The computation must be made annually by a Fellow of the Institute or Faculty of Actuaries on the basis of recognised actuarial methods, with due regard to the actuarial principles laid down in the Friendly Societies (Authorisation) Regulations 1994[^f00011].

Provisions for claims outstanding

General business

38

• (1) A provision must in principle be computed separately for each claim on the basis of the costs still expected to arise, save that statistical methods may be used if they result in an adequate provision having regard to the nature of the risks.

• (2) This provision must also allow for claims incurred but not reported by the balance sheet date, the amount of the allowance being determined having regard to past experience as to the number and magnitude of claims reported after previous balance sheet dates.

• (3) All claims settlement costs (whether direct or indirect) must be included in the calculation of the provision.

• (4) Recoverable amounts arising out of subrogation or salvage must be estimated on a prudent basis and either deducted from the provision for claims outstanding (in which case if the amounts are material they must be shown in the notes to the accounts) or shown as assets.

• (5) In sub-paragraph (4) above, “subrogation” means the acquisition of the rights of members or policy holders with respect to third parties, and “salvage” means the acquisition of the legal ownership of insured property.

• (6) Where benefits resulting from a claim must be paid in the form of annuity, the amounts to be set aside for that purpose must be calculated by recognised actuarial methods, and paragraph 40 below must not apply to such calculations.

• (7) Implicit discounting or deductions, whether resulting from the placing of a current value on a provision for an outstanding claim which is expected to be settled later at a higher figure or otherwise effected, is prohibited.

39

• (1) Explicit discounting or deductions to take account of investment income is permitted, subject to the following conditions:

• (a) the expected average interval between the date for the settlement of claims being discounted and the accounting date must be at least four years;

• (b) the discounting or deductions must be effected on a recognised prudential basis;

• (c) when calculating the total cost of settling claims, the society must take account of all factors that could cause increases in that cost;

• (d) the society must have adequate data at its disposal to construct a reliable model of the rate of claims settlements; and

• (e) the rate of interest used for the calculation of present values must not exceed a rate prudently estimated to be earned by assets of the society which are appropriate in magnitude and nature to cover the provisions for claims being discounted during the period necessary for the payment of such claims, and must not exceed either:

• (i) a rate justified by the performance of such assets over the preceding five years; or

• (ii) a rate justified by the performance of such assets during the year preceding the balance sheet date.

• (2) When discounting or effecting deductions, the society must, in the notes to the accounts, disclose:

• (a) the total amount of provisions before discounting or deductions,

• (b) the categories of claims which are discounted or from which deductions have been made; and

• (c) for each category of claims, the methods used, in particular the rates used for the estimates referred to in sub-paragraphs (1)(d) and (e), and the criteria adopted for estimating the period that will elapse before the claims are settled.

Long term business

40

The amount of the provision for claims must be equal to the sums due to beneficiaries, plus the costs of settling claims.

SCHEDULE 7 — ANNUAL ACCOUNTS OF NON-DIRECTIVE SOCIETY

PART I — FORMAT OF NON-DIRECTIVE SOCIETY INCOME AND EXPENDITURE ACCOUNT

1

Income

• (a) Contributions

• (b)

• (i) Rents from Land and Buildings

• (ii) Outgoings on Land and Buildings

• (c) Interests from:

• Mortgages

• British Government and British Government Guaranteed Securities

• Other investments

• (d) Gain or loss on the realisation of investment

• (e) Other income

2

Expenditure

• (a) Sickness benefits

• (b) Endowments on maturity

• (c) Death benefits

• (d) Other benefits (to be specified)

• (e) Divided among the members

• (f) Deducted for expenses of management

• (i) Salaries

• (ii) Audit fees

• (iii) Valuation Expenses

• (iv) Other expenses

• (g) Other expenditure

• (h) Corporation Tax

3

Excess of income over expenditure

PART II — FORMAT OF NON-DIRECTIVE SOCIETY BALANCE SHEET

Assets

A. — Investments

I

Land and buildings

II

Mortgages on Land and Buildings

III

British Government and British Government Guaranteed Securities

IV

Other investments

B. — Debtors

C. — Other assets

I

Tangible assets

II

Cash at bank and in hand

III

Other prepayments and accrued income

Liabilities

A. — Benefit and Benefit Reserves Funds

I

Sickness

II

Death

III

Members' fund

IV

Other Benefit and Benefit Reserves Funds

V

Management Fund

B. — Corporation tax provisions

C. — Creditors

I

Other creditors including taxation and social security

II

Accruals and deferred income

PART III — NOTES TO ANNUAL ACCOUNTS OF NON-DIRECTIVE SOCIETY

The following paragraphs of Schedule 4 (Notes to annual accounts) are specified as the material to be included in the notes to annual accounts of non-directive societies:

• (a) paragraph 1 (accounting policies);

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (c) paragraph 18 (investments);

• (d) paragraph 19 (reserves and provisions);

• (e) paragraph 22 (guarantees and other financial commitments);

• (f) paragraph 29 (commissions);

• (g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (h) paragraph 32 (industrial assurance).

SCHEDULE 8 — COMMITTEE OF MANAGEMENT'S ANNUAL REPORT

PART I — SOCIETY

1

There must be stated names of the persons who, at any time during the financial year, were members of the committee of management of the society. There must be stated the name of the person or persons who at any time during the year held the position of chief executive of the society.

2

The committee of management’s annual report must contain:

• (a) a statement of the business objectives and activities of the society and its jointly controlled bodies and subsidiaries;

• (b) particulars of any events which have occurred since the end of the financial year and which are considered by the committee of management of the society to have an important effect on the society or any of its associated bodies, and

• (c) an indication of the opinion of the committee of management of the society as to the developments which they consider likely to happen in the business of the society and its associated bodies.

3

• (1) If significant changes in the fixed assets of the society or of any jointly controlled bodies or subsidiaries have occurred in the financial year, the annual report must contain particulars of the changes.

• (2) If, in the case of such of those fixed assets as consists in interests in land and buildings, their market value (as at the end of the financial year) differs substantially from the amount at which they are included in the balance sheet, and the difference is, in the opinion of the committee of management of such significance as to require that the attention of the members of the society should be drawn to it, the annual report must indicate the difference with such degree of precision as is practicable.

4

• (1) Subject to subparagraphs (2) and (3), the committee of management annual report must state the following, with respect to each person who, at the end of the financial year, was member of the committee management of the society:

• (a) whether or not he was at the end of that year interested in shares in, or debentures of, any jointly controlled body or subsidiary of the society;

• (b) if he was so interested:

• (i) the number and amount of shares in, and debentures of, each such body (specifying it) in which he was then interested;

• (ii) whether or not he was, at the beginning of that year (or, if he was not then a member of the committee management, when he became one), interested in shares in, or debentures of, that or any other such body; and

• (iii) if he was, the number and amount of shares in, and debentures of, each body (specifying it) in which he was interested at the beginning of the financial year or (as the case may be) when he became a member of the committee of management.

• (2) The particulars required by subparagraph (1) may be given by way of notes to the society’s annual accounts in respect of the financial year, instead of being stated in the committee of management’s annual report.

• (3) Particulars required by subparagraph (1) are not required to be given in respect of committee members' nominee shareholdings, held on behalf of the society.

• (4) Any changes in the details disclosed under subparagraph (1) between the end of the year and the relevant date must be disclosed in the committee of management’s annual report and any such change after that date may be so disclosed.

• (5) For the purposes of subparagraph (4) “the relevant date” is:

• (a) the date one month prior to the date of the notice of the society’s annual general meeting; or

• (b) if earlier, the date on which approval, under section 76 of the Act of components of the annual accounts is completed.

5

• (1) This paragraph applies to the committee of management’s annual report where the average number of persons employed by the society in each month during the financial year exceeded 250.

• (2) For the purposes of subparagraph (1) the average number is the quotient derived by dividing, by the number of complete months in the financial year, the number derived by ascertaining, in relation to each of those months, the number of persons who, under contracts of service, were employed in the month (whether throughout it or not) by the society, and adding up the numbers ascertained.

• (3) The committee of management’s annual report must where this paragraph applies contain a statement describing such policy as the society has applied during the financial year:

• (a) for giving full and fair consideration to applications for employment by the society made by disabled persons, having regard to their particular aptitudes and abilities;

• (b) for continuing the employment of, and for arranging appropriate training for, employees of the society who have become disabled persons during the period when they were employed by the society; and

• (c) otherwise for the training, career development and promotion of disabled persons employed by the society.

• (4) The committee of management’s annual report must where this paragraph applies also contain a statement describing the action that has been taken during the financial year to introduce, maintain or develop requirements aimed at:

• (a) providing staff systematically with information on matters of concern to them as staff;

• (b) consulting staff, or their representatives on a regular basis so that the views of staff can be taken into account in making decisions which are likely to effect their interests;

• (c) encouraging the involvement of staff in the society’s performance; and

• (d) achieving a common awareness on the part of all staff of the financial and economic factors effecting the performance of the society.

• (5) In this paragraph:

• (a) “employment” means employment other than employment to work wholly or mainly outside the United Kingdom, and “employed” and “staff” must be construed accordingly; and

• (b) “disabled person” means the same as in the Disabled Persons (Employment) Act 1944[^f00012] and the Disabled Persons (Employment) Act (Northern Ireland) 1945[^f00013].

6

• (1) If at the end of the financial year the society has jointly controlled bodies or subsidiaries, there must be contained in the committee of management’s annual report a statement of:

• (a) the average number of persons employed between them in each week in that year by the society and the jointly controlled bodies or subsidiaries; and

• (b) the aggregate remuneration paid or payable in respect of that year to the persons by reference to whom the number stated under sub-paragraph (a) is ascertained.

• (2) The number to be stated under that sub-paragraph is the quotient derived by dividing, by the number of weeks in the financial year, the number derived by ascertaining, in relation to each of those weeks, the number of persons who, under contracts of service, were employed between them in the week (whether throughout it or not) by the society and its jointly controlled bodies or subsidiaries and adding up the numbers ascertained.

7

The remuneration to be taken into account under paragraph 6(1)(b) is the gross remuneration paid or payable in respect of the financial year; and for this purpose “remuneration” includes bonuses (whether payable under contract or not).

8

There must be contained in the committee of management’s annual report a statement confirming that the society had, at the financial year end, the required margin of solvency as prescribed in Regulations made under section 48(2) of the Act for each class of relevant business.

9

There must be stated in the committee of management’s annual report details of any transfers of engagement accepted by the society during the year and the effect, if considered material, on other information provided in the report.

10

• (1) The following applies if the society or any subsidiary or jointly controlled body of the society has in the financial year given money for political purposes or charitable purposes or both.

• (2) If the money given exceeded £200 in amount, there must be contained in the committee of management’s annual report for the year:

• (a) in the case of each of the purposes for which the money has been given, a statement of the amount of money given for that purpose; and

• (b) in the case of political purposes for which money has been given, the following particulars (so far as is applicable):

• (i) the name of each person to whom money has been given for those purposes exceeding £200 in amount and the amount of money given; and

• (ii) if money exceeding £200 in amount has been given by way of donation or subscription to a political party, the identity of the party and the amount of money given.

• (3) For the purposes of this paragraph a society or a subsidiary or jointly controlled body is to be treated as giving money for political purposes if, directly or indirectly:

• (a) it gives a donation or subscription to a political party of the United Kingdom or any part of it; or

• (b) it gives a donation or subscription to a person who, to the society’s knowledge (or, as the case may be, that of the subsidiary undertaking), is carrying on, or proposing to carry on, any activities which can, at the time at which the donation or subscription was given, reasonably be regarded as likely to affect public support for such a political party as is mentioned.

• (4) For the purposes of this paragraph money given for charitable purposes to a person who, when it was given, was ordinarily resident outside the United Kingdom shall be left out of account.

• (5) In this paragraph, “charitable purposes” means purposes which are exclusively charitable; and, as respects Scotland, “charitable” is to be construed as if it were contained in the Income Tax Acts.

11

The committee of management’s annual report must contain particulars of any other matters so far as they are material for the appreciation of the state of the society’s affairs by its members, being matters the disclosure of which will not, in the opinion of the committee of management, be harmful to the business of the society or of any of its jointly controlled bodies or subsidiaries.

PART II — NON-DIRECTIVE SOCIETY

12

The following paragraphs of Part I of this Schedule are specified as the material to be included in the committee of management’s annual report of a non-directive society:

• (a) paragraph 1 (names of the members of the committee of management);

• (b) paragraph 2a (a fair view of the activities of the society);

• (c) paragraph 8 (solvency);

• (d) paragraph 10 (general matters); and

• (e) paragraph 11 (other material matters).

SCHEDULE 9 — INTERPRETATION OF SCHEDULES

1

The following paragraphs apply for the purposes of the interpretation of the Schedules to these Regulations.

Balance sheet date

2

“Balance sheet date”, in relation to a balance sheet, means the date as at which the balance sheet was prepared.

Leases

3

In respect of leases:

• “long lease” means a lease in the case of which the portion of the term for which it was granted remaining unexpired at the end of the financial year is not less than 50 years,

• “short lease” means a lease which is not a long lease, and

• “lease” includes an agreement for a lease.

Listed investments

4

“Listed investment” means an investment listed on a recognised stock exchange or on any stock exchange of repute outside the United Kingdom and the expression “unlisted investment” is to be construed accordingly.

Loans

5

A loan is treated as falling due for repayment, and an instalment of a loan is treated as falling due for payment, on the earliest date on which the lender could require repayment or (as the case may be) payment, if he exercised all options and rights available to him.

Materiality

6

No provision of these Regulations requiring the inclusion of amounts in a particular account, or in notes to the annual accounts ..., are to be taken to prohibit the disregarding of an amount which, in the particular context of that provision is immaterial.

Provisions

7

• (1) References to provisions for depreciation or diminution in value of assets are to be taken as references to any amount written off by way of providing for depreciation or diminution in value of assets.

• (2) Any reference in an income and expenditure account to the depreciation of, or amounts written off, assets of any description is to be taken as a reference to any provision for depreciation or diminution in value of assets of that description.

• (3) References to provisions for liabilities ... (other than in paragraphs 33 to 40 of Schedule 6) are to be taken as a reference to any amount retained as reasonably necessary for the purpose of providing for any liability the nature of which is clearly defined and which is either likely to be incurred, or certain to be incurred but uncertain as to amount or as to the date on which it will arise.

Scots land tenure

8

In the application of these Regulations in Scotland, “land of freehold tenure” means land in respect of which the society is the proprietor of the dominium utile or, in the case of land not held on feudal tenure, is the owner, and “land of leasehold tenure” means land of which the society (or, as the case may be, a relevant subsidiary) is the tenant under a lease.

Staff costs

9

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other definitions

10

• (1) In the Schedules to these Regulations:

• “fair value reserve” has the meaning given by paragraph 24D of Schedule 6;

• “fungible assets” means assets of any description which are substantially indistinguishable one from another; and

• “provision for unexpired risks” means the amount set aside in addition to unearned premiums in respect of risks to be borne by the society after the end of the financial year, in order to provide for all claims and expenses in connection with insurance contracts in force in excess of the related unearned premiums and any premiums receivable on those contracts.

Signed

In witness whereof the common seal of the Friendly Societies Commission is hereto fixed, and is authenticated by me, a person authorised under paragraph 13 of Schedule 1 to the Friendly Societies Act 1992 on 18th July 1994.

Michael Cook — Secretary to the Commission

We consent to this Order.

Tim Wood — Irvine Patnick — Two of the Lords Commissioners of Her Majesty’s Treasury. — 20th July 1994.

Explanatory note

(This note is not part of the Regulations)

These Regulations prescribe the format and content of the annual accounts and committee of management report which must be prepared in respect of friendly societies or of friendly societies and their subsidiaries and jointly controlled bodies as a whole. In respect of societies to which the Insurance Directives apply, these Regulations also implement Council Directive 91/674 on the annual accounts and consolidated accounts of insurance undertakings. The requirements of the Directive are imposed on friendly societies whose contribution income exceeds the thresholds set out in section 37 of the Act, on all incorporated societies and on societies which conduct reinsurance business.

Regulation 2 defines terms for the purposes of these Regulations. In particular the definition of “society” should be noted as it has a restricted meaning for the purposes of these Regulations. Under regulation 3 the Regulations apply to accounts and reports for the 1995 financial year and thereafter.

Regulation 4 provides for the format of income and expenditure accounts and balance sheets of societies which do not have subsidiaries or jointly controlled bodies. Regulation 5 provides for the format of income and expenditure accounts and balance sheets of societies which have subsidiaries or jointly controlled bodies.

Regulation 6 prescribes requirements for the content and form of the accounts including requiring the accounts to be prepared in accordance with notes set out in the Schedules to the Regulations. Regulation 7 prescribes further requirements for group accounts. Regulation 8 requires the inclusion of notes to the accounts containing the material specified in Schedule 4 to the Regulations. Regulation 9 introduces Schedule 5 which sets out the information on investments in associated bodies which must be included in the notes. Regulation 10 introduces Schedule 6 which sets out the accounting principles and rules which must be applied in preparing the accounts.

Regulation 11 and Schedule 7 prescribe the accounts requirements for societies to which the Insurance Directives do not apply and which are not incorporated. Simplified income and expenditure accounts, balance sheets and notes thereto are required.

Regulation 12 and Schedule 8 set out the requirements for the committee of management’s annual report. Less stringent requirements are specified for societies to which the Insurance Directives do not apply or which are not incorporated.

Regulation 13 contains transitional provisions concerning accounting records for the year preceding the year to which these Regulations first apply. Regulation 14 introduces Schedule 9 which contains definitions of certain terms for the purposes of the Schedules to these Regulations.

A review of the cost of compliance with these Regulations has been undertaken and the resulting compliance cost assessment may be purchased from the Secretary, Friendly Societies Commission, 15 Great Marlborough Street, London W1V 2AX.

Footnotes

[^f00001]: 1992 c. 40.

[^f00011]: S.I. 1994 No. 1982.

[^f00012]: 1944 c. 10.

[^f00013]: 1945 c. 6. (N.I.).

3

Any differences of accounting rules as between a society’s individual accounts for a financial year and its consolidated accounts must be disclosed in a note to the accounts and the reasons for the differences given.

4

Amounts which in the particular context of any provision of this Schedule are not material may be disregarded for the purposes of that provision.

1

Subject to paragraph 7 below, the amounts to be included in respect of all items shown in a society’s annual accounts must be determined in accordance with the principles set out in paragraphs 2 to 6 below.

Provisions for claims outstanding

General business

Long term business

Editorial notes

[^key-69d6d303d71fae86ecbd1ac1dcc09526]: Reg. 1 in force at 1.9.1994, see reg. 1

[^key-8b270d46d1a049b69b096564fc985141]: Sch. 2 Pt. I in force at 1.9.1994, see reg. 1

[^key-df89ebbf0257ed02c3864b8151384c72]: Sch. 4 para. 18 in force at 1.9.1994, see reg. 1

[^key-594a544e27ec67d9337e7b948c30c5b7]: Sch. 4 para. 19 in force at 1.9.1994, see reg. 1

[^key-7a6d1346e97c65569ef770063e1b9102]: Sch. 6 para. 4 in force at 1.9.1994, see reg. 1

[^key-e22dff09331345a167a7b4b36228720e]: Sch. 6 para. 8 in force at 1.9.1994, see reg. 1

[^key-4fd69900aa1da59104cc84de8c3e839a]: Sch. 6 para. 9 in force at 1.9.1994, see reg. 1

[^key-a95ac5a91de5029c2bb6aacf8600abc7]: Sch. 6 para. 12 in force at 1.9.1994, see reg. 1

[^key-5b52735426b7dbbaa4a9da088f8f703c]: Sch. 9 para. 7 in force at 1.9.1994, see reg. 1

[^key-2cc0101c52b5cfc27e1276de57a8331d]: Sch. 9 para. 10 in force at 1.9.1994, see reg. 1

[^key-f9a39ad24790f41b49f7fee82c2101b6]: Sch. 3 para. 12 in force at 1.9.1994, see reg. 1

[^key-56503732c8ecc04f4e6da6e40b456a14]: Sch. 4 para. 28 in force at 1.9.1994, see reg. 1

[^key-b806eefdd1c11581e2ad8a0e39d0bff1]: Sch. 4 para. 30 in force at 1.9.1994, see reg. 1

[^key-afc798e5e926ca645c168cbeb067a1b6]: Reg. 2 in force at 1.9.1994, see reg. 1

[^key-2e1667665bb22787473ee4f20a998b7a]: Reg. 7 in force at 1.9.1994, see reg. 1

[^key-b706d361f3a1ea470debb19bafb9f778]: Reg. 8 in force at 1.9.1994, see reg. 1

[^key-c602c6ca54bd3acf13801c2b0642a217]: Reg. 3 in force at 1.9.1994, see reg. 1

[^key-510d358bd6f361631aa244ab47c3f73d]: Reg. 4 in force at 1.9.1994, see reg. 1

[^key-76bb1ca6c813ca610805e1ac9b38e6bf]: Reg. 5 in force at 1.9.1994, see reg. 1

[^key-ee970b0d6bcb35bacf269fb8c9277777]: Reg. 6 in force at 1.9.1994, see reg. 1

[^key-b45a3cc5735b053b02716e1d27db7536]: Reg. 10 in force at 1.9.1994, see reg. 1

[^key-ecc0f2973edd84ad42542b7ddd4b3755]: Reg. 11 in force at 1.9.1994, see reg. 1

[^key-ef49123b3a87484dfe800ad2e8809857]: Reg. 12 in force at 1.9.1994, see reg. 1

[^key-9e039a84c516d1b232c3568e196d55b5]: Reg. 13 in force at 1.9.1994, see reg. 1

[^key-b40378c7e022afebe2628c3b0210585d]: Reg. 14 in force at 1.9.1994, see reg. 1

[^key-28a39ac5e0c9c276c7d30849b9dfceff]: Sch. 1 Pt. I in force at 1.9.1994, see reg. 1

[^key-4c4460e5e1f40584aa5d29cb34dc7d12]: Sch. 1 Pt. II in force at 1.9.1994, see reg. 1

[^key-aa812407eb8b29f829ccbfbc2ecbb54b]: Sch. 1 Pt. III in force at 1.9.1994, see reg. 1

[^key-b57e75d697b508d1e8df71b633ab3340]: Sch. 2 Pt. II in force at 1.9.1994, see reg. 1

[^key-44adfc0877ce34c55ebc64018917ceb8]: Sch. 2 Pt. III in force at 1.9.1994, see reg. 1

[^key-21bdccf94a56f18e31b50bbf36848fee]: Sch. 2 Pt. IV in force at 1.9.1994, see reg. 1

[^key-5d83431fb234dcb80d9851225c11ab6f]: Sch. 3 para. 1 in force at 1.9.1994, see reg. 1

[^key-bea2e59d376c19945268c3e38d9a889d]: Sch. 3 para. 2 in force at 1.9.1994, see reg. 1

[^key-86e0fe87ff6b0ec109cfc46a3c733b61]: Sch. 3 para. 5 in force at 1.9.1994, see reg. 1

[^key-21ad15f7f5a8c680f41826a0f6e31684]: Sch. 3 para. 6 in force at 1.9.1994, see reg. 1

[^key-546f9bef47835ac2ecc8fef14e9837fe]: Sch. 3 para. 7 in force at 1.9.1994, see reg. 1

[^key-bcfed1b115d50c300bd0cef32d518a8e]: Sch. 3 para. 8 in force at 1.9.1994, see reg. 1

[^key-c3f65ac704c46f9b4fe62f05ec93b62d]: Sch. 3 para. 9 in force at 1.9.1994, see reg. 1

[^key-dd94529d541a8a080145add47cc7e533]: Sch. 3 para. 10 in force at 1.9.1994, see reg. 1

[^key-95f37a2af408116d675136ab25736b0b]: Sch. 3 para. 11 in force at 1.9.1994, see reg. 1

[^key-7c8d67d20fa35307c6ddf916e4f5d8ba]: Sch. 3 para. 13 in force at 1.9.1994, see reg. 1

[^key-9fd427fa365e4ae14fa03c2115f6bff8]: Sch. 4 para. 15 in force at 1.9.1994, see reg. 1

[^key-72adabb50147ad8a9c35cfd98f199e3d]: Sch. 4 para. 16 in force at 1.9.1994, see reg. 1

[^key-0ada26aefca33392f4f905109366fcac]: Sch. 4 para. 17 in force at 1.9.1994, see reg. 1

[^key-c776f1c9a19742fdd24ab5064e03ac62]: Sch. 4 para. 20 in force at 1.9.1994, see reg. 1

[^key-60d555d3df02e6f887289677d82aecde]: Sch. 4 para. 21 in force at 1.9.1994, see reg. 1

[^key-b52618b2dfe06b7a9f9d0b564d679149]: Sch. 4 para. 22 in force at 1.9.1994, see reg. 1

[^key-168bebb2e7770fe09b23827ac71599bc]: Sch. 4 para. 23 in force at 1.9.1994, see reg. 1

[^key-495bfe497dbd5555590bdab16de0b3da]: Sch. 4 para. 24 in force at 1.9.1994, see reg. 1

[^key-84d718ae1c1eebb2bdb9896ba6cfd059]: Sch. 4 para. 25 in force at 1.9.1994, see reg. 1

[^key-216a373387cf1b260e5275cb5ec24456]: Sch. 4 para. 26 in force at 1.9.1994, see reg. 1

[^key-6cbc5d8a7d649a6fa790e37b247049af]: Sch. 4 para. 27 in force at 1.9.1994, see reg. 1

[^key-3c1ab47dc98d6bed159badcf00954a85]: Sch. 4 para. 29 in force at 1.9.1994, see reg. 1

[^key-e3e2b356cf9980c5cd595456ac749b50]: Sch. 6 para. 2 in force at 1.9.1994, see reg. 1

[^key-4959b132850c995810ad8ca4c50781e5]: Sch. 6 para. 3 in force at 1.9.1994, see reg. 1

[^key-7c5368d9947c3b8e3e5be0be49af58b8]: Sch. 6 para. 5 in force at 1.9.1994, see reg. 1

[^key-ffa9661249b362e4db3ecdd6aa0f7b56]: Sch. 6 para. 6 in force at 1.9.1994, see reg. 1

[^key-e9a7ac700996e616deb4bc7ddd83f866]: Sch. 6 para. 7 in force at 1.9.1994, see reg. 1

[^key-05d744e6b968dbe00f6149771040ad00]: Sch. 6 para. 10 in force at 1.9.1994, see reg. 1

[^key-3470e63aed2c9dfc4bcd7f4594200dd3]: Sch. 6 para. 11 in force at 1.9.1994, see reg. 1

[^key-eb8273cfaafd1d2726779e0670b3ea03]: Sch. 6 para. 13 in force at 1.9.1994, see reg. 1

[^key-5f25c301b6b5636d255200888a8afb42]: Sch. 6 para. 14 in force at 1.9.1994, see reg. 1

[^key-3e026de9e6d79e34d83cdf27c64600ff]: Sch. 6 para. 15 in force at 1.9.1994, see reg. 1

[^key-083dfa8eb44093336219deb9f8f0092f]: Sch. 6 para. 16 in force at 1.9.1994, see reg. 1

[^key-fd4f861149a0caa7b8e5f038fedbc334]: Sch. 6 para. 17 in force at 1.9.1994, see reg. 1

[^key-a1a2166445c866b80114c38a779cc585]: Sch. 6 para. 18 in force at 1.9.1994, see reg. 1

[^key-e61e161b1da86b88f69616443ff80337]: Sch. 6 para. 19 in force at 1.9.1994, see reg. 1

[^key-403157fa9813e64b38cefe6486bd7233]: Sch. 6 para. 20 in force at 1.9.1994, see reg. 1

[^key-47110eb5b5a7bdbb74c5f6efb3004739]: Sch. 6 para. 21 in force at 1.9.1994, see reg. 1

[^key-86e9a7b7ce46dfaeacfbb1ba0881e651]: Sch. 6 para. 22 in force at 1.9.1994, see reg. 1

[^key-3efc14e026c6feef4fc51f8a35eaf1bd]: Sch. 6 para. 23 in force at 1.9.1994, see reg. 1

[^key-9c3f8dfd68dcac4cc6fcfd8939534f94]: Sch. 6 para. 24 in force at 1.9.1994, see reg. 1

[^key-99bace46031c7c394992f10ed98092c1]: Sch. 6 para. 25 in force at 1.9.1994, see reg. 1

[^key-3b8f98439d5dac8bc01acf9733913ba0]: Sch. 6 para. 26 in force at 1.9.1994, see reg. 1

[^key-9f4e99b3ce9a01f4871d6332db2fe73f]: Sch. 6 para. 27 in force at 1.9.1994, see reg. 1

[^key-6bb771489cc021cce81084e58fdaf64d]: Sch. 6 para. 28 in force at 1.9.1994, see reg. 1

[^key-73221e71fea1a69081d8661086e38d3f]: Sch. 6 para. 29 in force at 1.9.1994, see reg. 1

[^key-e3cd5c0a0cdefa321bbfa55ac746fadb]: Sch. 6 para. 30 in force at 1.9.1994, see reg. 1

[^key-627d184e4e5437a18245cddf6fdaf371]: Sch. 6 para. 31 in force at 1.9.1994, see reg. 1

[^key-fba7ec5ccc77e948de8f338a961a3dc5]: Sch. 6 para. 32 in force at 1.9.1994, see reg. 1

[^key-76e9d2bcf1bbf01e1236e1234de5022a]: Sch. 6 para. 33 in force at 1.9.1994, see reg. 1

[^key-dcb2564e3c7b1896c615aa03e41e2db8]: Sch. 6 para. 34 in force at 1.9.1994, see reg. 1

[^key-ed6a5b2cb3dddd03a71c95ccab97eb59]: Sch. 6 para. 35 in force at 1.9.1994, see reg. 1

[^key-33f40aa6fb357cfea4ef53edbf3cbf94]: Sch. 6 para. 36 in force at 1.9.1994, see reg. 1

[^key-54bb46009a040bca0fc9764d224952a4]: Sch. 6 para. 37 in force at 1.9.1994, see reg. 1

[^key-6c3d3dacb68e21434cdafea382c44677]: Sch. 6 para. 38 in force at 1.9.1994, see reg. 1

[^key-e092e7512022297d2979d1459203eadd]: Sch. 6 para. 39 in force at 1.9.1994, see reg. 1

[^key-8cfa96d94aa04fe6ba64728e9904ba40]: Sch. 6 para. 40 in force at 1.9.1994, see reg. 1

[^key-a43f768aeeebb1362587854f44133da0]: Sch. 7 Pt. I in force at 1.9.1994, see reg. 1

[^key-09da36bcc0062fcf4745362525c2b407]: Sch. 7 Pt. II in force at 1.9.1994, see reg. 1

[^key-ede83f6221d48f898cce7c84bfbb3ece]: Sch. 7 Pt. III in force at 1.9.1994, see reg. 1

[^key-643b0f597c6a393f46360c5d07153bdf]: Sch. 8 para. 1 in force at 1.9.1994, see reg. 1

[^key-3fe025c0ee2dc1370d89fd6aa5f13040]: Sch. 8 para. 2 in force at 1.9.1994, see reg. 1

[^key-20b6ea34141a6ce74217d34f0acff564]: Sch. 8 para. 3 in force at 1.9.1994, see reg. 1

[^key-d44610cb0a3fe9af38c363522831d392]: Sch. 8 para. 4 in force at 1.9.1994, see reg. 1

[^key-25188526a093bdf117d2a053b870926e]: Sch. 8 para. 5 in force at 1.9.1994, see reg. 1

[^key-bea6c1427944b6689b2e737c1359cc41]: Sch. 8 para. 6 in force at 1.9.1994, see reg. 1

[^key-c2ed9d672c00196db135e436f5279091]: Sch. 8 para. 7 in force at 1.9.1994, see reg. 1

[^key-d096e3186520ec7eb6bdcc44642fed4a]: Sch. 8 para. 8 in force at 1.9.1994, see reg. 1

[^key-95f14515e152a2cbae41f814d37abda8]: Sch. 8 para. 9 in force at 1.9.1994, see reg. 1

[^key-cfe32b957a0a52c66a4ec75143c75ce7]: Sch. 8 para. 10 in force at 1.9.1994, see reg. 1

[^key-c374cea302ef9d92fdfdae992ecaaf03]: Sch. 8 para. 11 in force at 1.9.1994, see reg. 1

[^key-11a5a38a2c0ea21c8dc5cf93d6334726]: Sch. 8 para. 12 in force at 1.9.1994, see reg. 1

[^key-1f299fa6746073abc9e6d1ea402374ca]: Sch. 9 para. 1 in force at 1.9.1994, see reg. 1

[^key-a0930db186c5ba89e46520f9dde6a4ed]: Sch. 9 para. 2 in force at 1.9.1994, see reg. 1

[^key-f0e0530f3e6d03348d43607f6462b887]: Sch. 9 para. 3 in force at 1.9.1994, see reg. 1

[^key-728982fa36b30cb481d1226ed033fe69]: Sch. 9 para. 4 in force at 1.9.1994, see reg. 1

[^key-ecb735290d7ba311925756fa5f1bba0b]: Sch. 9 para. 5 in force at 1.9.1994, see reg. 1

[^key-9ff940815848ff4f96be84a38dae3246]: Sch. 9 para. 6 in force at 1.9.1994, see reg. 1

[^key-945c6a009aed84384556a2f9ced5b70e]: Sch. 9 para. 8 in force at 1.9.1994, see reg. 1

[^key-b203c2e5fde344779ff4bdd3c06b2f14]: Sch. 3 para. 3 in force at 1.9.1994, see reg. 1

[^key-96c036eb24ef1b00c5cc8deece72eb97]: Sch. 3 para. 4 in force at 1.9.1994, see reg. 1

[^key-c117f1bbed969f120e6df18212df8635]: Sch. 6 para. 1 in force at 1.9.1994, see reg. 1

[^key-3bc7add738e77ca1cb9e9b7bc5dd1b00]: Words in art. 2(1) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 465

[^key-c9e18afd36b1e0d8f338d43112cfdeb4]: Words in Sch. 4 para. 18(1)(b) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 466(a)

[^key-8f802958bce098b184ec292136f009b9]: Sch. 4 para. 32 revoked (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 466(b)

[^key-cbd60ef2b743e963f47e8048c721bd40]: Words in reg. 2(1) substituted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 2(2)

[^key-3513302c6d2148e32c7990f20fbc95ac]: Words in reg. 7(3) substituted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 2(3)(a)

[^key-77dc5f0a9b1d227914e44ec1b8dc7169]: Words in reg. 7(7) substituted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 2(3)(b)

[^key-dde7591d1fbb43b6301c235bc79ecc35]: Reg. 10A inserted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 2(4)

[^key-8cd0ae49daa73a5346abee2c2a5f6120]: Words in Sch. 2 Pt. 1 substituted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 2(5)

[^key-9dceec4d1f092bd44e617ff6ed9b9c46]: Words in Sch. 4 para. 19(1)(b) substituted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 2(6)

[^key-f094648dc1f2486681a62bcbd04abe53]: Words in Sch. 4 para. 19(1)(c) substituted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 2(6)

[^key-facdf1ee01b9419c76b9fb93080aacb7]: Sch. 6 Pt. 4A inserted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 5

[^key-b16f440323ba9ca3b1f481cd07e5e95b]: Words in Sch. 6 para. 4(b) omitted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by virtue of The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 2(7)

[^key-ad367e8f74f35fa3995415717b9f60ab]: Words in Sch. 6 para. 8(1)(a) substituted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 4(2)

[^key-8a66160821fba05cc34d9e8c3caf5d6c]: Words in Sch. 6 para. 8(1)(b) substituted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 4(3)

[^key-816b958da6fe6cca4ea3b915b84fff85]: Words in Sch. 6 para. 9 inserted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 4(4)

[^key-acfa0f1716846fa33f5a9f5c1d1479d9]: Words in Sch. 6 para. 12(2) substituted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 4(5)

[^key-63be0a66890ff366f72a657fa3db5855]: Sch. 9 paras. 11,12 inserted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 6(4)

[^key-24d35cb2ba8e18aba7396cb7d0027c39]: Words in Sch. 9 para. 7(3) omitted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by virtue of The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 6(2)(a)