Textual Amendments
F1Sch. 13E inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Friendly Societies Act 1992 (International Accounting Standards and Other Accounting Amendments) Order 2005 (S.I. 2005/2211), art. 1(2), Sch. para. 6
5.(1)The information required by paragraphs 6 and 7 must be given where at the end of the financial year the society has a significant holding in a body corporate which is not a subsidiary undertaking of the society.U.K.
(2)A holding is significant for this purpose if—
(a)it amounts to 20 per cent or more of the nominal value of the shares in the body corporate; or
(b)the amount of the holding (as stated or included in the society’s accounts) exceeds one-tenth of the amount (as so stated) of the society’s assets.
6.(1)The name of the body corporate must be stated.U.K.
(2)There must be stated—
(a)if the body corporate is incorporated outside the United Kingdom, the country in which it is incorporated; and
(b)if it is incorporated in the United Kingdom, whether it is registered in England and Wales, Scotland or in Northern Ireland.
(3)There must also be stated—
(a)the identity of each class of shares in the body corporate held by the society; and
(b)the proportion of the nominal value of the shares of that class represented by those shares.
(4)Information otherwise required by this paragraph need not be given if it is not required in order for the society’s individual accounts and group accounts to give a true and fair view.
7.(1)There must also be stated—U.K.
(a)the aggregate amount of the capital and reserves of the body corporate as at the end of its relevant financial year; and
(b)its profit or loss for that year.
(2)That information need not be given if the investment of the society in all bodies corporate in which it has a significant holding is shown, in aggregate, in the notes to the accounts by way of the equity method of valuation.
(3)That information need not be given in respect of a body corporate if—
(a)the body corporate is not required by any provision of [F2the Companies Act 2006] to deliver a copy of its balance sheet for its relevant financial year and does not otherwise publish that balance sheet in the United Kingdom or elsewhere; and
(b)the society’s holding is less than 50 per cent of the nominal value of the shares in the body corporate.
(4)Information otherwise required by this paragraph need not be given if it is not material—
(a)in the case of Friendly Societies Act accounts, for the purpose of giving a true and fair view for the society of the matters set out in section 69B(2) or, where appropriate, section 69F(2); or
(b)in the case of IAS accounts, to the requirement under [F3UK-adopted international accounting standards] that such accounts achieve a fair presentation.
(5)For the purposes of this paragraph the “relevant financial year” of a body corporate is—
(a)if its financial year ends with that of the society, that year; and
(b)if not, its financial year ending last before the end of the society’s financial year.]
Textual Amendments
F2Words in Sch. 13E para. 7(3)(a) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 186(2) (with arts. 6, 11, 12)
F3Words in Sch. 13E para. 7(4)(b) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 1 para. 46(b) (with reg. 1(3)(4), Sch. 1 para. 67) (as amended by S.I. 2020/523, regs. 1(2), 22, 25(e)); 2020 c. 1, Sch. 5 para. 1(1)