The Friendly Societies (Accounts and Related Provisions) Regulations 1994

PART IIFORMAT OF CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT

The modifications to Part I of this Schedule for the format of a consolidated income and expenditure account are as follows:

(1) Items I.2a(a), II.2(a) and III.3(a) (income from shares in subsidiaries) must be omitted.

(2) Items III.10 (Excess of income over expenditure on ordinary activities after tax) must be replaced by the following items:

III.10a.Excess of income over expenditure on ordinary activities after tax

III.10b.Minority Interests.

(3) Items III.14 (Tax on extraordinary gain or loss) must be replaced by the following items:

III.14a.Tax on extraordinary gain or loss

III.14b.Extraordinary gain or loss after tax

III.14c.Minority interests in extraordinary gain or loss after tax.

(4) In the case of general business, investment income expenses and charges may be disclosed in the non-technical account rather than in the technical account.

(5) In the case of subsidiaries which are not authorised to carry on long term business in United Kingdom, notes (8) and (9) to the income and expenditure account format have effect as if references to investment income, expenses and charges arising in the long term fund or to investments attributed to the long term fund were references to investment income, expenses and charges or (as the case may be) investments relating to long term business.

(6) In the case of subsidiaries which do not have a head office in United Kingdom, the computation required by paragraph 37 of Schedule 6 must be made annually by an actuary or other specialist in the field on the basis of recognised actuarial methods.

(7) The information required by paragraphs 26 to 29 of Schedule 4 need not be shown.