Friendly Societies Act 1992

[F1 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 [F2 the 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 [F3 UK-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

F1 Sch. 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

F2 Words 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)

F3 Words 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)