[F1Financial information about subsidiary undertakingsU.K.
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
3.(1)There must be disclosed with respect to each subsidiary undertaking—U.K.
(a)the aggregate amount of its capital and reserves as at the end of its relevant financial year; and
(b)its profit or loss for that year.
(2)The information referred to in sub-paragraph (1) need not be given if the society’s investment in the subsidiary undertaking is included in the society’s accounts by way of the equity method of valuation or if—
(a)the subsidiary undertaking is not required by any provision of the Companies Act 1985 or the Companies (Northern Ireland) Order 1986 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 undertaking.
(3)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 international accounting standards that such accounts achieve a fair presentation.
(4)For the purposes of this paragraph the “relevant financial year” of a subsidiary undertaking 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.]