Part VI Accounts and Audit
Laying and furnishing of accounts and reports
I178 Laying and furnishing of accounts and reports.
F11
The committee of management of a friendly society shall in each year—
a
lay before the society, at the annual general meeting, copies of the annual accounts for the last financial year, the report of the committee of management for that year and the F9auditor’s report on those accounts; and
b
send to the F4FCA and, if the society is a PRA-authorised person, the PRA, not later than 30th June or 14 days before the annual general meeting, whichever is earlier, two copies of those accounts and reports.
2
The committee of management of a registered branch shall in each year—
a
lay before the branch, at the annual general meeting, copies of the annual accounts for the last financial year and the F3auditor’s report on those accounts; and
b
send to the F13FCA and, if the society is a PRA-authorised person, the PRA, not later than 30th June or 14 days before the annual general meeting, whichever is earlier, two copies of those accounts and that report.
3
Every friendly society shall, as from the date by which at the latest its committee of management is required by subsection (1) above to send them to the F8FCA and, if the society is a PRA-authorised person, the PRA—
a
make copies of the annual accounts, the report of the committee of management and the F11auditor’s report available free of charge to members of the society at every office of the society; and
b
send, free of charge, copies of those documents to any member of the society who demands them;
and that duty shall cease, as respects those accounts, when the society comes to be under the same duty in respect of the accounts for the next financial year.
4
Every registered branch shall, as from the date by which at the latest its committee of management is required by subsection (2) above to send them to the F5FCA and, if the society is a PRA-authorised person, the PRA—
a
make copies of the annual accounts and the F7auditor’s report available free of charge to members of the branch at every office of the branch; and
b
send, free of charge, copies of those documents to any member of the branch who demands them;
and that duty shall cease, as respects those accounts, when the branch comes to be under the same duty in respect of the accounts for the next financial year.
F124A
A friendly society or registered branch is to be regarded as sending a copy of a document to a member for the purposes of subsection (3)(b) or (4)(b) if it makes the document available to the member on a website; and the end date for the purposes of section 119AB(4)(b) is the date when the duty ceases.
5
If default is made in complying with subsection (1) or (2) above, every person who was a member of the committee of management of the society or, as the case may be, the branch, at any time during the relevant period shall be guilty of an offence and liable on summary conviction—
a
to a fine not exceeding level 5 on the standard scale; and
6
If, on demand made of it under subsection (3) or (4) above, a friendly society or registered branch fails, in accordance with that subsection, to make available or, as the case may be, within 7 days of the demand, to send to a person a copy of the annual accounts, the society or branch shall be guilty of an offence and liable on summary conviction—
a
to a fine not exceeding level 3 on the standard scale; and
b
in the case of a continuing offence, to an additional fine not exceeding one-tenth of that level for every day during which the offence continues.
7
In subsection (5) above “the relevant period” means the period beginning at the end of the last financial year and ending with the date which falls 14 days before the annual general meeting following the end of that year.