Financial Statements

Consolidated Statements of Comprehensive Income

Group

Society

Note

2019

2018

2019

2018

Restated

Restated

£000

£000

£000

£000

Gross earned premiums

4

67,828

65,129

64,326

61,464

Reinsurers' share of gross earned premium

4

(8,028)

(6,912)

(8,028)

(6,912)

Net earned premium

59,800

58,217

56,298

54,552

Investment income

5

2,587

2,560

2,579

2,548

Net gains / (losses) on investments

6

9,251

(4,898)

9,246

(4,890)

Other Income

Reinsurance commission

7

274

138

274

138

Total Income

71,912

56,017

68,397

52,348

Gross benefits and claims

8

(41,032)

(41,787)

(38,165)

(38,776)

Reinsurers' share of gross benefits and claims

8

3,718

2,453

3,718

2,453

Net benefits and claims

(37,314)

(39,334)

(34,447)

(36,323)

Gross change in insurance contract liabilities

9

6,926

(10,174)

6,950

(10,294)

Reinsurers' share of gross change in insurance contract liabilities

9

5,373

8,997

5,373

8,997

Net change in insurance contract liabilities

12,298

(1,177)

12,322

(1,297)

Investment expenses and charges

(218)

(262)

(218)

(262)

Net operating expenses (excluding commission to brokers)

10

(21,657)

(15,993)

(21,650)

(15,634)

Commission and introductory fees to Brokers

10

(14,184)

(9,755)

(13,964)

(9,549)

Bonus and rebates

(598)

(637)

(598)

(637)

Total Benefit, Claims and Expenses

(61,673)

(67,159)

(58,555)

(63,702)

Profit / (loss) before tax

10,239

(11,141)

9,842

(11,354)

Income Tax Expense

13

0

0

0

0

Transfer (to) / from the Unallocated divisible surplus

20

(10,239)

11,141

(9,842)

11,354

Result for the year

0

0

0

0

Other Comprehensive Income

Pensions scheme actuarial gain / (loss)

21

201

38

201

38

Fair value gains of property, plant and equipment

17

0

40

0

40

Post Retirement Medical Benefit Reserve actuarial gain

0

0

0

0

Transfer (to) / from the Unallocated Divisible Surplus

20

(201)

(78)

(201)

(78)

Other Comprehensive Income for the year

0

0

0

0

Total Comprehensive Income for the Year

0

0

0

0

All income and expenditure relates to continuing operations. The Society is not presenting a separate Statement of Changes in Equity as the information is presented in Notes 2 and 20. As a Friendly Society, all net earnings are for the benefit of participating policy holders and are carried forward within the Unallocated Divisible Surplus. Accordingly, there is no profit for the year shown in the Statement of Comprehensive income.

The notes from page Notes to the Consolidated Financial Statements to New standards and amendments to standards not yet effective form part of these financial statements. See note 30 for details regarding the restatement as a result of an error.