Financial Statements

Consolidated Statement of
Comprehensive Income

Group

Society

Note

2017

2016

2017

2016

Restated

Restated

£000

£000

£000

£000

Gross earned premiums

5

65,216

66,349

61,527

62,931

Reinsurers' share of gross earned premium

5

(6,406)

(6,146)

(6,406)

(6,146)

Net earned premium

58,810

60,203

55,121

56,785

Investment income

6

2,743

2,654

2,735

2,634

Net gains/(losses) on investments

7

2,293

18,376

2,304

18,355

Other Income

Reinsurance commission

8

(93)

2,448

(93)

2,448

Total Income

63,753

83,681

60,067

80,222

Gross benefits and claims

9

(46,413)

(45,329)

(43,219)

(42,383)

Reinsurers' share of gross benefits and claims

9

1,723

1,322

1,723

1,322

Net benefits and claims

(44,690)

(44,007)

(41,496)

(41,061)

Gross change in insurance contract liabilities

10

18,724

936

18,740

1,046

Reinsurers' share of gross change in insurance contract liabilities

10

2,444

(1,845)

2,444

(1,845)

Net change in insurance contract liabilities

21,168

(909)

21,184

(799)

Investment expenses and charges

(332)

(348)

(332)

(348)

Net operating expenses (excluding commission to brokers)

11

(13,664)

(13,766)

(13,249)

(13,394)

Commission and introductory fees to Brokers

11

(8,918)

(6,025)

(8,690)

(5,898)

Bonus and rebates

(590)

(494)

(590)

(494)

Total Benefit, Claims and Expenses

(47,026)

(65,548)

(43,173)

(61,994)

Profit before tax

16,727

18,133

16,894

18,228

Income Tax Expense

14

0

0

0

0

Transfer from / (to) the Unallocated divisible surplus

21

(16,727)

(18,133)

(16,894)

(18,228)

Profit/(loss) for the year

0

0

0

0

Other Comprehensive Income

Pensions scheme actuarial (loss)/gain

22

618

(407)

618

(407)

Fair value gains of property, plant and equipment

18

160

110

160

110

Post Retirement Medical Benefit Reserve actuarial gain

0

0

0

0

Transfer (to)/from the Unallocated Divisible Surplus

21

(778)

297

(778)

297

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 3 and 21. 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 beginning on page Notes to the Consolidated Financial Statements form part of these financial statements.