Friendly Societies Act, 1956 (Act No. 25 of 1956)

Regulations

Purchase

.........................................................Society

REVENUE ACCOUNT FOR THE YEAR ENDED 31st December 19.....

		(N.B. — The attention of societies carrying on business which is subject to actuarial scrutiny as well as business which is not so subject is directed to regulation 16).
EXPENDITURE		REVENUE
1.	Benefits paid (1) :—	1.	Contributions:—
	(a) Medical (2)		(a) Members:—
	(b) Sick pay		(i) Ordinary
	(c) Death		(ii) Levies
	(d) Funeral		(iii) Entrance fees
	(e) Other (specify)		(b) Employer

		2.	Income from investments:—
			(a) Interest
2.	Administration expenses:—		(b) Dividends
	(a) Salaries and wages		(c) Rent (less direct expenses)
	(b) Honoraria
	(c) Audit fees
	(d) Actuarial costs
	(e) Contributions towards staff funds (3)	3.	Other income (specify)
	(f) Office rent
	(g) Other


		4.	Excess of expenditure over revenue
3.	Other expenditure (specify) (4)


4.	Depreciation (specify)


5.	Provision for unpaid claims (received as well as unintimated)

6.	Other provisions (specify)


7.	Excess of revenue over expenditure

NOTES —

(1)	Claims relating to the previous year should not be included but be set off against the provision made for such claims up to the amount of the provision. Any excess should be shown separately in the revenue account.

(2)	Hospital, doctors’ and dentists’ fees, etc., should be regarded as “ medical benefits”.

(3)	Contributions to other societies or to a pension or provident fund for the benefit of employees of the Society.

(4)	For example, premiums on group life insurance policies.