CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT
for the year ended 31 December 2008
2008 2007
Notes £'000 £'000 £'000 £'000
Members’ subscriptions 180,681 176,059
Investment income 3 6,157 2,112
Total mutual income 186,838 178,171
Less:
Medical and dental advisory services 16,248 13,949
Indemnity, legal, reinsurance and insurance costs 4 122,901 155,770
Administrative costs 10,626 10,665
Finance cost 5 2,683 1,841
Total mutual expenditure 152,458 182,225
Result from mutual activities 34,380 (4,054)
Income from non-mutual activities - 12,555
Less: share of joint venture’s turnover - (12,555)
Share of operating profit in joint venture - 608
Result before taxation 6(a) 34,380 (3,446)
Taxation charge 7(a) (1,668) (754)
Result after taxation transferred to
accumulated fund 15 32,712 (4,200)
All activities relate to continuing operations.
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 31 December 2008
2008 2007
Notes £'000 £'000
Result after taxation excluding share of profits 32,712 (4,808)
of joint venture
Actuarial (loss)/gain on pension scheme 15, 17 (4,200) 4,200
Share of joint venture’s profit for the year - 608
Total recognised gains and losses since
the last annual report 28,512 -
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