Regulation 3
1. The sum specified in this Schedule is the sum determined by the formula—
A × B
where A = 0.57/100, and
B = the specified income for the year ended 31st December 2000 as determined in accordance with paragraphs 2 to 4 below provided that—
where the resultant sum exceeds £50,000, the sum is £50,000; and
where the resultant sum is less than £375, the sum is £375.
2. In respect of a society to which section 37(2) or (3) of the 1992 Act applies, which is an incorporated society or which carries on reinsurance business and which, for the year ended 31st December 2000, was required under section 69 of the 1992 Act to prepare annual accounts in the form specified in section 70 of the 1992 Act and in the Friendly Societies (Accounts and Related Provisions) Regulations 1994(1) (“the Accounts Regulations”), the value of the specified income for that year is the sum of the amounts entered as income items I.1, I.2a.(b), II.1, II.2.(b) and III.3.(b) in the income and expenditure account prepared by the society in accordance with Part I of Schedule I to the Accounts Regulations and the specified income for the year ended 31st December 2000 of every registered branch of the society as determined in accordance with paragraph 4 below.
3. In respect of a society to which section 37(2) or (3) of the 1992 Act does not apply, which is a registered society and which does not carry on reinsurance business and which, for the year ended 31st December 2000, was required under section 69 of the 1992 Act to prepare annual accounts in the form specified in section 70 of the 1992 Act and in the Accounts Regulations, the value of the specified income for that year is the sum of the amounts entered as income items 1.(a), 1.(b)(i) and 1.(c) in the income and expenditure account prepared by the society in accordance with Part I of Schedule 7 to the Accounts Regulations and the specified income for the year ended 31st December 2000 of every registered branch of the society as determined in accordance with paragraph 4 below.
4. In respect of a registered branch which, for the year ended 31st December 2000, was required under section 69 of the 1992 Act to prepare annual accounts in the form specified in section 70 of the 1992 Act and in the Accounts Regulations, the value of the specified income for that year is the sum of the amounts entered as income items 1.(a), 1.(b)(i) and 1.(c) in the income and expenditure account prepared by the branch in accordance with Part I of Schedule 7 to the Accounts Regulations or which would be so entered were the branch required to prepare its income and expenditure account in accordance with that part of that Schedule but leaving out of account the amount of any income received from the central body having control of the branch or from another registered branch of the society.