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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 116 of 2023.

Reporting Standard LRS 114.5

Friendly Society Related Items

General instructions

Reporting tables

Tables described in this Reporting Standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

D

Declared bonus rate	This is the net of tax bonus rate declared at the year end. The rate would typically be calculated based on the fund’s smoothed investment earnings less income tax, management fees and expenses of the fund.

F

Fees paid to the management fund	This applies to benefit fund reporting. It represents the fees paid from the benefit fund to the management fund (before tax) to cover the cost of operating and administrating the benefit fund. The fees are typically based on Funds Under Management (FUM).
Fees received by the management fund	This applies to management fund reporting. It represents the fees received by the management fund from the benefit fund (before tax) to cover the cost of operating and administrating the benefit fund. The fees are typically based on FUM.

G

Guaranteed benefits – measurement model

This reports the measurement model that a friendly society uses to measure guaranteed benefits for each benefit fund for the purposes of surplus distribution. Friendly societies are to choose one of the following measurement models:best estimate liability valued using yields of commonwealth government securities;best estimate liability valued using risk free rates other than yields of commonwealth government securities;best estimate liability valued using asset earning rates;account balance; orother (please specify).

I

Increase / (decrease) in unallocated surplus	This is the increase / (decrease) in unallocated surplus in the fund.

Management fee rate	This is the FUM management fee rate applying at the end of the reporting period to the benefit fund to cover the cost of operating and administering the benefit fund. This rate excludes investment management expenses and is before tax. This rate would be disclosed to members on the product disclosure statement and / or on letters to members (if there is a change in the rate).
Members’ combined account balances	This is the fair value of all the fund member’s combined account balances. This excludes unallocated surpluses.

Surplus distributed to benefit fund members as declared bonus	This is the amount of surplus distributed to benefit fund members as declared bonus, which is added to the guaranteed benefits of members who remain in-force at the end of the reporting period.
Surplus distributed to benefit fund members as interim or terminal bonus	This is the amount of surplus distributed to benefit fund members as interim or terminal bonus, which is added to the benefits of members who exited the fund during the reporting period.

Unallocated surplus - regulatory capital self-supporting level	This is the amount of unallocated surplus at which prescribed LAGIC stresses are absorbed entirely.
Unallocated benefit reserve	For defined benefit business, this includes:surplus that will be distributed to the management fund under the approved benefit fund rules; andsurplus that may be distributed to the management fund (or another benefit fund) or used for benefit enhancement under the approved benefit fund rules.This does not apply to defined contribution business.This forms part of accounting equity.
Unallocated distributable surplus	This is the maximum amount of unallocated surplus that could be immediately distributed to benefit fund members without causing a breach of the capital adequacy standards.
Unallocated surplus	This is excess assets over guaranteed benefits after distributions to benefit fund members. This does not include amounts that were allocated to unallocated benefit reserve.

Item 1	Report unallocated benefit reserve.
Item 2	Report unallocated surplus.
Item 3	Report increase / (decrease) in unallocated surplusReport this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.
Item 4	Report unallocated distributable surplus.
Item 5	Report unallocated surplus - regulatory capital self-supporting level.
Item 6	Report members’ combined account balances.
Item 7	Report surplus distributed to benefit fund members as declared bonus.Report this item as part of annual submission only.The item relates to the year up to the close of business on the last day of the annual reporting period.
Item 8	Report surplus distributed to benefit fund members as interim or terminal bonus.Report this item as part of annual submission only.The item relates to the year up to the close of business on the last day of the annual reporting period.
Item 9	Report fees paid to the management fund.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.
Item 10	Report fees received by the management fund.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.
Item 11	Report investment earnings and capital gains gross of tax and net of IME.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.
Item 12	Report tax on investment earnings and capital gains.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.
Item 13	Report investment management expenses.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.
Item 14	Report other expenses incurred in the fund.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.
Item 15	Report guaranteed benefits – measurement model type.This is a qualitative data item.
Item 16	Report declared bonus rate.Report this item as a percentage.Report this item as part of annual submission only.The declared bonus rate is as at the last day of the annual reporting period.
Item 17	Report management fee rate.Report this item as a percentage.Report this item as part of annual submission only.The management fee rate is as at the last day of the annual reporting period.

Item 1

Report unallocated benefit reserve.

Item 2

Report unallocated surplus.

Item 3

Report increase / (decrease) in unallocated surplusReport this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.

Item 4

Report unallocated distributable surplus.

Item 5

Report unallocated surplus - regulatory capital self-supporting level.

Item 6

Report members’ combined account balances.

Item 7

Report surplus distributed to benefit fund members as declared bonus.Report this item as part of annual submission only.The item relates to the year up to the close of business on the last day of the annual reporting period.

Item 8

Report surplus distributed to benefit fund members as interim or terminal bonus.Report this item as part of annual submission only.The item relates to the year up to the close of business on the last day of the annual reporting period.

Item 9

Report fees paid to the management fund.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.

Item 10

Report fees received by the management fund.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.

Item 11

Report investment earnings and capital gains gross of tax and net of IME.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.

Item 12

Report tax on investment earnings and capital gains.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.

Item 13

Report investment management expenses.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.

Item 14

Report other expenses incurred in the fund.Report this item for the quarter or year up to the close of business on the last day of the reporting period as relevant.

Item 15

Report guaranteed benefits – measurement model type.This is a qualitative data item.

Item 16

Report declared bonus rate.Report this item as a percentage.Report this item as part of annual submission only.The declared bonus rate is as at the last day of the annual reporting period.

Item 17

Report management fee rate.Report this item as a percentage.Report this item as part of annual submission only.The management fee rate is as at the last day of the annual reporting period.

Investment earnings and capital gains gross of tax and net of IME	This is the total of investment earnings and capital gains earned by the assets within the fund before tax and net of investment management expenses.
Investment management expenses	This is fixed and variable costs to the fund of managing the investment portfolio.

General instructionsGeneral instructions

Get a plain-English read of General instructions

Reporting Standard LRS 114.5

Friendly Society Related Items

General instructions

Reporting tables

Definitions

D

F

G

I

M

O

S

Specific instructions

Table 1: Friendly Society Related Items

Reporting basis

Units of measurement