COMPLIANCE WITH FRS8: DISCLOSURE
OF RELATED PARTY TRANSACTIONS
The Council has agreed that the Annual Accounts of the Law Society comply with all
relevant Financial Reporting Standards (FRS). The Society is therefore required to
comply with FRS 8 - Related Party Disclosures.
Under this standard, the Society is required to disclose related party transactions*
between the Society or its subsidiaries and related parties. After consultation with the
Society's professional auditors, it has been agreed that related parties would include
Council and Board Members and their firms, employers or close family members**
In order to ensure that the disclosures are accurate, please complete the attached
declaration and e-mail to Bill Bilimoria, Head of Finance, as detailed on the following
page.
*
A related party transaction includes any transaction involving the transfer of
assets or the performance of services by, to or for a related party. However,
specifically excluded are claims for travel and subsistence expenses incurred
on Law Society business, the annual expense allowance, practising certificate
and other statutory fees payable to the Society, supplies by the Society on
terms no more favourable than available to any other member, Office Holders
Compensation and Lay Members Compensation. Also this should not include
any transactions between Council or Board Members or their firms and the
Solicitors Indemnity Fund.
**
A close family member is a family member or member of the same household
as the Council or Board Member and, in either case, is a person who may be
expected to influence or be influenced by the Council or Board Member in his or
her dealings with the Society. A related party would also include a company, of
which the Council or Board Member, their Firm, employers or close family
member was a director or held a controlling interest therein.
COMPLIANCE WITH FRS8: DISCLOSURE
OF RELATED PARTY TRANSACTIONS
Please ensure that you have selected the correct statement by clicking on the
arrow at the beginning of the paragraph
Please ensure that you have printed your name below
related party transactions between myself, my firm/employers or close family and the
Law Society or its subsidiaries for the period 1 January 2007 to 31 December 2007.
(This excludes claims for travel and subsistence expenses incurred on Law Society
business, the annual expense allowance, practising certificate and other statutory fees
payable to the Society, supplies by the Society on terms no more favourable than
available to any other member, Office Holders Compensation and Lay Members
Compensation.
Date
Related Party
Law Society
Entity
Signature:
Description of
Transaction
Value of
Transaction
if
Quantifiable
Date:
Please return your completed form to Bill Bilimoria, Head of Finance, the Law
Society, via e-mail by clicking the ‘Send Mail’ button below and typing in Bill
Bilimoria’s e-mail address (bill.bilimoria@lawsociety.org.uk)
Send Mail
Please note that the origin of the e-mail will be taken as authentication of the form