When the society was formed in 1871, there was no legal requirement for companies to publish balance sheets or profit and loss accounts. However, the directors of the society published balance sheets, containing a general summary of the capital, assets and liabilities of the society, right from its formation. These were made out every year and laid before the shareholders together with the annual report (ref: FRAS 480, FRAS 497) at the annual general meeting. The directors caused profit and loss accounts to be added in ????. From 1948, the directors, in accordance with the 1948 Companies Act, caused a consolidated balance sheet, giving a general summary of the assets and liabilities of the society and its subsidiaries, and a consolidated profit and loss account, showing the profit and loss of the society and its subsidiaries, to be made out every year and laid before the shareholders at the annual general meeting.
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