IFB Annual Accounts 2011_Layout 1 09/06/2011 11:21 Page 1
Annual Report 2010 Intelligent Protection Your partner in preventing insurance fraud
Insurance Fraud Bureau
IFB Annual Accounts 2011_Layout 1 09/06/2011 11:21 Page 2
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Contents Chairman’s Report
4
Director’s Report
8
Financials 2008-2009 11
Insurance Fraud Bureau
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Chairman’s Report IFB Annual Report 2010
David Neave, Chairman
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IFB Annual Report 2010 Chairman’s Report
Chairman’s Report The rising costs associated with insurance fraud see it firmly placed as a priority on the public and insurance industry agenda. Fraud remains problematical and continued investment to counter the risks is a recognised requirement if the industry is to achieve success in reducing both volume and impact. Part of the industry investment in combating fraud has been applied to the formation and support of the IFB since July 2006. During the past 5 years, the IFB has assisted and supported its industry partners to achieve unprecedented success, in terms of disrupting those concerned with organised fraud. The IFB has played an important part in ensuring the industry receives positive media coverage for its efforts to tackle organised insurance fraud. Strong deterrent messaging has been used demonstrating that not only is the industry capable of identifying organised fraud, but is also successfully disrupting such activity with serious ramifications for the fraudsters concerned. In an environment whereby the industry has publicly been challenged on its resolve and commitment to tackle insurance fraud, the value of such media activity should not be underestimated. Recognising that its operating model needs to be resilient and effective, and led by Glen Marr, who was appointed as Director in June 2010, the IFB has devoted meaningful attention to strengthening its core capability. This has included an operational restructuring exercise and recruitment of resource. A host of activities geared to enhancing the operational model have been undertaken and the level of customer engagement notably enhanced, to include two customer events held in London which, based on feedback, were very well received. The IFB has effectively repositioned itself with stakeholders in law enforcement, regulators and
agencies, successfully leveraging opportunities for data, information and intelligence sharing. IFB relationships with law enforcement have, for example, progressed to data being shared for the first time with the IFB for proactive purposes. Data relating to 20,000 high fraud risk entities was shared with the National Fraud Intelligence Bureau, demonstrating the ability of the IFB to extract such information using its analytical software and to reinforce support and appetite within the industry to work collaboratively with law enforcement to combat fraud. The almost daily contact the IFB receives from law enforcement seeking support in tackling criminality is testament to the respect and trust the IFB has developed with these key stakeholders. In July 2010, the IFB entered into a strategic partnership with the Motor Insurers’ Bureau (MIB), for the provision of support services. This has contributed to enhancing our operational resilience and will provide further opportunities for the IFB going forward. During quarter 4 last year, we successfully completed procurement for an upgraded software platform, demonstrating the IFB seeks to ensure its technology, a pivotal feature of the operating model, is market leading. This new technology will allow us to deploy our first on demand web-portal service for customers, bringing the power of consolidated data and analytical software to customer desktops. This alone represents notable progression in the IFB model. One of the most important features of the IFB is our people and we have been undertaking a recruitment campaign to bring new skills, experiences and expertise to the team. The team itself was also segmented into 5 pillars to enhance the operating model; operations, analytics, intelligence, customer management and media/communications.
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IFB Annual Report 2010 Chairman’s Report
The IFB Board benefited from new Directors, namely Ashton West, CEO, MIB, David Newman, CEO & Chartered Director, Carole Nash Insurance, Summa Milam, Head of Financial Reporting & Business Performance, Ageas Insurance, Tom Gardiner, Head of Loss Prevention UK General Insurance, Aviva and Ursula Coulibally, Head of Financial Crime Operations, LV=. Of particular note is the fact that all bar one of these Directors are not counter-fraud practitioners, bringing a different perspective and additional value to the Board.
Having invested in enhancing the core operational model, the IFB is now looking to the future and has embarked on activity to identify its future proposed strategic direction. Partnering with a small team from Deloitte, an exercise is underway to engage with customer organisations at CEO and fraud practitioner levels, along with stakeholders within and outside the industry, to determine needs and requirements. Output from this activity will be published in quarter 3 2011 and is intended to shape the future direction of the IFB.
Since formation, the IFB has remained a Jersey registered trust. During this year we are exploring changing the legal entity to a UK domiciled trust, with its registered office being the MIB in Milton Keynes. We are looking to build on progress made in 2010 with respect to our governance, to include making changes to our Board structure, bringing Directors to the Board of increased seniority from the industry.
Looking back over the past 12 months, the IFB has faced many challenges which it has met head-on and never lost sight of its core focus to disrupt organised insurance fraud. Tackling this type of fraud is a formidable task for a relatively small team, and yet with the support of its industry partners, demonstrable results have been achieved, reflecting the level of combined commitment from the IFB team and the industry counter fraud community.
In recognition of the key industry role played by the IFB, the Association of British Insurers (ABI) sought involvement of the IFB in formulating a business benefits case for the first industry funded Police fraud team. Again at the request of the ABI, the IFB has been heavily involved in the proof of concept for the Insurance Fraud Register (IFR) and is the proposed provider of an IFR managed service for the industry.
As we progress through 2011 and look to the future, the IFB will focus on positioning its model to take further steps forward and very much relishes the challenges that lie ahead. In doing so, there is recognition that the work to strengthen the core capability will continue and the IFB remains on a journey focused on delivering excellence in all that it does.
As part of exploring collaborative opportunities to reduce fraud, to benefit IFB customers and partners, the IFB has been actively engaged with the Department of Work & Pensions, Association of Personal Injury Lawyers and Motor Accident Solicitors Society. This dialogue continues to explore options.
I’m proud to Chair an organisation that represents one of the key milestones in the UK insurance industry’s steps to counter fraud; one that has achieved widespread endorsement from the industry, law enforcement, regulators and Government, and not just in the UK.
As further acknowledgement of the role played by the IFB, it represents the industry interests on the Association of Chief Police Officers Economic Crime Portfolio, chaired by the Commissioner from the City of London Police, and the National Fraud Authority information sharing taskforce.
Thank you to all the IFB customers and the wider antifraud community for your unswerving support now and in the future. Together we will help make life difficult for insurance fraudsters and fairer for genuine consumers.
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Collaboration is at the heart of the IFB’s business philosophy; considerable time and effort has been focused on developing strong relationships with aligned third parties both within and outside of the insurance industry.
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Director’s Report IFB Annual Report 2010
Glen Marr, Director
Director’s Report The last year has been one of significant and visible developments at the IFB. At the core of our activity has been strengthening and enhancing the operational capability of the IFB, and positioning the model to take a further step forward in terms of supporting industry efforts to counter organised insurance fraud. All of this has been aligned to embedding a customer centric focus on servicing our partners’ needs. Milestones have included, but not been limited to: implementing a proactive network model; establishing new services; forging closer and improved relationships with law enforcement and regulators, encompassing intelligence and information sharing arrangements; successfully concluding Police fraud operations and continued use of the media to communicate industry successes and focus on combating organised insurance fraud.
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At an operational level it has been another successful year for the industry in its fight against organised insurance fraud. Our on-going collaboration with Police forces across the UK to identify and deal with organised criminal activity, coupled with the active support of our customers, continued to deliver demonstrable results. Combined Police/IFB fraud operations to date have resulted in 485 arrests, 118 criminal convictions and sentences totalling over 91 years imprisonment, for concluded trials. There are also criminal assets that have been seized and confiscation proceedings forthcoming, geared to liquidate the assets. Wind back to before the IFB was formed, these were not results the industry was achieving. Currently, the IFB is actively involved in 25 live operations with 14 regional Police forces, focused on organised insurance fraud valued at approximately £46million, and not just fraudulent claims.
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IFB Annual Report 2010 Director’s Report
We have made visible progress in disrupting the activities of specific groups of insurance fraudsters over the last 12 months. This has included professional enablers – professional organisations and individuals within them including claims management companies, law firms, doctors and motor engineers, at the heart of organised insurance fraud. That focus very much continues and our close working relationships with the Ministry of Justice and Solicitors Regulation Authority, in addition to partnerships with Police forces, are key to future success. Every successful fraud operation prevents future fraud losses for our customers. Last year, we worked on a joint awareness campaign with the Ministry of Justice Claims Management Regulator to encourage members of the public or businesses working within the professional enabler sector, to report suspicions or knowledge of fraud to the IFB Cheatline. More than 57 individuals from professional enablers have been arrested as a result of IFB operations in collaboration with Police forces and further live operations involving this audience will hopefully culminate during 2011. Ghost broking secured our attention during the summer of last year and one live operation involving a very significant number of motor insurance policies has attracted Police action and continues to do so. That particular operation also saw the first collaboration of its kind involving the Association of British Insurers, British Insurance Brokers Association, Metropolitan Police Service and the IFB, partnering to launch a campaign to educate and help protect vulnerable communities targeted by organised fraudsters. Remaining on this theme, very recently we have used our analytical software and the consolidated industry data pool we access, to identify residential addresses that appear potentially connected to unusual numbers of motor insurance policies, and warned our customers of such. That exercise has also involved the IFB crossmatching to data obtained from the Serious Organised Crime Agency, to assist with identifying addresses that are connected to not only insurance fraud, but wider criminality. Other data specific to known criminals of interest to one particular law enforcement body was provided to the IFB for the first time and cross-matched to industry data. The matches to such were shared with affected
IFB customers and the intelligence generated as a result, relayed back to the Police to assist with disrupting the activities of criminals. We are actively working with the Metropolitan Police Service on matching data relating to false identities to industry data. This activity will undoubtedly further demonstrate the value of the IFB ingesting such data in bulk and warning its insurer customers where false identities have been used to secure or renew cover, and /or initiate insurance claims. In response to customer requests and as another first, we analysed industry motor data to identify policies which outwardly displayed indicators of fronting another form of insurance fraud - warning each of our insurer partners of their individual exposures, to include the specific policies. This exercise identified some 17,000 motor policies displaying such indicators and we also linked the policies to claims intimated, to assist insurers in understanding the risks presented by fronting. The industry Cheatline managed by the IFB received its highest ever number of reports from the public in any one month last year, and month on month the level of reporting surpassed previous years. This directly correlated to our use of the media, particularly BBC News, where on one Saturday morning, crash for cash and the work of the IFB, was headline news. In the two days following this particular BBC coverage, we received more reports through Cheatline than the volume of reports received by Crimestoppers in London over the same period. In the past three years alone, in excess of 5500 Cheatline reports have been made to and handled by the IFB. The public is increasingly prepared to report suspicions and knowledge of insurance fraud to Cheatline, and 2011 to date has seen a 22% increase in reports compared to 2010, and 2010 represented a 59% increase on 2009. The Cheatline voice-based facility was improved upon, leveraging the strategic partnership with the MIB, by establishing capability in the MIB Police call centre to capture voice-based Cheatline calls between Mondays and Saturdays. All voice Cheatline calls and on-line reports continue to be fully managed by the IFB, but
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IFB Annual Report 2010 Director’s Report
the establishment of a new capability to handle telephone reports, has delivered improvements to the overall model. The on-line Cheatline model has continued to be a 24/7 reporting facility and half of all reports received through Cheatline, are now on-line. We will continue to exploit opportunities to promote Cheatline in the public domain. Not only is Cheatline a source of intelligence for the industry to combat various forms of insurance fraud, it is also an important platform for the public to actively interact with the industry and participate in reducing the level of fraud. Our unique access to and use of a consolidated industry data pool of some 128million electronic records drawn from multiple industry databases, combined with fraud intelligence and use of analytical software, continues to form a pivotal feature of the IFB model. Having procured upgraded software - Detica’s NetReveal - which we have been implementing under Project Arete, we are moving to achieve another milestone in the release of a web-portal to our customers. This will provide on-demand access to a facility to undertake swift risk assessments and request detailed supporting information to assist with fraud prevention and detection activities. A critical feature of the success of the IFB model is effective collaboration with our customers. Recognising this key dependency, the IFB completed a training needs analysis exercise, using the findings to design the first training programme for customer Specific Points of Contact (SPOCs). The roll-out of the first IFB SPOC training programme commenced in May 2011, with further training sessions scheduled throughout the year. Building further on customer and industry collaboration, we have been delighted to welcome two secondees to the IFB team this year. Chris Lovett has been seconded from LV= and Gemma O'Malley commenced the first secondment from a defendant law firm, Beachcrofts, in May 2011. IFB customer events play an important role in ensuring that our customers are informed and involved with current operational developments, as well as providing a platform for two-way communication with our stakeholders. Customer events in September 2010 and March 2011 were very well attended, with written customer feedback collated being positive. Page 10
In quarter 3 2010, the IFB produced its first customer brochure and completed a branding exercise complementing efforts to strengthen and enhance the core operational capability. Recognising the increased industry desire to tackle fraud, five additional insurer customers joined the IFB collective during quarter 4 2010 and quarter 1 2011 – Service, Southern Rock, First Central, Hastings and Novae, and we welcome them aboard. At a wider industry level, the IFB was requested by the ABI to provide support to activities with the National Fraud Authority and City of London Police, to assemble a benefits case for submission to the ABI General Insurance Committee in June 2011, for what would be an industry funded dedicated Police insurance fraud team. Such a team would have a close working relationship with the IFB. Additionally, the IFB was requested by the ABI to be the host site for an industry proof of concept for a database of known insurance fraudsters – the Insurance Fraud Register (IFR). The results of the pilot are being presented to the ABI General Insurance Committee in June 2011, when sign-off will be sought to enable the model to be implemented. The proposal is for the IFB to provide a managed service to the industry for the IFR. If both industry initiatives receive sign-off to proceed, the IFB relishes the prospect of forming an integral feature of two further industry milestones in the fight to reduce fraud. These initiatives would complement other IFB activities. The past 12 months have proven to be challenging, stimulating, enjoyable, rewarding and exciting, underpinned by commitment, drive and a team effort. We can see progress in our focus to enhance the core IFB operational capability and resilience, but also acknowledge that there is more to be done before we are satisfied our journey is complete. We very much look forward to meeting the challenges and seizing opportunities for the year ahead and beyond, and importantly working in partnership with our customers. Above all and on behalf of everyone at the IFB, a very big thank you for your support over the past year and in the future. Finally, to everyone in the IFB team, an equally big thank you.
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Finances Consolidated financial statements 2008-2009
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IFB Annual Report 2010 Avonley Trust Company Limited Acting As Trustees For The IFB Trust
Year Ended 31 December 2009
Contents 12
Contents
12
Report of the Directors
13
Chartered accountants’ independent assurance report on the unaudited financial statements
14
Income & expenditure account
15
Balance sheet
16-19 Notes to the financial statements
Report of the Directors The Directors are pleased to report that the Company has operated within budget during 2009 in respect of the activities relating to the IFB Trust. Insurer membership in 2009 comprises of 38 insurers and 6 compensators.
Ashton West, Director
Page 12
Dated: 7 June 2011
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IFB Annual Report 2010 Avonley Trust Company Limited Acting As Trustees For The IFB Trust
Year Ended 31 December 2009
Chartered accountants’ independent assurance report on the unaudited financial statements “To the Directors of Avonley Trust Company Limited acting as Trustee of The IFB Trust (“the Company“). We have performed certain procedures in respect of the Company’s unaudited financial statements for the year ended 31 December 2009 as set on pages 14 to 19, made enquiries of the Directors and assessed accounting policies adopted by the Directors in order to gather sufficient evidence for our conclusion in this report. This report is made solely to the Company’s Directors as a body, in accordance with the terms of our engagement letter dated 30 May 2008. It has been released to the Directors on the basis that this report shall not be copied, referred to or disclosed, in whole (save for the Directors’ own internal purposes, copied to the members or as may be required by law or by a competent regulator) or in part without our prior written consent. Our work has been undertaken so that we might state to the Directors those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s Directors as a body for our work, for this report or the conclusions we have formed.
Respective responsibilities You have confirmed that you have met your duty as set out in the Directors’ statement on page 15. You consider that the Company is exempt from any requirement for an audit for the year. Our responsibility is to form and express an independent conclusion, based on the work carried out, to you on the financial statements.
Scope We conducted our engagement in accordance with the Institute of Chartered Accountants in England & Wales Interim Technical Release AAF 03/06. Our work was based primarily upon enquiry, analytical procedures and assessing accounting policies in accordance with Generally Accepted Accounting Practice in the UK. If we considered it to be necessary, we also performed limited examination of evidence relevant to certain balances and disclosures in the financial statements where we became aware of matters that might indicate a risk of material misstatement in the financial statements. The terms of our engagement exclude any requirements to carry out a comprehensive assessment of the risks of material misstatement, a consideration of fraud, laws, regulations and internal controls, and we have not done so. We are not required to, and we do not, express an audit opinion on these financial statements.” Conclusion Based on our work, nothing has come to our attention to refute the Directors’ confirmation that in accordance with their responsibilities, the financial statements give a true and fair view of the state of the Company’s affairs as at 31 December 2009 and of its results for the year then ended and have been properly prepared in accordance with Generally Accepted Accounting Practice in the UK.
Wilkins Kennedy Chartered accountants Bridge House, London Bridge, London SE1 9QR
Dated: 8 June 2011
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IFB Annual Report 2010 Avonley Trust Company Limited Acting As Trustees For The IFB Trust
Year Ended 31 December 2009
Income and expenditure account Note
2009
2008 (As restated)
1,910,105
1,755,464
Wages & salaries
630,393
595,989
Other staff costs
7,615
3,236
25,861
19,403
Website costs
1,060
21,031
Printing & stationary
6,665
6,711
795,450
799,832
Equipment hire & support costs
12,321
18,498
Rent & administration
35,829
25,050
Advertising & PR
68,979
61,656
Other legal & professional fees
67,543
48,124
4,000
2,000
Depreciation
13,379
17,584
Insurances
17,556
17,081
9,499
2,180
(1,696,150)
(1,638,375)
Operating surplus
213,955
117,089
Interest receivable
1,711
35,436
Bank charges & interest
(658)
(478)
215,008
152,046
(46,478)
(35,039)
168,530
117,007
Turnover Administrative expenses
Travel & entertainment
Outsourced database management costs
Audit & accountancy fees
Sundry expenses
Surplus for the year before tax Taxation Result for the year after tax
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2
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IFB Annual Report 2010 Avonley Trust Company Limited Acting As Trustees For The IFB Trust
Year Ended 31 December 2009
Balance sheet Note
Tangible fixed assets
2009
2008 (As restated)
3
15,281
23,812
4
1,727,290
2,106,016
987,555
271,647
2,714,845
2,377,663
(2,366,369)
(2,206,248)
363,757
195,227
363,757
195,227
Current assets Debtors Cash
Creditors falling due within one year
5
Net assets
Capital & reserves
6
Statement of the Directors We confirm that as Directors we have met our duty in accordance with our responsibilities to: - ensure that the Company has kept proper accounting records; - prepare financial statements which give a true and fair view of the state of affairs of the Company as at 31 December 2009 and of its result for the year - follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements Approved by the Board of Directors on 26 May 2011 and were signed on its behalf by:
Ashton West, Director
Dated: 7 June 2011
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IFB Annual Report 2010 Avonley Trust Company Limited Acting As Trustees For The IFB Trust
Year Ended 31 December 2009
Notes to the Financial Statements 1
Accounting policies
Accounting convention The financial statements relate only to activities of the Company acting as Trustee for the IFB Trust and have been prepared in accordance with the historical cost convention and in accordance with Generally Accepted Accounting Practice in the UK. Turnover Turnover represents the levies receivable, excluding value added tax, from Insurer members relating to expenditure of the financial year. Amounts which have been invoiced during the current accounting period that relate to expenditure of future accounting periods are excluded from turnover and carried forward as deferred income. 2 Taxation
2009
2008 (As restated)
46,478
35,039
-
-
46,478
35,039
UK Corporation Tax at 21% (2008 - 20.75%) - Current year - Prior years Tax on profit for the year
Factors affecting the tax charge The tax assessed for the year is higher than the small companies’ rate of corporation tax in the UK. The difference is explained below: Profit before tax
215,008
152,046
45,151
31,550
Depreciation charge in excess of capital allowances
672
2,158
Expenditure not deductible for tax
655
1,331
46,478
35,039
Profit multiplied by the small companies’ rate of Corporation tax in the UK of 21% (2008 - 20.75%) Effect of:
Current tax charge
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IFB Annual Report 2010 Avonley Trust Company Limited Acting As Trustees For The IFB Trust
3 Fixed assets
F&F
Year Ended 31 December 2009
Equip
Total
46,947
66,947
4,848
4,848
Cost At beginning of year
20,000
Transfer from IDSL Additions At end of year
20,000
51,795
71,795
9,000
34,135
43,135
Depreciation At beginning of year Transfer from IDSL
-
Charge
3,000
10,379
13,379
At end of year
12,000
44,514
56,514
At end of year
8,000
7,281
15,281
At beginning of year
11,000
12,812
23,812
2009
2008 (As restated)
Trade debtors
1,676,580
2,045,186
Other debtors
50,710
60,830
1,727,290
2,106,016
2009
2008 (As restated)
100,372
53,894
Trade creditors
2,862
1,798
Other creditors
20,016
22,908
302,965
236,041
1,940,154
1,891,608
2,366,369
2,206,248
Net book value
4 Debtors
5 Creditors
Corporation tax
Other tax & social security Accruals and deferred income
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IFB Annual Report 2010 Avonley Trust Company Limited Acting As Trustees For The IFB Trust
6
Year Ended 31 December 2009
Share capital and reserves a) Share capital and investment in the IFB Trust (i) The IFB Trust is constituted with a trust capital of ÂŁ10 which is controlled by the Avonley Trust Company Limited as trustee only. Accordingly, the trust capital does not appear as a beneficially owned asset within these financial statements. (ii) The share capital of the Company does not form part of the funds within the operations of the IFB Trust and, accordingly, is not reflected within these financial statements.
2009
2008 (As restated)
195,227
97,075
-
(18,855)
Profit after tax
168,530
117,007
At end of the year
363,757
195,227
b) Reserves
At beginning of the year Prior year adjustment - see note 7
The Company has no reserves that are distributable to insurer members or to its shareholder. All funds are held for the beneficial use of the activities of the operation of the IFB Trust.
7
Prior Year Adjustments The Company was set up as a non-charitable not for profit entity and does not operate so as to produce an accounting surplus for each period. The directors were therefore of the opinion that any surplus was not taxable. Following review, it has been determined that the surpluses are in fact subject to UK tax; the period for carry back of any deficits is however extended currently to six years. This fundamental error has been corrected by way of a prior year adjustment in order to restate the figures for the comparative period and to adjust the opening balance of reserves for the cumulative effect, as follows: 2008
2007
-
-
Prior year adjustment
35,039
18,855
As restated
35,039
18,855
Taxation As previously reported
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IFB Annual Report 2010 Avonley Trust Company Limited Acting As Trustees For The IFB Trust
7
Prior Year Adjustments (continued)
Year Ended 31 December 2009
2008
2007
As previously reported
249,121
97,075
Prior year adjustments
-
-
(53,894)
(18,855)
195,227
78,220
2,152,354
1,897,354
53,894
18,855
2,206,248
1,916,209
Reserves
Taxation Creditors - accruals and deferred income As previously reported Corporation tax
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Insurance Fraud Bureau PO BOX 49761, London, WC2R 3WZ T: 0870 850 4431 E: info@insurancefraudbureau.org W: www.insurancefraudbureau.org June 2011