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Annual statement of accounts.
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48.— (1) Subject to subsection (3), the charity trustees of a charitable organisation shall, in respect of each financial year, prepare a statement of accounts (in this section referred to as the “ annual state ment of accounts ”) in such form and containing information relating to such matters as may be prescribed by regulations made by the Minister.
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(2) Without prejudice to the generality of subsection (1), regulations made in accordance with that subsection may make provision for—
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(a) the annual statement of accounts to be prepared in accordance with such methods and standards as are specified in the regulations,
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(b) any information to be provided by means of notes to the annual statement of accounts, and
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(c) determining the financial year of a charitable organisation for the purposes of this Act and any regulations made under it.
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(3) (a) Where the gross income or expenditure of a charitable organisation in a financial year does not exceed €100,000, the charity trustees may, instead of preparing an annual statement of accounts in respect of that year, prepare an income and expenditure account in respect of, and a statement of the assets and liabilities of, the charitable organisation.
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(b) An income and expenditure account and a statement of the assets and liabilities of a charitable organisation prepared under paragraph (a) shall be in such form as may be prescribed by the Minister.
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(4) A charity trustee who contravenes this section shall be guilty of an offence.
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(5) It shall be a defence to proceedings for an offence consisting of a contravention of this section for the defendant to prove that he or she believed on reasonable grounds that a competent and reliable person was duly charged with the duty of ensuring compliance with that requirement and was in a position to discharge that duty.
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(6) This section does not apply—
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(a) to a charitable organisation that is a company,
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(b) to an education body,
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(c) to a charitable organisation in respect of a financial year in which its gross income or total expenditure is less than—
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(i) €10,000, or
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(ii) such greater amount, not exceeding €50,000, as may be prescribed,
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or
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(d) in relation to a centre for education designated by the Minister under section 10(4) of the Act of 1998.
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