Singapore legislation

Clause 13

Annual statements of accounts

(1)

Subject to subsection (3), the charity trustees of a charity shall prepare in respect of each financial year of the charity a statement of accounts complying with such requirements as to its form and contents as may be prescribed by regulations.

(2)

Without prejudice to the generality of subsection (1), regulations under that subsection may make provision —

(a)

for any such statement to be prepared in accordance with such methods and principles as are specified or referred to in the regulations;

(b)

as to any information to be provided by way of notes to the accounts; and

(c)

for determining the financial years of a charity for the purposes of this Act and any regulations made thereunder.

(3)

Where the gross income in any financial year of a charity does not exceed $50,000, or such other sum as the Minister may by notification prescribe, the charity trustees may, in respect of that year, elect to prepare a receipts and payments account and a statement of assets and liabilities, instead of a statement of accounts under subsection (1).

(4)

The charity trustees of a charity shall preserve —

(a)

any statement of accounts prepared by them under subsection (1); or

(b)

any account and statement prepared by them under subsection (3),for at least 7 years from the end of the financial year to which any such statement relates or to which any such account and statement relate, as the case may be.

(5)

Section 12(4) shall apply, mutatis mutandis, in relation to the preservation of any such statement or account and statement as it applies in relation to the preservation of any accounting records.

(6)

Nothing in this section shall apply to an exempt charity or a charity which is a company.

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