Singapore legislation
Regulation 3
Regulation 3
Financial statements
Subregulation 1
The governing board members shall, in respect of each financial year of the charity, cause to be prepared financial statements containing —
an income and expenditure account showing the income and the expenditure of the charity during the financial year;
a balance-sheet showing the assets, liabilities and funds of the charity at the end of the financial year;
an explanation of the accounting policies used to prepare the accounts;
the details of transactions relating to, and the state of, the various funds of the charity;
notes on —
how the funds reflected in the balance-sheet must or may be utilised because of restrictions imposed by donors; and
the relationships between, and analyses of, the information contained in the income and expenditure account and balance-sheet; and
notes which explain, expand on or provide the circumstances relating to, or other useful information on, the information contained in the income and expenditure account and balance-sheet.
Subregulation 2
For each sum disclosed in the financial statements or in the notes to the financial statements, the corresponding sum for the previous financial year shall be stated.
Subregulation 3
The dates covered by the current and previous financial statements shall be stated.
Subregulation 4
Where the gross income in any financial year of a charity does not exceed $50,000, the governing board members may, in respect of that year, elect to prepare a receipts and payments account and a statement of assets and liabilities, instead of financial statements under paragraph (1).
Subregulation 5
Unless a waiver has been obtained from the Commissioner, the financial statements prepared under paragraph (1) or the account and statement prepared under paragraph (4) shall be signed on behalf of the governing board members by 2 or more governing board members, at least one of whom shall be the holder of a relevant office at the time of signing.
Subregulation 6
Paragraph (4) shall not apply to a charity that is a company.