42Annual statement of accounts

42 Annual statement of accounts (1) The committee of an incorporated association must ensure a statement of the association's accounts are prepared: (a) before the end of the period within which an annual general meeting of the association is required to be held under section 35 or 36; or (b) if the association is exempt under section 5 from the requirement to hold an annual general meeting: (i) as soon as practicable after 30 June; or (ii) if under the constitution of the association the financial year of the association ends on another date – as soon as practicable after that date. (2) The statement of accounts must not be misleading and must give a true and fair account of: (a) the income and expenditure of the association during the last financial year of the association; and (b) the assets and liabilities of the association at the end of that financial year; and (c) mortgages, charges or other securities of any description affecting property of the association at the end of that financial year; and (d) in relation to each trust of which the association was the trustee for any period during that financial year: (i) the income and expenditure of the trust during that (ii) the assets and liabilities of the trust at the end of that Associations Act 2003 31 (iii) all mortgages, charges or other securities of any description affecting the property of the trust during that (e) any prescribed matters.