#### 14 Financial statements for Tier 2 associations 14 Financial statements for Tier 2 associations > For the Act, section 47(2), the financial statements prepared for a Tier 2 association must include the following— > > > (a) the details of mortgages, charges and other securities affecting property owned by the association, > > > (b) an income and expenditure statement and balance sheet that sets out— > > > > > (i) the individual sources of income and expenses incurred in the operation of the association, and > > > > > (ii) the assets and liabilities of the association, > > > (c) a separate income and expenditure statement and balance sheet for each trust for which the association is a trustee.

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