14Financial statements for Tier 2 associations

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.