40Landlord to give statement and report on outgoings

40 Landlord to give statement and report on outgoings (a) the landlord must give the tenant a written statement (an outgoings statement) that details all expenditure by the landlord in each accounting period of the landlord during the Business Tenancies (Fair Dealings) Act 2003 33 term of the lease on account of outgoings to which the tenant is required to contribute; (b) if the shop is in a retail shopping centre – the outgoings statement is to include a statement of the current gross lettable area of the shopping centre and details of each material change in that gross lettable area during the period to which the outgoings statement relates; (c) the outgoings statement is to be prepared in accordance with relevant principles and disclosure requirements of applicable accounting standards; (d) the outgoings statement is to be given to the tenant within 3 months after the end of the accounting period to which it relates; (e) the outgoings statement is to be accompanied by a report (an auditor's report) on the statement prepared by a person who holds a public practice certificate issued by an accountants body; (f) the auditor's report is to include a statement by the auditor as to: (i) whether or not the outgoings statement correctly states the expenditure by the landlord during the accounting period concerned for outgoings to which the tenant is required to contribute; and (ii) whether or not the total amount of estimated outgoings for that period, as shown in the estimate of outgoings given to the tenant, was more than the total actual expenditure by the landlord for outgoings during that period; (g) the outgoings statement may be a composite statement (that is, it may relate to more than one tenant) so long as each tenant to whom it relates is able to ascertain from the statement the information required by paragraph (a) that is relevant to that tenant; (h) the outgoings statement need not be accompanied by an auditor's report if: (i) the statement does not relate to outgoings other than water, sewerage and drainage rates and charges, council rates and charges and insurance; and Business Tenancies (Fair Dealings) Act 2003 34 (ii) the statement is accompanied by copies of assessments, invoices, receipts or other proof of payment in respect of all expenditure by the landlord as mentioned in paragraph (a).