42Trust to prepare an income and expenditure account and balance sheet

#### 42 Trust to prepare an income and expenditure account and balance sheet 42 Trust to prepare an income and expenditure account and balance sheet > > (1) A trust must, not less than 14 days before an annual general meeting of the commoners concerned or, if no such annual general meeting is held within the period required by section 31, not less than 14 days before the end of that period, cause to be made out: > > > > > (a) an income and expenditure account for the last financial year of the trust, being an income and expenditure account that gives a true and fair view of the income and expenditure of the trust for that financial year, and > > > > > (b) a balance sheet as at the end of that financial year, being a balance sheet that gives a true and fair view of the state of affairs of the trust as at the end of that financial year. > > > (2) A trust must take all reasonable steps to ensure that its accounts are audited as required by section 45 not less than 14 days before the annual general meeting of the commoners concerned or, if no such annual general meeting is held within the period required by section 31, not less than 14 days before the end of that period. > > > (3) A trust must cause to be attached to, or endorsed on, its accounts the auditor’s report relating to those accounts provided to the trust in accordance with section 46. > > > (4) A trust must ensure that its accounts comply with such of the prescribed requirements as are relevant to those accounts, but, if accounts prepared in accordance with those requirements would not otherwise give a true and fair view of the matters required to be dealt with in the accounts, the trust must add such information and explanations as will give a true and fair view of those matters. > > > (5) A trust must cause to be attached to any accounts required by section 31 to be laid before an annual general meeting of commoners, before the auditor reports on the accounts under this Division, a statement made in accordance with a resolution of the trust board, or of the local authority that is managing the trust’s affairs, and signed by not less than two of its members stating whether, in the opinion of the board or the local authority: > > > > > (a) the income and expenditure account is drawn up so as to give a true and fair view of the income and expenditure of the trust for the financial year concerned, and > > > > > (b) the balance sheet is drawn to give a true and fair view of the state of affairs of the trust as at the end of that financial year, and > > > > > (c) there are reasonable grounds to believe that the trust will be able to pay its debts as and when they fall due. > > > (6) If a trust fails to comply with a requirement of this section, every member of the trust board, or of the local authority that is managing the trust’s affairs, who is in default is guilty of an offence. > > > > Maximum penalty: 20 penalty units.