23Trust accounts

23 Trust accounts

23 Trust accounts

(1) For the purposes of section 42 (4) of the Act, a trust’s accounts must include:

(a) particulars of the purposes for which the common is used, and

(b) particulars of any disclosures recorded in the book referred to in clause 6 (3) of Schedule 2 to the Act.

(2) The accounts for a trust whose affairs are managed by a trust board or an administrator must also include:

(a) receipts for all money received, and

(b) documentation of all expenditure, including an itemisation of that expenditure, and

(c) cash books, and

(d) bank, building society and credit union deposit books or statements, and

(e) records of any improvements made to the common concerned, and

(f) records of any assets and liabilities, including a plant and asset register, and

(g) insurance policies and certificates, and

(h) records (other than those referred to in paragraphs (a)–(g)) of financial instruments or investments.

(3) The accounts for a trust whose affairs are managed by a local authority must also include such records relating to those affairs as the local authority is required to keep under the Local Government Act 1993.

(4) Records of the kind referred to in subclause (3) must be kept in a manner that allows the following information to be readily extracted:

(a) information concerning all financial matters regarding each common from which the local authority receives revenue of any nature,

(b) information concerning all improvements effected on each such common,

(c) information concerning all leases and licences granted or in force in respect of each such common.