97Requirements for financial statements

#### 97 Requirements for financial statements 97 Requirements for financial statements > > (1) The financial statements are to be prepared on a cash or accrual basis and to comprise only the following matters— > > > > > (a) a statement of income and expenditure for the administrative fund, > > > > > (b) a statement of income and expenditure for the capital works fund, > > > > > (c) a statement of income and expenditure for any other fund that is the property of the association. > > > (2) The financial statement for an administrative fund or capital works fund must specify the following— > > > > > (a) the fund, and the reporting period, for which it is prepared, > > > > > (b) the balance carried forward in the fund from the previous period, > > > > > (c) the particulars and amount of each item of income of the fund received during the current period, > > > > > (d) the particulars and amount of each item of expenditure from the fund during the current period, > > > > > (e) the amount of the contribution to the fund determined for each person liable to make a contribution, > > > > > (f) the balance outstanding for each contribution, > > > > > (g) the cash in the fund at the end of the current period, > > > > > (h) the balance of the fund, > > > > > (i) in respect of each liability to contribute to the fund—any unpaid arrears and any balance outstanding, > > > > > (j) the extent to which, at the end of the current period, the fund is in debit or credit. > > > > Note. > > > > The financial statements of an association prepared under this section can deal only with income and expenditure from the administrative and capital works funds and any other fund authorised to be established under this Act and are therefore separate from any other financial statements that might be prepared in relation to the scheme (for example, financial statements in relation to the provision of services for a retirement village). > > > (3) The financial statements for other funds must specify the following— > > > > > (a) the fund, and the reporting period, for which it is prepared, > > > > > (b) the balance carried forward in the fund from the previous period, > > > > > (c) the particulars and amount of each item of income of the fund received during the current period, > > > > > (d) the particulars and amount of each item of expenditure from the fund during the current period, > > > > > (e) the cash in the fund at the end of the current period, > > > > > (f) the balance of the fund, > > > > > (g) the extent to which, at the end of the current period, the fund is in debit or credit.