No. S 89
Charities Act
(Chapter 37)
Charities (Accounts and Audit) Regulations 2011
In exercise of the powers conferred by sections 13(1), 14(1) and 48(1) of the Charities Act, the Minister for Community Development, Youth and Sports hereby makes the following Regulations:
Citation and commencement
1.  These Regulations may be cited as the Charities (Accounts and Audit) Regulations 2011 and shall come into operation on 1st March 2011.
2.—(1)  In these Regulations, unless the contrary intention appears —
“company” means a company registered under the Companies Act (Cap. 50);
“public accountant” has the same meaning as in the Accountants Act (Cap. 2).
(2)  For the purposes of the Act and any regulations made thereunder, “financial year”, in relation to a charity which is not a company, means a period of 12 months or, as a transitional measure to change the starting date of the next financial year of the charity, such other period not exceeding 18 months as the charity may adopt.
Statement of accounts
3.—(1)  The governing board members shall, in respect of each financial year of the charity, cause to be prepared a statement of accounts signed on their behalf by at least 2 governing board members, and containing —
(a)an income and expenditure account showing the income and the expenditure of the charity during the financial year;
(b)a balance-sheet showing the assets, liabilities and funds of the charity at the end of the financial year;
(c)an explanation of the accounting policies used to prepare the accounts;
(d)the details of transactions relating to, and the state of, the various funds of the charity;
(e)notes on —
(i)how the funds reflected in the balance-sheet must or may be utilised because of restrictions imposed by donors; and
(ii)the relationships between, and analyses of, the information contained in the income and expenditure account and balance-sheet; and
(f)notes which explain, expand on or provide the circumstances relating to, or other useful information on, the information contained in the income and expenditure account and balance-sheet.
(2)  For each sum disclosed in the statement of accounts or in the notes to the statement of accounts, the corresponding sum for the previous financial year is to be stated.
(3)  The dates covered by the current and previous statements of accounts are to be stated.
(4)  Where the gross income in any financial year of a charity does not exceed $50,000, the governing board members may, in respect of that year, elect to prepare a receipts and payments account and a statement of assets and liabilities, instead of a statement of accounts under paragraph (1).
(5)  Nothing in this regulation shall apply to a charity which is a company.
Annual audit or examination of accounts
4.—(1)  The audit or examination of the accounts of any charity of a class specified in the first column of the Schedule for a financial year (referred to in this regulation and in the Schedule as the relevant year) shall comply with the requirements set out in the third column of the Schedule corresponding to the amount stated in the second column of the Schedule for that class of charity.
(2)  The amount referred to in paragraph (1) shall be the amount of the gross income or total expenditure of the charity in —
(a)the relevant year;
(b)the financial year of the charity immediately preceding the relevant year (if any); or
(c)the financial year of the charity immediately preceding the year specified in sub-paragraph (b) (if any),
whichever is the highest.
5.  The Charities (Annual Statement of Accounts) Regulations (Rg 3, 1995 Ed.) are revoked.

Made this 22nd day of February 2011.

Permanent Secretary,
Ministry of Community Development,
Youth and Sports,
[MCYS 19-01-05V5; AG/LLRD/SL/37/2010/4 Vol. 1]
(To be presented to Parliament under section 48(4) of the Charities Act).