Annual report requirements for charities with gross income or total expenditure exceeding $500,000
8.—(1) This regulation shall apply to an annual report of a charity required under section 16 of the Act in respect of a financial year of the charity ending on or after 1st July 2011 where the gross income or total expenditure of the charity exceeds $500,000 in —
(a)
that financial year of the charity;
(b)
the financial year of the charity immediately preceding that financial year, if any; or
(c)
the financial year of the charity immediately preceding the year specified in sub-paragraph (b), if any.
(2) Where this regulation applies, the annual report required under section 16 of the Act shall, in addition to the matters required by regulation 7, contain —
(a)
the name and date of appointment of the chief executive officer, or the equivalent, of the charity;
(b)
the occupation of each of the current holders of the relevant offices;
(c)
where the current holder of any of the relevant offices has prior to his current term held any of the relevant offices in the charity, the date of his first appointment in each of the relevant offices;
(d)
a listing of the related entities of the charity and, if any of the governing board members of the charity are also persons having the general control and management of the administration of the related entity, the name of each of those members and their designations in the charity and in the related entity;
(e)
the reserves policy of the charity;
(f)
a list of the funds of the charity which are in deficit, if any, with the following details:
(i)
the purposes of the funds;
(ii)
the reasons for the deficit;
(iii)
how the charity plans to address the deficit in the fund; and
(iv)
any other details which the Sector Administrator may require; and
(g)
the principal funding sources of the charity.
(3) In this regulation —
“current” means during the financial year to which the annual report relates;
“endowment funds” means funds that are held on trust to be retained for the benefit of the charity;
“related entities”, in relation to a charity, means subsidiaries, associates or joint ventures of the charity;
“reserves” means that part of the income of the charity that is freely available to be used or applied for the furtherance of the objects of the charity and is not subject to the commitments, planned expenditure and spending limits of the charity, and excludes endowment funds and donations collected for a specific purpose;
“reserves policy” means the policy of the charity on the use and retention of the reserves of the charity, including statements on —
(a)
the level and purposes of reserves held; and
(b)
the purposes and amounts of funds held for specific purposes and when those funds are likely to be used.