S.L. 492.2 Art. 4General requirements relating to annual returns and annual accounts.

(1) The administrators of voluntary organisations shall prepare annual returns and annual accounts in accordance with

Schedules II and III.

(2) The annual returns prepared by the administrators of the voluntary organisation shall contain all the information on the activities carried out by the organisation during the respective financial year for which accounts have been prepared.

(3) The annual accounts of a voluntary organisation shall establish the methods adopted to ensure that all income and expenditure is properly recorded and that there is transparency with regard to any benefits, expenditure and remuneration received by members and employees of a voluntary organisation or any person providing services in order to promote the principal purpose and objectives of the organisation.

(4) The annual accounts of a voluntary organisation shall also establish that the voluntary organisation is non-profit making and is dependent on donations and voluntary grants:

Provided that if a voluntary organisation engages in public collections, it shall be more accountable in accordance with regulation 11, when recording all income and expenditure, taking into consideration that the organisation has been vested with public trust.

(5) For the purpose of sub-regulation (4), the annual return shall include all such information about the voluntary organisation, as may be required, as well as about its administrators and its activities in general, and the persons preparing the annual returns shall give a true account of the facts.