Section 12Part 5 — FINANCIAL STATEMENTS AND ANNUAL RETURNS
Keeping financial statements
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A controller of a non-profit organisation shall cause proper financial statements to be kept of —
all sums of money received and expended and the matters in respect of which the receipt and expenditure relate;
all sales and purchases of property;
all sums of money raised through fundraising;
non-monetary transactions;
records of assets and liabilities; and
any other matter that may be prescribed.
A controller of a non-profit organisation shall ensure that the financial statements show and explain all the transactions of the non-profit organisation and disclose at any time, with reasonable accuracy, its financial position.