Charities Act 2009
Annual statement of accounts.
48.— (1) Subject to subsection (3), the charity trustees of a charitable organisation shall, in respect of each financial year, prepare a statement of accounts (in this section referred to as the “annual statement of accounts”) in such form and containing information relating to such matters as may be prescribed by regulations made by the Minister.
(2) Without prejudice to the generality of subsection (1), regulations made in accordance with that subsection may make provision for—
(a) the annual statement of accounts to be prepared in accordance with such methods and standards as are specified in the regulations,
(b) any information to be provided by means of notes to the annual statement of accounts, and
(c) determining the financial year of a charitable organisation for the purposes of this Act and any regulations made under it.
(3) (a) Where the gross income or expenditure of a charitable organisation in a financial year does not exceed €100,000, the charity trustees may, instead of preparing an annual statement of accounts in respect of that year, prepare an income and expenditure account in respect of, and a statement of the assets and liabilities of, the charitable organisation.
(b) An income and expenditure account and a statement of the assets and liabilities of a charitable organisation prepared under paragraph (a) shall be in such form as may be prescribed by the Minister.
(4) A charity trustee who contravenes this section shall be guilty of an offence.
(5) It shall be a defence to proceedings for an offence consisting of a contravention of this section for the defendant to prove that he or she believed on reasonable grounds that a competent and reliable person was duly charged with the duty of ensuring compliance with that requirement and was in a position to discharge that duty.
(6) This section does not apply—
(a) to a charitable organisation that is a company,
(b) to an education body,
(c) to a charitable organisation in respect of a financial year in which its gross income or total expenditure is less than—
(i) €10,000, or
(ii) such greater amount, not exceeding €50,000, as may be prescribed,
or
(d) in relation to a centre for education designated by the Minister under section 10(4) of the Act of 1998.
Annotations
Amendments:
F37
Substituted by Charities (Amendment) Act 2024 (21/2024), s. 17(a), (b), (d)(ii), (iii), not commenced as of date of revision.
F38
Inserted by Charities (Amendment) Act 2024 (21/2024), s. 17(c), not commenced as of date of revision.
F39
Deleted by Charities (Amendment) Act 2024 (21/2024), s. 17(d)(i), not commenced as of date of revision.
Modifications (not altering text):
C15
Prospective affecting provision: subss. (1), (3)(a), (6)(d) amended, subss. (3A), (3B) inserted, subs. (6)(a) deleted by Charities (Amendment) Act 2024 (21/2024), s. 17(a)-(d), not commenced as of date of revision.
48.— (1) Subject to subsection (3), the charity trustees of a F37[charitable organisation, that is not a company,] shall, in respect of each financial year, prepare a statement of accounts (in this section referred to as the “annual statement of accounts”) in such form and containing information relating to such matters as may be prescribed by regulations made by the Minister.
…
(3) (a) Where the gross income or expenditure of F37[a charitable organisation, referred to in subsection (1), in a financial year does not exceed €250,000] the charity trustees may, instead of preparing an annual statement of accounts in respect of that year, prepare an income and expenditure account in respect of, and a statement of the assets and liabilities of, the charitable organisation.
(b) An income and expenditure account and a statement of the assets and liabilities of a charitable organisation prepared under paragraph (a) shall be in such form as may be prescribed by the Minister.
F38[(3A) A charitable organisation that is a company shall prepare financial statements in accordance with—
(a) the requirements of Part 6 of the Act of 2014, and
(b) regulations made under subsection (3B).
(3B) The Minister may, having regard to the requirements of Part 6 of the Act of 2014 and after consultation with the Minister for Enterprise, Trade and Employment, prescribe the form and content of financial statements, additional to the requirements contained in Part 6 of the Act of 2014, to be prepared by a charitable organisation referred to in subsection (3A).]
…
(6) This section does not apply—
(a) F39[…]
(b) to an education body,
F37[(c) to a charitable organisation in respect of a financial year in which 2 or more of the following conditions are met:
(i) its balance sheet total does not exceed €10,000, or such greater amount not exceeding €50,000 as may be prescribed;
(ii) its gross income does not exceed €10,000, or such greater amount not exceeding €50,000 as may be prescribed;
(iii) it has no employees,]
or
(d) in relation to a centre for education designated by the F37[Minister for Education] under section 10(4) of the Act of 1998.