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.