(1) The charity trustees of a charitable organisation shall, in relation to that charitable organisation, keep or cause to be kept proper books of account, whether in the form of documents or other record, that -

(a) correctly record and explain the transactions of the organisation,

(b) enable the financial position of the organisation to be determined with reasonable accuracy at any time,

(c) enable the charity trustees to ensure that any statements of account prepared under section 48 are prepared in compliance with regulations made under that section, and

(d) enable the accounts of the organisation to be readily and properly audited.

(2) The books of account of a charitable organisation shall be kept on a continuous and consistent basis, that is to say, the entries therein shall be made in a timely manner and be consistent from one year to the next.

(3) Without prejudice to the generality of subsections (1) and (2), books of account kept pursuant to those subsections shall contain -

(a) entries, from day to day, of all sums of money received and expended by the charitable organisation concerned and the matters in respect of which the receipt and expenditure takes place, and