(1) The committee of management of a registered society shall lay before the annual general meeting of the society -
(a) an account of the income and expenditure of the society for the period (in the case of the first account) since the registration of the society and (in any other case) since the preceding account, and
(b) a balance sheet.
made up in every case to the end of the most recent financial year of the society.
(2) Every account of the income and expenditure of a registered society shall give a true and fair view of the income and expenditure of the society for the relevant financial year and every balance sheet of a society shall give a true and fair view of the state of affairs of the society at the end of the relevant financial year.
(3) Reference in this Regulation to an account of income and expenditure shall include references to an account of profit and loss.