42

(1)The treasurer of a registered party shall prepare a statement of accounts in respect of each financial year of the party.
(2)A statement of accounts under this section must-
(a)comply with such requirements as to its form and contents as may be prescribed by regulations made by the Commission; and
(b)be approved-
(i)by the management committee of the party, if there is one, and
(ii)otherwise by the registered leader of the party.
(3)Regulations under subsection (2)(a) may in particular-
(a)require any such statement to be prepared in accordance with such methods and principles as are specified or referred to in the regulations;
(b)specify information which is to be provided by way of notes to the accounts.
(4)Without prejudice to the generality of paragraph 22(7) of Schedule 1 (power to make different provision for different cases), regulations under subsection (2)(a) may impose different requirements-
(a)according to whether the gross income or total expenditure of a party-
(i)does not exceed £5,000,
(ii)exceeds £5,000 but not £250,000, or
(iii)exceeds £250,000;
(b)in respect of (on the one hand) parties registered in the Great Britain register and (on the other) those registered in the Northern Ireland register.
(5)Any special provision made by regulations under subsection (2)(a) in respect of parties registered in the Northern Ireland register shall, however, only have effect in relation to any financial year of a party so registered during any part of which there is an order in force under section 70(1); and, in the case of any other financial year of a party so registered, any provision made by such regulations in respect of parties registered in the Great Britain register shall have effect in relation to that financial year of the party as if it were registered in that register.
(6)The treasurer of a registered party shall ensure that any statement of accounts prepared under this section in respect of the party is preserved for at least six years from the end of the financial year to which the statement relates.
(7)Subsection (5) of section 41 shall apply in relation to the preservation of any such statement as it applies in relation to the preservation of any accounting records (the references to subsection (4) of that section being read as references to subsection (6) above).
(8)In this Part "gross income" means gross recorded income from all sources.