Sale and Supply of Alcohol Act 2012

Licensing trusts, community trusts, and other matters - Licensing trusts - Conduct of business

334: Financial statements

You could also call this:

"Licensing trusts must prepare and share their financial statements with the public each year."

If you are a member of a licensing trust, you must make sure financial statements are prepared for the trust within 5 months after the end of each financial year. You have to prepare these statements in a way that accountants normally do. The statements must be checked by the Auditor-General.

You must make the audited financial statements public as soon as possible after they have been checked. If you do not do what this section says, you can commit an offence and be liable to a penalty, which is explained in section 374(2) of the Companies Act 1993, but with some conditions that are explained in section 376 of that Act. This means you have to follow the rules like a company would.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3339873.


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333: Accounting records, or

"Keep track of money with clear and easy-to-check records, as required by the Sale and Supply of Alcohol Act 2012."


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335: Annual meeting of electors, or

"A licensing trust must hold a public meeting each year to tell you about their work and money."

Part 3Licensing trusts, community trusts, and other matters
Licensing trusts: Conduct of business

334Financial statements

  1. The members of a licensing trust must ensure that, within 5 months after the end of each financial year, financial statements are prepared for the trust for the financial year.

  2. The financial statements must be prepared in accordance with generally accepted accounting practice.

  3. The financial statements must be audited by the Auditor-General.

  4. The audited financial statements must, as soon as practicable after the completion of their audit, be publicly notified in accordance with regulations made under this Act.

  5. If the members fail to comply with the requirements of this section, each member commits an offence and is liable on conviction to the penalty set out in section 374(2) of the Companies Act 1993 but subject to section 376 of that Act, which applies as if the members were the board of a company.

Notes
  • Section 334(1): amended, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).