New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 119

119 Copies of audited accounts to be provided to residents

(1) Within 4 months after the end of a financial year of a retirement village, the operator of the village must provide the residents of the village with copies of the audited accounts for that financial year in accordance with this section.

Maximum penalty: 50 penalty units.

(2) The audited accounts must include (but are not limited to):

(a) the following particulars:

(i) details of the income and expenditure of the village during the financial year, including income and expenditure of any capital replacement fund or maintenance fund,

(ii) details of the balances in any capital replacement fund or maintenance fund,

(iii) details of amounts received for insurance claims made in respect of any matter referred to in section 97 (3) (a) (i) or (ii) relating to the village during the financial year,

(iv) details of any interests, mortgages and other charges affecting the property of, or forming part of, the village (other than property or premises owned by residents of the village) as at the end of the financial year, and

(b) a statement that:

(i) specifies whether or not money payable by the village operator to former residents during the financial year concerned was paid in full and on time, and,

(ii) specifies, if any money so payable has not been paid, the amount concerned, details of the delay and the reasons for the delay, and

(iii) contains the matters required to be included by subsection (3), and

(iv) gives details of any matters that may prevent the village operator from meeting those liabilities, and

(c) such other matters as may be prescribed by the regulations.

(3) If the auditor is not satisfied that the operator has the capacity, during the financial year immediately following, to meet the liabilities relating to the village as and when they fall due, or if the auditor believes that there is considerable uncertainty regarding the ability of the operator to meet the liabilities of the village as and when they fall due during the financial year immediately following, a statement to that effect must appear in the audited accounts.

(4) The format of the accounts must correspond as closely as possible with the layout of the statement of proposed expenditure.

(5) A person who is the operator of more than one retirement village may provide audited consolidated accounts in relation to any 2 or more of the villages concerned, but, when providing the accounts to the residents of a particular village, must include a separate statement of income and expenditure for that village.

(6) It is sufficient compliance with this section if the copies of the accounts are provided to the Residents Committee for the retirement village to which they relate and to any individual resident who asks the operator for one.

(7) However, if there is no Residents Committee in the village concerned, the copies of the accounts are to be provided to each resident.