(1)

A trustee of a public trust which has an annual income exceeding the prescribed amount shall, at least one month before the commencement of each accounting year, prepare and submit in such form or forms as may be prescribed, a budget showing the probable receipts and disbursements of the trust during the following year to the Charity Commissioner.

(2)

Every such budget shall make adequate provision for carrying out the objects of the trust, and for the maintenance and preservation of the trust property.