The Majlis shall cause full and true accounts of the Baitulmal to be kept and shall as soon as possible after the 31st day of December of every year submit to the Minister a report on the activities of the Majlis during the preceding year, together with a balance sheet of the Baitulmal, as at the 31st day of December, an income and expenditure account for the year and list of the properties and investments of the Baitulmal showing their costs, if bought, and estimated values as at the 31st day of December.