Paragraph 5

United Kingdom

(1)

The Board may determine its own financial year.

(2)

It shall be the duty of the Board—

(a)

to keep proper accounts and proper records in relation to the accounts; and

(b)

to prepare in respect of each of its financial years a statement of accounts showing the state of affairs and income and expenditure of the Board.

(3)

A statement of accounts prepared in accordance with sub-paragraph (2)(b) above shall be audited by auditors appointed by the Board and the auditors shall report to the Board stating whether in their opinion the provisions of sub-paragraph (2) above have been complied with.

F1(4)

A person shall not be appointed as auditor by the Board under sub-paragraph (3) above unless he is eligible for appointment as a company auditor under section 25 of the Companies Act 1989.

(5)

It shall be the duty of the Board, as soon as practicable after the end of each of its financial years, to prepare a report on the performance of its functions during that year.

(6)

It shall be the duty of the Board to publish, in such manner as it thinks appropriate, every statement of account prepared in accordance with sub-paragraph (2)(b) above and every report prepared in accordance with sub-paragraph (5) above.

Annotations

Textual amendments

F1: Sch. 4 para. 5(4) substituted (01.10.1991) by S.I. 1991/1997, regs. 2, 4, Sch. para.67

Notes on the whole Act

Textual amendments

F1

Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(d)

Act continued (with modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9(1), Sch. 1 Pt. 1; S.I. 2001/3538 (as amended (1.4.2013) by S.I. 2013/472, arts. 1(1), 3, Sch. 2 para. 56(h)(i)); and specified provisions of Act applied, extended and amended (1.4.2003) so far as still in force by 2001 c. 16, ss. 50, 52-54, 57(1)(j)(4), 68, 138(2), Sch. 1 para. 43, Sch. 2 para. 16(2)(d); S.I. 2003/708, art. 2

Notes on Schedule 4

Modifications

C1

Sch. 4: power to apply conferred (9.6.1997) by 1997 c. 32, s. 32(2); S.I. 1997/1427, art. 2(g)

Sch. 4: power to repeal conferred (9.6.1997) by 1997 c. 32, s. 32(5)(a); S.I. 1997/1427, art. 2(g)