Agricultural Marketing Act 1983

5 Accounts and annual reports

(1) Food from Britain shall—

(a) keep proper accounting records in such form as the Ministers may, with the consent of the Treasury, determine; and

(b) prepare a statement of accounts in respect of each financial year.

(2) The statement of accounts shall give a true and fair view of the state of Food from Britain's affairs at the end of the financial year and of its income and expenditure in the financial year, and shall comply with any directions given by the Ministers with the consent of the Treasury as to the information to be contained in the statement or the manner in which it is to be presented or as to the methods and principles according to which the statement is to be prepared.

(3) The statement of accounts shall be audited by persons to be appointed in respect of each financial year by the Ministers, and the auditors shall be furnished by Food from Britain with copies of the statement of accounts for any financial year not later than 30th June following the end of that year.

(4) The auditors shall complete their audit and send the Ministers copies of the statement of accounts and of their report on the statement as soon as possible after the end of the financial year to which they relate and in any event not later than 30th September following the end of that year.

(5) No person shall be qualified to be appointed auditor under this section unless he is a member of one or more of the following bodies—

• The Institute of Chartered Accountants in England and Wales;

• The Institute of Chartered Accountants of Scotland ;

• The Association of Certified Accountants ;

• The Institute of Chartered Accountants in Ireland ;

but a Scottish firm may be appointed under this section if each of the partners is qualified to be so appointed.

(6) As soon as possible after the end of any financial year and in any event not later than 30th September following the end of that year Food from Britain shall prepare and submit to the Ministers a report of what has been done in the discharge of its functions in that year.

(7) The Ministers shall lay before Parliament copies of the report for any financial year made under subsection (6) above together with copies of the statement of accounts and of the auditor's report for that year.

(8) The Ministers and the Comptroller and Auditor General shall be entitled to inspect all books, papers and other records of Food from Britain relating to or to matters dealt with in any statement of accounts required to be prepared pursuant to this section.

(9) The first financial year of Food from Britain shall be the period beginning with the coming into force of this section and ending with 31st March 1984 ; and any subsequent period of twelve months ending with 31st March shall be a financial year of Food from Britain.