15(1)It shall be the duty of a funding authority—
(a)to keep proper accounts and proper records in relation to the accounts,
(b)to prepare in respect of each financial year of the authority a statement of accounts, and
(c)to send copies of the statement to the Secretary of State and to the Comptroller and Auditor General before the end of the month of August next following the financial year to which the statement relates.
(2)The statement of accounts shall comply with any directions given by the Secretary of State with the approval of the Treasury as to—
(a)the information to be contained in it,
(b)the manner in which the information contained in it is to be presented, or
(c)the methods and principles according to which the statement is to be prepared,
and shall contain such additional information as the Secretary of State may with the approval of the Treasury require to be provided for the information of Parliament.
(3)The Comptroller and Auditor General shall examine, certify and report on each statement received by him in pursuance of this paragraph and shall lay copies of each statement and of his report before each House of Parliament.
(4)In this paragraph, “financial year” means the period beginning with the date on which the authority is established and ending with the next following 31st March, and each successive period of twelve months.