Section 29

The Secretary of the Board shall keep or cause to be kept full and true accounts of all properties, funds, securities, investments and assets belonging to or arising out of the endowments administered by the Board and also of all moneys received and paid respectively on account of such endowments and shall, as soon as possible after 31 March of every year but not later than 31 December of that year, prepare and submit to a meeting of the Board a report on the activities of the Board for the preceding financial year, together with a balance sheet as at 31 March, an income and expenditure account for the year and a list of properties and investments of each endowment showing their cost, if bought, and estimated value as at 31 March.

Such annual balance sheet, income and expenditure account and list of properties and investments shall, prior to their submission to a meeting of the Board, be audited and certified as correct by an auditor to be appointed by the Board and approved by the Minister.

For the purposes of subsection (1), “financial year” means a period of 12 months ending on 31 March in any year.