7(1)The Board shall make to the Lord President of the Council a report on the exercise of their functions since the making of their last report or, in the case of the first report, on the exercise of their functions and those of the Tate Gallery Trustees since the making of the last report by those Trustees.
(2)The first report shall be made not later than the end of the period of three years (or such shorter period as the Lord President may direct) beginning with the day of the Board’s establishment.
(3)Each subsequent report shall be made not later than three years (or such shorter period as the Lord President may direct) after the last was made.
(4)The Lord President shall lay a copy of each report before each House of Parliament.