12(1)LBRO must, as soon as practicable after the end of each financial year, produce a report on the discharge of its functions during that year.
(2)LBRO must send a copy of the report to—
(a)the Secretary of State, and
(b)the Welsh Ministers.
(3)The report must be sent under sub-paragraph (2)(a) within such period beginning with the end of the financial year to which the report relates as the Secretary of State may direct.
(4)The report must be sent under sub-paragraph (2)(b) within such period beginning with the end of the financial year to which the report relates as the Welsh Ministers may direct.
(5)The Secretary of State must lay before Parliament a copy of each report received under sub-paragraph (2)(a).
(6)The Welsh Ministers must lay before the National Assembly for Wales a copy of each report received under sub-paragraph (2)(b).