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Financial Guidance and Claims Act 2018

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Reports and accounts

14(1)As soon as reasonably practicable after the end of each financial year, the single financial guidance body must send to the Secretary of State a report on the exercise of the single financial guidance body’s functions during that year.

(2)The report must include—

(a)a report on the proceedings of the single financial guidance body during the year, and

(b)such other information as the Secretary of State may direct.

(3)On receiving the report, the Secretary of State must lay it before Parliament.

(4)The single financial guidance body must—

(a)keep proper accounting records, and

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

(5)The statement must be in such form as the Secretary of State may direct.

(6)The single financial guidance body must send a copy of the statement of accounts to—

(a)the Secretary of State, and

(b)the Comptroller and Auditor General,

within the time period directed by the Secretary of State.

(7)The Comptroller and Auditor General must—

(a)examine, certify and report on the statement of accounts, and

(b)send a copy of the report to the Secretary of State.

(8)The Secretary of State must lay before Parliament the statement of accounts and the report of the Comptroller and Auditor General.

(9)In this paragraph, “financial year” means—

(a)the period beginning with the day on which this Schedule comes into force and ending with the following 31st March, and

(b)every subsequent period of 12 months ending with 31st March.

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