The School Governors' Annual Reports (Wales) Regulations 2001

4.  A financial statement—

(a)reproducing or summarising any financial statement of which a copy has been provided to the governing body by the local education authority under section 52 of the 1998 Act since the previous governors' report;

(b)indicating, in general terms, how any sum made available to the governing body by the authority (including the school’s budget share) in the period covered by the report was used;

(c)giving details of the application of any gifts made to the school in that period; and

(d)stating the total amount of any travelling and subsistence allowances paid to members of the governing body in that period.