Financial year17.
(1)
The Panel’s first financial year is the period that begins with the establishment day and ends with—
(a)
the following 31 March (if the establishment day is 1 April), or
(b)
the second following 31 March (if the establishment day is not 1 April).
(2)
Subject to paragraph (1), the Panel’s financial year is each period of 12 months ending with 31 March.