52School boards to approve financial statement and report

52 School boards to approve financial statement and report (1) As soon as practicable after the end of each half-year (but not later than the date decided by the director-general), the school board of a government school must approve a financial statement for the half- year, in a form approved by the director-general or as the director-general directs. (2) As soon as practicable after the end of each year (but not later than the date decided by the director-general), the school board of a government school must approve an annual report on the board’s operations during the year. (3) The annual report must include— (a) the financial statements approved under subsection (1) for each half-year; and

(b) a statement of how voluntary contributions made to the school have been or will be spent; and (c) if a school board is holding funds in reserve—a statement setting out the purposes for which the funds are being held and the amount being held for each of those purposes. (4) The school board must give a copy of each report approved under this section to the director-general. (5) The director-general may issue guidelines about what is, or is not, holding funds in reserve.