EM021: Organisation to provide financial reports

Type:
Condition

[Note: The TEC may exempt this condition from applying, under section 159ZE(4)-(5) of the Education Act 1989.]

The Organisation must, as soon as practicable after 31 December in any year in which it receives funding, provide the TEC with:

(a) a financial report of the Organisation for that year that includes the Organisation's audited accounts, a statement of financial performance, a statement of financial position, a statement of movements in equity, a statement of cash flows, and a statement of service performance that compares the performance of the Organisation with the outcomes as measured by any Performance Commitments agreed with the TEC; and
(b) any financial reports, or statistical or other information, required by the TEC; and
(c) any information necessary to demonstrate compliance with the conditions set out in the Organisation’s funding confirmation letter.

 

The report described in paragraph (a) must be prepared in accordance with generally accepted accounting practice and audited by an independent chartered accountant.

 

  • Last changed: 22 February 2016
  • Last verified: 22 February 2016