7. Council shall establish a College Accounts Committee, the membership, functions and powers of which shall be laid down by regulation.
8. At the end of each financial year, and by a date laid down by regulation, every college shall prepare, and submit for appropriate examination by auditors, statements in respect of the financial year just ended.
9. The statements required under section 8 of this statute shall be prepared so as to conform in all material respects to regulations made by Council for the preparation of college accounts.
10. The financial statements for the year concerned prepared by each college shall give a true and fair view of:
(1) the state of affairs of the college, and of the college together with its subsidiaries and connected entities, at the balance sheet date; and
(2) the consolidated income and expenditure of the college together with its subsidiaries and connected entities for the year ended on that date;
in accordance with UK Generally Accepted Accounting Practices (‘GAAP’) and with this statute.
11. Every college shall also supply with its accounts, but not for publication, such other financial information, either audited or unaudited, as is specified by Council by or under the regulations.
12. (1) By the date laid down by regulation, the statements and the report of the independent auditors shall be presented to the College Accounts Committee.
(2) The College Accounts Committee shall then order the publication of those statements and reports within the University.
13. The reports of the independent auditors shall include, in a form laid down by Council by regulation, any further report which may be required by the University’s external auditors in respect of any public and publicly accountable funds transferred to the college by the University during the immediately preceding financial year.