(1) The Board shall cause to be prepared not later than the 30th day of June in each year-

(a) a statement of income and expenditure of the Academy for the last preceding financial year; and

(b) a statement of the assets and liabilities of the Academy as they stood at the end of the immediate preceding financial year.

(2) The said statement, duly certified by the Principal, shall be submitted for audit to an auditor appointed by the Board not later than six months after the end of the last preceding financial year.