Section 18: Annual estimates and expenditure.

(1) The Institute shall, not later than 1 October in each financial year or soon thereafter, submit to the Council for approval its estimate of revenue and expenditure in respect of the following financial year.
(2) The Institute shall prepare and submit to the Council, not later than 31st July in each financial year, a report on its activities during the preceding financial year, and the report shall be accompanied by a copy of the audited accounts of the Institute for that period and of the auditor’s report on the accounts.