The Secretary of State for Trade and Industry with the approval of the Treasury, in pursuance of Section 2(2) of the Science and Technology Act 1965, hereby gives the following Direction:

  The annual accounts shall give a true and fair view of the income and expenditure and cash flows for the financial year, and the state of affairs as at the year end. Subject to this requirement the *** Council shall prepare accounts for the financial year ended 31 March 2002 and subsequent financial years in accordance with:

(a)  Executive Non-Departmental Public Bodies Annual Reports and Accounts Guidance published by HM Treasury and as amended from time to time;

(b)  other guidance which the Treasury may issue from time to time in respect of accounts where the requirement is to give a true and fair view of the financial statements; and

(c)  any other specific disclosures which may be required by the Secretary of State; except where agreed otherwise with H M Treasury, in which case the exception shall be described in the notes to the accounts.

Signed for and on behalf of the Secretary of State for Trade and Industry