expenditure over income in that subsequent financial year may either be carried forward to accumulated funds or appropriated in whole or in part to a special reserve fund at the discretion of the Board. The special reserve fund may only be applied to meet any extraordinary claim or demand arising at any time against the College or in payment of the cost of extending or improving any part of the property or equipment of the College or otherwise for the benefit of the College provided that where such expenditure would commit Government to the expenditure of public funds, the approval of the Director be sought beforehand. A sum equivalent to the amount set aside in the special reserve fund shall be invested in readily realizable assets.
Depreciation Fund
28.
The cost of renewing any part of the property or equipment of the College shall be charged to a Depreciation Fund account established for the purpose.
Tied Grants
29. Where Government grants paid to the Board are in respect of salaries, such grants shall be paid into a salaries grant reserve account. If the relevant expenditure is less than the cost on which the grants were based only an amount equivalent to the actual expenditure shall be treated as income of the College. Where Government grants paid to the Board are in respect of capital expenditure and purchase of equipment such grants shall be paid into a capital expenditure reserve account and an equipment reserve account and shall not be treated as income of the College. At the end of the financial year an amount equivalent to the expenditure incurred on capital projects and purchase of equipment shall be appropriated to accumulated funds. If the relevant expenditure is less than the cost on which the grants were based, unless otherwise provided for in the terms on which the grant was made, the excess of grants actually paid over the sums to which, according to actual expenditure the Board is entitled shall remain in the reserve accounts to be either offset against subsequent Government grants or repaid to Government.
Estimates
30. (a)
(b)
The Board shall prepare and lodge with the Director annually, by a date which he shall notify, annual estimates of income and expenditure upon which Government grants-in-aid will be based. Such estimates shall be in a form agreed with the Director and will require his approval;
expenditure shall be in accordance with the estimates either as originally approved by the Director or as varied by reallocations or supplementary estimates also approved by the Director provided that the Board may at its own discretion increase or decrease the provision under any item of recurrent expenditure by a maximum of 10% of the original estimate for that item. The Director may approve reallocation without financial limit.
Fees
31.
The policy of the College as regards fees, bursaries and other charges shall be the responsibility of the Board acting with approval of the Director.
Auditors
32. The accounts of the Board shall be subject to an annual audit by an auditor appointed by the Board subject to the approval of H.E. The Governor.
Trustees
33. (a)
The Board is empowered to appoint trustees in whom shall be vested the funds, buildings, land and equipment of the College;
/(b)
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