S.L. 542.7 Art. 7Financing, financial control and accountability of the De Valette Chamber Orchestra Cap. 601.

(1) The financial management of the De Valette

Chamber Orchestra shall be conducted in accordance with the provisions of Part V of the Act and with the provisions of the Public

Finance Management Act insofar as they apply to government entities.

(2) Subject to the provisions of this order, the De Valette Chamber Orchestra shall carry out its work in such a way that the expenditure required for the proper performance of its functions shall, as far as is practicable, be met from its income and from its operations.

(3) The De Valette Chamber Orchestra shall also receive from the Government, from the Consolidated Fund, either directly or through the Council, those amounts that may, from time to time, be authorised for allocation to cover part of its expenditure that cannot be met from its income and from its operations, as well as costs for specific projects to be continued or to be otherwise executed by it.

(4) Subject to any decision which the Minister may, from time to time, make after consultation with the Minister responsible for finance, any excess of income over expenditure shall be applied by the De Valette Chamber Orchestra to the formation of reserve funds which shall be used for the attainment of its objectives:

Provided that the Minister and the Minister responsible for finance may in writing, order the De Valette Chamber Orchestra AS A PUBLIC CULTURAL ORGANISATION)

either directly or through the Council:

(a) to transfer to the Government that excess on income; or

(b) to apply such excess revenue in such manner or for such purpose as may be specified.

(5) Any funds of the De Valette Chamber Orchestra which are not immediately required to meet the expenditure, may be invested in such manner as may be approved by the Council, from time to time.

(6) The De Valette Chamber Orchestra, in the performance of its functions, may receive payment for services as may be published or agreed upon with third parties.

(7) (a) The De Valette Chamber Orchestra shall prepare an annual report where it shall render an account of its operation, activities and financial situation in respect of each financial year.

(b) In its annual report, the De Valette Chamber Orchestra shall provide:

(i) an overview of its operation during that financial year, including reference to the implementation of the incorporated functions and its corporate governance; and

(ii) a financial statement and the report of the auditors containing a statement of the following:

(aa) the financial position;

(bb) the financial performance;

(cc) the changes in net assets or equity;

(dd) the cash flow;

(ee) a comparison between the estimates prepared for the financial year under evaluation and the actual expenditure of the financial year under evaluation, and between the actual expenditure of the financial year under evaluation and the actual expenditure of the previous year;

(ff) the opinion of the auditors on the procurement management, the financial position and performance of the De Valette Chamber Orchestra;

(gg) notes, including a summary of significant accounting policies and other explanatory notes: Provided that the contract of service with the appointed auditors shall be concluded within one (1) month from the end of the financial year and the auditors shall be bound to conclude their work and provide the De Valette Chamber Orchestra with the report within five (5) months from the date of conclusion of the contract of service.

(8) The De Valette Chamber Orchestra shall, within five (5) working days of receipt of the audit report from the auditors, transmit and present the annual report to the Council and to the Minister.

(9) The Minister shall, within ten (10) working days after the receipt of the annual report of the De Valette Chamber Orchestra, lay the annual report on the Table of the House, or if at any time during that period the House is not in session, within one (1) week from the beginning of the following session.