Accounts

(1) The Board shall keep full and correct accounts of all money received and expended by the Trust. (2) An annual audit of accounts shall be carried out by an independent auditing firm to be appointed by the Board. Protected Areas Conservation Trust[CAP. 218 29 (3) The completed annual audit report shall be submitted to the Board within one month of the anniversary date of inscription of the Trust Fund. (4) The Board shall prepare a statement of the assets and liabilities of the Trust as at the end of each financial year and forward the same to the Central Bank of Belize as the trustee of (5) At the beginning of each financial year, the Board shall prepare a budget which shall be divided into two components– (a) the programme budget which will include an estimated amount for project grants, loans, endowment contributions; and (b) the operational budget which will include monitoring and evaluation, financial and investment assistance, capital expenditures and general operations.