The Board must prepare a report ("the annual report") for each financial year.
The annual report must deal with—
the discharge of the Board's functions,
the extent to which, in the Board's opinion, the Board has met the regulatory objectives, and
such other matters as the Lord Chancellor may from time to time direct.
As soon as reasonably practicable after the end of each financial year, the Board must give the Lord Chancellor a copy of the annual report prepared for that year.
The Lord Chancellor must lay a copy of the annual report before Parliament.
In this section "financial year" means—
the period beginning with the day on which the Board is established and ending with the next following 31 March, and
each successive period of 12 months.