—(1)  The Secretary of the Board shall keep or cause to be kept full and true accounts of all properties, funds, securities, investments and assets belonging to or arising out of the endowments administered by the Board and also of all moneys received and paid respectively on account of such endowments and shall, as soon as possible after 31st March of every year but not later than 31st December of that year, prepare and submit to a meeting of the Board a report on the activities of the Board for the preceding financial year, together with a balance-sheet as at 31st March, an income and expenditure account for the year and a list of properties and investments of each endowment showing their cost, if bought, and estimated value as at 31st March.