annual financial statement "annual financial statement" means a statement showing the financial position for the year ending 31 December of funds maintained by an Islamic or a government or government-aided educational institution which consists of- (a) a balance sheet; (b) a statement of income and expenditure; (c) a statement of receipt and payment; (d) notes of account; and (e) and other related statements; PU(A) 232/2002 - EDUCATION (ACCOUNTS AND AUDIT) REGULATIONS 2002 3. Interpretation.