financial yearmeans the 12 month period ending on 31st March each year;
governing bodymeans, in respect of a grant-aided college which is a college of education, the governing body of that college and, in respect of a grant-aided college which is a central institution (as defined in regulation 2(1) of the Central Institutions (Scotland) Regulations 1988(), has the meaning given by that regulation;
grant-aided collegehas the meaning given by section 77(5) of the Education (Scotland) Act 1980.