(1)  The funds of the Academy consist of any money –

(a) received by it by way of fees and charges under this Act; and

(b) otherwise received by it in the course of performing its functions and exercising its powers; and

(c) received by it from any other source.

(2)  The funds of the Academy are to be applied –

(a) in payment of the remuneration of the directors, the chief executive officer and the employees; and

(b) in payment or discharge of the expenses, charges and obligations incurred or undertaken by the Academy in the performance and exercise of its functions and powers.