Railways Act 2005

Part 3 E+W+S Finance

Government grants E+W+S

6 (1) The Secretary of State may make grants to the RPC of such amounts as he may determine. E+W+S

(2) The terms of the grants shall be such as the Secretary of State may determine.

Commencement Information

I1 Sch. 5 para. 6 in force at 24.7.2005 by S.I. 2005/1909, art. 2, Sch.

Direction requiring payment to the Secretary of State E+W+S

7 (1) The Secretary of State may give a direction to the RPC requiring it to pay him a sum specified in the direction. E+W+S

(2) Before giving a direction under sub-paragraph (1), the Secretary of State must consult—

(a) the Treasury; and

(b) the RPC.

Commencement Information

I2 Sch. 5 para. 7 in force at 24.7.2005 by S.I. 2005/1909, art. 2, Sch.

Accounts and audit E+W+S

8 (1) The RPC must— E+W+S

(a) keep proper accounts and proper accounting records; and

(b) in respect of each financial year, prepare a statement of its accounts.

(2) Every statement of accounts prepared under sub-paragraph (1)(b) must—

(a) give a true and fair view of the RPC's income and expenditure for the financial year in question and its state of affairs; and

(b) comply with every requirement which the Secretary of State has notified to the RPC.

(3) The requirements notified under sub-paragraph (2)(b) may include, in particular, requirements relating to—

(a) the information to be contained in the statement;

(b) the manner in which that information is to be presented; and

(c) the methods and principles according to which the statement is to be prepared.

Commencement Information

I3 Sch. 5 para. 8 in force at 24.7.2005 by S.I. 2005/1909, art. 2, Sch.

9 (1) The statement of accounts and other accounts of the RPC relating to each financial year must be audited by the Comptroller and Auditor General. E+W+S

(2) The Comptroller and Auditor General must send the RPC a copy of his report on the accounts audited under sub-paragraph (1).

(3) The RPC must send the Secretary of State—

(a) a copy of the accounts audited under sub-paragraph (1); and

(b) the report of the Comptroller and Auditor General.

(4) The Secretary of State must lay a copy of the documents sent to him under sub-paragraph (3) before Parliament.

Commencement Information

I4 Sch. 5 para. 9 in force at 24.7.2005 by S.I. 2005/1909, art. 2, Sch.