Part I London Regional Transport
Financial provisions
23 Accounts.
1
London Regional Transport shall keep proper accounts and proper records in relation to the accounts.
2
London Regional Transport shall prepare in respect of each accounting year—
a
a statement of accounts with respect to their own affairs; and
b
such statement or statements of consolidated accounts dealing with the affairs of London Regional Transport and any one or more other members of the London Regional Transport group as the Secretary of State may, with the approval of the Treasury, from time to time direct (whether generally or as respects any particular accounting year of London Regional Transport).
3
The statement of accounts prepared in accordance with paragraph (a) of subsection (2) above shall give a true and fair view of the state of affairs and profit or loss of London Regional Transport; and any such statement prepared in accordance with paragraph (b) of that subsection shall give a true and fair view of the state of affairs and profit or loss of the members of the London Regional Transport group dealt with by that statement as a whole.
4
Every statement of accounts prepared by London Regional Transport in accordance with this section shall comply with any requirements imposed by directions given by the Secretary of State, with the approval of the Treasury and after consultation with London Regional Transport, with respect 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.
5
The accounts of London Regional Transport shall be audited by an auditor or auditors appointed in respect of each accounting year by the Secretary of State after consultation with London Regional Transport.
F26
A person shall not be appointed to audit the accounts of London Regional Transport unless he is eligible for appointment as a company auditor under section 25 of the Companies Act 1989.
7
As soon as the accounts of London Regional Transport have been audited in accordance with this section, London Regional Transport shall send to the Secretary of State—
a
a copy of the statement of accounts prepared in accordance with subsection (2)(a) above; and
b
a copy of any statement of accounts prepared in accordance with subsection (2)(b) above;
together with a copy of the report made by the auditor or auditors on that statement or (as the case may be) on each of those statements.
8
A copy of every such statement and report shall be included in the annual report of London Regional Transport with respect to the accounting year in question which the Secretary of State is required by section 34 of this Act to lay before each House of Parliament.