Energy Act 2004

26 Accounts of NDA

(1) The NDA must—

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

(b) in respect of each of its accounting years, prepare a statement of its accounts.

(2) A statement of accounts prepared under this section must give a true and fair view of—

(a) the income and expenditure of the NDA for the accounting year in question; and

(b) its state of affairs.

(3) Such a statement of accounts must comply with every requirement which has been notified by the Secretary of State to the NDA.

(4) Those requirements 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; or

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

(5) The approval of the Treasury is required for the imposition of a requirement under subsection (3).

(6) The accounts of the NDA relating to each of its accounting years, including the statement of accounts prepared for the year under this section, must be audited by the Comptroller and Auditor General.

(7) The Comptroller and Auditor General must send a copy of his report on what is audited to the NDA.

(8) The NDA must send to the Secretary of State and to the Scottish Ministers, in respect of each of its accounting years—

(a) a copy of the accounts for that year that are required to be audited under this section; and

(b) a copy of the Comptroller and Auditor General’s report on those accounts.

(9) The NDA must comply with any directions given to it by the Secretary of State about the times by which it must have complied with its obligations under subsections (1)(b), (6) and (8).

(10) The Secretary of State must lay a copy of whatever is sent to him under subsection (8) before Parliament.

(11) The Scottish Ministers must lay a copy of whatever is sent to them under subsection (8) before the Scottish Parliament.

(12) In this section—

• “accounting records” includes all books, papers and other records of the NDA relating to—

  (a)

  the accounts which it is required to keep; or

  (b)

  matters dealt with in those accounts;

• “accounting year”, in relation to the NDA, means—

  (a)

  the NDA’s first accounting year; or

  (b)

  a financial year after the end of the NDA’s first accounting year;

• “the NDA’s first accounting year” means—

  (a)

  where the NDA is established at the beginning of a financial year, that financial year; and

  (b)

  in any other case, the period which begins with the day on which the NDA is established and ends—

  (i)

  if no direction is given under sub-paragraph (ii), with 31st March in the financial year current on that day; and

  (ii)

  if the Secretary of State so directs, with 31st March at the end of the following financial year.