Railways Act 2005

Part 3 Finance

Government grants

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

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

Direction requiring payment to the Secretary of State

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

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

(a) the Treasury; and

(b) the RPC.

Accounts and audit

8 (1) The RPC must—

(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.

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.

(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.