Greater London Authority Act 1999

15 (1) A charging authority shall keep an account of their income and expenditure in respect of each of the authority’s charging schemes.

(2) Each of the following bodies, namely—

(a) the Authority,

(b) Transport for London, and

(c) a London borough council,

shall keep an account of their income and expenditure in respect of the sums received by the body which represent net proceeds of charging schemes for which the body is not the charging authority.

(3) As soon as possible after the end of each financial year, each of the bodies required to keep an account under sub-paragraph (1) or (2) above shall prepare a statement of that account for that year.

(4) A statement of account required to be prepared under sub-paragraph (3) above for any financial year shall be published—

(a) in the case of a statement of account prepared by Transport for London, in the annual report of Transport for London under section 161 of this Act for that year;

(b) in any other case, in the annual accounts for that year of the body which prepared the statement of account.

(5) At the end of each financial year—

(a) any deficit in an account required to be kept under sub-paragraph (1) or (2) above shall be made good out of the body’s general fund; and

(b) any surplus in any such account shall be dealt with in accordance with sub-paragraphs (6) and (7) below.

(6) Any such surplus shall be applied towards making good to the general fund any amount charged to that fund under sub-paragraph (5)(a) above in respect of the account in question in the ten years immediately preceding the financial year in question.

(7) So much of any surplus as remains after the application of sub-paragraph (6) above shall be carried forward in the account in question to the next financial year.

(8) In the application of this paragraph in relation to Transport for London, any reference to its general fund shall be taken as a reference to its gross income.