Sovereign Grant Act 2011

4 Accounts of the Reserve Fund

(1) The Royal Trustees must keep proper accounting records of the Reserve Fund.

(2) As soon as practicable after the end of a financial year (“the financial year”), the Royal Trustees must—

(a) prepare a statement of accounts of the Reserve Fund for that year, and

(b) give a copy of the statement to the Comptroller.

(3) The statement of accounts—

(a) must state the value of the Reserve Fund at the end of the financial year, and

(b) subject to that, must be prepared in accordance with any directions given by the Treasury to the Royal Trustees.

(4) The directions that may be given include directions as to—

(a) the information to be contained in the statement and how it is to be presented,

(b) the methods and principles in accordance with which the statement is to be prepared, and

(c) any additional information that is to accompany the statement.

(5) As soon as practicable after receiving the statement of accounts, the Comptroller must—

(a) examine, certify and report on the statement, and

(b) give a copy of the report and statement to the Treasury.

(6) The Treasury must lay a copy of the report and statement of accounts before Parliament.

(7) For the purposes of Part 2 of the National Audit Act 1983 (economy, efficiency and effectiveness examinations)—

(a) the Royal Trustees are to be treated as a body within section 6(3)(c) of that Act, and

(b) for the purposes of section 6(4) of that Act the functions of the Comptroller in relation to the Royal Trustees are to be regarded as restricted to matters relating to the Reserve Fund.