Transport for LondonAppendix 9 - Summary statement of accounts
Skip to navigation| Group revenue account (year ended 31 March) |
2003/04 £m |
2002/03 restated* £m |
|---|---|---|
| Highways, roads and transport services | ||
| Expenditure | 3,937.2 | 3,178.1 |
| Revenue | (2,320.8) | (1,941.0) |
| Depreciation net of release of deferred grants | 240.0 | 241.6 |
| Capital financing charges | 82.2 | 126.8 |
| Net cost of services | 1,938.6 | 1,605.5 |
| Losses of joint venture company before grant | 15.6 | 12.6 |
| Depreciation net of release of deferred grants - reversal | (115.1) | (125.8) |
| Capital financing charges - reversal | (82.2) | (126.8) |
| Finance lease charges | 33.6 | 23.3 |
| Net interest and investment income | 2.2 | (31.4) |
| Net operating expenditure | 1,792.7 | 1,357.4 |
| Transfer to/(from) earmarked reserves | 433.7 | (9.2) |
| Appropriations to/(from) pensions reserve | (44.4) | 7.2 |
| Other transfers to/(from) reserves | (93.7) | (123.0) |
| Capital expenditure financed from revenue | 430.8 | 581.9 |
| Total amount to be met from government grant and local taxation | 2,519.1 | 1,814.3 |
| Transport grant | (2,553.9) | (1,791.1) |
| Other revenue grant | (5.7) | (5.1) |
| Precept | (57.8) | (35.8) |
| Surplus in the year | (98.3) | (17.7) |
The information in Appendix 9 is extracted from the audited Statement of Accounts for TfL for the year ended 31 March 2004, copies of which are available on our website (www.tfl.gov.uk).
*On 15 July 2003 the entire share capital of London Underground Limited was transferred to Transport Trading Limited, a wholly owned subsidiary of TfL, from London Regional Transport. There was no consideration payable for the transfer. TfL has applied merger accounting to the transfer. The financial information for the current period has therefore been presented and that for the prior periods restated, as if LUL had been owned by Transport Trading Limited throughout the current and prior accounting periods. TfL has fully implemented Financial Reporting Standard 17 relating to pension fund liabilities in its accounts for the year ended 31 March 2004. The financial information for prior periods has been restated to reflect this.
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