Transport for LondonFinancial review
Skip to navigationIn transforming London's transport system, TfL has an unprecedented and outstanding opportunity to make a difference to the daily lives of millions of Londoners.
This challenge requires the ability to deliver on time and within budget.
The Mayor's Transport Strategy has set the framework objectives and agenda for the next decade. Only through effective management and forward looking decision making structures will this become a reality.
From April 2003 to March 2004, TfL spent £4,800 million, which included £2,591 million on the Underground, £1,312 million on bus services, £637 million on roads and £28 million on rail. A total of £2,821 million of transport funding is provided through the Government, the Greater London Authority and third parties. Passenger fares, Street Management activities and other services, contributed a further £2,321 million. During the year, TfL invested £863 million: £193 million on vehicles and equipment; £667 million on infrastructure of which £476 million was provided under the three London Underground Public Private Partnership contracts; and £3 million on land and buildings.
| Funding Review | 2004 £m |
2003 restated* £m |
|---|---|---|
| Funding requirement | ||
| Sales Revenue | 2,321 | 1,941 |
| Expenditure (including £863 million capital investment) | (4,800) | (3,859) |
| Losses of joint venture company before grant | (16) | (15) |
| Finance lease charges net of interest | (15) | (15) |
| Working capital movements | (2,510) | (1,946) |
| (311) | (61) | |
| (2,821) | (2,007) | |
| Sources of funding | ||
| Transport funding | 2,554 | 791 |
| Other funding | 267 | 216 |
| 2,821 | 2,007 | |
All information contained in the appendices covers the 2003/04 financial year up to 31 March 2004. Therefore projects and schemes may have moved on since this time. The above information 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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