Regulatory Financial Statements for the year ended ... - Network Rail

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$Pontefract District Rail Action Group - Network Rail$

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the regulatory financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion, we also evaluated whether the presentation of information in the regulatory financial statements was adequate overall to comply with the Regulatory Accounting Guidelines. Our opinion on the regulatory financial statements is separate from our opinion on the statutory financial statements of the company, which are prepared for a different purpose. Fundamental uncertainty In forming our opinion, we have considered the adequacy of disclosures made in the statement of accounting policies included in the regulatory financial statements, concerning a fundamental uncertainty relating to the West Coast Route Modernisation (“WCRM”). During the year the company has been seeking an agreement with Virgin Trains Limited (“Virgin”), the Strategic Rail Authority (“SRA”) and the Office of the Rail Regulator on a revised contract and output specification in respect of the WCRM. At the date of approval of the regulatory financial statements the SRA is conducting a review of the optimal capacity utilisation of the West Coast Mainline and the infrastructure necessary to support this capacity. There is a fundamental uncertainty as to the outcome of this review and it is therefore not possible to quantify with any certainty the potential final costs of the project including any settlement with Virgin or the extent to which they would need to be provided for in the statement of regulatory performance or the statement of regulatory financial position at 31 March 2002. Our opinion is not qualified in this respect. Opinion In our opinion the regulatory financial statements present fairly the regulatory financial performance of Railtrack PLC for the year ended 31 March 2002 and the regulatory financial position as at that date, and have been prepared, in accordance with the requirements of Condition 22 and the Regulatory Accounting Guidelines. Deloitte & Touche Chartered Accountants London 29 November 2002 9
RAILTRACK PLC PART A – STATEMENT OF REGULATORY FINANCIAL PERFORMANCE Year ended 31 March 2002 Notes Actual performa nce 2001/02 £m ORR determinat ion 2001/02 £m Differen ce 2001/02 £m INCOME Franchise access DS3 1,256 1,707 (451) Other single till DS3 444 541 (97) Property income DS3 267 227 40 Adjustment c/f in 2006 RAB DS2 709 128 581 Network grant DS2 877 877 - X-profiling accruals DS2 458 458 - Total 4,011 3,938 73 EXPENDITURE Renewals DS4 (1,911) (1,834) (77) Maintenance DS4 (951) (691) (260) Opex own costs DS4 (860) (605) (255) Joint industry costs DS4 (294) (320) 26 Adjustment c/f in 2006 RAB DS2 561 - 561 Total (3,455) (3,450) (5) RAB ADJUSTMENTS RAB depreciation - - - Project gains and losses 39 - 39 Capitalised financing 6 - 6 Total 45 - 45 NET RAB OPERATING RETURN 601 488 113 CAPITALISED FINANCING OF REGULATORY ACCRUALS AND GRANTS 82 RING-FENCED ACTIVITIES Ring-fenced revenues - Project gains and losses (139) Capitalised financing 34 Return on ring-fenced activities (105) TOTAL OPERATING RETURN 578 INTEREST AND INFLATION ADJUSTMENTS Interest (385) Decrease in market value of debt 62 Inflation adjustment to RAB and other items 99 (224) 10
Page 1 and 2: IMPORTANT NOTICE Neither an audit n
Page 3 and 4: RAILTRACK PLC REGULATORY FINANCIAL
Page 5 and 6: RAILTRACK PLC DIRECTORS’ REVIEW M
Page 7 and 8: RAILTRACK PLC DIRECTORS’ REVIEW B
Page 9 and 10: RAILTRACK PLC STATEMENT OF DIRECTOR
Page 11: Basis of audit opinion We conducted
Page 15 and 16: RAILTRACK PLC PART B - STATEMENT OF
Page 17 and 18: RAILTRACK PLC STATEMENT OF ACCOUNTI
Page 25 and 26: RAILTRACK PLC DISCLOSURE STATEMENT
Page 35 and 36: RAILTRACK PLC APPENDIX A: RECONCILI
Page 37 and 38: RAILTRACK PLC APPENDIX C: RECONCILA
Page 39 and 40: RAILTRACK PLC APPENDIX D OTHER NOTE
Page 41: RAILTRACK PLC SUPPLEMENTAL ZONAL EX

Regulatory Financial Statements for the year ended ... - Network Rail

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