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“I have considered the revised basis of valuing the railway network in the context of my audit of the SRA’s accounts. The approach adopted by the Directors of Network Rail to value the railway infrastructure assets is acceptable under financial reporting standards. It is also consistent with the accounting policies of the SRA and the latter’s requirement to prepare accounts in line with the Accounts Direction issued by the Secretary of State for Transport, including the requirement for the accounts to comply with ‘Executive Non-Departmental Public Bodies: Annual Reports and Accounts Guidance’ issued by HM Treasury.

“The policy is in addition consistent with International Accounting Standards which are planned to be adopted from 2005, whereas the previous basis of valuing the railway network was not consistent with these Standards.”

“While some passengers are enjoying the improved facilities and ride provided by new trains, many others are still waiting for their new trains to enter service. And too often the trains turn out to be unreliable in everyday use because they haven’t been sufficiently tested. The Strategic Rail Authority needs to redouble its efforts to help get new trains into service on time and running reliably for the benefit of passengers and the taxpayer.”

“It is clear that the DVLA continues to recognise the importance of tackling the evasion of vehicle excise duty. But evasion levels are rising and there remains considerable scope for anti-evasion measures to be extended and deployed in a more coherent manner, in particular through the more widespread use of automatic number-plate readers and increased collaboration with local authorities and police forces.”

“The Highways Agency has done much to improve the condition of England’s motorways and trunk roads over recent years, and its management of continuing maintenance work, particularly in reducing the impact on road users. However, the Agency could do more to prioritise its resources to projects delivering the best outcome in terms of safety and value for money, and to manage costs effectively over a project’s lifetime.

“The disruption to key parts of the road network caused by the adverse weather conditions at the end of January 2003 shows just how important effective maintenance procedures are. The Agency is investigating the causes of the difficulties faced by many drivers at that time, and plans to review its winter maintenance procedures to prevent a recurrence.”

“The deal has been set up well to provide safety and accountability. But the financial position of the company will need strengthening by the parties involved to enable it to make further investment in air traffic control, one of the Government’s main objectives for the Partnership.”