Commentary on Sections and Schedules Supplementary and general Section 12: Meaning of “the audited net relevant resources”, “the value of the Reserve Fund” and “the income account net surplus of the Crown Estate”
90.This section explains the meaning of certain terms used in the Act.
91.Subsection (1) explains that “audited net relevant resources” used is the amount of net relevant resources used as stated in the audited Royal Household accounts. The term “the value of the Reserve Fund” means the statement of the value of the Reserve Fund in the audited accounts of that Fund. The meaning of “the income account net surplus of the Crown Estate” is the amount of that surplus in the Crown Estate’s audited accounts (which is also the amount the Crown Estate pays into the Exchequer each year).
92.Subsections (2) and (3) provide that if the audit reports for the above accounts contain qualifications, however expressed, that might affect any of the amounts or values specified in subsection (1), the Comptroller and Auditor General must specify amounts or values to be used instead for the calculations required by the Act.