Commentary on Sections and Schedules The Sovereign Grant Section 4: Accounts of the Reserve Fund
49.This section provides for the accounts and audit of the Reserve Fund. As with the accounts of the Royal Household (section 2), the Treasury sets the form of the accounts and the Comptroller and Auditor General audits them.
50.Subsection (1) requires the Royal Trustees to keep proper accounting records of the Reserve Fund.
51.Subsection (2) requires the Royal Trustees to prepare timely accounts of the Fund for each financial year and to give them to the Comptroller and Auditor General.
52.Subsections (3) and (4) outline the content and form of the accounts, and confer a power on the Treasury to give directions about the accounts.
53.Subsection (5) requires the Comptroller and Auditor General to audit the accounts promptly and to submit the accounts and a report on them to the Treasury.
54.Under subsection (6), the Treasury must lay a copy of the report and statement of accounts before Parliament.
55.Subsection (7) provides the Comptroller and Auditor General with powers to scrutinise the Reserve Fund and report on the economy, efficiency and value for money achieved in use of public funds.