Agenda

General Counsel

Members are reminded that any interests in a matter under discussion must be declared at the start of the meeting, or at the commencement of the item of business. 

Members must not take part in any discussion or decision on such a matter and, depending on the nature of the interest, may be asked to leave the room during the discussion.

General Counsel

The Committee is asked to note the use of Chair’s Action.

Chief Finance Officer

TheCommittee is asked to note the paper and:

(a)              provide any comments on the draft Statement of Accounts and Remuneration Report, which at its meeting on 21 July 2025 the Board will be asked to delegate their approval to the Committee. Anymaterial adjustmentsarising willbe reportedto the next meeting of the Committee;

(b)              recommend that the Board confirm its overall approval of the provisionof anongoing guaranteeby TransportTrading Limitedof all the outstanding liabilities of those of its subsidiary companies listed below, such guarantee enabling those subsidiaries to be exempt from the need to have their accounts audited:

(i)                 WoolwichArsenal RailEnterprises Limited;

(ii)               City Airport RailEnterprises Limited;

(iii)            London Underground Limited;

(iv)            LUL Nominee BCVLimited;

(v)               LUL Nominee SSLLimited;

(vi)            DocklandsLight RailwayLimited;

(vii)          Tube Lines Limited;

(viii)        Rail for LondonLimited;

(ix)            Rail for London(Infrastructure) Limited

(x)               TramtrackCroydon Limited;

(xi)            London Buses Limited;

(xii)          London Bus ServicesLimited;

(xiii)        London River ServicesLimited;

(xiv)        Transportfor LondonFinance Limited;

(xv)          Victoria CoachStation Limited; and

(xvi)        Crossrail Limited; and

(c)              note that:

(i)                 as a result of the application of IFRS 9 Financial Instruments, our auditors, Ernst & Young LLP, require that letters of financial support previously provided by Transport for London in respect of the liabilities of its subsidiaries be re- signed annually by TfL’s statutory Chief Finance Officer; and

(ii)              Board approval for the issue of such letters was granted when the subsidiaries were first established or acquired.  The template for the letter to be signed is included in Appendix 2.

Chief Customer and Strategy Officer

The Committee is asked to note the paper and provide any comments on the Annual Report which is to be considered by the Board at its meeting on 21 July 2025.

General Counsel

The Committee is asked to note the paper and approve the draft Annual Governance Statement, as set out Appendix 1 of this paper, for signing by the Chair of TfL and the Commissioner, for inclusion in the 2024/25 Annual Report and Accounts and note the progress against the 2024/25 improvement plan, set out in Appendix 2 to this paper and the plan for 2025/26, as set out in Appendix 3 to this paper.

Chief Finance Officer

The Committee is asked to note the paper.

The Chair will state the reason for urgency of any item taken.

Wednesday 17 September 2025 at 10.30am.