NETWORK RAIL INFRASTRUCTURE FINANCE PLC

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Comptroller and Auditor General

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Given that the company's assets are due from Network Rail, the Directors of NRIF took into account the publication of the consultation "A Railway fit for Britain's Future" published in February 2025. This proposes that a new public body, Great British Railways, will integrate the railways, owning the infrastructure, collecting fare revenue, running, and planning the network, and setting most fares and timetables. It is planned that Network Rail Infrastructure Limited will be absorbed into the public body to bring about single, unified, and accountable leadership for the national network. This reform will not involve the winding up of Network Rail Infrastructure Limited. The publication of consultation "A Railway fit for Britain's Future" has not had any impact on the preparation of these financial statements. In reaching this conclusion the directors considered: the Financial Indemnity as described on page 2; the collateral arrangements with banking counterparties as described in note 12 of the financial statements; and that the company has an intercompany agreement that recovers all net costs from NRIL. The loan arrangement agreed between DfT and NRIL has resulted in loans being made by DfT direct to NRIL. NRIF does not anticipate issuing further bonds and NRIF's debt service obligations will continue to be met through repayments of the intercompany loan by NRIL. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.”

Significant events

• “Publication of the consultation "A Railway fit for Britain's Future" in February 2025 proposing a new public body, Great British Railways, to integrate railways, own infrastructure, collect fare revenue, run and plan the network, and set fares and timetables. Network Rail Infrastructure Limited is planned to be absorbed into this public body.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.