Common use of Compliance with the above shall require the Grant Recipient to keep (and where appropriate to procure that any Clause in Contracts

Compliance with the above shall require the Grant Recipient to keep (and where appropriate to procure that any. Subcontractor shall keep) separate books of account (from those relating to any business, activity or operation carried on by the Grant Recipient or Subcontractor and which do not directly relate to any Named Project) in accordance with good accountancy practice with respect to all Named Projects showing in detail: 20.2.1 income (including Public Sector Funding and receipts); 20.2.2 administrative overheads where directly attributed or where apportioned on a pro rata basis; 20.2.3 payments made to Subcontractors; 20.2.4 capital and revenue expenditure; 20.2.5 VAT incurred on all items of expenditure where the Grant Recipient has received grant under this Agreement in respect of such VAT, including the rate of such VAT and full details of the recovery (or not) by the Grant Recipient of such VAT as input tax from HM Revenue & Customs or other Relevant Authority; and 20.2.6 such other items as the GLA may reasonably require to conduct (itself or through a third party) cost audits for verification of income, cost expenditure or estimated expenditure, for the purpose of any of the provisions of this Agreement, and the Grant Recipient shall have (and procure that to the extent expressly agreed the Subcontractors shall have) the books of account evidencing the items listed in this Condition available for inspection by the GLA (and any person appointed pursuant to the dispute resolution provisions at Condition 27 to determine a dispute or otherwise authorised by the GLA) upon reasonable notice, and shall submit a report of these to the GLA as and when requested.

Compliance with the above shall require the Grant Recipient to keep (and where appropriate to procure that any. Subcontractor shall keep) separate books of account (from those relating to any business, activity or operation carried on by the Grant Recipient or Subcontractor and which do not directly relate to any Named ProjectFirm Scheme) in accordance with good accountancy practice with respect to all Named Projects Firm Schemes showing in detail: 20.2.1 16.2.1 income (including Public Sector Funding Subsidy and receipts); 20.2.2 16.2.2 administrative overheads where directly attributed or where apportioned on a pro rata basis; 20.2.3 16.2.3 payments made to Subcontractors; 20.2.4 16.2.4 capital and revenue expenditure; 20.2.5 16.2.5 VAT incurred on all items of expenditure where the Grant Recipient has received grant under this Agreement in respect of such VAT, including the rate of such VAT and full details of the recovery (or not) by the Grant Recipient of such VAT as input tax from HM Revenue & Customs or other Relevant Authoritycompetent authority; and 20.2.6 16.2.6 such other items item as the GLA Agency may reasonably require to conduct (itself or through a third party) cost audits for verification of income, cost expenditure or estimated expenditure, for the purpose of any of the provisions of this Agreement, ; and the Grant Recipient shall have (and procure that to the extent expressly agreed the Subcontractors shall have) the books of account evidencing the items listed in this Condition available for inspection by the GLA Agency (and any person appointed pursuant to the dispute resolution provisions at Condition 27 25 to determine a dispute or otherwise authorised by the GLAAgency) upon reasonable notice, and shall submit a report of these to the GLA Agency as and when requested.