91福利社 World Service, funded principally by parliamentary Grant-in-Aid, is a division of the British Broadcasting Corporation, a body
incorporated by Royal Charter.
The financial statements have been prepared in accordance with the provisions of the 91福利社's Charter and Agreement. Although not
mandatory, 91福利社 World Service has chosen to follow the accounting and disclosure provisions of the Companies Act 1985 and applicable
UK accounting standards to ensure that its financial statements are prepared on a basis consistent with that of UK companies.
91福利社 World Service does not produce consolidated financial statements. Although 91福利社 World Service is technically the parent of the 91福利社
World Service Trust, the Trust is exempt from consolidation. This is because the Trustees have a fiduciary duty to act in the best interests of
the Trust's beneficiaries and substantially all of the Trust's income is made up of grants which are classified as restricted funds because their use is
specified by donors, such that 91福利社 World Service has no direct control over, or financial interest in, the assets of the Trust.
The activities of the other subsidiaries and associates of 91福利社 World Service are not material either individually or in aggregate.
The financial statements are presented under the historical cost accounting convention as modified by the revaluation of certain plant,
machinery and furniture and fittings.
91福利社 World Service has adopted the following UK accounting standards for first time in these accounts:
+听听FRS 21 (IAS 10) Events after the balance sheet date.
+听听FRS 28 Corresponding amounts. This has had no impact on the statement of income and expenditure or the balance sheet.
Grant-in-Aid is recognised when received from the Foreign and Commonwealth Office. It is intended to meet estimated expenditure in the
year but unexpended receipts for the year, within predetermined limits, are not liable to surrender.
Other income received by 91福利社 World Service, principally 91福利社 Monitoring subscriptions, is set out in note 1A of the financial statements.
Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at 31 March.
Surpluses and deficits arising from the translation of assets and liabilities at these rates of exchange, together with exchange differences
arising from trading, are included in the statement of income and expenditure.
The 91福利社 operates both defined benefit and defined contribution schemes for the benefit of employees.
The defined benefit scheme, the 91福利社 Pension Scheme, provides benefits based on final pensionable pay. The assets of the scheme are held
separately from those of the 91福利社 Group.
91福利社 World Service, following the provisions within FRS 17: Retirement Benefits, accounts for the scheme as if it were a defined contribution
scheme. This is because the scheme is managed centrally across the 91福利社 Group and it is not possible to identify the share of the underlying
assets and liabilities of the scheme relating to 91福利社 World Service on a reliable and consistent basis. The expenditure charge therefore
represents the contributions payable in the year.
The amount charged as expenditure for the defined contribution scheme represents the contributions payable by 91福利社 World Service for
the accounting period in respect of this scheme.
Operating lease rentals are charged on a straight-line basis over the term of the lease.
Assets acquired under finance leases are included within fixed assets at the total of the lease payments due over the life of the lease discounted at
the rate of interest inherent in the lease. The same amount is included in creditors. Rental payments are apportioned between the finance element,
which is charged against the income and expenditure account, and the capital element, which reduces the lease creditor.
Expenditure on fixed assets is capitalised together with incremental and internal direct labour costs incurred on capital projects.
Depreciation is calculated so as to write off the cost or valuation, less estimated residual value, of fixed assets on a straight-line basis
over their expected useful lives. Depreciation commences from the date an asset is brought into service.
The useful lives for depreciation purposes for the principal categories of assets are:
| Land and buildings |
听 |
| Freehold land |
- not depreciated |
| Freehold and long-leasehold buildings |
- 50 years |
| Short-leasehold land and buildings |
- unexpired lease term |
| 听 |
听 |
| Plant and machinery |
- three to 25 years |
| Computer equipment |
- three to five years |
| 听 |
听 |
| Furniture and fittings |
- three to ten years |
Plant and machinery and furniture and fittings are stated at the estimated current replacement cost of the assets, as adjusted for
remaining service potential, as at 1 April 1996, or cost if acquired subsequently, less accumulated depreciation.
Work in progress, including programmes commissioned from independent producers, is stated at the lower of cost and net realisable
value. The full stock value is written off on first transmission.
The costs of acquired programmes are written off on first transmission.
Raw materials are stated at the lower of cost and net realisable value.
A provision is recognised in the balance sheet when 91福利社 World Service has a present legal or constructive obligation arising from past
events and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions that are payable
over a number years are discounted to net present value at the balance sheet date using a discount rate appropriate to the particular
provision concerned.
Grant-in-Aid is used to fund both capital and revenue expenditure and a transfer is made each year to or from the capital reserve
equal to the movement in the historic cost net book value of tangible fixed assets during the year.
The value of the capital reserve is equal to the net book value of fixed assets at historic cost less the dilapidations provision that has
been charged against the capital reserve. The revaluation reserve reflects the difference between fixed assets at historic cost and their
revalued amount. The operating reserve is the accumulated surplus of the income and expenditure account to the balance sheet date.
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